Q4 2025 Holdings
Filed 2026-01-22 | 41 holdings | $72.2M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| EPR Pptys | CONV PFD 9% SR E | 26884U307 | $8.2M | 275,122 | 11.4% |
| RLJ Lodging TR | CUM CONV PFD A | 74965L200 | $7.2M | 290,909 | 10.0% |
| Pebblebrook Hotel TR | 6.375 PFD SER E | 70509V605 | $4.5M | 233,541 | 6.2% |
| Crown Castle Inc(CCI) | COM | 22822V101 | $4.2M | 47,072 | 5.8% |
| Digital Rlty TR Inc(DLR) | COM | 253868103 | $3.7M | 23,918 | 5.1% |
| Prologis Inc.(PLD) | COM | 74340W103 | $3.0M | 23,448 | 4.1% |
| American Tower Corp New(AMT) | COM | 03027X100 | $2.7M | 15,497 | 3.8% |
| SUN Cmntys Inc(SUI) | COM | 866674104 | $2.6M | 20,871 | 3.6% |
| Equinix Inc(EQIX) | COM | 29444U700 | $2.5M | 3,325 | 3.5% |
| Gaming & Leisure Pptys Inc(GLPI) | COM | 36467J108 | $2.4M | 53,519 | 3.3% |
| Pebblebrook Hotel TR | 6.3 CUM PFD SR F | 70509V704 | $2.1M | 112,387 | 3.0% |
| Welltower Inc(WELL) | COM | 95040Q104 | $2.0M | 10,830 | 2.8% |
| Braemar Hotels & Resorts Inc | 5.5 CUM CV PFD B | 10482B200 | $2.0M | 134,177 | 2.8% |
| Simon Ppty Group Inc New(SPG) | COM | 828806109 | $1.8M | 9,861 | 2.5% |
| Ventas Inc(VTR) | COM | 92276F100 | $1.7M | 22,562 | 2.4% |
| Vici Pptys Inc(VICI) | COM | 925652109 | $1.7M | 59,012 | 2.3% |
| Realty Income Corp(O) | COM | 756109104 | $1.7M | 29,285 | 2.3% |
| Essex Ppty TR Inc(ESS) | COM | 297178105 | $1.5M | 5,852 | 2.1% |
| LXP Industrial Trust | PFD CONV SER C | 529043309 | $1.5M | 30,788 | 2.0% |
| Diversified Healthcare TR(DHC) | COM SH BEN INT | 25525P107 | $1.3M | 269,794 | 1.8% |
| Iron MTN Inc del(IRM) | COM | 46284V101 | $1.3M | 15,160 | 1.7% |
| Community Healthcare TR Inc(CHCT) | COM | 20369C106 | $1.2M | 75,825 | 1.7% |
| Vertiv Holdings Co(VRT) | COM CL A | 92537N108 | $1.2M | 7,301 | 1.6% |
| UMH Pptys Inc(UMH) | COM | 903002103 | $1.1M | 70,859 | 1.6% |
| Public Storage Oper Co(PSA) | COM | 74460D109 | $1.1M | 4,306 | 1.5% |
| CTO Rlty Growth Inc New(CTO) | COM | 22948Q101 | $1.1M | 60,631 | 1.5% |
| Ftai Aviation LTD(FTAI) | SHS | G3730V105 | $918.1K | 4,664 | 1.3% |
| Extra Space Storage Inc(EXR) | COM | 30225T102 | $891.6K | 6,847 | 1.2% |
| Invitation Homes Inc(INVH) | COM | 46187W107 | $751.6K | 27,047 | 1.0% |
| EPR Pptys | PFD C CV 5.75% | 26884U208 | $613.5K | 27,661 | 0.9% |
| Brixmor Ppty Group Inc(BRX) | COM | 11120U105 | $592.3K | 22,590 | 0.8% |
| Eastgroup Pptys Inc(EGP) | COM | 277276101 | $539.1K | 3,026 | 0.7% |
| Starwood Ppty TR Inc(STWD) | COM | 85571B105 | $411.5K | 22,851 | 0.6% |
| SBA Communications Corp New(SBAC) | CL A | 78410G104 | $387.8K | 2,005 | 0.5% |
| SL Green Rlty Corp(SLG) | COM | 78440X887 | $327.6K | 7,142 | 0.5% |
| Global MED REIT Inc(GMRE) | COM NEW | 37954A303 | $237.6K | 7,043 | 0.3% |
| Pennymac MTG Invt TR(PMT) | COM | 70931T103 | $237.0K | 18,887 | 0.3% |
| Weyerhaeuser Co MTN BE(WY) | COM NEW | 962166104 | $214.3K | 9,044 | 0.3% |
| Avalonbay Cmntys Inc(AVB) | COM | 053484101 | $209.4K | 1,155 | 0.3% |
| Macerich Co(MAC) | COM | 554382101 | $208.2K | 11,276 | 0.3% |
| Host Hotels & Resorts Inc(HST) | COM | 44107P104 | $204.9K | 11,555 | 0.3% |