CIK 2056354
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) | 76.34% | 11 |
| Real Estate Management & Development | 14.52% | 2 |
| Construction & Engineering | 9.15% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | IRT | INDEPENDENCE REALTY TRUST, INC. | Real Estate | 19.01% |
| 2 | REXR | Rexford Industrial Realty, Inc. | Real Estate | 13.86% |
| 3 | FR | FIRST INDUSTRIAL REALTY TRUST INC | Real Estate | 12.88% |
| 4 | BN | BROOKFIELD Corp /ON/ | Real Estate | 12.11% |
| 5 | FCPT | Four Corners Property Trust, Inc. | Real Estate | 11.25% |
| 6 | LEN | LENNAR CORP /NEW/ | Industrials | 9.15% |
| 7 | VICI | VICI PROPERTIES INC. | Real Estate | 5.24% |
| 8 | CPT | CAMDEN PROPERTY TRUST | Real Estate | 4.90% |
| 9 | ELS | EQUITY LIFESTYLE PROPERTIES INC | Real Estate | 3.37% |
| 10 | AAT | American Assets Trust, Inc. | Real Estate | 2.71% |
14/14 names classified · sector 100.0% of weight · industry 100.0% · mkt cap 87.9%; 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: 100.0% of the book is sector-classified (unclassified names shown, never dropped).
Classified: 87.5% of book weight (12/14 names) · unclassified 12.5%: BN, ELME. 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 | IRTINDEPENDENCE RLTY TR INC | 1,819,715 | $27M | 19.0% | ADD 18% |
| 2 | REXRREXFORD INDL RLTY INC | 603,661 | $20M | 13.9% | ADD 12% |
| 3 | FRFIRST INDL RLTY TR INC | 317,468 | $18M | 12.9% | TRIM −22% |
| 4 | BNBROOKFIELD CORP | 426,500 | $17M | 12.1% | NEW |
| 5 | FCPTFOUR CORNERS PPTY TR INC | 678,021 | $16M | 11.2% | ADD 42% |
| 6 | LENLENNAR CORP | 150,170 | $13M | 9.1% | TRIM −3% |
| 7 | VICIVICI PPTYS INC | 273,200 | $7M | 5.2% | NEW |
| 8 | CPTCAMDEN PPTY TR | 71,500 | $7M | 4.9% | NEW |
| 9 | ELSEQUITY LIFESTYLE PPTYS INC | 76,964 | $5M | 3.4% | TRIM −30% |
| 10 | AATAMERICAN ASSETS TR INC | 209,863 | $4M | 2.7% | TRIM −2% |
| 11 | INVHINVITATION HOMES INC | 138,000 | $3M | 2.4% | TRIM −67% |
| 12 | STWDSTARWOOD PPTY TR INC | 176,250 | $3M | 2.1% | TRIM −30% |
| 13 | KRCKILROY RLTY CORP | 30,000 | $846,300 | 0.6% | NEW |
| 14 | ELMEWASHINGTON REAL ESTATE INVT | 276,777 | $556,322 | 0.4% | TRIM −60% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| IRTINDEPENDENCE RLTY TR INC | 7K | — | — | 745K | 1.5M | 1.8M | $27M |
| REXRREXFORD INDL RLTY INC | 428K | 497K | 605K | 605K | 539K | 604K | $20M |
| FRFIRST INDL RLTY TR INC | 528K | 477K | 409K | 404K | 405K | 317K | $18M |
| BNBROOKFIELD CORP | — | — | — | — | — | 427K | $17M |
| FCPTFOUR CORNERS PPTY TR INC | — | — | — | — | 476K | 678K | $16M |
| LENLENNAR CORP | — | 24K | 128K | 155K | 155K | 150K | $13M |
| VICIVICI PPTYS INC | — | — | — | — | — | 273K | $7M |
| CPTCAMDEN PPTY TR | — | — | — | — | — | 72K | $7M |
| ELSEQUITY LIFESTYLE PPTYS INC | — | — | — | 61K | 110K | 77K | $5M |
| AATAMERICAN ASSETS TR INC | — | — | — | 215K | 215K | 210K | $4M |
| INVHINVITATION HOMES INC | 209K | 211K | — | — | 417K | 138K | $3M |
| STWDSTARWOOD PPTY TR INC | 65K | 55K | 27K | 103K | 251K | 176K | $3M |
| KRCKILROY RLTY CORP | — | — | — | — | — | 30K | $846,300 |
| ELMEWASHINGTON REAL ESTATE INVT | 1.7M | 2.3M | 2.0M | 1.3M | 698K | 277K | $556,322 |
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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