Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$148M in Q4 2018 → $1.51B 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 |
|---|---|---|---|---|
| Invitation Homes Inc | 9.1% | Added 7.3% | 4,545,176 | $137M |
| EP Essex Ppty Tr Inc | 8.5% | Trimmed 46% | 438,518 | $128M |
| Nnn REIT Inc | 7.6% | Trimmed 20% | 2,474,091 | $115M |
| Kilroy Realty Corp | 7.3% | Trimmed 39% | 2,945,755 | $110M |
| HR Healthcare Rlty Tr | 7.0% | Trimmed 28% | 5,213,764 | $105M |
| Ventas Inc | 6.6% | Trimmed 21% | 1,113,660 | $98.9M |
| Sabra Health Care REIT Inc | 5.4% | Added 163% | 4,210,530 | $82.1M |
| Sba Communications Corp | 5.3% | Trimmed 53% | 456,290 | $80.5M |
| FI First Indl Rlty Tr Inc | 5.2% | Trimmed 27% | 1,282,572 | $78.6M |
| BD Blackstone Digital Infrastru | 5.1% | New | 3,587,500 | $77.6M |
| ER Equity Residential | 4.4% | New | 976,765 | $66.4M |
| American Tower Corp | 4.4% | New | 405,390 | $66.3M |
| AR Agree Rlty Corp | 4.4% | Added 29% | 873,829 | $66.2M |
| Healthpeak Properties Inc | 4.2% | New | 2,944,629 | $63M |
| Macerich Co | 3.5% | New | 2,068,800 | $52.1M |
| EP Essential Pptys Rlty Tr Inc | 3.2% | Added 30% | 1,630,002 | $48.7M |
| IR Independence Rlty Tr Inc | 2.6% | Trimmed 33% | 2,316,753 | $38.7M |
| NH National Healthcare Pptys In | 2.5% | New | 2,578,241 | $37.8M |
| VP Vici Pptys Inc | 1.3% | New | 734,400 | $19.5M |
| SC Site Ctrs Corp | 1.2% | Added 1.2% | 4,499,853 | $17.9M |
| Pool Corp | 0.7% | New | 46,600 | $10M |
| Six Flags Entertainment Corp | 0.6% | Trimmed 55% | 418,946 | $8.92M |
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 |
|---|---|---|---|---|
| EP Essex Ppty Tr Inc | Trimmed | −369,375 | −$108M | 8.5% |
| Sba Communications Corp | Trimmed | −522,100 | −$92.1M | 5.3% |
| BD Blackstone Digital Infrastru | New | +3,587,500 | +$77.6M | 5.1% |
| Kilroy Realty Corp | Trimmed | −1,914,987 | −$71.8M | 7.3% |
| FR Federal Rlty Invt Tr New | Exited | −638,538 | −$67.8M | — |
| ER Equity Residential | New | +976,765 | +$66.4M | 4.4% |
| American Tower Corp | New | +405,390 | +$66.3M | 4.4% |
| Healthpeak Properties Inc | New | +2,944,629 | +$63M | 4.2% |
| Macerich Co | New | +2,068,800 | +$52.1M | 3.5% |
| Sabra Health Care REIT Inc | Added | +2,612,243 | +$51M | 5.4% |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Udr Inc | Exited | −3,566,132 | −$131M | — |
| Realty Income Corp | Exited | −2,004,065 | −$113M | — |
| Invitation Homes Inc | New | +4,237,107 | +$105M | 7.1% |
| FR Federal Rlty Invt Tr New | Trimmed | −646,557 | −$68.7M | 4.5% |
| Kilroy Realty Corp | Added | +2,226,821 | +$62.8M | 9.2% |
| IR Independence Rlty Tr Inc | New | +3,456,162 | +$51.5M | 3.5% |
| AR Agree Rlty Corp | New | +677,438 | +$51.1M | 3.4% |
| EP Essex Ppty Tr Inc | Added | +170,682 | +$41.3M | 13.1% |
| EP Essential Pptys Rlty Tr Inc | New | +1,249,087 | +$37.9M | 2.5% |
| Sba Communications Corp | Trimmed | −199,205 | −$34.3M | 11.3% |
Showing the 10 largest of 26 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Udr Inc | New | +3,566,132 | +$131M | 8.2% |
| Hyatt Hotels Corp | Exited | −604,500 | −$85.8M | — |
| SC Sba Communications Corp New | Added | +234,072 | +$45.3M | 14.2% |
| Americold Realty Trust Inc | New | +2,928,659 | +$37.7M | 2.4% |
| SH Sunstone Hotel Invs Inc New | Exited | −3,708,130 | −$34.7M | — |
| NS National Storage Affiliates | New | +1,197,716 | +$33.8M | 2.1% |
| Nnn REIT Inc | Added | +763,333 | +$30.3M | 9.5% |
| HR Healthcare Rlty Tr | Added | +1,204,551 | +$20.4M | 9.5% |
| Lineage Inc | Exited | −513,900 | −$19.9M | — |
| SS Smartstop Self Storag REIT I | New | +505,613 | +$15.6M | 1.0% |
Showing the 10 largest of 20 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Essex Ppty Tr Inc | New | +594,108 | +$159M | 10.9% |
| HR Healthcare Rlty Tr | Trimmed | −6,456,801 | −$116M | 9.6% |
| SC Sba Communications Corp New | Added | +582,862 | +$113M | 12.5% |
| Six Flags Entertainment Corp | Trimmed | −3,306,963 | −$75.1M | 0.8% |
| Host Hotels & Resorts Inc | Exited | −4,374,633 | −$67.2M | — |
| Ventas Inc | Trimmed | −806,431 | −$56.4M | 8.5% |
| KR Kilroy Rlty Corp | Trimmed | −1,258,211 | −$53.2M | 8.1% |
| Equinix Inc | Exited | −52,126 | −$41.5M | — |
| AI Apartment Invt & Mgmt Co | Exited | −4,779,357 | −$41.3M | — |
| SH Sunstone Hotel Invs Inc New | New | +3,708,130 | +$34.7M | 2.4% |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RI Rexford Indl Rlty Inc | Exited | −3,092,217 | −$121M | — |
| Six Flags Entertainment Corp | New | +3,794,084 | +$115M | 7.5% |
| CP Cousins Pptys Inc | Exited | −2,741,978 | −$80.9M | — |
| FI First Indl Rlty Tr Inc | New | +1,660,174 | +$79.9M | 5.2% |
| Host Hotels & Resorts Inc | Trimmed | −3,169,853 | −$48.7M | 4.3% |
| SC Sba Communications Corp New | Trimmed | −187,322 | −$44M | 5.5% |
| Equinix Inc | New | +52,126 | +$41.5M | 2.7% |
| BS Brookdale Sr Living Inc | Exited | −6,462,066 | −$40.5M | — |
| HR Healthcare Rlty Tr | Added | +1,728,491 | +$27.4M | 14.6% |
| Realty Income Corp | Trimmed | −419,042 | −$24.1M | 8.8% |
Showing the 10 largest of 20 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Sba Communications Corp New | New | +547,983 | +$121M | 7.7% |
| FI First Indl Rlty Tr Inc | Exited | −1,640,530 | −$82.2M | — |
| KR Kilroy Rlty Corp | Added | +1,731,637 | +$56.7M | 9.3% |
| HR Healthcare Rlty Tr | Trimmed | −3,149,779 | −$53.2M | 13.5% |
| Hyatt Hotels Corp | New | +334,016 | +$40.9M | 2.6% |
| Host Hotels & Resorts Inc | Added | +1,870,882 | +$26.6M | 6.8% |
| Ventas Inc | Trimmed | −362,745 | −$24.9M | 12.0% |
| Realty Income Corp | Trimmed | −414,334 | −$24M | 10.3% |
| FR Federal Rlty Invt Tr New | Added | +228,886 | +$22.4M | 8.8% |
| RI Rexford Indl Rlty Inc | Trimmed | −340,291 | −$13.3M | 7.7% |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RI Rexford Indl Rlty Inc | New | +3,432,508 | +$133M | 8.8% |
| KR Kilroy Rlty Corp | New | +2,707,102 | +$110M | 7.3% |
| Ventas Inc | Added | +1,754,494 | +$103M | 12.1% |
| SH Sunstone Hotel Invs Inc New | Exited | −9,663,978 | −$99.7M | — |
| Host Hotels & Resorts Inc | New | +5,673,604 | +$99.4M | 6.6% |
| Diamondrock Hospitality Co | Exited | −5,925,125 | −$51.7M | — |
| SC Sba Communications Corp New | Exited | −199,009 | −$47.9M | — |
| KR Kite Rlty Group Tr | Exited | −1,773,717 | −$47.1M | — |
| HR Healthcare Rlty Tr | Added | +2,747,848 | +$46.6M | 17.7% |
| CP Cousins Pptys Inc | Added | +1,438,127 | +$44.1M | 6.1% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Site Ctrs Corp | Exited | −6,320,662 | −$91.6M | — |
| HR Healthcare Rlty Tr | Trimmed | −4,088,546 | −$74.2M | 18.1% |
| FR Federal Rlty Invt Tr New | Trimmed | −601,830 | −$69.2M | 8.9% |
| FI First Indl Rlty Tr Inc | New | +1,086,963 | +$60.8M | 4.7% |
| Diamondrock Hospitality Co | New | +5,925,125 | +$51.7M | 4.0% |
| SC Sba Communications Corp New | New | +199,009 | +$47.9M | 3.7% |
| CP Cousins Pptys Inc | New | +1,573,716 | +$46.4M | 3.6% |
| CS Core Scientific Inc New | New | +2,716,800 | +$32.2M | 2.5% |
| Ventas Inc | Trimmed | −499,385 | −$32M | 6.7% |
| Cushman Wakefield PLC | Exited | −2,040,376 | −$21.2M | — |
Showing the 10 largest of 21 changes.
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