Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (30 quarters reported)
$30.5M in Q2 2013 → $48.7M now. Hover for any quarter.
As reported for the quarter ended September 30, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| RL Rlj Lodging Tr | 10.8% | Added 0.3% | 229,792 | $5.27M |
| Arbor Realty Trust Inc | 7.6% | Trimmed 14% | 325,000 | $3.73M |
| BM Blackstone Mtg Tr Inc | 6.7% | Trimmed 0.2% | 148,300 | $3.26M |
| WC Wp Carey Inc | 6.1% | Added 0.7% | 45,300 | $2.95M |
| SI Stag Indl Inc | 5.8% | Added 32% | 92,066 | $2.81M |
| Sabra Health Care REIT Inc | 5.6% | Added 71% | 199,797 | $2.75M |
| Annaly Capital Management Inc | 5.6% | Trimmed 8.7% | 380,000 | $2.71M |
| AI Agnc Invt Corp | 4.3% | Unchanged | 150,000 | $2.09M |
| SP Starwood Ppty Tr Inc | 3.6% | Trimmed 6.0% | 117,500 | $1.77M |
| DR Digital Rlty Tr Inc | 3.6% | Added 19% | 11,885 | $1.74M |
| QR Qts Rlty Tr Inc | 3.5% | Unchanged | 27,000 | $1.7M |
| TR Tpg Re Fin Tr Inc | 3.3% | Added 2.7% | 190,000 | $1.61M |
| AC Apollo Coml Real Est Fin Inc C | 3.1% | Added 26% | 170,000 | $1.53M |
| NP Nuveen Pfd & Income Opportunit | 2.6% | Trimmed 61% | 147,906 | $1.26M |
| IM Iron Mtn Inc New | 2.5% | Added 50% | 45,000 | $1.21M |
| Ready Capital Corp | 2.4% | Unchanged | 49,941 | $1.19M |
| TR Terreno Rlty Corp | 2.0% | New | 17,714 | $970K |
| BR Bluerock Residential Gwt REIT | 1.8% | Added 27% | 117,776 | $893K |
| V Vereit Inc | 1.6% | Trimmed 11% | 120,000 | $780K |
| LC Ladder Cap Corp | 1.5% | Added 5.0% | 105,000 | $748K |
| SP Simon Ppty Group Inc New | 1.5% | New | 11,000 | $711K |
| QR Qts Rlty Tr Inc | 1.5% | Unchanged | 5,000 | $707K |
| Global Net Lease Inc | 1.3% | Added 174% | 40,635 | $646K |
| KR Kkr Real Estate Fin Tr Inc | 1.1% | Added 17% | 33,614 | $556K |
| HT Healthcare Tr Amer Inc | 1.1% | New | 20,000 | $520K |
| VR Vornado Rlty Tr | 1.0% | Trimmed 54% | 15,000 | $506K |
| LR Lexington Realty Trust | 1.0% | Trimmed 21% | 47,500 | $496K |
| RI Rexford Indl Rlty Inc | 0.9% | New | 10,000 | $458K |
| Prologis Inc. | 0.8% | New | 4,000 | $402K |
| FI First Indl Rlty Tr Inc | 0.8% | New | 10,000 | $398K |
| SG Sl Green Rlty Corp | 0.8% | Trimmed 75% | 8,063 | $374K |
| IR Independence Rlty Tr Inc | 0.7% | New | 30,602 | $355K |
| City Office REIT Inc | 0.7% | Added 29% | 45,000 | $338K |
| BP Boston Properties Inc | 0.7% | Trimmed 67% | 4,000 | $321K |
| PI Plymouth Indl REIT Inc | 0.6% | New | 25,000 | $309K |
| FR Federal Rlty Invt Tr | 0.6% | New | 4,000 | $294K |
| Netstreit Corp | 0.5% | New | 13,650 | $249K |
| Oaktree Specialty Lending Corp | 0.3% | Trimmed 78% | 30,000 | $145K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2020 · filed October 20, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NP Nuveen Pfd & Income Opportunit | Trimmed | −229,994 | −$1.95M | 2.6% |
| EP Essex Ppty Tr Inc | Exited | −7,000 | −$1.6M | — |
| VI Vanguard Index Fds Real Estate | Exited | −17,500 | −$1.37M | — |
| Ventas Inc | Exited | −37,500 | −$1.37M | — |
| Sabra Health Care REIT Inc | Added | +83,242 | +$1.15M | 5.6% |
| SG Sl Green Rlty Corp | Trimmed | −24,437 | −$1.13M | 0.8% |
| Invitation Homes Inc | Exited | −41,000 | −$1.13M | — |
| TR Terreno Rlty Corp | New | +17,714 | +$970K | 2.0% |
| SP Simon Ppty Group Inc New | New | +11,000 | +$711K | 1.5% |
| SI Stag Indl Inc | Added | +22,066 | +$673K | 5.8% |
Showing the 10 largest of 44 changes.
quarter ended June 30, 2020 · filed August 03, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| V Vereit Inc | Trimmed | −387,500 | −$2.49M | 1.6% |
| Annaly Capital Management Inc | Added | +376,210 | +$2.47M | 5.2% |
| AI Agnc Invt Corp | New | +150,000 | +$1.94M | 3.7% |
| QR Qts Rlty Tr Inc | New | +27,000 | +$1.73M | 3.3% |
| WC Wp Carey Inc | Added | +25,000 | +$1.69M | 5.8% |
| EP Essex Ppty Tr Inc | New | +7,000 | +$1.6M | 3.0% |
| SG Sl Green Rlty Corp | New | +32,500 | +$1.6M | 3.0% |
| BM Blackstone Mtg Tr Inc | Added | +63,600 | +$1.53M | 6.8% |
| DR Digital Rlty Tr Inc | New | +10,000 | +$1.42M | 2.7% |
| VI Vanguard Index Fds Real Estate | New | +17,500 | +$1.37M | 2.6% |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2020 · filed April 30, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PH Pebblebrook Hotel Tr | Exited | −135,000 | −$3.62M | — |
| SH Sunstone Hotel Invs Inc New | Exited | −170,000 | −$2.37M | — |
| BR Brookfield Real Assets Income | Exited | −110,000 | −$2.35M | — |
| KR Kimco Rlty Corp | Exited | −85,000 | −$1.76M | — |
| PM Pennymac Mtg Invt Tr | Exited | −70,000 | −$1.56M | — |
| TH Two Hbrs Invt Corp | Exited | −100,000 | −$1.46M | — |
| RL Rlj Lodging Tr | Exited | −75,000 | −$1.33M | — |
| WC Wp Carey Inc | New | +20,000 | +$1.16M | 4.1% |
| SR Spirit Rlty Cap Inc New | Exited | −20,000 | −$984K | — |
| KR Kkr Real Estate Fin Tr Inc | Exited | −48,033 | −$981K | — |
Showing the 10 largest of 43 changes.
quarter ended December 31, 2019 · filed February 13, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RL Rlj Lodging Tr | New | +200,400 | +$5.75M | 6.6% |
| BP Buckeye Partners L P | Exited | −110,000 | −$4.52M | — |
| TR Tpg Re Fin Tr Inc | New | +165,000 | +$3.35M | 3.9% |
| AC Apollo Coml Real Est Fin Inc C | Trimmed | −173,244 | −$3.17M | 1.7% |
| ET Energy Transfer Equity L P | Exited | −240,000 | −$3.14M | — |
| SP Starwood Ppty Tr Inc | Trimmed | −111,251 | −$2.77M | 4.8% |
| EC Exantas Cap Corp | New | +231,047 | +$2.73M | 3.1% |
| Ventas Inc | Added | +45,692 | +$2.64M | 4.7% |
| CI Corenergy Infrastructure Tr | Exited | −100,597 | −$2.63M | — |
| Sabra Health Care REIT Inc | New | +121,700 | +$2.6M | 3.0% |
Showing the 10 largest of 47 changes.
quarter ended September 30, 2019 · filed November 07, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IM Iron Mtn Inc New | Exited | −138,042 | −$4.32M | — |
| CI Chimera Invt Corp | New | +120,000 | +$2.35M | 3.4% |
| BM Blackstone Mtg Tr Inc | Trimmed | −65,000 | −$2.33M | 7.0% |
| WP Washington Prime Group New | Exited | −539,739 | −$2.06M | — |
| Global Net Lease Inc | Trimmed | −90,000 | −$1.76M | 0.3% |
| AC Apollo Coml Real Est Fin Inc | Trimmed | −86,695 | −$1.66M | 7.0% |
| PH Pebblebrook Hotel Tr | Added | +59,181 | +$1.65M | 5.0% |
| BP Brookfield Ppty Partners L P | Exited | −84,600 | −$1.6M | — |
| C& Cohen & Steers Quality Rlty | Exited | −116,050 | −$1.59M | — |
| SP Starwood Ppty Tr Inc | Added | +60,257 | +$1.46M | 9.8% |
Showing the 10 largest of 33 changes.
quarter ended June 30, 2019 · filed August 02, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BM Blackstone Mtg Tr Inc | Added | +150,000 | +$5.34M | 9.6% |
| BP Buckeye Partners L P | New | +110,000 | +$4.52M | 6.1% |
| IM Iron Mtn Inc New | New | +138,042 | +$4.32M | 5.8% |
| RL Rlj Lodging Tr | New | +147,358 | +$2.61M | 3.5% |
| SP Starwood Ppty Tr Inc | Added | +110,000 | +$2.5M | 6.7% |
| Ventas Inc | New | +36,468 | +$2.49M | 3.4% |
| AC Apollo Coml Real Est Fin Inc | Added | +129,939 | +$2.39M | 8.4% |
| WP Washington Prime Group New | New | +539,739 | +$2.06M | 2.8% |
| AC Annaly Cap Mgmt Inc | Exited | −200,000 | −$2M | — |
| AR Arbor Rlty Tr Inc | Added | +155,000 | +$1.88M | 4.1% |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2019 · filed May 10, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SH Sunstone Hotel Invs Inc New | Exited | −246,073 | −$3.2M | — |
| ET Energy Transfer Equity L P | New | +201,200 | +$3.09M | 7.1% |
| NP Nuveen Pfd Income Opprtny Fd | Added | +258,816 | +$2.47M | 6.6% |
| WR Wheeler Real Estate Invt Tr | Trimmed | −143,789 | −$2.02M | 3.8% |
| AC Annaly Cap Mgmt Inc | New | +200,000 | +$2M | 4.6% |
| AC Apollo Coml Real Est Fin Inc | Added | +90,400 | +$1.65M | 8.8% |
| GP Granite Pt Mtg Tr Inc | Added | +77,671 | +$1.44M | 8.2% |
| BR Brookfield Real Assets Incom | New | +60,000 | +$1.3M | 3.0% |
| Global Net Lease Inc | Added | +67,497 | +$1.28M | 4.3% |
| LR Lexington Realty Trust | Exited | −140,567 | −$1.15M | — |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2018 · filed January 22, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SH Sunstone Hotel Invs Inc New | New | +246,073 | +$3.2M | 8.9% |
| DS Direxion Shs ETF Tr | Exited | −149,523 | −$3.13M | — |
| GP Granite Pt Mtg Tr Inc | New | +116,100 | +$2.09M | 5.8% |
| LI Landmark Infrastructure LP | Trimmed | −125,647 | −$1.45M | 1.6% |
| WA Western Asset Mtg Cap Corp | Exited | −130,000 | −$1.3M | — |
| I Istar Inc | Exited | −114,557 | −$1.28M | — |
| BM Blackstone Mtg Tr Inc | New | +40,000 | +$1.27M | 3.6% |
| CI Corenergy Infrastructure Tr | Trimmed | −47,390 | −$1.11M | 10.9% |
| KR Kkr Real Estate Fin Tr Inc | New | +50,000 | +$958K | 2.7% |
| RT Redwood Tr Inc | Exited | −56,006 | −$910K | — |
Showing the 10 largest of 36 changes.
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