Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (4 quarters reported)
— in Q4 2024 → $36.7M 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 |
|---|---|---|---|---|
| I Iac Inc | 74.3% | Added 0.3% | 800,061 | $27.3M |
| Centerspace | 3.1% | Added 202% | 19,289 | $1.14M |
| Frontview REIT Inc | 2.7% | Added 6.5% | 73,449 | $1.01M |
| Jack In The Box Inc | 2.4% | Trimmed 14% | 44,474 | $879K |
| IR Independence Rlty Tr Inc | 2.1% | Added 67% | 45,932 | $753K |
| AR Acadia Rlty Tr | 1.5% | Added 5.2% | 26,519 | $534K |
| Sila Realty Trust Inc | 1.4% | Unchanged | 20,640 | $518K |
| Peakstone Realty Trust | 1.4% | New | 38,206 | $501K |
| CP Camden Ppty Tr | 1.4% | New | 4,665 | $498K |
| EL Equity Lifestyle Pptys Inc | 1.4% | Unchanged | 8,200 | $498K |
| Wyndham Hotels & Resorts Inc | 1.3% | Unchanged | 6,170 | $493K |
| American Homes 4 Rent | 1.3% | Unchanged | 14,135 | $470K |
| PI Plymouth Indl REIT Inc | 1.3% | Added 13% | 20,530 | $458K |
| Americold Realty Trust Inc Call | 1.2% | Unchanged | 36,700 | $449K |
| Americold Realty Trust Inc | 1.0% | Unchanged | 30,905 | $378K |
| Elme Communities Call | 1.0% | Trimmed 4.3% | 22,100 | $373K |
| AH Armada Hoffler Pptys Inc | 0.8% | New | 41,208 | $289K |
| Elme Communities | 0.5% | Unchanged | 10,712 | $181K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 3 quarters.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centerspace | Added | +12,899 | +$760K | 3.1% |
| Healthpeak Properties Inc | Exited | −29,075 | −$509K | — |
| Peakstone Realty Trust | New | +38,206 | +$501K | 1.4% |
| CP Camden Ppty Tr | New | +4,665 | +$498K | 1.4% |
| IR Independence Rlty Tr Inc | Added | +18,447 | +$302K | 2.1% |
| AH Armada Hoffler Pptys Inc | New | +41,208 | +$289K | 0.8% |
| Canadian Solar Inc | Exited | −25,200 | −$278K | — |
| Newmark Group Inc | Exited | −18,201 | −$221K | — |
| Jack In The Box Inc | Trimmed | −7,041 | −$139K | 2.4% |
| I Iac Inc | Added | +2,391 | +$81.5K | 74.3% |
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 |
|---|---|---|---|---|
| I Iac Inc | Added | +113,235 | +$4.23M | 78.8% |
| Jack In The Box Inc | New | +51,515 | +$899K | 2.4% |
| Frontview REIT Inc | New | +68,985 | +$828K | 2.2% |
| Americold Realty Trust Inc | New | +36,700 | +$610K | 1.6% |
| Americold Realty Trust Inc | New | +30,905 | +$514K | 1.4% |
| American Homes 4 Rent | New | +14,135 | +$510K | 1.3% |
| Healthpeak Properties Inc | New | +29,075 | +$509K | 1.3% |
| EL Equity Lifestyle Pptys Inc | New | +8,200 | +$506K | 1.3% |
| Wyndham Hotels & Resorts Inc | New | +6,170 | +$501K | 1.3% |
| Sila Realty Trust Inc | New | +20,640 | +$489K | 1.3% |
Showing the 10 largest of 18 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| I Iac Inc | New | +684,435 | +$31.4M | 99.2% |
| AR Acadia Rlty Tr | New | +12,075 | +$253K | 0.8% |
| 0 0 | Exited | +0 | — | — |
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