Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (36 quarters reported)
$112M in Q4 2017 → $81M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| RL Rlj Lodging Tr | 8.8% | Trimmed 0.1% | 296,976 | $7.14M |
| Equinix Inc | 7.8% | Trimmed 0.0% | 6,280 | $6.35M |
| EP Epr Pptys | 6.7% | Trimmed 0.1% | 172,910 | $5.41M |
| DR Digital Rlty Tr Inc | 6.3% | Unchanged | 29,132 | $5.11M |
| PH Pebblebrook Hotel Tr | 5.8% | Added 5.6% | 237,018 | $4.67M |
| Crown Castle Inc | 5.0% | Unchanged | 60,369 | $4.02M |
| SP Simon Ppty Group Inc New | 4.7% | Added 7.6% | 19,060 | $3.83M |
| SG Sl Green Rlty Corp | 4.2% | Unchanged | 69,418 | $3.4M |
| Vertiv Holdings Co | 4.1% | Added 111% | 13,749 | $3.32M |
| Macerich Co | 3.9% | Added 9.0% | 141,983 | $3.17M |
| Welltower Inc | 3.8% | Added 9.8% | 13,476 | $3.1M |
| American Tower Corp | 3.3% | Trimmed 0.1% | 16,327 | $2.67M |
| RP Rithm Ppty Tr Inc | 3.0% | Trimmed 0.1% | 98,924 | $2.46M |
| Prologis Inc. | 3.0% | Trimmed 27% | 18,800 | $2.44M |
| PH Pebblebrook Hotel Tr | 2.7% | Trimmed 0.2% | 112,017 | $2.2M |
| Public Storage | 2.4% | Unchanged | 6,840 | $1.93M |
| Vivmark Residential | 2.1% | Added 68% | 28,024 | $1.7M |
| EP Essex Ppty Tr Inc | 2.0% | Unchanged | 6,110 | $1.65M |
| Sabra Health Care REIT Inc | 1.8% | Unchanged | 74,864 | $1.48M |
| Ventas Inc | 1.8% | Unchanged | 17,246 | $1.47M |
| G& Gaming & Leisure P | 1.5% | New | 32,313 | $1.23M |
| IM Iron Mtn Inc Del | 1.4% | Unchanged | 10,505 | $1.17M |
| Hyatt Hotels Corp | 1.0% | Unchanged | 5,287 | $838K |
| OH Omega Healthcare Invs Inc | 1.0% | New | 18,000 | $834K |
| EP Eastgroup Pptys Inc | 0.9% | Unchanged | 3,764 | $743K |
| EP Epr Pptys | 0.9% | Trimmed 0.5% | 27,800 | $710K |
| BS Brookdale Sr Living Inc | 0.8% | New | 62,340 | $675K |
| Cbre Group Inc | 0.8% | Unchanged | 5,242 | $673K |
| MP Millrose Pptys Inc | 0.8% | Trimmed 6.2% | 24,578 | $638K |
| Ftai Aviation Ltd | 0.7% | Unchanged | 3,596 | $601K |
| Expedia Group Inc | 0.7% | Unchanged | 2,193 | $578K |
| BP Brixmor Ppty Group Inc | 0.7% | Unchanged | 19,427 | $536K |
| Lineage Inc | 0.6% | Unchanged | 15,054 | $514K |
| CR Cto Rlty Growth Inc New | 0.6% | Added 1.4% | 23,233 | $476K |
| Realty Income Corp | 0.6% | Unchanged | 8,701 | $472K |
| DH Diversified Healthcare Tr | 0.5% | Unchanged | 52,261 | $410K |
| UP Umh Pptys Inc | 0.5% | Unchanged | 26,198 | $403K |
| Equity Lifestyle Properties | 0.5% | Trimmed 0.4% | 6,837 | $399K |
| Host Hotels & Resorts Inc | 0.4% | Unchanged | 14,371 | $322K |
| LP Ltc Pptys Inc | 0.3% | New | 6,123 | $262K |
| Extra Space Storage Inc | 0.3% | Unchanged | 1,929 | $254K |
| AR Alexandria Real Estate Eq In | 0.3% | Unchanged | 5,336 | $253K |
| American Homes 4 Rent | 0.3% | Unchanged | 8,293 | $252K |
| Weyerhaeuser Co | 0.3% | Trimmed 60% | 11,283 | $215K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bxp Inc | Exited | −28,855 | −$1.91M | — |
| Vertiv Holdings Co | Added | +7,248 | +$1.75M | 4.1% |
| Lxp Industrial Trust | Exited | −30,778 | −$1.4M | — |
| Outfront Media Inc | Exited | −38,387 | −$1.26M | — |
| G& Gaming & Leisure P | New | +32,313 | +$1.23M | 1.5% |
| Prologis Inc. | Trimmed | −7,112 | −$923K | 3.0% |
| VP Vici Pptys Inc | Exited | −33,972 | −$902K | — |
| OH Omega Healthcare Invs Inc | New | +18,000 | +$834K | 1.0% |
| Vivmark Residential | Added | +11,353 | +$690K | 2.1% |
| BS Brookdale Sr Living Inc | New | +62,340 | +$675K | 0.8% |
Showing the 10 largest of 27 changes.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DR Digital Rlty Tr Inc | Added | +18,279 | +$3.28M | 6.0% |
| Crown Castle Inc | Added | +38,503 | +$2.92M | 5.3% |
| Equity Lifestyle Properties | Trimmed | −38,857 | −$2.5M | 0.5% |
| G& Gaming & Leisure P | Exited | −53,519 | −$2.37M | — |
| SG Sl Green Rlty Corp | Added | +40,549 | +$2.1M | 4.1% |
| Macerich Co | Added | +81,307 | +$2.05M | 3.8% |
| American Tower Corp | Trimmed | −11,820 | −$1.93M | 3.1% |
| Bxp Inc | New | +28,855 | +$1.91M | 2.2% |
| SP Simon Ppty Group Inc New | Added | +7,845 | +$1.75M | 4.6% |
| Sabra Health Care REIT Inc | New | +74,864 | +$1.46M | 1.7% |
Showing the 10 largest of 43 changes.
quarter ended March 31, 2026 · filed May 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Epr Pptys | Trimmed | −102,118 | −$3.1M | 7.1% |
| Equity Lifestyle Properties | New | +45,723 | +$2.85M | 3.8% |
| Equinix Inc | Added | +2,867 | +$2.81M | 8.2% |
| SC Sun Cmntys Inc | Exited | −20,871 | −$2.59M | — |
| RP Rithm Ppty Tr Inc | New | +99,012 | +$2.44M | 3.3% |
| DR Digital Rlty Tr Inc | Trimmed | −13,065 | −$2.35M | 2.6% |
| American Tower Corp | Added | +12,659 | +$2.18M | 6.5% |
| Crown Castle Inc | Trimmed | −25,206 | −$2.05M | 2.4% |
| Braemar Hotels & Resorts Inc | Exited | −134,177 | −$1.99M | — |
| DH Diversified Healthcare Tr | Trimmed | −162,538 | −$1.08M | 1.0% |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2025 · filed January 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DR Digital Rlty Tr Inc | Added | +21,150 | +$3.27M | 5.1% |
| Crown Castle Inc | Added | +35,787 | +$3.18M | 5.8% |
| EL Equity Lifestyle Pptys Inc | Exited | −45,755 | −$2.78M | — |
| VP Vici Pptys Inc | Trimmed | −98,692 | −$2.78M | 2.3% |
| RP Rithm Ppty Tr Inc | Exited | −102,975 | −$2.6M | — |
| SC Sun Cmntys Inc | New | +20,871 | +$2.59M | 3.6% |
| G& Gaming & Leisure Pptys Inc | New | +53,519 | +$2.39M | 3.3% |
| Prologis Inc. | Added | +16,173 | +$2.06M | 4.1% |
| Welltower Inc | New | +10,830 | +$2.01M | 2.8% |
| Ventas Inc | New | +22,562 | +$1.75M | 2.4% |
Showing the 10 largest of 48 changes.
quarter ended September 30, 2025 · filed October 29, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Epr Pptys | Trimmed | −130,447 | −$3.32M | 1.4% |
| Healthpeak Properties Inc | Trimmed | −102,881 | −$1.97M | 0.7% |
| KR Kite Rlty Group Tr | Trimmed | −87,363 | −$1.95M | 0.8% |
| SP Starwood Ppty Tr Inc | Trimmed | −100,216 | −$1.94M | 0.7% |
| Elme Communities | Exited | −80,207 | −$1.28M | — |
| GM Global Med REIT Inc | Exited | −175,106 | −$1.21M | — |
| CE Caesars Entertainment Inc Ne | New | +43,371 | +$1.17M | 1.7% |
| IM Iron Mtn Inc Del | New | +11,073 | +$1.13M | 1.7% |
| Americold Realty Trust Inc | Exited | −66,491 | −$1.11M | — |
| Ftai Aviation Ltd | New | +6,606 | +$1.1M | 1.6% |
Showing the 10 largest of 40 changes.
quarter ended June 30, 2025 · filed July 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RI Rexford Indl Rlty Inc | Exited | −116,417 | −$4.56M | — |
| VP Vici Pptys Inc | Added | +86,557 | +$2.82M | 8.0% |
| Veris Residential Inc | Exited | −151,552 | −$2.56M | — |
| DH Diversified Healthcare Tr | New | +715,076 | +$2.56M | 3.3% |
| A& Alexander & Baldwin Inc New | Exited | −138,534 | −$2.39M | — |
| Howard Hughes Holdings Inc | Exited | −31,321 | −$2.32M | — |
| Kennedy-wilson Holdings Inc | Exited | −244,124 | −$2.12M | — |
| Crown Castle Inc | New | +17,274 | +$1.77M | 2.3% |
| AT American Tower Corp New | Trimmed | −6,576 | −$1.45M | 4.3% |
| GM Global Med REIT Inc | New | +175,106 | +$1.21M | 1.6% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2025 · filed April 21, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RI Rexford Indl Rlty Inc | New | +116,417 | +$4.56M | 5.5% |
| PH Pebblebrook Hotel Tr | New | +195,888 | +$3.36M | 4.1% |
| PH Pebblebrook Hotel Tr | New | +190,424 | +$3.33M | 4.0% |
| EL Equity Lifestyle Pptys Inc | New | +45,779 | +$3.05M | 3.7% |
| RP Rithm Ppty Tr Inc | New | +102,052 | +$2.58M | 3.1% |
| HR Healthcare Rlty Tr | Exited | −141,844 | −$2.4M | — |
| UE Urban Edge Pptys | Exited | −109,969 | −$2.36M | — |
| AC Avalonbay Cmntys Inc | Exited | −9,474 | −$2.08M | — |
| PS Public Storage Oper Co | Exited | −6,388 | −$1.91M | — |
| Prologis Inc. | Exited | −14,536 | −$1.54M | — |
Showing the 10 largest of 38 changes.
quarter ended December 31, 2024 · filed February 03, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| KR Kimco Rlty Corp | Exited | −50,650 | −$3.11M | — |
| SS Select Sector SPDR Tr | Exited | −57,185 | −$2.55M | — |
| HR Healthcare Rlty Tr | Trimmed | −145,240 | −$2.46M | 3.3% |
| Brookfield Infrastructure Co | Exited | −45,249 | −$1.97M | — |
| BR Brandywine Rlty Tr | Trimmed | −261,447 | −$1.46M | 1.8% |
| AT American Tower Corp New | Added | +7,877 | +$1.44M | 4.0% |
| Equinix Inc | Added | +1,467 | +$1.38M | 4.7% |
| DR Digital Rlty Tr Inc | New | +7,592 | +$1.35M | 1.8% |
| IR Independence Rlty Tr Inc | Exited | −62,270 | −$1.28M | — |
| EP Epr Pptys | Trimmed | −54,409 | −$1.13M | 4.6% |
Showing the 10 largest of 37 changes.
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