Q4 2025 Holdings
Filed 2026-02-13 | 17 holdings | $185.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Pennymac Corp | NOTE 8.500% 6/0 | 70932AAH6 | $79.7M | $79,074,000 | 42.9% |
| Camden Ppty TR(CPT) | SH BEN INT | 133131102 | $11.8M | 107,000 | 6.4% |
| Avalonbay Cmntys Inc(AVB) | COM | 053484101 | $11.7M | 63,800 | 6.3% |
| Apple Hospitality REIT Inc(APLE) | COM NEW | 03784Y200 | $10.5M | 882,127 | 5.6% |
| Redwood Trust Inc | NOTE 7.750% 6/1 | 758075AF2 | $8.7M | $8,743,000 | 4.7% |
| Ready Capital Corp(RC) | COM | 75574U101 | $8.5M | 3,908,983 | 4.6% |
| National Storage Affiliates(NSA) | COM SHS BEN IN | 637870106 | $8.4M | 297,700 | 4.5% |
| American Assets TR Inc(AAT) | COM | 024013104 | $7.7M | 406,033 | 4.1% |
| Rithm Capital Corp(RITM) | COM NEW | 64828T201 | $7.7M | 700,425 | 4.1% |
| Apollo Coml Real EST FIN Inc(ARI) | COM | 03762U105 | $5.6M | 569,000 | 3.0% |
| Brightspire Capital Inc(BRSP) | COM CL A | 10949T109 | $4.7M | 822,810 | 2.5% |
| Park Hotels & Resorts Inc(PK) | COM | 700517105 | $3.9M | 367,684 | 2.1% |
| Dynex Cap Inc(DX) | COM | 26817Q886 | $3.9M | 277,300 | 2.1% |
| Lineage Inc(LINE) | COM | 53566V106 | $3.7M | 105,000 | 2.0% |
| Global NET Lease Inc(GNL) | COM NEW | 379378201 | $3.6M | 422,227 | 2.0% |
| Millrose Pptys Inc(MRP) | COM CL A | 601137102 | $3.1M | 105,062 | 1.7% |
| Frontview REIT Inc(FVR) | COM | 35922N100 | $2.8M | 184,197 | 1.5% |