Q3 2025 Holdings
Filed 2025-11-12 | 18 holdings | $902.6M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)Put | TR UNIT | 78462F103 | $800.7M | 1,201,900 | 88.7% |
| Redwood Trust Inc | NOTE 7.750% 6/1 | 758075AF2 | $26.6M | $26,563,000 | 2.9% |
| Ready Capital Corp(RC) | COM | 75574U101 | $15.1M | 3,908,983 | 1.7% |
| Apple Hospitality REIT Inc(APLE) | COM NEW | 03784Y200 | $8.8M | 730,000 | 1.0% |
| American Assets TR Inc(AAT) | COM | 024013104 | $6.4M | 314,643 | 0.7% |
| Lineage Inc(LINE) | COM | 53566V106 | $6.3M | 162,409 | 0.7% |
| Pennymac Corp | NOTE 8.500% 6/0 | 70932AAH6 | $6.0M | $5,901,000 | 0.7% |
| Rithm Ppty TR Inc | 9.875 FXD-FLT C | 38983D862 | $5.5M | $218,613 | 0.6% |
| Elme Communities(ELME) | SH BEN INT | 939653101 | $4.3M | 255,041 | 0.5% |
| Rithm Capital Corp(RITM) | COM NEW | 64828T201 | $4.1M | 360,573 | 0.5% |
| Brightspire Capital Inc(BRSP) | COM CL A | 10949T109 | $3.5M | 644,158 | 0.4% |
| Camden Ppty TR(CPT) | SH BEN INT | 133131102 | $3.3M | 30,500 | 0.4% |
| Global NET Lease Inc(GNL) | COM NEW | 379378201 | $2.8M | 342,259 | 0.3% |
| Frontview REIT Inc(FVR) | COM | 35922N100 | $2.7M | 195,000 | 0.3% |
| UDR Inc(UDR) | COM | 902653104 | $2.3M | 62,000 | 0.3% |
| Dynex Cap Inc(DX) | COM | 26817Q886 | $1.8M | 150,000 | 0.2% |
| Park Hotels & Resorts Inc(PK) | COM | 700517105 | $1.4M | 122,153 | 0.1% |
| Flexshopper Inc(FPAYQ) | COM NEW | 33939J303 | $1.0M | 1,629,544 | 0.1% |