Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (36 quarters reported)
$261M in Q1 2017 → $722M 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 |
|---|---|---|---|---|
| Welltower Inc | 11.5% | Added 13% | 352,513 | $83.2M |
| Equinix Inc | 8.7% | Added 14% | 62,944 | $63.1M |
| Prologis Inc. | 8.7% | Trimmed 7.8% | 449,465 | $62.7M |
| DR Digital Rlty Tr Inc | 5.9% | Added 18% | 246,276 | $42.7M |
| ER Equity Residential | 4.6% | Added 47% | 472,383 | $33M |
| SP Simon Ppty Group Inc New | 4.0% | Added 20% | 128,622 | $29.1M |
| Udr Inc | 4.0% | Added 113% | 693,817 | $28.5M |
| BP Brixmor Ppty Group Inc | 3.9% | Added 52% | 907,750 | $28.3M |
| Cubesmart | 3.5% | Added 25% | 618,426 | $25.3M |
| EP Eastgroup Pptys Inc | 3.1% | Added 33% | 105,325 | $22.3M |
| Extra Space Storage Inc | 2.9% | Added 1.5% | 140,304 | $21M |
| G& Gaming & Leisure P | 2.9% | Added 45% | 469,747 | $20.6M |
| American Healthcare REIT Inc | 2.6% | Added 3161% | 337,855 | $18.6M |
| EP Essential Pptys Rlty Tr Inc | 2.5% | Added 3.9% | 576,148 | $18M |
| Sonida Senior Living Inc | 2.1% | Trimmed 48% | 350,941 | $14.8M |
| Netstreit Corp | 1.8% | New | 606,278 | $13.1M |
| Broadstone Net Lease Inc | 1.7% | Trimmed 26% | 593,410 | $12.6M |
| SG Sl Green Rlty Corp | 1.7% | Trimmed 40% | 235,944 | $12.6M |
| American Tower Corp | 1.7% | Added 2410% | 75,688 | $12.6M |
| FI First Indl Rlty Tr Inc | 1.6% | New | 187,691 | $11.7M |
| Janus Living Inc | 1.4% | New | 341,710 | $9.95M |
| Host Hotels & Resorts Inc | 1.4% | Trimmed 53% | 420,590 | $9.82M |
| FR Federal Rlty Invt Tr New | 1.4% | Trimmed 52% | 80,690 | $9.82M |
| CP Camden Ppty Tr | 1.2% | Trimmed 49% | 73,929 | $8.67M |
| Ventas Inc | 1.2% | Trimmed 24% | 93,511 | $8.65M |
| Cbre Group Inc | 1.1% | Trimmed 50% | 56,804 | $8.04M |
| Americold Realty Trust Inc | 1.0% | Added 1427% | 439,864 | $7.14M |
| Tanger Inc | 0.9% | New | 155,887 | $6.16M |
| SC Sun Cmntys Inc | 0.8% | Added 602% | 47,198 | $5.84M |
| HW Hilton Worldwide Hldgs Inc | 0.8% | Trimmed 16% | 16,350 | $5.53M |
| RC Regency Ctrs Corp | 0.7% | New | 59,727 | $4.84M |
| Invitation Homes Inc | 0.6% | Added 325% | 149,201 | $4.56M |
| Sabra Health Care REIT Inc | 0.4% | New | 152,424 | $3.07M |
| AC Avalonbay Cmntys Inc | 0.4% | Added 193% | 15,711 | $3.05M |
| VP Vici Pptys Inc | 0.4% | New | 107,937 | $2.93M |
| AR Agree Rlty Corp | 0.4% | Trimmed 83% | 36,703 | $2.86M |
| Healthpeak Properties Inc | 0.4% | New | 129,954 | $2.84M |
| WC Wp Carey Inc | 0.4% | New | 39,407 | $2.81M |
| Realty Income Corp | 0.4% | New | 40,761 | $2.6M |
| Public Storage | 0.3% | New | 7,098 | $2.34M |
| Copt Defense Properties | 0.3% | New | 58,002 | $2.18M |
| HR Healthcare Rlty Tr | 0.3% | New | 101,379 | $2.09M |
| Sba Communications Corp | 0.3% | New | 10,785 | $1.99M |
| HP Highwoods Pptys Inc | 0.3% | Added 66% | 57,083 | $1.82M |
| Enbridge Inc | 0.3% | New | 33,525 | $1.81M |
| KM Kinder Morgan Inc Del | 0.2% | New | 47,204 | $1.51M |
| Kite Realty Group Trust | 0.2% | New | 45,355 | $1.3M |
| Consolidated Edison Inc | 0.2% | New | 10,326 | $1.18M |
| AR Alexandria Real Estate Eq In | 0.2% | New | 22,027 | $1.16M |
| VI Vanguard Intl Equity Index F | 0.2% | New | 24,700 | $1.12M |
| Eversource Energy | 0.1% | New | 14,430 | $1.07M |
| Crown Castle Inc | 0.1% | Trimmed 89% | 13,630 | $1.04M |
| WC Williams Cos Inc | 0.1% | New | 14,092 | $1.03M |
| CP Curbline Pptys Corp | 0.1% | New | 29,000 | $880K |
| FN Ferrovial Nv | 0.1% | New | 12,560 | $865K |
| BR Brandywine Rlty Tr | 0.1% | Added 464% | 265,994 | $862K |
| ON Oneok Inc New | 0.1% | New | 9,641 | $847K |
| AW American Wtr Wks Co Inc New | 0.1% | New | 5,885 | $805K |
| RI Rexford Indl Rlty Inc | 0.1% | New | 22,600 | $773K |
| RH Ryman Hospitality Pptys Inc | 0.1% | Added 1.0% | 6,000 | $767K |
Showing top 60 of 83 positions.
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 |
|---|---|---|---|---|
| American Healthcare REIT Inc | Added | +327,495 | +$18M | 2.6% |
| Udr Inc | Added | +368,237 | +$15.1M | 4.0% |
| AR Agree Rlty Corp | Trimmed | −177,666 | −$13.8M | 0.4% |
| Sonida Senior Living Inc | Trimmed | −317,706 | −$13.4M | 2.1% |
| Netstreit Corp | New | +606,278 | +$13.1M | 1.8% |
| American Tower Corp | Added | +72,673 | +$12.1M | 1.7% |
| FI First Indl Rlty Tr Inc | New | +187,691 | +$11.7M | 1.6% |
| Host Hotels & Resorts Inc | Trimmed | −482,220 | −$11.3M | 1.4% |
| FR Federal Rlty Invt Tr New | Trimmed | −87,020 | −$10.6M | 1.4% |
| ER Equity Residential | Added | +150,407 | +$10.5M | 4.6% |
Showing the 10 largest of 88 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Welltower Inc | Added | +142,180 | +$28.1M | 11.5% |
| Invitation Homes Inc | Trimmed | −715,205 | −$17.8M | 0.2% |
| G& Gaming & Leisure P | Added | +318,300 | +$14.1M | 2.7% |
| Ventas Inc | Trimmed | −164,070 | −$13.4M | 1.9% |
| SP Simon Ppty Group Inc New | Trimmed | −64,710 | −$12.1M | 3.7% |
| Udr Inc | New | +325,580 | +$11M | 2.0% |
| CP Camden Ppty Tr | Trimmed | −91,170 | −$8.9M | 2.7% |
| Equinix Inc | Trimmed | −7,898 | −$7.74M | 10.0% |
| HW Hilton Worldwide Hldgs Inc | Trimmed | −24,389 | −$7.42M | 1.1% |
| ER Equity Residential | Trimmed | −101,680 | −$6.01M | 3.5% |
Showing the 10 largest of 55 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Equinix Inc | Added | +18,970 | +$14.5M | 9.3% |
| Broadstone Net Lease Inc | New | +830,050 | +$14.5M | 2.8% |
| FR Federal Rlty Invt Tr New | New | +139,940 | +$13.9M | 2.7% |
| RC Regency Ctrs Corp | Trimmed | −186,610 | −$12.7M | 0.1% |
| Host Hotels & Resorts Inc | Added | +586,170 | +$10.6M | 2.1% |
| HP Highwoods Pptys Inc | Trimmed | −404,255 | −$10.5M | 0.1% |
| DR Digital Rlty Tr Inc | Trimmed | −58,860 | −$9.13M | 6.1% |
| Welltower Inc | Trimmed | −44,283 | −$8.28M | 6.1% |
| HW Hilton Worldwide Hldgs Inc | Trimmed | −27,190 | −$7.97M | 2.5% |
| Invitation Homes Inc | Added | +239,570 | +$6.64M | 4.0% |
Showing the 10 largest of 47 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VP Vici Pptys Inc | Exited | −766,949 | −$25.3M | — |
| Extra Space Storage Inc | New | +161,130 | +$22.7M | 4.3% |
| PS Public Storage Oper Co | Trimmed | −72,122 | −$20.8M | — |
| EP Essential Pptys Rlty Tr Inc | New | +640,368 | +$19.1M | 3.6% |
| Crown Castle Inc | New | +157,080 | +$15.2M | 2.9% |
| AT American Tower Corp New | Trimmed | −73,600 | −$14.2M | — |
| Nnn REIT Inc | Exited | −297,980 | −$12.9M | — |
| Invitation Homes Inc | Trimmed | −432,361 | −$12.7M | 2.8% |
| Welltower Inc | Trimmed | −59,782 | −$10.6M | 7.2% |
| BP Brixmor Ppty Group Inc | Added | +303,830 | +$8.41M | 3.7% |
Showing the 10 largest of 40 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cubesmart | New | +508,040 | +$21.6M | 3.8% |
| SC Sun Cmntys Inc | Exited | −155,294 | −$20M | — |
| SP Simon Ppty Group Inc New | Added | +122,060 | +$20M | 3.6% |
| DR Digital Rlty Tr Inc | Added | +110,631 | +$18.9M | 7.9% |
| PS Public Storage Oper Co | Trimmed | −54,340 | −$15.8M | 3.8% |
| FI First Indl Rlty Tr Inc | Exited | −247,995 | −$13.4M | — |
| Macerich Co | Exited | −730,133 | −$12.5M | — |
| SG Sl Green Rlty Corp | New | +173,100 | +$10.7M | 1.9% |
| SH Sunstone Hotel Invs Inc New | Exited | −931,542 | −$8.77M | — |
| HW Hilton Worldwide Hldgs Inc | Added | +30,669 | +$8.37M | 3.9% |
Showing the 10 largest of 36 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Avalonbay Cmntys Inc | Exited | −163,438 | −$34.8M | — |
| CP Camden Ppty Tr | New | +215,940 | +$26.4M | 4.8% |
| EP Essential Pptys Rlty Tr Inc | Exited | −633,145 | −$20.1M | — |
| DR Digital Rlty Tr Inc | Trimmed | −130,754 | −$18.7M | 3.9% |
| RH Ryman Hospitality Pptys Inc | Exited | −159,082 | −$16.7M | — |
| Prologis Inc. | Added | +135,910 | +$15.2M | 9.9% |
| Ventas Inc | Added | +197,910 | +$13.6M | 3.4% |
| FI First Indl Rlty Tr Inc | New | +247,995 | +$13.4M | 2.4% |
| Nnn REIT Inc | New | +277,860 | +$11.9M | 2.2% |
| BP Brixmor Ppty Group Inc | New | +440,000 | +$11.7M | 2.1% |
Showing the 10 largest of 39 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RC Regency Ctrs Corp | New | +353,670 | +$25.1M | 4.6% |
| KR Kimco Rlty Corp | Trimmed | −992,677 | −$22.2M | 0.9% |
| EP Essex Ppty Tr Inc | Exited | −67,038 | −$18.1M | — |
| SH Sunstone Hotel Invs Inc New | Added | +1,444,192 | +$17.5M | 3.2% |
| RH Ryman Hospitality Pptys Inc | New | +159,082 | +$16.7M | 3.0% |
| American Healthcare REIT Inc | Exited | −1,051,387 | −$16M | — |
| Prologis Inc. | Added | +147,466 | +$15.7M | 6.8% |
| Macerich Co | New | +631,048 | +$12.8M | 2.3% |
| KR Kite Rlty Group Tr | Exited | −563,422 | −$12.5M | — |
| Welltower Inc | Trimmed | −84,385 | −$10.5M | 5.5% |
Showing the 10 largest of 33 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PS Public Storage Oper Co | New | +119,647 | +$34.4M | 6.5% |
| Prologis Inc. | Trimmed | −284,756 | −$32.3M | 4.4% |
| Extra Space Storage Inc | Exited | −207,239 | −$30.4M | — |
| AR Alexandria Real Estate Eq In | Exited | −168,945 | −$21.2M | — |
| Sonida Senior Living Inc | New | +676,245 | +$20.6M | 3.9% |
| American Healthcare REIT Inc | New | +1,051,387 | +$16M | 3.0% |
| KR Kimco Rlty Corp | Added | +751,473 | +$14.5M | 4.4% |
| Cubesmart | Exited | −230,320 | −$10.4M | — |
| SC Sba Communications Corp New | Exited | −47,660 | −$10.2M | — |
| Caretrust REIT Inc | Trimmed | −379,718 | −$9.65M | 2.1% |
Showing the 10 largest of 44 changes.
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