CIK 1850901
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 |
|---|---|---|
| Health Care Providers & Services | 63.22% | 1 |
| Equity Real Estate Investment Trusts (REITs) | 17.04% | 6 |
| Real Estate Management & Development | 4.17% | 1 |
| Utilities | 3.35% | 1 |
| Banks | 3.34% | 1 |
| Unclassified | 2.80% | 2 |
| Construction & Engineering | 2.51% | 1 |
| Commercial Services & Supplies | 1.69% | 1 |
| Hotels, Restaurants & Leisure | 1.16% | 1 |
| Distributors | 0.72% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SNDA | SONIDA SENIOR LIVING, INC. | Health Care | 63.22% |
| 2 | INVH | Invitation Homes Inc. | Real Estate | 4.17% |
| 3 | JAN | Janus Living, Inc. | Real Estate | 3.83% |
| 4 | CCI | CROWN CASTLE INC. | Real Estate | 3.64% |
| 5 | SMA | SmartStop Self Storage REIT, Inc. | Real Estate | 3.49% |
| 6 | CTRI | Centuri Holdings, Inc. | Utilities | 3.35% |
| 7 | WD | Walker & Dunlop, Inc. | Financials | 3.34% |
| 8 | RITM | Rithm Capital Corp. | Real Estate | 3.18% |
| 9 | PKST | PEAKSTONE REALTY TRUST | Unclassified | 2.73% |
| 10 | CDNL | Cardinal Infrastructure Group Inc. | Industrials | 2.51% |
14/16 names classified · sector 97.2% of weight · industry 97.2% · mkt cap 90.9%; 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: 97.2% of the book is sector-classified (unclassified names shown, never dropped).
Only 22% of book weight classified — the grid is NOT representative of the whole book.
Classified: 22.2% of book weight (8/16 names) · unclassified 77.8%: SNDA, JAN, SMA, PKST, CDNL, KREF, APC, RAC.WS. 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 | SNDASONIDA SENIOR LIVING INC | 14,605,874 | $471M | 63.2% | ADD 58% |
| 2 | INVHINVITATION HOMES INC | 1,250,000 | $31M | 4.2% | NEW |
| 3 | JANJANUS LIVING INC | 1,210,000 | $29M | 3.8% | NEW |
| 4 | CCICROWN CASTLE INC | 334,000 | $27M | 3.6% | NEW |
| 5 | SMASMARTSTOP SELF STORAG REIT I | 857,715 | $26M | 3.5% | NEW |
| 6 | CTRICENTURI HOLDINGS INC | 855,000 | $25M | 3.4% | TRIM −39% |
| 7 | WDWALKER & DUNLOP INC | 560,316 | $25M | 3.3% | ADD 33% |
| 8 | RITMRITHM CAPITAL CORP | 2,500,000 | $24M | 3.2% | TRIM −23% |
| 9 | PKSTPEAKSTONE REALTY TRUST | 100 | $20M | 2.7% | HOLD |
| 10 | CDNLCARDINAL INFRASTRUCTURE GROU | 471,609 | $19M | 2.5% | NEW |
| 11 | DRVNDRIVEN BRANDS HLDGS INC | 1,000,000 | $13M | 1.7% | NEW |
| 12 | COLDAMERICOLD REALTY TRUST INC | 1,100,000 | $13M | 1.7% | TRIM −27% |
| 13 | KREFKKR REAL ESTATE FIN TR INC | 1,470,600 | $9M | 1.2% | NEW |
| 14 | HHYATT HOTELS CORP | 60,000 | $9M | 1.2% | NEW |
| 15 | APCARKO PETE CORP | 300,000 | $5M | 0.7% | NEW |
| 16 | RAC.WSRITHM ACQUISITION CORP | 868,333 | $539,756 | 0.1% | ADD 161% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SNDASONIDA SENIOR LIVING INC | 9.2M | 9.3M | 9.3M | 9.3M | 9.3M | 14.6M | $471M |
| INVHINVITATION HOMES INC | — | — | — | — | — | 1.3M | $31M |
| JANJANUS LIVING INC | — | — | — | — | — | 1.2M | $29M |
| CCICROWN CASTLE INC | — | — | — | — | — | 334K | $27M |
| SMASMARTSTOP SELF STORAG REIT I | — | — | 996K | — | — | 858K | $26M |
| CTRICENTURI HOLDINGS INC | — | — | — | 2.6M | 1.4M | 855K | $25M |
| WDWALKER & DUNLOP INC | — | — | — | 353K | 421K | 560K | $25M |
| RITMRITHM CAPITAL CORP | 3.4M | 3.4M | 4.0M | 3.9M | 3.3M | 2.5M | $24M |
| PKSTPEAKSTONE REALTY TRUST | — | — | — | — | 100 | 100 | $20M |
| CDNLCARDINAL INFRASTRUCTURE GROU | — | — | — | — | — | 472K | $19M |
| DRVNDRIVEN BRANDS HLDGS INC | — | — | — | — | — | 1.0M | $13M |
| COLDAMERICOLD REALTY TRUST INC | — | — | — | — | 1.5M | 1.1M | $13M |
| KREFKKR REAL ESTATE FIN TR INC | — | — | — | — | — | 1.5M | $9M |
| HHYATT HOTELS CORP | — | — | — | — | — | 60K | $9M |
| APCARKO PETE CORP | — | — | — | — | — | 300K | $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.
Where this firm's principals came from and which firms its alumni went on to found.
