Q4 2025 Holdings
Filed 2026-02-17 | 44 holdings | $213.9M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Costar Group Inc(CSGP)Call | COM | 22160N109 | $13.8M | 205,500 | 6.5% |
| Apartment Invt & Mgmt Co(AIV) | CL A | 03748R747 | $13.2M | 2,220,778 | 6.2% |
| Douglas Emmett Inc(DEI) | COM | 25960P109 | $11.5M | 1,047,713 | 5.4% |
| Marriott Vacations Worldwide(VAC)Call | COM | 57164Y107 | $11.4M | 198,400 | 5.4% |
| Hilton Worldwide Hldgs Inc(HLT) | COM | 43300A203 | $11.2M | 39,151 | 5.3% |
| Costar Group Inc(CSGP) | COM | 22160N109 | $10.4M | 154,480 | 4.9% |
| Essex Ppty TR Inc(ESS)Call | COM | 297178105 | $10.3M | 39,500 | 4.8% |
| Cohen & Steers Inc(CNS) | COM | 19247A100 | $10.0M | 159,623 | 4.7% |
| Howard Hughes Holdings Inc(HHH) | COM | 44267T102 | $9.4M | 117,619 | 4.4% |
| Mid-Amer APT Cmntys Inc(MAA) | COM | 59522J103 | $8.9M | 64,228 | 4.2% |
| Hilton Grand Vacations Inc(HGV) | COM | 43283X105 | $7.9M | 175,810 | 3.7% |
| Essex Ppty TR Inc(ESS) | COM | 297178105 | $7.4M | 28,329 | 3.5% |
| Brookdale SR Living Inc(BKD) | COM | 112463104 | $6.9M | 643,076 | 3.2% |
| Ventas Inc(VTR)Call | COM | 92276F100 | $6.1M | 78,300 | 2.8% |
| Boyd Gaming Corp(BYD) | COM | 103304101 | $5.9M | 69,644 | 2.8% |
| Regency Ctrs Corp(REG) | COM | 758849103 | $5.9M | 84,873 | 2.7% |
| Douglas Emmett Inc(DEI)Call | COM | 25960P109 | $5.3M | 480,000 | 2.5% |
| Howard Hughes Holdings Inc(HHH)Call | COM | 44267T102 | $4.9M | 61,500 | 2.3% |
| Hudson PAC Pptys Inc(HPP)Call | COM | 444097406 | $4.3M | 400,000 | 2.0% |
| Mid-Amer APT Cmntys Inc(MAA)Call | COM | 59522J103 | $4.1M | 29,700 | 1.9% |
| Healthpeak Properties Inc(DOC)Call | COM | 42250P103 | $4.0M | 246,100 | 1.9% |
| Extra Space Storage Inc(EXR)Call | COM | 30225T102 | $3.3M | 25,000 | 1.5% |
| Braemar Hotels & Resorts Inc(BHR) | COM | 10482B101 | $3.1M | 1,083,493 | 1.5% |
| Cohen & Steers Inc(CNS)Call | COM | 19247A100 | $3.0M | 48,000 | 1.4% |
| Choice Hotels Intl Inc(CHH)Call | COM | 169905106 | $3.0M | 31,000 | 1.4% |
| SUN Cmntys Inc(SUI)Call | COM | 866674104 | $2.9M | 23,500 | 1.4% |
| Equinix Inc(EQIX)Call | COM | 29444U700 | $2.1M | 2,700 | 1.0% |
| Equity Residential(EQR)Call | SH BEN INT | 29476L107 | $2.0M | 31,300 | 0.9% |
| Hudson PAC Pptys Inc(HPP) | COM | 444097406 | $2.0M | 180,709 | 0.9% |
| WP Carey Inc(WPC)Call | COM | 92936U109 | $1.9M | 30,000 | 0.9% |
| Ryman Hospitality Pptys Inc(RHP)Call | COM | 78377T107 | $1.9M | 20,100 | 0.9% |
| Realty Income Corp(O)Call | COM | 756109104 | $1.9M | 33,600 | 0.9% |
| Blackstone Inc(BX)Call | COM | 09260D107 | $1.6M | 10,500 | 0.8% |
| Gaming & Leisure Pptys Inc(GLPI)Call | COM | 36467J108 | $1.6M | 34,800 | 0.7% |
| Avalonbay Cmntys Inc(AVB)Call | COM | 053484101 | $1.5M | 8,100 | 0.7% |
| Digital Rlty TR Inc(DLR)Call | COM | 253868103 | $1.4M | 9,300 | 0.7% |
| NNN REIT Inc(NNN)Call | COM | 637417106 | $1.4M | 36,200 | 0.7% |
| Rexford Indl Rlty Inc(REXR)Call | COM | 76169C100 | $1.4M | 35,700 | 0.6% |
| Kilroy Rlty Corp(KRC)Call | COM | 49427F108 | $1.2M | 33,000 | 0.6% |
| Blackstone Inc(BX) | COM | 09260D107 | $1.0M | 6,759 | 0.5% |
| Nexpoint Residential TR Inc(NXRT) | COM | 65341D102 | $998.5K | 33,172 | 0.5% |
| Camden Ppty TR(CPT) | SH BEN INT | 133131102 | $988.3K | 8,978 | 0.5% |
| BXP Inc(BXP)Call | COM | 101121101 | $560.1K | 8,300 | 0.3% |
| Braemar Hotels & Resorts Inc(BHR)Call | COM | 10482B101 | $287.0K | 100,000 | 0.1% |