Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$253M in Q4 2020 → $526M 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 |
|---|---|---|---|---|
| DH Diversified Healthcare Tr | 22.6% | Trimmed 14% | 12,817,366 | $119M |
| RL Rlj Lodging Tr | 21.6% | Unchanged | 9,583,184 | $114M |
| Summit Hotel Properties Inc | 12.2% | Unchanged | 9,126,700 | $64M |
| Diamondrock Hospitality Co | 9.2% | Trimmed 2.3% | 3,982,284 | $48.5M |
| Park Hotels & Resorts Inc | 8.6% | Unchanged | 3,162,710 | $45.1M |
| SH Sunstone Hotel Invs Inc New | 7.4% | Added 21% | 3,386,394 | $38.8M |
| Bxp Inc | 3.4% | Unchanged | 268,110 | $17.8M |
| Sabra Health Care REIT Inc | 3.3% | Unchanged | 900,000 | $17.6M |
| KR Kite Rlty Group Tr | 3.0% | Unchanged | 560,000 | $15.9M |
| Host Hotels & Resorts Inc | 2.6% | Unchanged | 586,032 | $13.9M |
| Howard Hughes Holdings | 1.9% | Unchanged | 140,268 | $10M |
| CL Chatham Lodging Tr | 1.5% | Unchanged | 595,000 | $7.87M |
| KR Kimco Rlty Corp | 1.4% | Unchanged | 300,000 | $7.61M |
| BP Brixmor Ppty Group Inc | 1.2% | Unchanged | 200,000 | $6.31M |
| A Alexanders Inc | 0.1% | Unchanged | 1,000 | $276K |
| RL Rlj Lodging Tr | 0.0% | Unchanged | 2,000 | $49K |
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 |
|---|---|---|---|---|
| Veris Residential Inc | Exited | −5,472,814 | −$103M | — |
| DH Diversified Healthcare Tr | Trimmed | −2,100,000 | −$19.5M | 22.6% |
| SH Sunstone Hotel Invs Inc New | Added | +598,184 | +$6.85M | 7.4% |
| PH Pebblebrook Hotel Tr | Exited | −246,483 | −$4.76M | — |
| PH Pebblebrook Hotel Tr | Exited | −104,015 | −$2M | — |
| Diamondrock Hospitality Co | Trimmed | −92,866 | −$1.13M | 9.2% |
quarter ended March 31, 2026 · filed May 15, 2026
No position changes this quarter.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RL Rlj Lodging Tr | Added | +3,278,927 | +$24.4M | 15.6% |
| Bxp Inc | New | +268,110 | +$18.1M | 4.0% |
| Veris Residential Inc | Added | +1,175,500 | +$17.5M | 17.8% |
| Howard Hughes Holdings | New | +140,268 | +$11.2M | 2.5% |
| Diamondrock Hospitality Co | Trimmed | −1,000,000 | −$8.96M | 8.0% |
| Park Hotels & Resorts Inc | Trimmed | −741,040 | −$7.75M | 7.2% |
| SH Sunstone Hotel Invs Inc New | Trimmed | −200,000 | −$1.79M | 5.5% |
| KR Kimco Rlty Corp | Trimmed | −57,500 | −$1.17M | 1.3% |
| Summit Hotel Properties Inc | Trimmed | −232,800 | −$1.13M | 9.7% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KR Kite Rlty Group Tr | New | +560,000 | +$12.5M | 3.1% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| A Alexanders Inc | Trimmed | −64,322 | −$14.5M | 0.1% |
| Summit Hotel Properties Inc | Added | +450,000 | +$2.29M | 13.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| A Alexanders Inc | New | +65,322 | +$13.7M | 3.6% |
| Diamondrock Hospitality Co | Added | +1,333,705 | +$10.3M | 10.4% |
| Park Hotels & Resorts Inc | Added | +475,000 | +$5.07M | 11.1% |
| PH Pebblebrook Hotel Tr | New | +246,483 | +$4.32M | 1.1% |
| SH Sunstone Hotel Invs Inc New | Added | +200,000 | +$1.88M | 7.5% |
| PH Pebblebrook Hotel Tr | New | +104,015 | +$1.78M | 0.5% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Summit Hotel Properties Inc | Added | +1,742,169 | +$11.9M | 15.6% |
| Diamondrock Hospitality Co | Added | +1,000,000 | +$9.03M | 8.6% |
| SH Sunstone Hotel Invs Inc New | Added | +600,000 | +$7.1M | 8.4% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VR Vornado Rlty Tr | Exited | −1,008,913 | −$26.5M | — |
| Summit Hotel Properties Inc | Added | +2,156,700 | +$14.8M | 12.7% |
| Sl Green Realty Corp | Exited | −100,000 | −$5.66M | — |
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