Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (40 quarters reported)
$65.1M in Q4 2015 → $36.4M 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 |
|---|---|---|---|---|
| Equinix Inc | 6.6% | Added 11% | 3,053 | $2.39M |
| Cbre Group Inc | 6.3% | Trimmed 45% | 14,632 | $2.31M |
| First Industrial Realty Trust Inc | 5.6% | Trimmed 41% | 39,373 | $2.03M |
| Digital Realty Trust Inc | 5.5% | Trimmed 52% | 11,661 | $2.02M |
| Home Depot | 5.5% | New | 4,944 | $2M |
| Extra Space Storage Inc | 5.5% | Trimmed 48% | 14,110 | $1.99M |
| Public Storage | 5.3% | Trimmed 51% | 6,654 | $1.92M |
| Alexandria Real Estate Equities Inc | 5.2% | New | 22,773 | $1.9M |
| Prologis Inc | 5.1% | Trimmed 26% | 16,330 | $1.87M |
| Essex Property Trust Inc | 5.1% | Trimmed 48% | 6,930 | $1.85M |
| Ventas Inc | 4.8% | Trimmed 49% | 25,138 | $1.76M |
| Udr Inc | 4.7% | Trimmed 58% | 45,536 | $1.7M |
| ER Equity Residential | 4.5% | Trimmed 58% | 25,128 | $1.63M |
| Phillips Edison & Co Inc | 4.5% | New | 47,268 | $1.62M |
| Veris Residential Inc | 4.4% | Unchanged | 105,494 | $1.6M |
| Omega Healthcare Investors Inc | 4.3% | New | 36,722 | $1.55M |
| Vici Properties Inc | 4.2% | Trimmed 43% | 46,931 | $1.53M |
| Host Hotels & Resorts Inc | 3.7% | Trimmed 65% | 79,502 | $1.35M |
| Newmark Group Inc | 3.6% | Trimmed 76% | 70,688 | $1.32M |
| Broadstone Net Lease Inc | 3.4% | New | 68,558 | $1.23M |
| Brixmor Property Group Inc | 2.3% | New | 30,050 | $832K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Newmark Group Inc | Trimmed | −222,069 | −$4.14M | 3.6% |
| Empire State Realty Trust Inc | Exited | −494,696 | −$4M | — |
| Invitation Homes Inc | Exited | −110,106 | −$3.61M | — |
| Camden Property Trust | Exited | −31,590 | −$3.56M | — |
| Kite Realty Group Trust | Exited | −150,618 | −$3.41M | — |
| Vornado Realty Trust | Exited | −88,686 | −$3.39M | — |
| Equity Lifestyle Properties Inc | Exited | −47,474 | −$2.93M | — |
| Host Hotels & Resorts Inc | Trimmed | −145,075 | −$2.47M | 3.7% |
| Udr Inc | Trimmed | −61,819 | −$2.3M | 4.7% |
| ER Equity Residential | Trimmed | −34,126 | −$2.21M | 4.5% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Walker & Dunlop Inc | Exited | −49,817 | −$4.25M | — |
| Digital Realty Trust Inc | New | +24,179 | +$4.22M | 5.7% |
| Empire State Realty Trust Inc | New | +494,696 | +$4M | 5.4% |
| Whitestone REIT | Exited | −264,334 | −$3.85M | — |
| Safehold Inc | Exited | −196,746 | −$3.68M | — |
| Invitation Homes Inc | New | +110,106 | +$3.61M | 4.9% |
| Sl Green Realty Corp | Exited | −62,406 | −$3.6M | — |
| Host Hotels & Resorts Inc | New | +224,577 | +$3.45M | 4.7% |
| Vici Properties Inc | Trimmed | −105,566 | −$3.44M | 3.6% |
| Kite Realty Group Trust | New | +150,618 | +$3.41M | 4.6% |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elme Communities | Exited | −2,141,094 | −$32.7M | — |
| Invitation Homes Inc | Exited | −203,391 | −$6.5M | — |
| Vici Properties Inc | New | +187,878 | +$6.13M | 7.6% |
| First Industrial Realty Trust Inc | Added | +87,248 | +$4.71M | 8.3% |
| Americold Realty Trust Inc | Exited | −218,640 | −$4.68M | — |
| Host Hotels & Resorts Inc | Exited | −258,887 | −$4.54M | — |
| Walker & Dunlop Inc | New | +49,817 | +$4.25M | 5.3% |
| Essex Property Trust Inc | New | +13,078 | +$4.01M | 5.0% |
| Safehold Inc | New | +196,746 | +$3.68M | 4.6% |
| Sl Green Realty Corp | New | +62,406 | +$3.6M | 4.5% |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ventas Inc | New | +97,133 | +$5.72M | 5.9% |
| Safehold Inc | Exited | −212,887 | −$5.58M | — |
| Sila Realty Trust Inc | Exited | −199,067 | −$5.03M | — |
| WC Wp Carey Inc | Exited | −73,728 | −$4.59M | — |
| Host Hotels & Resorts Inc | New | +258,887 | +$4.54M | 4.7% |
| Broadstone Net Lease Inc | Exited | −215,154 | −$4.08M | — |
| Vici Properties Inc | Exited | −100,554 | −$3.35M | — |
| Pebblebrook Hotel Trust | New | +240,381 | +$3.26M | 3.4% |
| Invitation Homes Inc | Added | +100,477 | +$3.21M | 6.7% |
| AH Armada Hoffler Properties Inc | Exited | −250,000 | −$2.71M | — |
Showing the 10 largest of 23 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elme Communities | Trimmed | −344,434 | −$6.06M | 34.1% |
| Sila Realty Trust Inc | New | +199,067 | +$5.03M | 4.4% |
| WC Wp Carey Inc | New | +73,728 | +$4.59M | 4.0% |
| Inventrust Properties Corp | Exited | −167,240 | −$4.14M | — |
| Broadstone Net Lease Inc | New | +215,154 | +$4.08M | 3.6% |
| American Homes 4 Rent | Exited | −107,541 | −$4M | — |
| Vici Properties Inc | New | +100,554 | +$3.35M | 2.9% |
| Healthpeak Properties Inc | Exited | −167,564 | −$3.28M | — |
| Healthcare Realty Trust Inc | Exited | −183,066 | −$3.02M | — |
| First Industrial Realty Trust Inc | Trimmed | −51,111 | −$2.86M | 1.5% |
Showing the 10 largest of 23 changes.
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elme Communities | Added | +1,465,683 | +$23.3M | 38.4% |
| Americold Realty Trust Inc | New | +178,886 | +$4.57M | 4.3% |
| AR Alexandria Real Estate Eq In | Exited | −32,439 | −$4.18M | — |
| OH Omega Healthcare Invs Inc | Exited | −107,401 | −$3.4M | — |
| Veris Residential Inc | New | +219,631 | +$3.29M | 3.1% |
| Apartment Income REIT Corp | Exited | −72,709 | −$2.36M | — |
| Realty Income Corp | New | +42,821 | +$2.26M | 2.1% |
| AH Armada Hoffler Properties Inc | New | +173,081 | +$1.92M | 1.8% |
| Udr Inc | Trimmed | −38,757 | −$1.59M | 2.5% |
| Healthcare Realty Trust Inc | Trimmed | −86,714 | −$1.43M | 2.8% |
Showing the 10 largest of 46 changes.
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Elme Communities | Added | +878,978 | +$12.2M | 16.6% |
| Realty Income Corp | Exited | −102,631 | −$5.89M | — |
| KR Kimco Rlty Corp | Exited | −242,395 | −$5.17M | — |
| Ventas Inc | Exited | −87,209 | −$4.35M | — |
| Healthpeak Properties Inc | New | +220,728 | +$4.14M | 4.5% |
| RI Rexford Indl Rlty Inc | Exited | −65,831 | −$3.69M | — |
| HR Healthcare Rlty Tr | Added | +244,474 | +$3.46M | 4.1% |
| OH Omega Healthcare Invs Inc | New | +107,401 | +$3.4M | 3.7% |
| CP Camden Ppty Tr | Added | +31,559 | +$3.11M | 4.1% |
| Prologis Inc. | Exited | −22,655 | −$3.02M | — |
Showing the 10 largest of 58 changes.
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Realty Income Corp | New | +102,631 | +$5.89M | 6.7% |
| KR Kimco Rlty Corp | New | +242,395 | +$5.17M | 5.9% |
| OH Omega Healthcare Invs Inc | Exited | −135,149 | −$4.48M | — |
| BP Brixmor Ppty Group Inc | Exited | −192,845 | −$4.01M | — |
| VP Vici Pptys Inc | Trimmed | −121,459 | −$3.87M | 2.0% |
| EP Essential Pptys Rlty Tr Inc | Trimmed | −139,784 | −$3.57M | 0.3% |
| Elme Communities | New | +225,293 | +$3.29M | 3.7% |
| SC Site Ctrs Corp | Exited | −255,601 | −$3.15M | — |
| Healthpeak Properties Inc | Exited | −164,659 | −$3.02M | — |
| Sabra Health Care REIT Inc | Trimmed | −209,156 | −$2.98M | 0.6% |
Showing the 10 largest of 57 changes.
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