Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$177M in Q4 2023 → $163M 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 |
|---|---|---|---|---|
| P Pennymac Corp | 25.5% | Trimmed 31% | 41,022,000 | $41.7M |
| AC Avalonbay Cmntys Inc | 7.9% | Trimmed 8.6% | 68,650 | $13M |
| CP Camden Ppty Tr | 7.8% | Trimmed 15% | 111,704 | $12.8M |
| MP Millrose Pptys Inc | 7.7% | Added 28% | 417,361 | $12.5M |
| Brightspire Capital Inc | 6.9% | Added 41% | 2,076,586 | $11.3M |
| Rithm Capital Corp | 6.5% | Added 9.9% | 1,127,584 | $10.6M |
| Park Hotels & Resorts Inc | 6.0% | Added 19% | 689,616 | $9.83M |
| Ready Capital Corp | 4.2% | Unchanged | 3,908,983 | $6.84M |
| Apple Hospitality REIT Inc | 3.9% | Trimmed 60% | 375,944 | $6.32M |
| FB Franklin Bsp Rlty Tr Inc | 3.8% | New | 758,000 | $6.17M |
| Diamondrock Hospitality Co | 3.4% | Added 9.3% | 456,804 | $5.56M |
| Global Net Lease Inc | 3.1% | Added 43% | 570,029 | $5.1M |
| SP Service Pptys Tr | 3.0% | New | 2,875,000 | $4.86M |
| DC Dynex Cap Inc | 2.6% | Added 9.3% | 322,500 | $4.23M |
| ES Empire St Rlty Tr Inc | 2.3% | Trimmed 3.5% | 689,535 | $3.73M |
| RP Rithm Ppty Tr Inc | 2.1% | Unchanged | 139,481 | $3.48M |
| VR Vornado Rlty Tr | 1.9% | Trimmed 52% | 81,000 | $3.18M |
| PM Pennymac Mtg Invt Tr | 1.4% | New | 199,682 | $2.25M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| P Pennymac Corp | Trimmed | −18,297,000 | −$18.6M | 25.5% |
| Apple Hospitality REIT Inc | Trimmed | −559,572 | −$9.41M | 3.9% |
| FB Franklin Bsp Rlty Tr Inc | New | +758,000 | +$6.17M | 3.8% |
| AA American Assets Tr Inc | Exited | −279,323 | −$5.14M | — |
| IP Inventrust Pptys Corp | Exited | −164,962 | −$5.02M | — |
| SP Service Pptys Tr | New | +2,875,000 | +$4.86M | 3.0% |
| VR Vornado Rlty Tr | Trimmed | −89,500 | −$3.52M | 1.9% |
| Brightspire Capital Inc | Added | +603,796 | +$3.29M | 6.9% |
| KR Kkr Real Estate Fin Tr Inc | Exited | −475,154 | −$3.05M | — |
| Redwood Trust Inc | Exited | −2,743,000 | −$2.78M | — |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2026 · filed May 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| P Pennymac Corp | Trimmed | −19,755,000 | −$20.5M | 34.5% |
| NS National Storage Affiliates | Exited | −297,700 | −$8.42M | — |
| MP Millrose Pptys Inc | Added | +219,984 | +$6.16M | 5.1% |
| Redwood Trust Inc | Trimmed | −6,000,000 | −$6.08M | 1.6% |
| AC Apollo Coml Real Est Fin Inc | Exited | −569,000 | −$5.56M | — |
| IP Inventrust Pptys Corp | New | +164,962 | +$5.02M | 2.8% |
| VR Vornado Rlty Tr | New | +170,500 | +$4.43M | 2.5% |
| Diamondrock Hospitality Co | New | +417,789 | +$3.91M | 2.2% |
| ES Empire St Rlty Tr Inc | New | +714,535 | +$3.72M | 2.1% |
| Brightspire Capital Inc | Added | +649,980 | +$3.64M | 4.6% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −1,201,900 | −$801M | — |
| P Pennymac Corp | Added | +73,173,000 | +$73.7M | 42.9% |
| Redwood Trust Inc | Trimmed | −17,820,000 | −$17.8M | 4.7% |
| AC Avalonbay Cmntys Inc | New | +63,800 | +$11.7M | 6.3% |
| CP Camden Ppty Tr | Added | +76,500 | +$8.44M | 6.4% |
| NS National Storage Affiliates | New | +297,700 | +$8.42M | 4.5% |
| AC Apollo Coml Real Est Fin Inc | New | +569,000 | +$5.56M | 3.0% |
| RP Rithm Ppty Tr Inc | Exited | −218,613 | −$5.51M | — |
| Elme Communities | Exited | −255,041 | −$4.3M | — |
| Rithm Capital Corp | Added | +339,852 | +$3.73M | 4.1% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Added | +971,900 | +$647M | 88.7% |
| P Pennymac Corp | Trimmed | −20,150,000 | −$20.7M | 0.7% |
| AA American Assets Tr Inc | New | +314,643 | +$6.39M | 0.7% |
| Lineage Inc | New | +162,409 | +$6.28M | 0.7% |
| Redwood Trust Inc | Added | +5,846,000 | +$5.86M | 2.9% |
| Apple Hospitality REIT Inc | Added | +330,000 | +$3.96M | 1.0% |
| CP Camden Ppty Tr | New | +30,500 | +$3.26M | 0.4% |
| Frontview REIT Inc | New | +195,000 | +$2.67M | 0.3% |
| Rithm Capital Corp | Added | +226,859 | +$2.59M | 0.5% |
| Brightspire Capital Inc | Added | +446,358 | +$2.42M | 0.4% |
Showing the 10 largest of 15 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| P Pennymac Corp | New | +26,051,000 | +$26M | 11.5% |
| Redwood Trust Inc | Trimmed | −12,275,000 | −$12.1M | 9.1% |
| Apple Hospitality REIT Inc | New | +400,000 | +$4.67M | 2.1% |
| Elme Communities | New | +162,797 | +$2.58M | 1.1% |
| Global Net Lease Inc | New | +200,000 | +$1.51M | 0.7% |
| Park Hotels & Resorts Inc | New | +110,000 | +$1.13M | 0.5% |
| Brightspire Capital Inc | New | +197,800 | +$999K | 0.4% |
| Rithm Capital Corp | Added | +83,714 | +$944K | 0.7% |
| RP Rithm Ppty Tr Inc | Trimmed | −287 | −$7.17K | 2.4% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −770,000 | −$431M | 67.9% |
| Redwood Trust Inc | Trimmed | −13,081,000 | −$13M | 17.3% |
| RP Rithm Ppty Tr Inc | New | +218,900 | +$5.51M | 2.9% |
| Flexshopper Inc | Trimmed | −3 | −$4 | 1.1% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −400,000 | −$234M | 88.5% |
| AC Americas Car-mart Inc | Exited | −30,000 | −$1.26M | — |
| Redwood Trust Inc | Added | +800,000 | +$798K | 6.9% |
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +1,400,000 | +$803M | 91.1% |
| TH Two Harbors Inventment Corpo | Exited | −15,939,000 | −$15.4M | — |
| P Pennymac Corp | Exited | −11,760,000 | −$11.1M | — |
| Arbor Realty Trust Inc | Exited | −10,750,000 | −$10.6M | — |
| Redwood Trust Inc | Trimmed | −3,750,000 | −$3.71M | 5.1% |
| Flexshopper Inc | New | +1,629,547 | +$1.68M | 0.2% |
| AC Americas Car-mart Inc | New | +30,000 | +$1.26M | 0.1% |
| Rithm Capital Corp | New | +50,000 | +$568K | 0.1% |
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