Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$130M in Q4 2024 → $159M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| IR Independence Rlty Tr Inc | 19.1% | Added 0.1% | 1,820,965 | $30.4M |
| Brookfield Corp | 12.9% | Added 13% | 481,500 | $20.5M |
| FC Four Corners Ppty Tr Inc | 11.6% | Added 11% | 752,083 | $18.5M |
| Equity Lifestyle Properties | 10.9% | Added 249% | 268,864 | $17.3M |
| CP Camden Ppty Tr | 9.4% | Added 82% | 130,146 | $14.9M |
| FI First Indl Rlty Tr Inc | 5.4% | Trimmed 56% | 138,964 | $8.52M |
| VP Vici Pptys Inc | 5.3% | Added 16% | 318,200 | $8.45M |
| AA American Assets Tr Inc | 3.8% | Added 18% | 247,506 | $6.11M |
| Prologis Inc. | 3.6% | New | 42,825 | $5.8M |
| SS Smartstop Self Storag REIT I | 3.6% | New | 176,787 | $5.75M |
| Cbre Group Inc | 3.4% | New | 40,000 | $5.39M |
| Invitation Homes Inc | 2.6% | Unchanged | 138,000 | $4.17M |
| D R Horton Inc | 1.9% | New | 18,325 | $2.98M |
| Lennar Corp | 1.8% | Trimmed 79% | 31,134 | $2.82M |
| VR Vornado Rlty Tr | 1.6% | New | 63,250 | $2.49M |
| SP Starwood Ppty Tr Inc | 1.3% | Trimmed 30% | 124,025 | $2.03M |
| BM Blackstone Mortgage Trust In | 0.8% | New | 74,525 | $1.26M |
| Kilroy Realty Corp | 0.7% | Unchanged | 30,000 | $1.12M |
| Elme Communities | 0.3% | Unchanged | 276,777 | $410K |
| Toll Brothers Inc | 0.2% | New | 1,500 | $247K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RI Rexford Indl Rlty Inc | Exited | −603,661 | −$19.8M | — |
| Equity Lifestyle Properties | Added | +191,900 | +$12.4M | 10.9% |
| FI First Indl Rlty Tr Inc | Trimmed | −178,504 | −$10.9M | 5.4% |
| Lennar Corp | Trimmed | −119,036 | −$10.8M | 1.8% |
| CP Camden Ppty Tr | Added | +58,646 | +$6.71M | 9.4% |
| Prologis Inc. | New | +42,825 | +$5.8M | 3.6% |
| SS Smartstop Self Storag REIT I | New | +176,787 | +$5.75M | 3.6% |
| Cbre Group Inc | New | +40,000 | +$5.39M | 3.4% |
| D R Horton Inc | New | +18,325 | +$2.98M | 1.9% |
| VR Vornado Rlty Tr | New | +63,250 | +$2.49M | 1.6% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Brookfield Corp | New | +426,500 | +$17.3M | 12.1% |
| VP Vici Pptys Inc | New | +273,200 | +$7.46M | 5.2% |
| Hyatt Hotels Corp | Exited | −45,000 | −$7.21M | — |
| CP Camden Ppty Tr | New | +71,500 | +$6.98M | 4.9% |
| Invitation Homes Inc | Trimmed | −279,167 | −$6.94M | 2.4% |
| AI Apartment Invt & Mgmt Co | Exited | −1,137,063 | −$6.75M | — |
| KR Kite Rlty Group Tr | Exited | −235,000 | −$5.7M | — |
| FI First Indl Rlty Tr Inc | Trimmed | −87,343 | −$5.05M | 12.9% |
| FC Four Corners Ppty Tr Inc | Added | +201,761 | +$4.77M | 11.2% |
| IR Independence Rlty Tr Inc | Added | +282,856 | +$4.21M | 19.0% |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IR Independence Rlty Tr Inc | Added | +791,924 | +$13.8M | 17.0% |
| Invitation Homes Inc | New | +417,167 | +$11.6M | 7.3% |
| FC Four Corners Ppty Tr Inc | New | +476,260 | +$11M | 6.9% |
| AI Apartment Invt & Mgmt Co | Trimmed | −1,776,071 | −$10.5M | 4.3% |
| Elme Communities | Trimmed | −574,734 | −$10M | 7.7% |
| Veris Residential Inc | Exited | −265,413 | −$4.03M | — |
| Hyatt Hotels Corp | Trimmed | −19,500 | −$3.13M | 4.6% |
| EL Equity Lifestyle Pptys Inc | Added | +48,705 | +$2.95M | 4.2% |
| SP Starwood Ppty Tr Inc | Added | +148,684 | +$2.68M | 2.9% |
| RI Rexford Indl Rlty Inc | Trimmed | −66,178 | −$2.56M | 13.2% |
Showing the 10 largest of 14 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IR Independence Rlty Tr Inc | New | +744,935 | +$12.2M | 8.0% |
| Elme Communities | Trimmed | −700,408 | −$11.8M | 14.1% |
| Veris Residential Inc | Trimmed | −372,132 | −$5.66M | 2.7% |
| Digitalbridge Group Inc | Trimmed | −403,182 | −$4.72M | 0.5% |
| AA American Assets Tr Inc | New | +214,863 | +$4.37M | 2.9% |
| Hyatt Hotels Corp | Trimmed | −26,750 | −$3.8M | 6.0% |
| EL Equity Lifestyle Pptys Inc | New | +61,000 | +$3.7M | 2.4% |
| Lennar Corp | Added | +27,750 | +$3.5M | 12.9% |
| Americold Realty Trust Inc | Exited | −120,000 | −$2M | — |
| AI Apartment Invt & Mgmt Co | Added | +220,481 | +$1.75M | 15.2% |
Showing the 10 largest of 14 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hyatt Hotels Corp | New | +91,250 | +$12.7M | 8.8% |
| Lennar Corp | Added | +103,620 | +$11.5M | 9.8% |
| Invitation Homes Inc | Exited | −210,895 | −$7.35M | — |
| Veris Residential Inc | Trimmed | −490,926 | −$7.31M | 6.6% |
| Elme Communities | Trimmed | −322,824 | −$5.13M | 21.7% |
| KR Kite Rlty Group Tr | Added | +172,000 | +$3.9M | 3.0% |
| RI Rexford Indl Rlty Inc | Added | +108,117 | +$3.85M | 14.9% |
| FI First Indl Rlty Tr Inc | Trimmed | −67,480 | −$3.25M | 13.6% |
| BM Blackstone Mtg Tr Inc | Trimmed | −132,624 | −$2.55M | 0.5% |
| AI Apartment Invt & Mgmt Co | Added | +115,003 | +$995K | 16.1% |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elme Communities | Added | +640,458 | +$11.1M | 26.7% |
| Lennar Corp | New | +24,050 | +$2.76M | 1.8% |
| FI First Indl Rlty Tr Inc | Trimmed | −51,020 | −$2.75M | 17.2% |
| RI Rexford Indl Rlty Inc | Added | +68,500 | +$2.68M | 13.0% |
| AI Apartment Invt & Mgmt Co | Added | +242,588 | +$2.13M | 15.1% |
| IR Independence Rlty Tr Inc | Exited | −7,334 | −$1.13M | — |
| A Alexanders Inc | Exited | −2,816 | −$563K | — |
| Americold Realty Trust Inc | Added | +25,000 | +$537K | 2.4% |
| KR Kite Rlty Group Tr | New | +17,800 | +$398K | 0.3% |
| Veris Residential Inc | Trimmed | −15,750 | −$266K | 12.7% |
Showing the 10 largest of 13 changes.
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