CIK 1570717
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Equity Real Estate Investment Trusts (REITs) | 86.28% | 15 |
| Real Estate Management & Development | 8.20% | 1 |
| Hotels, Restaurants & Leisure | 5.52% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | CPT | CAMDEN PROPERTY TRUST | Real Estate | 11.59% |
| 2 | AVB | AVALONBAY COMMUNITIES INC | Real Estate | 11.06% |
| 3 | APLE | Apple Hospitality REIT, Inc. | Real Estate | 9.70% |
| 4 | RITM | Rithm Capital Corp. | Real Estate | 8.77% |
| 5 | MRP | Millrose Properties, Inc. | Real Estate | 8.20% |
| 6 | BRSP | BrightSpire Capital, Inc. | Real Estate | 7.43% |
| 7 | RC | Ready Capital Corp | Real Estate | 5.71% |
| 8 | PK | Park Hotels & Resorts Inc. | Consumer Discretionary | 5.52% |
| 9 | AAT | American Assets Trust, Inc. | Real Estate | 4.63% |
| 10 | IVT | InvenTrust Properties Corp. | Real Estate | 4.53% |
17/17 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 100.0%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 72.6% of book weight (12/17 names) · unclassified 27.4%: MRP, BRSP, RC, GNL, KREF. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | CPTCAMDEN PPTY TR | 131,704 | $13M | 11.6% | ADD 23% |
| 2 | AVBAVALONBAY CMNTYS INC | 75,150 | $12M | 11.1% | ADD 18% |
| 3 | APLEApple Hospitality REIT, Inc. | 935,516 | $11M | 9.7% | ADD 6% |
| 4 | RITMRITHM CAPITAL CORP | 1,026,404 | $10M | 8.8% | ADD 47% |
| 5 | MRPMILLROSE PPTYS INC | 325,046 | $9M | 8.2% | ADD 209% |
| 6 | BRSPBRIGHTSPIRE CAPITAL INC | 1,472,790 | $8M | 7.4% | ADD 79% |
| 7 | RCREADY CAPITAL CORP | 3,908,983 | $6M | 5.7% | HOLD |
| 8 | PKPARK HOTELS & RESORTS INC | 581,643 | $6M | 5.5% | ADD 58% |
| 9 | AATAMERICAN ASSETS TR INC | 279,323 | $5M | 4.6% | TRIM −31% |
| 10 | IVTINVENTRUST PPTYS CORP | 164,962 | $5M | 4.5% | NEW |
| 11 | VNOVORNADO RLTY TR | 170,500 | $4M | 4.0% | NEW |
| 12 | DRHDIAMONDROCK HOSPITALITY CO | 417,789 | $4M | 3.5% | NEW |
| 13 | DXDYNEX CAP INC | 295,000 | $4M | 3.4% | ADD 6% |
| 14 | GNLGLOBAL NET LEASE INC | 397,609 | $4M | 3.4% | TRIM −6% |
| 15 | ESRTEMPIRE ST RLTY TR INC | 714,535 | $4M | 3.3% | NEW |
| 16 | KREFKKR REAL ESTATE FIN TR INC | 475,154 | $3M | 2.8% | NEW |
| 17 | LINELINEAGE INC | 83,600 | $3M | 2.5% | TRIM −20% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| CPTCAMDEN PPTY TR | — | — | — | 31K | 107K | 132K | $13M |
| AVBAVALONBAY CMNTYS INC | — | — | — | — | 64K | 75K | $12M |
| APLEApple Hospitality REIT, Inc. | — | — | 400K | 730K | 882K | 936K | $11M |
| RITMRITHM CAPITAL CORP | 50K | 50K | 134K | 361K | 700K | 1.0M | $10M |
| MRPMILLROSE PPTYS INC | — | — | — | — | 105K | 325K | $9M |
| BRSPBRIGHTSPIRE CAPITAL INC | — | — | 198K | 644K | 823K | 1.5M | $8M |
| RCREADY CAPITAL CORP | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | $6M |
| PKPARK HOTELS & RESORTS INC | — | — | 110K | 122K | 368K | 582K | $6M |
| AATAMERICAN ASSETS TR INC | — | — | — | 315K | 406K | 279K | $5M |
| IVTINVENTRUST PPTYS CORP | — | — | — | — | — | 165K | $5M |
| VNOVORNADO RLTY TR | — | — | — | — | — | 171K | $4M |
| DRHDIAMONDROCK HOSPITALITY CO | — | — | — | — | — | 418K | $4M |
| DXDYNEX CAP INC | — | — | — | 150K | 277K | 295K | $4M |
| GNLGLOBAL NET LEASE INC | — | — | 200K | 342K | 422K | 398K | $4M |
| ESRTEMPIRE ST RLTY TR INC | — | — | — | — | — | 715K | $4M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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