Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$337M in Q4 2020 → $45.3M 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 |
|---|---|---|---|---|
| Prologis Inc. | 13.5% | Trimmed 86% | 45,009 | $6.1M |
| Welltower Inc | 12.7% | Trimmed 86% | 25,325 | $5.75M |
| Equinix Inc | 8.5% | Trimmed 84% | 3,704 | $3.86M |
| Public Storage | 7.1% | Trimmed 86% | 10,150 | $3.23M |
| American Healthcare REIT Inc | 7.0% | Trimmed 76% | 60,620 | $3.16M |
| SP Simon Ppty Group Inc New | 4.7% | Trimmed 86% | 9,445 | $2.11M |
| AC Avalonbay Cmntys Inc | 4.5% | Trimmed 84% | 10,820 | $2.04M |
| DR Digital Rlty Tr Inc | 3.9% | Trimmed 85% | 9,800 | $1.76M |
| IM Iron Mtn Inc Del | 3.8% | Trimmed 88% | 13,535 | $1.71M |
| MA Mid-amer Apt Cmntys Inc | 3.3% | Trimmed 82% | 10,825 | $1.5M |
| Phillips Edison & Co Inc | 3.2% | Trimmed 87% | 35,068 | $1.46M |
| IP Inventrust Pptys Corp | 3.1% | Trimmed 87% | 39,800 | $1.41M |
| Caretrust REIT Inc | 2.8% | Trimmed 90% | 31,400 | $1.27M |
| EP Essential Pptys Rlty Tr Inc | 2.5% | Trimmed 87% | 37,600 | $1.12M |
| Equity Lifestyle Properties | 2.4% | Trimmed 86% | 17,142 | $1.1M |
| FC Four Corners Ppty Tr Inc | 2.4% | Trimmed 88% | 44,130 | $1.08M |
| American Homes 4 Rent | 2.2% | Trimmed 84% | 30,030 | $1.01M |
| IR Independence Rlty Tr Inc | 1.8% | Trimmed 83% | 49,680 | $829K |
| SG Sl Green Rlty Corp | 1.6% | Trimmed 86% | 14,400 | $745K |
| VP Vici Pptys Inc | 1.6% | Trimmed 42% | 26,560 | $705K |
| Cbre Group Inc | 1.5% | Added 44% | 4,962 | $668K |
| CP Cousins Pptys Inc | 1.4% | Trimmed 87% | 21,370 | $641K |
| Lxp Industrial Trust | 1.0% | New | 8,050 | $434K |
| Kilroy Realty Corp | 0.8% | New | 9,300 | $348K |
| Extra Space Storage Inc | 0.8% | New | 2,375 | $345K |
| BD Blackstone Digital Infrastru | 0.8% | New | 15,934 | $345K |
| Macerich Co | 0.7% | Trimmed 95% | 12,032 | $303K |
| Americold Realty Trust Inc | 0.6% | New | 18,450 | $290K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prologis Inc. | Trimmed | −287,712 | −$39M | 13.5% |
| Welltower Inc | Trimmed | −151,033 | −$34.3M | 12.7% |
| AT American Tower Corp New | Exited | −153,488 | −$26.5M | — |
| Public Storage | Trimmed | −64,250 | −$20.5M | 7.1% |
| Equinix Inc | Trimmed | −19,156 | −$20M | 8.5% |
| SP Simon Ppty Group Inc New | Trimmed | −59,940 | −$13.4M | 4.7% |
| IM Iron Mtn Inc Del | Trimmed | −102,932 | −$13M | 3.8% |
| Caretrust REIT Inc | Trimmed | −274,500 | −$11.1M | 2.8% |
| AC Avalonbay Cmntys Inc | Trimmed | −57,710 | −$10.9M | 4.5% |
| DR Digital Rlty Tr Inc | Trimmed | −56,891 | −$10.2M | 3.9% |
Showing the 10 largest of 29 changes.
quarter ended March 31, 2026 · filed May 06, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Avalonbay Cmntys Inc | New | +68,530 | +$11.2M | 3.8% |
| PS Public Storage Oper Co | Added | +35,400 | +$9.59M | 6.9% |
| Cubesmart | Exited | −243,840 | −$8.79M | — |
| Udr Inc | Exited | −171,870 | −$6.3M | — |
| HP Highwoods Pptys Inc | Exited | −190,820 | −$4.93M | — |
| Prologis Inc. | Added | +35,000 | +$4.63M | 15.0% |
| AT American Tower Corp New | Trimmed | −25,570 | −$4.41M | 9.0% |
| SG Sl Green Rlty Corp | New | +104,500 | +$3.86M | 1.3% |
| IR Independence Rlty Tr Inc | Trimmed | −216,400 | −$3.22M | 1.5% |
| Veris Residential Inc | Exited | −184,640 | −$2.75M | — |
Showing the 10 largest of 26 changes.
quarter ended December 31, 2025 · filed January 26, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Caretrust REIT Inc | New | +303,900 | +$11M | 3.9% |
| American Healthcare REIT Inc | New | +226,570 | +$10.7M | 3.8% |
| Ventas Inc | Exited | −144,105 | −$10.1M | — |
| KR Kimco Rlty Corp | Exited | −398,042 | −$8.7M | — |
| IP Inventrust Pptys Corp | New | +299,250 | +$8.44M | 3.0% |
| OH Omega Healthcare Invs Inc | Exited | −186,240 | −$7.86M | — |
| AR Alexandria Real Estate Eq In | Exited | −78,473 | −$6.54M | — |
| AA American Assets Tr Inc | Exited | −285,996 | −$5.81M | — |
| Welltower Inc | Added | +20,400 | +$3.79M | 12.0% |
| Macerich Co | Trimmed | −179,200 | −$3.31M | 1.4% |
Showing the 10 largest of 31 changes.
quarter ended September 30, 2025 · filed November 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT American Tower Corp New | Added | +25,518 | +$4.91M | 12.0% |
| GR Getty Rlty Corp New | Exited | −171,330 | −$4.74M | — |
| DR Digital Rlty Tr Inc | Trimmed | −27,370 | −$4.73M | 3.6% |
| Veris Residential Inc | Trimmed | −270,440 | −$4.11M | 1.0% |
| IM Iron Mtn Inc Del | Added | +24,315 | +$2.48M | 3.6% |
| AR Alexandria Real Estate Eq In | Added | +25,880 | +$2.16M | 2.3% |
| Safehold Inc | Trimmed | −99,809 | −$1.55M | 0.7% |
| Welltower Inc | Added | +8,650 | +$1.54M | 10.0% |
| Udr Inc | Trimmed | −32,700 | −$1.22M | 2.0% |
| FC Four Corners Ppty Tr Inc | Added | +45,687 | +$1.11M | 2.3% |
Showing the 10 largest of 31 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Prologis Inc. | Trimmed | −64,250 | −$6.75M | 10.0% |
| CP Cousins Pptys Inc | New | +209,960 | +$6.31M | 2.1% |
| AA American Assets Tr Inc | New | +295,620 | +$5.84M | 2.0% |
| DR Digital Rlty Tr Inc | Added | +32,991 | +$5.75M | 5.1% |
| Equinix Inc | Trimmed | −6,905 | −$5.49M | 6.8% |
| BP Boston Properties Inc | Exited | −76,480 | −$5.14M | — |
| KR Kimco Rlty Corp | Trimmed | −102,350 | −$2.15M | 3.1% |
| EP Essential Pptys Rlty Tr Inc | Added | +55,500 | +$1.77M | 2.2% |
| Udr Inc | Trimmed | −41,850 | −$1.71M | 2.6% |
| AR Alexandria Real Estate Eq In | Added | +16,068 | +$1.17M | 1.3% |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2025 · filed May 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IM Iron Mtn Inc Del | New | +76,660 | +$6.6M | 2.1% |
| SP Simon Ppty Group Inc New | Trimmed | −28,185 | −$4.68M | 3.4% |
| Equinix Inc | Trimmed | −5,050 | −$4.12M | 8.5% |
| Ventas Inc | Added | +50,350 | +$3.46M | 3.2% |
| AR Alexandria Real Estate Eq In | New | +36,525 | +$3.38M | 1.1% |
| Safehold Inc | Trimmed | −173,100 | −$3.24M | 1.5% |
| American Homes 4 Rent | Added | +78,540 | +$2.97M | 2.6% |
| HP Highwoods Pptys Inc | Trimmed | −94,450 | −$2.8M | 1.6% |
| Cubesmart | Trimmed | −58,350 | −$2.49M | 3.9% |
| OH Omega Healthcare Invs Inc | Trimmed | −58,500 | −$2.23M | 2.5% |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT American Tower Corp New | New | +157,500 | +$28.9M | 9.4% |
| Crown Castle Inc | Exited | −214,970 | −$25.5M | — |
| SC Sba Communications Corp New | Exited | −56,379 | −$13.6M | — |
| SC Sun Cmntys Inc | Exited | −85,798 | −$11.6M | — |
| Welltower Inc | Trimmed | −89,480 | −$11.3M | 6.2% |
| RI Rexford Indl Rlty Inc | Exited | −219,636 | −$11M | — |
| AR Alexandria Real Estate Eq In | Exited | −87,067 | −$10.3M | — |
| DR Digital Rlty Tr Inc | New | +45,600 | +$8.09M | 2.6% |
| HP Hudson Pac Pptys Inc | Exited | −1,652,783 | −$7.9M | — |
| Bxp Inc | New | +105,240 | +$7.83M | 2.5% |
Showing the 10 largest of 32 changes.
quarter ended September 30, 2024 · filed October 29, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NS National Storage Affiliates | Exited | −480,269 | −$19.8M | — |
| PS Public Storage Oper Co | New | +47,780 | +$17.4M | 5.0% |
| Equinix Inc | Trimmed | −6,910 | −$6.13M | 10.3% |
| MA Mid-amer Apt Cmntys Inc | Added | +32,840 | +$5.22M | 3.3% |
| Prologis Inc. | Trimmed | −35,800 | −$4.52M | 10.8% |
| HP Highwoods Pptys Inc | New | +124,000 | +$4.16M | 1.2% |
| Cubesmart | Added | +61,400 | +$3.31M | 3.9% |
| VR Vesta Real Estate Corp | Exited | −90,800 | −$2.72M | — |
| Welltower Inc | Trimmed | −15,450 | −$1.98M | 8.9% |
| Safehold Inc | Trimmed | −51,300 | −$1.35M | 1.8% |
Showing the 10 largest of 28 changes.
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