CIK 1736465
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) | 88.90% | 17 |
| Real Estate Management & Development | 8.21% | 2 |
| Commercial Services & Supplies | 1.31% | 1 |
| Entertainment | 1.10% | 1 |
| Health Care Providers & Services | 0.47% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ESS | ESSEX PROPERTY TRUST, INC. | Real Estate | 13.12% |
| 2 | SBAC | SBA COMMUNICATIONS CORP | Real Estate | 11.30% |
| 3 | KRC | KILROY REALTY CORP | Real Estate | 9.20% |
| 4 | NNN | NNN REIT, INC. | Real Estate | 8.74% |
| 5 | HR | Healthcare Realty Trust Inc | Real Estate | 8.24% |
| 6 | VTR | Ventas, Inc. | Real Estate | 7.70% |
| 7 | INVH | Invitation Homes Inc. | Real Estate | 7.06% |
| 8 | FR | FIRST INDUSTRIAL REALTY TRUST INC | Real Estate | 6.81% |
| 9 | FRT | FEDERAL REALTY INVESTMENT TRUST | Real Estate | 4.55% |
| 10 | IRT | INDEPENDENCE REALTY TRUST, INC. | Real Estate | 3.45% |
22/22 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 99.5%; 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: 97.9% of book weight (19/22 names) · unclassified 2.1%: FUN, JAN, SNDA. 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 | ESSEssex Property Trust | 807,893 | $196M | 13.1% | ADD 27% |
| 2 | SBACSBA COMMUNICATIONS CORP NEW | 978,390 | $168M | 11.3% | TRIM −17% |
| 3 | KRCKILROY RLTY CORP | 4,860,742 | $137M | 9.2% | ADD 85% |
| 4 | NNNNNN REIT INC | 3,099,284 | $130M | 8.7% | TRIM −19% |
| 5 | HRHEALTHCARE RLTY TR | 7,225,362 | $123M | 8.2% | TRIM −20% |
| 6 | VTRVENTAS INC | 1,402,660 | $115M | 7.7% | TRIM −14% |
| 7 | INVHINVITATION HOMES INC | 4,237,107 | $105M | 7.1% | NEW |
| 8 | FRFIRST INDL RLTY TR INC | 1,754,344 | $101M | 6.8% | TRIM −16% |
| 9 | FRTFEDERAL RLTY INVT TR NEW | 638,538 | $68M | 4.5% | TRIM −50% |
| 10 | IRTINDEPENDENCE RLTY TR INC | 3,456,162 | $51M | 3.5% | NEW |
| 11 | ADCAGREE RLTY CORP | 677,438 | $51M | 3.4% | NEW |
| 12 | EPRTESSENTIAL PPTYS RLTY TR INC | 1,249,087 | $38M | 2.5% | NEW |
| 13 | COLDAMERICOLD REALTY TRUST INC | 3,097,316 | $35M | 2.4% | ADD 6% |
| 14 | AKRACADIA RLTY TR | 1,689,278 | $32M | 2.2% | HOLD |
| 15 | SBRASABRA HEALTH CARE REIT INC | 1,598,287 | $31M | 2.1% | NEW |
| 16 | SITCSITE CTRS CORP | 4,445,666 | $24M | 1.6% | ADD 11% |
| 17 | CSGPCOSTAR GROUP INC | 483,200 | $19M | 1.3% | NEW |
| 18 | APLEApple Hospitality REIT, Inc. | 1,489,435 | $17M | 1.2% | NEW |
| 19 | CURBCURBLINE PPTYS CORP | 664,514 | $17M | 1.1% | TRIM −14% |
| 20 | FUNSIX FLAGS ENTERTAINMENT CORP | 927,829 | $16M | 1.1% | TRIM −21% |
| 21 | JANJANUS LIVING INC | 300,000 | $7M | 0.5% | NEW |
| 22 | SNDASONIDA SENIOR LIVING INC | 218,171 | $7M | 0.5% | NEW |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ESSEssex Property Trust | — | — | — | 594K | 637K | 808K | $196M |
| SBACSBA COMMUNICATIONS CORP NEW | — | 548K | 361K | 944K | 1.2M | 978K | $168M |
| KRCKILROY RLTY CORP | 2.7M | 4.4M | 4.1M | 2.8M | 2.6M | 4.9M | $137M |
| NNNNNN REIT INC | 3.0M | 3.3M | 3.3M | 3.1M | 3.8M | 3.1M | $130M |
| HRHEALTHCARE RLTY TR | 15.7M | 12.5M | 14.3M | 7.8M | 9.0M | 7.2M | $123M |
| VTRVENTAS INC | 3.1M | 2.7M | 2.6M | 1.8M | 1.6M | 1.4M | $115M |
| INVHINVITATION HOMES INC | — | — | — | — | — | 4.2M | $105M |
| FRFIRST INDL RLTY TR INC | 1.6M | — | 1.7M | 2.1M | 2.1M | 1.8M | $101M |
| FRTFEDERAL RLTY INVT TR NEW | 1.2M | 1.4M | 1.6M | 1.3M | 1.3M | 639K | $68M |
| IRTINDEPENDENCE RLTY TR INC | — | — | — | — | — | 3.5M | $51M |
| ADCAGREE RLTY CORP | — | — | — | — | — | 677K | $51M |
| EPRTESSENTIAL PPTYS RLTY TR INC | — | — | — | — | — | 1.2M | $38M |
| COLDAMERICOLD REALTY TRUST INC | — | — | — | — | 2.9M | 3.1M | $35M |
| AKRACADIA RLTY TR | — | — | — | 1.7M | 1.7M | 1.7M | $32M |
| SBRASABRA HEALTH CARE REIT INC | — | — | — | — | — | 1.6M | $31M |
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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