Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q1 2025 ▲▼ | Q2 2025 ▲▼ | Change ▲▼ | Q1 2025 ▲▼ | Q2 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| TRAVEL PLUS LEISURE CO(TNL) | 0 | 294,890 | +294,890 | 0 | 15,219 | 6.82% | +15,219 |
| HOWARD HUGHES HOLDINGS INC(HHH) | 0 | 211,262 | +211,262 | 0 | 14,260 | 6.39% | +14,260 |
| INVESCO EXCHANGE TRADED FD T(Put) S&P500 EQL WGT | 0 | 73,400 | +73,400 | 0 | 13,340 | — | +13,340 |
| HUDSON PAC PPTYS INC | 1,558,637 | 5,810,119 | +4,251,482 | 4,598 | 15,920 | 7.14% | +11,322 |
| INVESCO QQQ TR(Put) | 0 | 19,000 | +19,000 | 0 | 10,481 | — | +10,481 |
| MID-AMER APT CMNTYS INC(MAA)(Call) | 0 | 36,000 | +36,000 | 0 | 5,328 | — | +5,328 |
| EQUITY RESIDENTIAL(EQR)(Call) | 0 | 78,500 | +78,500 | 0 | 5,298 | — | +5,298 |
| VANGUARD INDEX FDS(Put) | 93,600 | 154,000 | +60,400 | 8,475 | 13,715 | — | +5,241 |
| AVALONBAY CMNTYS INC(Call) | 0 | 23,900 | +23,900 | 0 | 4,864 | — | +4,864 |
| EQUINIX INC(EQIX)(Call) | 0 | 6,100 | +6,100 | 0 | 4,852 | — | +4,852 |
| BLACKSTONE INC(BX) | 43,803 | 70,372 | +26,569 | 6,123 | 10,526 | 4.72% | +4,403 |
| EQUINIX INC(EQIX) | 0 | 5,209 | +5,209 | 0 | 4,144 | 1.86% | +4,144 |
| BXP INC(BXP)(Call) | 0 | 60,800 | +60,800 | 0 | 4,102 | — | +4,102 |
| BLUE OWL CAPITAL INC(OBDC)(Call) | 0 | 207,300 | +207,300 | 0 | 3,982 | — | +3,982 |
| SIMON PPTY GROUP INC NEW(SPG)(Call) | 0 | 23,400 | +23,400 | 0 | 3,762 | — | +3,762 |
| VORNADO RLTY TR(VNO)(Call) | 0 | 95,500 | +95,500 | 0 | 3,652 | — | +3,652 |
| NEXPOINT RESIDENTIAL TR INC(NXRT) | 292,415 | 449,691 | +157,276 | 11,559 | 14,984 | 6.72% | +3,425 |
| RYMAN HOSPITALITY PPTYS INC(RHP)(Call) | 0 | 33,000 | +33,000 | 0 | 3,256 | — | +3,256 |
| CAMDEN PPTY TR(CPT)(Call) | 0 | 27,500 | +27,500 | 0 | 3,099 | — | +3,099 |
| ALEXANDRIA REAL ESTATE EQ IN(Call) | 0 | 41,000 | +41,000 | 0 | 2,978 | — | +2,978 |
| APOLLO GLOBAL MGMT INC(APO)(Call) | 0 | 20,800 | +20,800 | 0 | 2,951 | — | +2,951 |
| ESSEX PPTY TR INC(ESS)(Call) | 0 | 9,900 | +9,900 | 0 | 2,806 | — | +2,806 |
| APARTMENT INVT & MGMT CO(Call) | 0 | 288,700 | +288,700 | 0 | 2,497 | — | +2,497 |
| JONES LANG LASALLE INC(JLL)(Call) | 0 | 9,700 | +9,700 | 0 | 2,481 | — | +2,481 |
| SL GREEN RLTY CORP(SLG)(Call) | 0 | 38,600 | +38,600 | 0 | 2,389 | — | +2,389 |
| KILROY RLTY CORP(KRC)(Call) | 0 | 66,400 | +66,400 | 0 | 2,278 | — | +2,278 |
| HEALTHPEAK PROPERTIES INC(DOC)(Call) | 0 | 130,000 | +130,000 | 0 | 2,276 | — | +2,276 |
| SUN CMNTYS INC(SUI)(Call) | 0 | 17,400 | +17,400 | 0 | 2,201 | — | +2,201 |
| VENTAS INC(VTR)(Call) | 0 | 34,800 | +34,800 | 0 | 2,198 | — | +2,198 |
| TANGER INC(SKT)(Call) | 0 | 70,000 | +70,000 | 0 | 2,141 | — | +2,141 |
| PUBLIC STORAGE OPER CO(PSA)(Call) | 0 | 7,200 | +7,200 | 0 | 2,113 | — | +2,113 |
| OMEGA HEALTHCARE INVS INC(OHI)(Call) | 0 | 57,500 | +57,500 | 0 | 2,107 | — | +2,107 |
| BROOKFIELD CORP(BN)(Call) | 0 | 27,000 | +27,000 | 0 | 1,670 | — | +1,670 |
| VAIL RESORTS INC(MTN)(Call) | 0 | 10,600 | +10,600 | 0 | 1,666 | — | +1,666 |
| HUDSON PAC PPTYS INC(Call) | 0 | 600,000 | +600,000 | 0 | 1,644 | — | +1,644 |
| HYATT HOTELS CORP(H) | 53,074 | 56,314 | +3,240 | 6,502 | 7,864 | 3.53% | +1,363 |
| TRAVEL PLUS LEISURE CO(TNL)(Call) | 0 | 22,800 | +22,800 | 0 | 1,177 | — | +1,177 |
| WP CAREY INC(WPC)(Call) | 0 | 18,000 | +18,000 | 0 | 1,123 | — | +1,123 |
| UDR INC(UDR)(Call) | 0 | 26,700 | +26,700 | 0 | 1,090 | — | +1,090 |
| VICI PPTYS INC(VICI)(Call) | 0 | 33,300 | +33,300 | 0 | 1,086 | — | +1,086 |
| KIMCO RLTY CORP(KIM)(Call) | 0 | 50,000 | +50,000 | 0 | 1,051 | — | +1,051 |
| COMPASS INC(COMP)(Call) | 0 | 160,000 | +160,000 | 0 | 1,005 | — | +1,005 |
| SPDR S&P 500 ETF TR(SPY)(Put) | 19,000 | 18,500 | -500 | 10,628 | 11,430 | — | +802 |
| DOUGLAS EMMETT INC(DEI)(Call) | 103,300 | 160,000 | +56,700 | 1,653 | 2,406 | — | +754 |
| PROLOGIS INC.(PLD)(Call) | 28,600 | 37,200 | +8,600 | 3,197 | 3,910 | — | +713 |
| SIX FLAGS ENTERTAINMENT CORP(FUN)(Call) | 0 | 20,000 | +20,000 | 0 | 609 | — | +609 |
| KKR & CO INC(KKR)(Call) | 0 | 4,500 | +4,500 | 0 | 599 | — | +599 |
| INVITATION HOMES INC(INVH)(Call) | 0 | 16,600 | +16,600 | 0 | 544 | — | +544 |
| NNN REIT INC(NNN)(Call) | 0 | 12,500 | +12,500 | 0 | 540 | — | +540 |
| MACERICH CO(MAC)(Call) | 0 | 33,300 | +33,300 | 0 | 539 | — | +539 |
| CHOICE HOTELS INTL INC(CHH)(Call) | 0 | 4,200 | +4,200 | 0 | 533 | — | +533 |
| MURPHY USA INC(MUSA)(Call) | 0 | 1,300 | +1,300 | 0 | 529 | — | +529 |
| HOWARD HUGHES HOLDINGS INC(HHH)(Call) | 0 | 7,700 | +7,700 | 0 | 520 | — | +520 |
| WEYERHAEUSER CO MTN BE(WY)(Call) | 0 | 20,000 | +20,000 | 0 | 514 | — | +514 |
| WYNDHAM HOTELS & RESORTS INC(WH)(Call) | 0 | 6,200 | +6,200 | 0 | 504 | — | +504 |
| COMPASS INC(COMP) | 0 | 12,157 | +12,157 | 0 | 76 | 0.03% | +76 |
| COSTAR GROUP INC(CSGP) | 282,966 | 276,150 | -6,816 | 22,419 | 22,202 | 9.95% | -217 |
| GOLDEN ENTMT INC | 15,564 | 0 | -15,564 | 411 | 0 | — | -411 |
| BLACKSTONE INC(BX)(Call) | 12,000 | 8,000 | -4,000 | 1,677 | 1,197 | — | -481 |
| BROOKFIELD ASSET MANAGMT LTD(BAM) | 76,460 | 53,697 | -22,763 | 3,704 | 2,968 | 1.33% | -736 |
| COHEN & STEERS INC(CNS) | 197,657 | 197,064 | -593 | 15,862 | 14,849 | 6.66% | -1,013 |
| APARTMENT INVT & MGMT CO | 2,048,316 | 1,924,818 | -123,498 | 18,025 | 16,650 | 7.46% | -1,376 |
| BOYD GAMING CORP(BYD)(Call) | 24,000 | 0 | -24,000 | 1,580 | 0 | — | -1,580 |
| EXPEDIA GROUP INC(EXPE)(Call) | 10,000 | 0 | -10,000 | 1,681 | 0 | — | -1,681 |
| BROOKFIELD ASSET MANAGMT LTD(BAM)(Call) | 37,500 | 0 | -37,500 | 1,817 | 0 | — | -1,817 |
| COSTAR GROUP INC(CSGP)(Call) | 42,200 | 14,700 | -27,500 | 3,344 | 1,182 | — | -2,162 |
| BROOKDALE SR LIVING INC(BKD) | 2,082,092 | 1,562,053 | -520,039 | 13,034 | 10,872 | 4.87% | -2,162 |
| CBRE GROUP INC(CBRE)(Call) | 37,500 | 17,400 | -20,100 | 4,904 | 2,438 | — | -2,466 |
| CHATHAM LODGING TR | 353,237 | 0 | -353,237 | 2,519 | 0 | — | -2,519 |
| HILTON WORLDWIDE HLDGS INC(HLT)(Call) | 21,100 | 7,100 | -14,000 | 4,801 | 1,891 | — | -2,910 |
| HYATT HOTELS CORP(H)(Call) | 34,300 | 7,700 | -26,600 | 4,202 | 1,075 | — | -3,126 |
| HILTON WORLDWIDE HLDGS INC(HLT) | 78,585 | 51,474 | -27,111 | 17,882 | 13,710 | 6.15% | -4,172 |
| DOUGLAS EMMETT INC(DEI) | 1,576,062 | 1,368,443 | -207,619 | 25,217 | 20,581 | 9.23% | -4,636 |
| ISHARES TR(Put) | 56,000 | 0 | -56,000 | 5,098 | 0 | — | -5,098 |
| CBRE GROUP INC(CBRE) | 117,550 | 64,259 | -53,291 | 15,373 | 9,004 | 4.04% | -6,369 |
| ISHARES TR(Put) | 94,000 | 0 | -94,000 | 7,416 | 0 | — | -7,416 |
| PROLOGIS INC.(PLD) | 90,408 | 0 | -90,408 | 10,107 | 0 | — | -10,107 |
| AVALONBAY CMNTYS INC | 51,525 | 0 | -51,525 | 11,058 | 0 | — | -11,058 |
| MURPHY USA INC(MUSA) | 25,490 | 0 | -25,490 | 11,975 | 0 | — | -11,975 |
| ESSEX PPTY TR INC(ESS) | 129,848 | 93,560 | -36,288 | 39,808 | 26,515 | 11.89% | -13,293 |
| CHURCHILL DOWNS INC(CHDN) | 159,926 | 0 | -159,926 | 17,763 | 0 | — | -17,763 |
| CAMDEN PPTY TR(CPT) | 168,488 | 24,124 | -144,364 | 20,606 | 2,719 | 1.22% | -17,888 |
| VENTAS INC(VTR) | 323,596 | 0 | -323,596 | 22,250 | 0 | — | -22,250 |
| FIRST INDL RLTY TR INC(FR) | 420,215 | 0 | -420,215 | 22,675 | 0 | — | -22,675 |