Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (8 quarters reported)
$253M in Q4 2024 → — 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 |
|---|---|---|---|---|
| N Na | NaN% | New | 0 | — |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 7 quarters.
quarter ended September 30, 2026 · filed October 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Agree Rlty Corp | Exited | −331,087 | −$25.1M | — |
| Host Hotels & Resorts Inc | Exited | −862,907 | −$20.5M | — |
| Lennar Corp | Exited | −170,135 | −$15.4M | — |
| AC Avalonbay Cmntys Inc | Exited | −74,987 | −$14.1M | — |
| FC Four Corners Ppty Tr Inc | Exited | −535,879 | −$13.2M | — |
| Equity Lifestyle Properties | Exited | −200,084 | −$12.9M | — |
| RI Rexford Indl Rlty Inc | Exited | −384,763 | −$12.9M | — |
| G& Gaming & Leisure P | Exited | −265,161 | −$11.8M | — |
| EP Essex Ppty Tr Inc | Exited | −36,114 | −$10.5M | — |
| Phillips Edison & Co Inc | Exited | −251,859 | −$10.5M | — |
Showing the 10 largest of 44 changes.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Meritage Homes Corp | Exited | −235,255 | −$14.5M | — |
| EP Essex Ppty Tr Inc | Trimmed | −42,954 | −$12.5M | 3.3% |
| Host Hotels & Resorts Inc | Added | +504,640 | +$12M | 6.3% |
| PG Pulte Group Inc | New | +71,495 | +$9.81M | 3.0% |
| RH Ryman Hospitality Pptys Inc | Trimmed | −75,690 | −$9.73M | 1.8% |
| RC Regency Ctrs Corp | New | +106,627 | +$8.5M | 2.6% |
| ER Equity Residential | Trimmed | −122,961 | −$8.35M | 2.8% |
| AC Avalonbay Cmntys Inc | Trimmed | −44,176 | −$8.34M | 4.4% |
| Udr Inc | Trimmed | −172,655 | −$6.89M | 2.6% |
| SH Sunstone Hotel Invs Inc New | New | +545,872 | +$6.25M | 1.9% |
Showing the 10 largest of 49 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Lennar Corp | Added | +168,832 | +$14.7M | 5.2% |
| Tri Pointe Homes Inc | Exited | −334,828 | −$10.5M | — |
| AC Avalonbay Cmntys Inc | Added | +60,811 | +$9.93M | 5.7% |
| American Homes 4 Rent | Added | +301,590 | +$8.42M | 3.4% |
| American Tower Corp | Trimmed | −43,093 | −$7.44M | 1.1% |
| Host Hotels & Resorts Inc | New | +358,267 | +$6.86M | 2.0% |
| Sba Communications Corp | Added | +36,771 | +$6.33M | 2.6% |
| Lxp Industrial Trust | New | +127,219 | +$5.89M | 1.7% |
| RI Rexford Indl Rlty Inc | Added | +171,495 | +$5.61M | 3.4% |
| RC Regency Ctrs Corp | Exited | −75,834 | −$5.23M | — |
Showing the 10 largest of 47 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ER Equity Residential | Added | +170,848 | +$10.8M | 5.8% |
| RI Rexford Indl Rlty Inc | New | +185,944 | +$7.2M | 2.3% |
| Phillips Edison & Co Inc | Trimmed | −202,175 | −$7.19M | 4.2% |
| Invitation Homes Inc | Added | +232,776 | +$6.47M | 3.1% |
| FI First Indl Rlty Tr Inc | Trimmed | −111,532 | −$6.39M | 0.6% |
| Diamondrock Hospitality Co | Trimmed | −704,549 | −$6.31M | 2.7% |
| AC Avalonbay Cmntys Inc | Trimmed | −34,605 | −$6.27M | 3.4% |
| IR Independence Rlty Tr Inc | Exited | −347,461 | −$5.69M | — |
| FR Federal Rlty Invt Tr New | Exited | −51,956 | −$5.26M | — |
| RC Regency Ctrs Corp | New | +75,834 | +$5.23M | 1.7% |
Showing the 10 largest of 43 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tri Pointe Homes Inc | New | +373,186 | +$12.7M | 3.9% |
| G& Gaming & Leisure Pptys Inc | Trimmed | −239,319 | −$11.2M | 3.5% |
| FC Four Corners Ppty Tr Inc | Added | +381,669 | +$9.31M | 4.9% |
| Udr Inc | Added | +225,920 | +$8.42M | 3.3% |
| RI Rexford Indl Rlty Inc | Exited | −224,176 | −$7.97M | — |
| FR Federal Rlty Invt Tr New | Trimmed | −72,649 | −$7.36M | 1.6% |
| Prologis Inc. | Trimmed | −61,911 | −$7.09M | 0.6% |
| SC Sba Communications Corp New | New | +36,573 | +$7.07M | 2.2% |
| CH Choice Hotels Intl Inc | Added | +63,660 | +$6.81M | 3.8% |
| RH Ryman Hospitality Pptys Inc | New | +73,596 | +$6.59M | 2.0% |
Showing the 10 largest of 46 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| G& Gaming & Leisure Pptys Inc | Added | +447,958 | +$20.9M | 6.9% |
| Meritage Homes Corp | New | +262,994 | +$17.6M | 5.4% |
| MI Marriott Intl Inc New | Trimmed | −56,874 | −$15.5M | 0.4% |
| DR Digital Rlty Tr Inc | Trimmed | −74,382 | −$13M | 0.4% |
| AR Agree Rlty Corp | Added | +174,514 | +$12.7M | 7.9% |
| VP Vici Pptys Inc | Exited | −350,575 | −$11.4M | — |
| Wyndham Hotels & Resorts Inc | Added | +120,226 | +$9.76M | 4.5% |
| Lennar Corp | New | +76,542 | +$8.47M | 2.6% |
| EL Equity Lifestyle Pptys Inc | Added | +132,907 | +$8.2M | 4.8% |
| IR Independence Rlty Tr Inc | New | +454,296 | +$8.04M | 2.5% |
Showing the 10 largest of 47 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT American Tower Corp New | Trimmed | −60,674 | −$13.2M | 0.6% |
| AC Avalonbay Cmntys Inc | Added | +59,198 | +$12.7M | 8.2% |
| DR Digital Rlty Tr Inc | Added | +76,203 | +$10.9M | 4.0% |
| D R Horton Inc | Trimmed | −62,799 | −$7.98M | 0.2% |
| Tri Pointe Homes Inc | New | +219,427 | +$7M | 2.4% |
| MI Marriott Intl Inc New | Added | +28,705 | +$6.84M | 5.0% |
| Phillips Edison & Co Inc | Added | +183,656 | +$6.7M | 3.8% |
| FR Federal Rlty Invt Tr New | Added | +57,321 | +$5.61M | 4.0% |
| Wyndham Hotels & Resorts Inc | New | +60,837 | +$5.51M | 1.9% |
| ER Equity Residential | Added | +75,058 | +$5.37M | 7.1% |
Showing the 10 largest of 44 changes.
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