Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (44 quarters reported)
$100M in Q4 2014 → $94.7M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| VS Vanguard Scottsdale Fds | 14.3% | Unchanged | 230,855 | $13.6M |
| Ftai Aviation Ltd | 7.5% | Trimmed 9.4% | 42,838 | $7.15M |
| AT American Tower Corp New | 6.7% | Added 1.1% | 33,206 | $6.39M |
| Prologis Inc. | 6.0% | Added 12% | 49,450 | $5.66M |
| Ftai Infrastructure Inc | 5.9% | Trimmed 27% | 1,287,999 | $5.62M |
| Equinix Inc | 5.3% | Trimmed 15% | 6,469 | $5.07M |
| CE Caesars Entertainment Inc Ne | 4.9% | Added 102% | 170,109 | $4.6M |
| DR Digital Rlty Tr Inc | 4.4% | Trimmed 1.2% | 24,253 | $4.19M |
| SP Simon Ppty Group Inc New | 4.4% | Trimmed 2.3% | 22,028 | $4.13M |
| Macerich Co | 3.3% | Trimmed 19% | 174,287 | $3.17M |
| Ventas Inc | 3.1% | Trimmed 1.7% | 42,584 | $2.98M |
| Cadiz Inc | 3.0% | Trimmed 39% | 601,113 | $2.84M |
| Mgm Resorts International | 2.6% | Added 22% | 72,068 | $2.5M |
| IM Iron Mtn Inc Del | 2.6% | Added 6.4% | 24,433 | $2.49M |
| Cbre Group Inc | 2.6% | Added 47% | 15,698 | $2.47M |
| Welltower Inc | 2.4% | Added 36% | 12,723 | $2.27M |
| Crown Castle Inc | 2.4% | Added 12% | 23,206 | $2.24M |
| Extra Space Storage Inc | 2.3% | Added 4.6% | 15,490 | $2.18M |
| Costar Group Inc | 2.2% | Added 61% | 24,364 | $2.06M |
| PS Public Storage Oper Co | 1.5% | Added 19% | 5,027 | $1.45M |
| AR Alexandria Real Estate Eq In | 1.5% | Unchanged | 17,316 | $1.44M |
| Zillow Group Inc | 1.3% | Added 129% | 15,621 | $1.26M |
| Invitation Homes Inc | 1.3% | Trimmed 8.8% | 41,767 | $1.23M |
| AC Avalonbay Cmntys Inc | 1.2% | Added 29% | 5,933 | $1.15M |
| SC Sba Communications Corp New | 1.0% | Unchanged | 5,131 | $992K |
| ER Equity Residential | 1.0% | Added 23% | 14,274 | $924K |
| WC Weyerhaeuser Co Mtn Be | 0.8% | Added 31% | 29,106 | $722K |
| RI Rexford Indl Rlty Inc | 0.7% | Trimmed 64% | 15,239 | $626K |
| SC Sun Cmntys Inc | 0.6% | Trimmed 52% | 4,609 | $595K |
| AC Annaly Capital Management In | 0.6% | Added 15% | 27,373 | $553K |
| AI Agnc Invt Corp | 0.5% | Added 24% | 47,117 | $461K |
| American Homes 4 Rent | 0.5% | Added 18% | 13,335 | $443K |
| Kirby Corp | 0.5% | Trimmed 29% | 5,112 | $427K |
| EL Equity Lifestyle Pptys Inc | 0.4% | Unchanged | 7,022 | $426K |
| Cubesmart | 0.4% | Unchanged | 8,535 | $347K |
| Americold Realty Trust Inc | 0.1% | Unchanged | 10,064 | $123K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| New Fortress Energy Inc | Exited | −721,483 | −$2.4M | — |
| CE Caesars Entertainment Inc Ne | Added | +86,009 | +$2.32M | 4.9% |
| Ftai Infrastructure Inc | Trimmed | −478,696 | −$2.09M | 5.9% |
| Cadiz Inc | Trimmed | −378,441 | −$1.79M | 3.0% |
| Ge Vernova Inc | Exited | −3,013 | −$1.59M | — |
| VP Vici Pptys Inc | Exited | −36,184 | −$1.18M | — |
| RI Rexford Indl Rlty Inc | Trimmed | −26,700 | −$1.1M | 0.7% |
| Equinix Inc | Trimmed | −1,181 | −$925K | 5.3% |
| Cbre Group Inc | Added | +5,010 | +$789K | 2.6% |
| Costar Group Inc | Added | +9,193 | +$776K | 2.2% |
Showing the 10 largest of 34 changes.
quarter ended June 30, 2025 · filed August 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wynn Resorts Ltd | Exited | −167,829 | −$14M | — |
| AT American Tower Corp New | Trimmed | −56,160 | −$12.4M | 7.3% |
| Ftai Aviation Ltd | Trimmed | −102,641 | −$11.8M | 5.5% |
| Ftai Infrastructure Inc | Trimmed | −1,817,795 | −$11.2M | 11.0% |
| Crown Castle Inc | Trimmed | −79,028 | −$8.12M | 2.1% |
| Equinix Inc | Trimmed | −9,709 | −$7.72M | 6.1% |
| Blackstone Inc | Trimmed | −43,908 | −$6.57M | 0.5% |
| SP Simon Ppty Group Inc New | Trimmed | −39,779 | −$6.39M | 3.6% |
| Macerich Co | Trimmed | −358,868 | −$5.81M | 3.5% |
| Ge Vernova Inc | Trimmed | −10,690 | −$5.66M | 1.6% |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2025 · filed May 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Digitalbridge Group Inc | Exited | −1,220,714 | −$13.8M | — |
| VS Vanguard Scottsdale Fds | New | +227,755 | +$13.3M | 5.6% |
| Mgm Resorts International | Trimmed | −365,267 | −$10.8M | 1.9% |
| CE Caesars Entertainment Inc Ne | Exited | −245,905 | −$8.22M | — |
| Crown Castle Inc | Added | +73,034 | +$7.61M | 4.3% |
| Ftai Aviation Ltd | Added | +59,806 | +$6.64M | 7.0% |
| Equinix Inc | Trimmed | −7,154 | −$5.83M | 5.9% |
| Ge Vernova Inc | Trimmed | −17,539 | −$5.35M | 1.8% |
| Macerich Co | Added | +279,510 | +$4.8M | 4.1% |
| New Fortress Energy Inc | Trimmed | −571,706 | −$4.75M | 6.5% |
Showing the 10 largest of 37 changes.
quarter ended December 31, 2024 · filed February 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| New Fortress Energy Inc | Added | +875,045 | +$13.2M | 12.3% |
| CE Caesars Entertainment Inc Ne | New | +245,905 | +$8.22M | 2.7% |
| Ftai Aviation Ltd | Trimmed | −49,181 | −$7.08M | 4.3% |
| Ge Vernova Inc | Trimmed | −21,414 | −$7.04M | 3.4% |
| AR Alexandria Real Estate Eq In | Trimmed | −55,642 | −$5.43M | 0.2% |
| SP Simon Ppty Group Inc New | Trimmed | −29,659 | −$5.11M | 4.1% |
| Equinix Inc | Trimmed | −4,720 | −$4.45M | 7.7% |
| Ftai Infrastructure Inc | Trimmed | −308,210 | −$2.24M | 7.9% |
| Wynn Resorts Ltd | Trimmed | −25,863 | −$2.23M | 5.4% |
| Mgm Resorts International | Added | +50,782 | +$1.76M | 6.0% |
Showing the 10 largest of 36 changes.
quarter ended September 30, 2024 · filed November 05, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wynn Resorts Ltd | Added | +146,823 | +$14.1M | 6.3% |
| Mgm Resorts International | Added | +269,761 | +$10.5M | 5.6% |
| Ftai Infrastructure Inc | Trimmed | −996,352 | −$9.33M | 10.3% |
| Macerich Co | Trimmed | −477,377 | −$8.71M | 1.8% |
| IM Iron Mtn Inc Del | Trimmed | −67,216 | −$7.99M | 0.2% |
| New Fortress Energy Inc | Added | +799,280 | +$7.69M | 4.6% |
| CE Caesars Entertainment Inc Ne | Exited | −181,847 | −$7.23M | — |
| DR Digital Rlty Tr Inc | Trimmed | −42,691 | −$6.91M | 3.7% |
| II Innovative Indl Pptys Inc | Trimmed | −48,447 | −$6.52M | 2.6% |
| Digitalbridge Group Inc | Added | +360,934 | +$5.1M | 5.8% |
Showing the 10 largest of 29 changes.
quarter ended June 30, 2024 · filed July 31, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ftai Aviation Ltd | Trimmed | −211,408 | −$21.8M | 5.3% |
| Prologis Inc. | Trimmed | −83,804 | −$9.41M | 0.4% |
| Ge Vernova Inc | New | +52,656 | +$9.03M | 2.9% |
| New Fortress Energy Inc | Added | +369,287 | +$8.12M | 5.3% |
| Kirby Corp | New | +57,617 | +$6.9M | 2.2% |
| Mgm Resorts International | Trimmed | −139,074 | −$6.18M | 2.8% |
| Brookfield Infrastructure Co | Exited | −141,682 | −$5.11M | — |
| DR Digital Rlty Tr Inc | Trimmed | −31,358 | −$4.77M | 5.6% |
| Ftai Infrastructure Inc | Trimmed | −533,432 | −$4.6M | 12.5% |
| IM Iron Mtn Inc Del | Added | +47,035 | +$4.22M | 2.1% |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2024 · filed May 10, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SP Simon Ppty Group Inc New | New | +118,039 | +$18.5M | 5.3% |
| HP Hudson Pac Pptys Inc | Exited | −1,602,601 | −$14.9M | — |
| Blackstone Inc | New | +85,801 | +$11.3M | 3.2% |
| Crown Castle Inc | Trimmed | −79,726 | −$8.44M | 1.5% |
| AT American Tower Corp New | Trimmed | −41,410 | −$8.18M | 5.7% |
| Macerich Co | Added | +444,981 | +$7.67M | 5.2% |
| BR Brookfield Renewable Corp | Exited | −263,236 | −$7.58M | — |
| NS National Storage Affiliates | Exited | −171,826 | −$7.13M | — |
| Ventas Inc | New | +146,964 | +$6.4M | 1.8% |
| Digitalbridge Group Inc | Added | +281,398 | +$5.42M | 6.1% |
Showing the 10 largest of 36 changes.
quarter ended December 31, 2023 · filed February 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Digitalbridge Group Inc | Trimmed | −630,707 | −$11.1M | 4.2% |
| New Fortress Energy Inc | New | +280,135 | +$10.6M | 3.0% |
| Macerich Co | New | +605,168 | +$9.34M | 2.6% |
| Las Vegas Sands Corp | Exited | −198,008 | −$9.08M | — |
| DR Digital Rlty Tr Inc | Trimmed | −66,952 | −$9.01M | 6.4% |
| BR Brookfield Renewable Corp | Added | +245,244 | +$7.06M | 2.1% |
| Brookfield Infrastructure Co | Added | +188,445 | +$6.65M | 2.1% |
| SC Sun Cmntys Inc | Trimmed | −42,642 | −$5.7M | 1.7% |
| Ftai Aviation Ltd | Trimmed | −121,832 | −$5.65M | 4.6% |
| VP Vici Pptys Inc | Trimmed | −177,101 | −$5.65M | 0.8% |
Showing the 10 largest of 33 changes.
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