Securities ▲▼ | Shares | Value ($K) | |||||
|---|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Weight (%) ▲▼ | Change ▲▼ | |
| COSTAR GROUP INC(CSGP)(Call) | 0 | 205,500 | +205,500 | 0 | 13,818 | — | +13,818 |
| MARRIOTT VACATIONS WORLDWIDE(VAC)(Call) | 0 | 198,400 | +198,400 | 0 | 11,446 | — | +11,446 |
| MID-AMER APT CMNTYS INC(MAA) | 0 | 64,228 | +64,228 | 0 | 8,922 | 7.64% | +8,922 |
| APARTMENT INVT & MGMT CO | 863,517 | 2,220,778 | +1,357,261 | 6,848 | 13,191 | 11.30% | +6,344 |
| BOYD GAMING CORP(BYD) | 0 | 69,644 | +69,644 | 0 | 5,936 | 5.08% | +5,936 |
| REGENCY CTRS CORP(REG) | 0 | 84,873 | +84,873 | 0 | 5,859 | 5.02% | +5,859 |
| HUDSON PAC PPTYS INC(Call) | 0 | 400,000 | +400,000 | 0 | 4,332 | — | +4,332 |
| MID-AMER APT CMNTYS INC(MAA)(Call) | 0 | 29,700 | +29,700 | 0 | 4,126 | — | +4,126 |
| EXTRA SPACE STORAGE INC(EXR)(Call) | 0 | 25,000 | +25,000 | 0 | 3,256 | — | +3,256 |
| SUN CMNTYS INC(SUI)(Call) | 0 | 23,500 | +23,500 | 0 | 2,912 | — | +2,912 |
| HILTON WORLDWIDE HLDGS INC(HLT) | 32,224 | 39,151 | +6,927 | 8,360 | 11,246 | 9.63% | +2,886 |
| HUDSON PAC PPTYS INC | 0 | 180,709 | +180,709 | 0 | 1,957 | 1.68% | +1,957 |
| REALTY INCOME CORP(O)(Call) | 0 | 33,600 | +33,600 | 0 | 1,894 | — | +1,894 |
| CHOICE HOTELS INTL INC(CHH)(Call) | 10,000 | 31,000 | +21,000 | 1,069 | 2,953 | — | +1,884 |
| BLACKSTONE INC(BX)(Call) | 0 | 10,500 | +10,500 | 0 | 1,618 | — | +1,618 |
| GAMING & LEISURE PPTYS INC(GLPI)(Call) | 0 | 34,800 | +34,800 | 0 | 1,555 | — | +1,555 |
| NNN REIT INC(NNN)(Call) | 0 | 36,200 | +36,200 | 0 | 1,435 | — | +1,435 |
| BRAEMAR HOTELS & RESORTS INC | 773,000 | 1,083,493 | +310,493 | 2,110 | 3,110 | 2.66% | +999 |
| CAMDEN PPTY TR(CPT) | 0 | 8,978 | +8,978 | 0 | 988 | 0.85% | +988 |
| HILTON GRAND VACATIONS INC(HGV) | 165,484 | 175,810 | +10,326 | 6,919 | 7,867 | 6.74% | +949 |
| VENTAS INC(VTR)(Call) | 78,300 | 78,300 | 0 | 5,480 | 6,059 | — | +579 |
| DOUGLAS EMMETT INC(DEI) | 706,218 | 1,047,713 | +341,495 | 10,996 | 11,514 | 9.86% | +519 |
| COHEN & STEERS INC(CNS) | 148,098 | 159,623 | +11,525 | 9,717 | 10,021 | 8.58% | +304 |
| BRAEMAR HOTELS & RESORTS INC(Call) | 0 | 100,000 | +100,000 | 0 | 287 | — | +287 |
| RYMAN HOSPITALITY PPTYS INC(RHP)(Call) | 22,000 | 20,100 | -1,900 | 1,971 | 1,902 | — | -69 |
| HOWARD HUGHES HOLDINGS INC(HHH)(Call) | 61,500 | 61,500 | 0 | 5,053 | 4,906 | — | -148 |
| TOLL BROTHERS INC(TOL)(Call) | 1,800 | 0 | -1,800 | 249 | 0 | — | -249 |
| AVALONBAY CMNTYS INC | 1,393 | 0 | -1,393 | 269 | 0 | — | -269 |
| HEALTHPEAK PROPERTIES INC(DOC)(Call) | 230,600 | 246,100 | +15,500 | 4,416 | 3,957 | — | -459 |
| LINEAGE INC(LINE)(Call) | 13,100 | 0 | -13,100 | 506 | 0 | — | -506 |
| BLUE OWL CAPITAL INC(OBDC)(Call) | 30,000 | 0 | -30,000 | 508 | 0 | — | -508 |
| COMPASS INC(COMP)(Call) | 63,600 | 0 | -63,600 | 511 | 0 | — | -511 |
| KIMCO RLTY CORP(KIM)(Call) | 25,000 | 0 | -25,000 | 546 | 0 | — | -546 |
| SL GREEN RLTY CORP(SLG)(Call) | 9,500 | 0 | -9,500 | 568 | 0 | — | -568 |
| EQUINIX INC(EQIX)(Call) | 3,400 | 2,700 | -700 | 2,663 | 2,069 | — | -594 |
| COHEN & STEERS INC(CNS)(Call) | 55,700 | 48,000 | -7,700 | 3,654 | 3,013 | — | -641 |
| BROOKDALE SR LIVING INC(BKD)(Call) | 100,000 | 0 | -100,000 | 847 | 0 | — | -847 |
| HILTON GRAND VACATIONS INC(HGV)(Call) | 24,800 | 0 | -24,800 | 1,037 | 0 | — | -1,037 |
| BROOKDALE SR LIVING INC(BKD) | 942,815 | 643,076 | -299,739 | 7,986 | 6,939 | 5.94% | -1,047 |
| ESSEX PPTY TR INC(ESS) | 0 | 28,329 | +28,329 | 0 | 7,413 | 6.35% | +7,413 |
| U HAUL HOLDING COMPANY(Call) | 19,500 | 0 | -19,500 | 1,113 | 0 | — | -1,113 |
| MACERICH CO(MAC)(Call) | 66,500 | 0 | -66,500 | 1,210 | 0 | — | -1,210 |
| BROOKFIELD CORP(BN)(Call) | 18,000 | 0 | -18,000 | 1,234 | 0 | — | -1,234 |
| CROWN CASTLE INC(CCI)(Call) | 16,900 | 0 | -16,900 | 1,631 | 0 | — | -1,631 |
| BROOKDALE SR LIVING INC(BKD)(Put) | 200,000 | 0 | -200,000 | 1,694 | 0 | — | -1,694 |
| COUSINS PPTYS INC(CUZ)(Call) | 60,000 | 0 | -60,000 | 1,736 | 0 | — | -1,736 |
| SUNSTONE HOTEL INVS INC NEW(SHO)(Call) | 195,500 | 0 | -195,500 | 1,832 | 0 | — | -1,832 |
| WYNDHAM HOTELS & RESORTS INC(WH)(Call) | 25,700 | 0 | -25,700 | 2,053 | 0 | — | -2,053 |
| WILLSCOT HLDGS CORP(WSC)(Call) | 100,000 | 0 | -100,000 | 2,111 | 0 | — | -2,111 |
| PUBLIC STORAGE OPER CO(PSA)(Call) | 7,500 | 0 | -7,500 | 2,166 | 0 | — | -2,166 |
| EQUITY RESIDENTIAL(EQR) | 33,641 | 0 | -33,641 | 2,178 | 0 | — | -2,178 |
| COSTAR GROUP INC(CSGP) | 149,385 | 154,480 | +5,095 | 12,604 | 10,387 | 8.90% | -2,216 |
| SBA COMMUNICATIONS CORP NEW(SBAC)(Call) | 11,500 | 0 | -11,500 | 2,224 | 0 | — | -2,224 |
| HEALTHCARE RLTY TR(HR)(Call) | 127,800 | 0 | -127,800 | 2,304 | 0 | — | -2,304 |
| WEYERHAEUSER CO MTN BE(WY)(Call) | 105,800 | 0 | -105,800 | 2,623 | 0 | — | -2,623 |
| WP CAREY INC(WPC)(Call) | 67,500 | 30,000 | -37,500 | 4,561 | 1,931 | — | -2,630 |
| AMERICAN TOWER CORP NEW(AMT)(Call) | 14,300 | 0 | -14,300 | 2,750 | 0 | — | -2,750 |
| ACADIA RLTY TR(Call) | 142,800 | 0 | -142,800 | 2,877 | 0 | — | -2,877 |
| MERITAGE HOMES CORP(MTH)(Call) | 42,000 | 0 | -42,000 | 3,042 | 0 | — | -3,042 |
| HOWARD HUGHES HOLDINGS INC(HHH) | 151,690 | 117,619 | -34,071 | 12,464 | 9,382 | 8.03% | -3,082 |
| NEXPOINT RESIDENTIAL TR INC(NXRT)(Call) | 100,000 | 0 | -100,000 | 3,222 | 0 | — | -3,222 |
| REXFORD INDL RLTY INC(REXR)(Call) | 112,200 | 35,700 | -76,500 | 4,613 | 1,382 | — | -3,230 |
| EPR PPTYS(EPR)(Call) | 57,100 | 0 | -57,100 | 3,312 | 0 | — | -3,312 |
| BXP INC(BXP)(Call) | 52,000 | 8,300 | -43,700 | 3,900 | 560 | — | -3,340 |
| TAYLOR MORRISON HOME CORP(TMHC)(Call) | 54,500 | 0 | -54,500 | 3,598 | 0 | — | -3,598 |
| DIGITAL RLTY TR INC(DLR)(Call) | 29,300 | 9,300 | -20,000 | 5,065 | 1,439 | — | -3,627 |
| DOUGLAS EMMETT INC(DEI)(Call) | 580,000 | 480,000 | -100,000 | 9,031 | 5,275 | — | -3,755 |
| AVALONBAY CMNTYS INC(Call) | 28,000 | 8,100 | -19,900 | 5,409 | 1,469 | — | -3,940 |
| APARTMENT INVT & MGMT CO(Call) | 518,200 | 0 | -518,200 | 4,109 | 0 | — | -4,109 |
| INVITATION HOMES INC(INVH)(Call) | 153,200 | 0 | -153,200 | 4,493 | 0 | — | -4,493 |
| CARETRUST REIT INC(CTRE)(Call) | 140,000 | 0 | -140,000 | 4,855 | 0 | — | -4,855 |
| CHAMPION HOMES INC(SKY)(Call) | 66,300 | 0 | -66,300 | 5,063 | 0 | — | -5,063 |
| HUDSON PAC PPTYS INC(Call) | 1,882,909 | 0 | -1,882,909 | 5,197 | 0 | — | -5,197 |
| EQUITY RESIDENTIAL(EQR)(Call) | 122,300 | 31,300 | -91,000 | 7,916 | 1,973 | — | -5,943 |
| INDEPENDENCE RLTY TR INC(IRT)(Call) | 366,000 | 0 | -366,000 | 5,999 | 0 | — | -5,999 |
| UDR INC(UDR)(Call) | 164,200 | 0 | -164,200 | 6,118 | 0 | — | -6,118 |
| U HAUL HOLDING COMPANY | 114,393 | 0 | -114,393 | 6,528 | 0 | — | -6,528 |
| BLACKSTONE INC(BX) | 45,684 | 6,759 | -38,925 | 7,805 | 1,042 | 0.89% | -6,763 |
| NEXPOINT RESIDENTIAL TR INC(NXRT) | 248,899 | 33,172 | -215,727 | 8,020 | 998 | 0.86% | -7,021 |
| KILROY RLTY CORP(KRC)(Call) | 220,500 | 33,000 | -187,500 | 9,316 | 1,233 | — | -8,083 |
| ALEXANDRIA REAL ESTATE EQ IN(Call) | 117,400 | 0 | -117,400 | 9,784 | 0 | — | -9,784 |
| HUDSON PAC PPTYS INC | 3,914,346 | 0 | -3,914,346 | 10,804 | 0 | — | -10,804 |
| ISHARES TR(Put) | 50,000 | 0 | -50,000 | 12,098 | 0 | — | -12,098 |
| ESSEX PPTY TR INC(ESS)(Call) | 97,800 | 39,500 | -58,300 | 26,177 | 10,336 | — | -15,841 |