Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$460M in Q4 2021 → $852M 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 |
|---|---|---|---|---|
| Sonida Senior Living Inc | 69.9% | Unchanged | 14,605,874 | $596M |
| Compass Inc | 3.8% | New | 2,625,000 | $32.4M |
| Centuri Holdings Inc | 3.4% | Added 11% | 950,000 | $28.7M |
| Invitation Homes Inc | 3.4% | Trimmed 24% | 950,000 | $28.7M |
| Janus Living Inc | 2.9% | Trimmed 30% | 850,000 | $24.4M |
| Willdan Group, Inc | 2.7% | New | 294,500 | $23.3M |
| New Era Energy & Digital Inc | 2.6% | New | 3,515,000 | $22.4M |
| Healthpeak Properties, Inc | 1.9% | New | 750,000 | $16.1M |
| Curbline Properties Corp. | 1.7% | New | 474,000 | $14.4M |
| Driven Brands Holdings Inc | 1.6% | Unchanged | 1,000,000 | $13.9M |
| Cbre Group Inc | 1.4% | New | 91,500 | $12.3M |
| Blackstone Digital Infrastructure Trust Inc | 1.3% | New | 500,000 | $10.8M |
| Sharonai Holdings Inc | 1.0% | New | 100,748 | $8.53M |
| Hni Corp | 0.9% | New | 185,000 | $7.48M |
| Hudson Pacific Properties Inc | 0.8% | New | 458,000 | $6.96M |
| Whitehawk Minerals Corp | 0.7% | New | 200,000 | $5.56M |
| Rithm Acquisition Corp | 0.1% | Unchanged | 868,333 | $564K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Compass Inc | New | +2,625,000 | +$32.4M | 3.8% |
| CC Crown Castle Ord | Exited | −334,000 | −$27.2M | — |
| SS Smartstop Self Storage REIT Ord | Exited | −857,715 | −$26M | — |
| W& Walker & Dunlop Ord | Exited | −560,316 | −$24.9M | — |
| RC Rithm Capital Ord | Exited | −2,500,000 | −$23.7M | — |
| Willdan Group, Inc | New | +294,500 | +$23.3M | 2.7% |
| New Era Energy & Digital Inc | New | +3,515,000 | +$22.4M | 2.6% |
| PR Peakstone Realty Cl E Ord | Exited | −100 | −$20.4M | — |
| CI Cardinal Infrastru Cl A Ord | Exited | −471,609 | −$18.7M | — |
| Healthpeak Properties, Inc | New | +750,000 | +$16.1M | 1.9% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Sonida Senior Living Ord | Added | +5,341,221 | +$172M | 63.2% |
| Global Net Lease Inc | Exited | −3,803,654 | −$32.7M | — |
| IH Invitation Homes Ord | New | +1,250,000 | +$31.1M | 4.2% |
| JL Janus Living Cl A 1 Ord | New | +1,210,000 | +$28.5M | 3.8% |
| Hudson Pacific Properties Inc | Exited | −2,607,060 | −$28.2M | — |
| CC Crown Castle Ord | New | +334,000 | +$27.2M | 3.6% |
| SS Smartstop Self Storage REIT Ord | New | +857,715 | +$26M | 3.5% |
| National Storage Affiliates Trust | Exited | −775,000 | −$21.9M | — |
| CI Cardinal Infrastru Cl A Ord | New | +471,609 | +$18.7M | 2.5% |
| CH Centuri Holdings Ord | Trimmed | −545,000 | −$15.9M | 3.4% |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −1,250,000 | −$112M | — |
| Centuri Holdings Inc | Trimmed | −1,215,737 | −$30.7M | 6.7% |
| Hudson Pacific Properties Inc | New | +2,607,060 | +$28.2M | 5.4% |
| Hudson Pacific Properties Inc | Exited | −8,274,420 | −$22.8M | — |
| National Storage Affiliates Trust | New | +775,000 | +$21.9M | 4.2% |
| Americold Realty Trust Inc | New | +1,500,000 | +$19.3M | 3.7% |
| Sila Realty Trust Inc | Exited | −592,211 | −$14.9M | — |
| Global Net Lease Inc | Trimmed | −1,375,000 | −$11.8M | 6.2% |
| Rithm Capital Corp | Trimmed | −633,200 | −$6.9M | 6.7% |
| Avalonbay Communities Inc | New | +30,780 | +$5.58M | 1.1% |
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 |
|---|---|---|---|---|
| IT Ishares Tr | New | +1,250,000 | +$112M | 18.9% |
| IT Ishares Tr | Exited | −300,000 | −$64.7M | — |
| Centuri Holdings Inc | New | +2,615,737 | +$55.4M | 9.4% |
| Smartstop Self Storage REIT Inc | Exited | −996,356 | −$36.1M | — |
| Walker & Dunlop Inc | New | +353,110 | +$29.5M | 5.0% |
| Pennymac Financial Services Inc | Exited | −266,000 | −$26.5M | — |
| SS Select Sector SPDR Tr | Exited | −300,000 | −$24.3M | — |
| Npk International Inc | Exited | −2,714,779 | −$23.1M | — |
| Sila Realty Trust Inc | Trimmed | −885,458 | −$22.2M | 2.5% |
| James Hardie Industries PLC | Exited | −800,000 | −$21.5M | — |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2025 · filed August 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −125,000 | −$69.9M | — |
| IT Ishares Tr | New | +300,000 | +$64.7M | 10.4% |
| Smartstop Self Storage REIT Inc | New | +996,356 | +$36.1M | 5.8% |
| Jones Lang Lasalle Inc | Exited | −110,440 | −$27.4M | — |
| Hudson Pacific Properties Inc | Added | +7,981,580 | +$21.9M | 4.7% |
| James Hardie Industries PLC | New | +800,000 | +$21.5M | 3.5% |
| GC Granite Constr Inc | Exited | −285,010 | −$21.5M | — |
| SS Select Sector SPDR Tr | Trimmed | −250,000 | −$20.2M | 3.9% |
| First Industrial Realty Trust Inc | New | +390,000 | +$18.8M | 3.0% |
| Global Net Lease Inc | Added | +1,786,902 | +$13.5M | 5.3% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −171,000 | −$95.7M | 11.5% |
| Target Hospitality Corp | Exited | −4,889,046 | −$47.3M | — |
| IT Ishares Tr | Exited | −500,000 | −$46.5M | — |
| SS Select Sector SPDR Tr | New | +550,000 | +$44.9M | 7.4% |
| CP Curbline Pptys Corp | Exited | −1,308,000 | −$30.4M | — |
| IT Ishares Tr | Exited | −300,000 | −$27.9M | — |
| GC Granite Constr Inc | New | +285,010 | +$21.5M | 3.5% |
| SC Site Ctrs Corp | Added | +1,620,579 | +$20.8M | 4.1% |
| Global Net Lease Inc | New | +2,556,598 | +$20.6M | 3.4% |
| Brightspire Capital Inc | Exited | −2,801,223 | −$15.8M | — |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −129,000 | −$75.6M | 23.9% |
| IT Ishares Tr | Exited | −281,000 | −$62.1M | — |
| Americold Realty Trust Inc | Exited | −1,139,000 | −$32.2M | — |
| CP Curbline Pptys Corp | New | +1,308,000 | +$30.4M | 4.2% |
| IT Ishares Tr | New | +300,000 | +$27.9M | 3.9% |
| SS Select Sector SPDR Tr | Exited | −250,000 | −$20.8M | — |
| NH Nmi Hldgs Inc | Exited | −345,550 | −$14.2M | — |
| IT Ishares Tr | Exited | −100,000 | −$8.03M | — |
| Jones Lang Lasalle Inc | Added | +28,000 | +$7.09M | 3.1% |
| United Homes Group Inc | Added | +1,220,553 | +$5.16M | 1.0% |
Showing the 10 largest of 19 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +425,000 | +$244M | 26.5% |
| IT Ishares Tr | New | +500,000 | +$50.9M | 5.5% |
| Sonida Senior Living Inc | Added | +1,850,000 | +$49.5M | 26.3% |
| Rithm Capital Corp | New | +3,395,000 | +$38.5M | 4.2% |
| Sila Realty Trust Inc | Added | +1,438,471 | +$36.4M | 5.0% |
| SC Site Ctrs Corp | New | +572,500 | +$34.6M | 3.8% |
| SC Site Centers Ord | Exited | −2,150,000 | −$31.2M | — |
| IT Ishares Tr | Trimmed | −119,000 | −$26.3M | 6.7% |
| CE Caesars Entertainment Ord | Exited | −560,000 | −$22.3M | — |
| SS Select Sector SPDR Tr | New | +250,000 | +$20.8M | 2.3% |
Showing the 10 largest of 23 changes.
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