CIK 1813784
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) | 66.28% | 13 |
| Unclassified | 22.03% | 4 |
| Hotels, Restaurants & Leisure | 11.69% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | MACK CALI RLTY CORP | Unclassified | 20.67% | |
| 2 | DHC | DIVERSIFIED HEALTHCARE TRUST | Real Estate | 19.82% |
| 3 | RLJ | RLJ Lodging Trust | Real Estate | 14.23% |
| 4 | INN | Summit Hotel Properties, Inc. | Real Estate | 8.07% |
| 5 | DRH | DiamondRock Hospitality Co | Real Estate | 7.64% |
| 6 | PK | Park Hotels & Resorts Inc. | Consumer Discretionary | 6.66% |
| 7 | SHO | Sunstone Hotel Investors, Inc. | Consumer Discretionary | 5.03% |
| 8 | SBRA | Sabra Health Care REIT, Inc. | Real Estate | 3.46% |
| 9 | BXP | BXP, Inc. | Real Estate | 2.78% |
| 10 | KRG | KITE REALTY GROUP TRUST | Real Estate | 2.75% |
15/19 names classified · sector 78.0% of weight · industry 78.0% · mkt cap 78.0%; 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: 78.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 50.1% of book weight (13/16 names) · unclassified 49.9%: , DHC, INN. 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 | MACK CALI RLTY CORP | 5,472,814 | $103M | 20.7% | HOLD |
| 2 | DHCDIVERSIFIED HEALTHCARE TR | 14,917,366 | $99M | 19.8% | HOLD |
| 3 | RLJRLJ LODGING TR | 9,583,184 | $71M | 14.2% | HOLD |
| 4 | INNSUMMIT HOTEL PPTYS INC | 9,126,700 | $40M | 8.1% | HOLD |
| 5 | DRHDIAMONDROCK HOSPITALITY CO | 4,075,150 | $38M | 7.6% | HOLD |
| 6 | PKPARK HOTELS & RESORTS INC | 3,162,710 | $33M | 6.7% | HOLD |
| 7 | SHOSUNSTONE HOTEL INVS INC NEW | 2,788,210 | $25M | 5.0% | HOLD |
| 8 | SBRASABRA HEALTH CARE REIT INC | 900,000 | $17M | 3.5% | HOLD |
| 9 | BXPBXP INC | 268,110 | $14M | 2.8% | HOLD |
| 10 | KRGKITE RLTY GROUP TR | 560,000 | $14M | 2.8% | HOLD |
| 11 | HSTHOST HOTELS & RESORTS INC | 586,032 | $11M | 2.2% | HOLD |
| 12 | HHHHOWARD HUGHES HOLDINGS INC | 140,268 | $9M | 1.8% | HOLD |
| 13 | KIMKIMCO RLTY CORP | 300,000 | $7M | 1.3% | HOLD |
| 14 | BRXBRIXMOR PPTY GROUP INC | 200,000 | $6M | 1.2% | HOLD |
| 15 | PEBBLEBROOK HOTEL TR | 246,483 | $5M | 1.0% | HOLD |
| 16 | CLDTCHATHAM LODGING TR | 595,000 | $5M | 0.9% | HOLD |
| 17 | PEBBLEBROOK HOTEL TR | 104,015 | $2M | 0.4% | HOLD |
| 18 | ALXALEXANDERS INC | 1,000 | $236,000 | 0.0% | HOLD |
| 19 | RLJ LODGING TR | 2,000 | $48,000 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| MACK CALI RLTY CORP | 4.3M | 4.3M | 4.3M | 4.3M | 5.5M | 5.5M | $103M |
| DHCDIVERSIFIED HEALTHCARE TR | 14.9M | 14.9M | 14.9M | 14.9M | 14.9M | 14.9M | $99M |
| RLJRLJ LODGING TR | 6.3M | 6.3M | 6.3M | 6.3M | 9.6M | 9.6M | $71M |
| INNSUMMIT HOTEL PPTYS INC | 8.9M | 8.9M | 9.4M | 9.4M | 9.1M | 9.1M | $40M |
| DRHDIAMONDROCK HOSPITALITY CO | 3.7M | 5.1M | 5.1M | 5.1M | 4.1M | 4.1M | $38M |
| PKPARK HOTELS & RESORTS INC | 3.4M | 3.9M | 3.9M | 3.9M | 3.2M | 3.2M | $33M |
| SHOSUNSTONE HOTEL INVS INC NEW | 2.8M | 3.0M | 3.0M | 3.0M | 2.8M | 2.8M | $25M |
| SBRASABRA HEALTH CARE REIT INC | 900K | 900K | 900K | 900K | 900K | 900K | $17M |
| BXPBXP INC | — | — | — | — | 268K | 268K | $14M |
| KRGKITE RLTY GROUP TR | — | — | — | 560K | 560K | 560K | $14M |
| HSTHOST HOTELS & RESORTS INC | 586K | 586K | 586K | 586K | 586K | 586K | $11M |
| HHHHOWARD HUGHES HOLDINGS INC | — | — | — | — | 140K | 140K | $9M |
| KIMKIMCO RLTY CORP | 358K | 358K | 358K | 358K | 300K | 300K | $7M |
| BRXBRIXMOR PPTY GROUP INC | 200K | 200K | 200K | 200K | 200K | 200K | $6M |
| PEBBLEBROOK HOTEL TR | — | 246K | 246K | 246K | 246K | 246K | $5M |
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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