LDR Capital Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SUI	SUN CMNTYS INC	20,871	$2,586	3.6%	$123.91	—	COM	866674104
GLPI	GAMING & LEISURE PPTYS INC	53,519	$2,392	3.3%	$44.69	—	COM	36467J108
WELL	WELLTOWER INC	10,830	$2,010	2.8%	$186.47	0.0%	COM	95040Q104
VTR	VENTAS INC	22,562	$1,746	2.4%	$74.98	0.0%	COM	92276F100
PSA	PUBLIC STORAGE OPER CO	4,306	$1,117	1.5%	$277.29	0.0%	COM	74460D109
EXR	EXTRA SPACE STORAGE INC	6,847	$892	1.2%	$135.01	0.0%	COM	30225T102
INVH	INVITATION HOMES INC	27,047	$752	1.0%	$27.64	0.0%	COM	46187W107
EGP	EASTGROUP PPTYS INC	3,026	$539	0.7%	$178.14	—	COM	277276101
SBAC	SBA COMMUNICATIONS CORP NEW	2,005	$388	0.5%	$192.67	0.0%	CL A	78410G104
SLG	SL GREEN RLTY CORP	7,142	$328	0.5%	$45.87	—	COM	78440X887
PMT	PENNYMAC MTG INVT TR	18,887	$237	0.3%	$12.55	—	COM	70931T103
WY	WEYERHAEUSER CO MTN BE	9,044	$214	0.3%	$22.99	0.0%	COM NEW	962166104
AVB	AVALONBAY CMNTYS INC	1,155	$209	0.3%	$179.77	0.0%	COM	053484101
MAC	MACERICH CO	11,276	$208	0.3%	$18.46	—	COM	554382101
HST	HOST HOTELS & RESORTS INC	11,555	$205	0.3%	$16.93	0.0%	COM	44107P104

Increased Positions (8)

DLR DIGITAL RLTY TR INC 5.1%

Value ($000) $3,700 (+673.3%) Shares 23,918 (+764.1%) Est. Cost $164.07 Unrealized -0.6%

CCI CROWN CASTLE INC 5.8%

Value ($000) $4,183 (+284.2%) Shares 47,072 (+317.1%) Est. Cost $92.76 Unrealized -1.8%

PLD PROLOGIS INC. 4.1%

Value ($000) $2,993 (+259.3%) Shares 23,448 (+222.3%) Est. Cost $119.03 Unrealized +4.1%

SPG SIMON PPTY GROUP INC NEW 2.5%

Value ($000) $1,825 (+120.1%) Shares 9,861 (+123.2%) Est. Cost $175.09 Unrealized +2.8%

O REALTY INCOME CORP 2.3%

Value ($000) $1,651 (+101.8%) Shares 29,285 (+117.6%) Est. Cost $57.15 Unrealized +0.4%

ESS ESSEX PPTY TR INC 2.1%

Value ($000) $1,531 (+115.8%) Shares 5,852 (+120.7%) Est. Cost $260.27 Unrealized -1.5%

— PEBBLEBROOK HOTEL TR 6.2%

Value ($000) $4,456 (+18.8%) Shares 233,541 (+25.9%) Est. Cost $17.55 Unrealized —

IRM IRON MTN INC DEL 1.7%

Value ($000) $1,258 (+11.4%) Shares 15,160 (+36.9%) Est. Cost $94.20 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DLR	DIGITAL RLTY TR INC	23,918 (+764.1%)	$3,700 (+673.3%)	5.1%	$164.07	-0.6%	COM	253868103
CCI	CROWN CASTLE INC	47,072 (+317.1%)	$4,183 (+284.2%)	5.8%	$92.76	-1.8%	COM	22822V101
PLD	PROLOGIS INC.	23,448 (+222.3%)	$2,993 (+259.3%)	4.1%	$119.03	+4.1%	COM	74340W103
SPG	SIMON PPTY GROUP INC NEW	9,861 (+123.2%)	$1,825 (+120.1%)	2.5%	$175.09	+2.8%	COM	828806109
O	REALTY INCOME CORP	29,285 (+117.6%)	$1,651 (+101.8%)	2.3%	$57.15	+0.4%	COM	756109104
ESS	ESSEX PPTY TR INC	5,852 (+120.7%)	$1,531 (+115.8%)	2.1%	$260.27	-1.5%	COM	297178105
—	PEBBLEBROOK HOTEL TR	233,541 (+25.9%)	$4,456 (+18.8%)	6.2%	$17.55	—	6.375 PFD SER E	70509V605
IRM	IRON MTN INC DEL	15,160 (+36.9%)	$1,258 (+11.4%)	1.7%	$94.20	-1.5%	COM	46284V101

Exited Positions (8)

ELS EQUITY LIFESTYLE PPTYS INC 3.8%

Value ($000) $2,777 Shares 45,755 Est. Cost $66.70 Unrealized —

— RITHM PPTY TR INC 3.6%

Value ($000) $2,602 Shares 102,975 Est. Cost $25.24 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 1.6%

Value ($000) $1,172 Shares 43,371 Est. Cost $27.09 Unrealized -17.0%

ARR ARMOUR RESIDENTIAL REIT INC 1.2%

Value ($000) $888 Shares 59,407 Est. Cost $14.94 Unrealized —

FIP FTAI INFRASTRUCTURE INC 0.9%

Value ($000) $646 Shares 148,216 Est. Cost $5.36 Unrealized -8.4%

KRG KITE RLTY GROUP TR 0.7%

Value ($000) $514 Shares 23,047 Est. Cost $20.79 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.7%

Value ($000) $479 Shares 24,987 Est. Cost $21.63 Unrealized -19.3%

CDZI CADIZ INC 0.1%

Value ($000) $71 Shares 15,113 Est. Cost $3.49 Unrealized +53.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELS	EQUITY LIFESTYLE PPTYS INC	45,755	$2,777	3.8%	$66.70	—	—	29472R108
—	RITHM PPTY TR INC	102,975	$2,602	3.6%	$25.24	—	—	38983D862
CZR	CAESARS ENTERTAINMENT INC NE	43,371	$1,172	1.6%	$27.09	-17.0%	—	12769G100
ARR	ARMOUR RESIDENTIAL REIT INC	59,407	$888	1.2%	$14.94	—	—	042315705
FIP	FTAI INFRASTRUCTURE INC	148,216	$646	0.9%	$5.36	-8.4%	—	35953C106
KRG	KITE RLTY GROUP TR	23,047	$514	0.7%	$20.79	—	—	49803T300
DOC	HEALTHPEAK PROPERTIES INC	24,987	$479	0.7%	$21.63	-19.3%	—	42250P103
CDZI	CADIZ INC	15,113	$71	0.1%	$3.49	+53.7%	—	127537207

Decreased Positions (17)

VICI VICI PPTYS INC 2.3%

Value ($000) $1,659 (-67.7%) Shares 59,012 (-62.6%) Est. Cost $29.02 Unrealized +1.0%

— PEBBLEBROOK HOTEL TR 3.0%

Value ($000) $2,141 (-41.0%) Shares 112,387 (-37.5%) Est. Cost $17.51 Unrealized —

EQIX EQUINIX INC 3.5%

Value ($000) $2,547 (-34.2%) Shares 3,325 (-32.8%) Est. Cost $818.31 Unrealized -4.5%

BRX BRIXMOR PPTY GROUP INC 0.8%

Value ($000) $592 (-65.4%) Shares 22,590 (-63.4%) Est. Cost $25.76 Unrealized —

AMT AMERICAN TOWER CORP NEW 3.8%

Value ($000) $2,721 (-26.9%) Shares 15,497 (-19.9%) Est. Cost $189.83 Unrealized -5.0%

DHC DIVERSIFIED HEALTHCARE TR 1.8%

Value ($000) $1,309 (-36.6%) Shares 269,794 (-42.4%) Est. Cost $3.58 Unrealized —

— EPR PPTYS 11.4%

Value ($000) $8,232 (-6.7%) Shares 275,122 (-1.6%) Est. Cost $30.43 Unrealized —

— LXP INDUSTRIAL TRUST 2.0%

Value ($000) $1,450 (-23.5%) Shares 30,788 (-22.0%) Est. Cost $48.76 Unrealized —

UMH UMH PPTYS INC 1.6%

Value ($000) $1,127 (-24.6%) Shares 70,859 (-29.6%) Est. Cost $20.60 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 1.7%

Value ($000) $1,245 (-22.4%) Shares 75,825 (-27.7%) Est. Cost $18.48 Unrealized —

— RLJ LODGING TR 10.0%

Value ($000) $7,244 (-4.5%) Shares 290,909 (-3.3%) Est. Cost $28.07 Unrealized —

— EPR PPTYS 0.9%

Value ($000) $614 (-33.7%) Shares 27,661 (-24.0%) Est. Cost $25.38 Unrealized —

GMRE GLOBAL MED REIT INC 0.3%

Value ($000) $238 (-52.5%) Shares 7,043 (-52.6%) Est. Cost $33.71 Unrealized —

VRT VERTIV HOLDINGS CO 1.6%

Value ($000) $1,183 (-16.3%) Shares 7,301 (-22.1%) Est. Cost $114.29 Unrealized +51.9%

FTAI FTAI AVIATION LTD 1.3%

Value ($000) $918 (-16.7%) Shares 4,664 (-29.4%) Est. Cost $141.79 Unrealized +20.1%

STWD STARWOOD PPTY TR INC 0.6%

Value ($000) $412 (-17.2%) Shares 22,851 (-11.0%) Est. Cost $20.31 Unrealized —

CTO CTO RLTY GROWTH INC NEW 1.5%

Value ($000) $1,116 (-1.8%) Shares 60,631 (-13.1%) Est. Cost $18.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICI	VICI PPTYS INC	59,012 (-62.6%)	$1,659 (-67.7%)	2.3%	$29.02	+1.0%	COM	925652109
—	PEBBLEBROOK HOTEL TR	112,387 (-37.5%)	$2,141 (-41.0%)	3.0%	$17.51	—	6.3 CUM PFD SR F	70509V704
EQIX	EQUINIX INC	3,325 (-32.8%)	$2,547 (-34.2%)	3.5%	$818.31	-4.5%	COM	29444U700
BRX	BRIXMOR PPTY GROUP INC	22,590 (-63.4%)	$592 (-65.4%)	0.8%	$25.76	—	COM	11120U105
AMT	AMERICAN TOWER CORP NEW	15,497 (-19.9%)	$2,721 (-26.9%)	3.8%	$189.83	-5.0%	COM	03027X100
DHC	DIVERSIFIED HEALTHCARE TR	269,794 (-42.4%)	$1,309 (-36.6%)	1.8%	$3.58	—	COM SH BEN INT	25525P107
—	EPR PPTYS	275,122 (-1.6%)	$8,232 (-6.7%)	11.4%	$30.43	—	CONV PFD 9% SR E	26884U307
—	LXP INDUSTRIAL TRUST	30,788 (-22.0%)	$1,450 (-23.5%)	2.0%	$48.76	—	PFD CONV SER C	529043309
UMH	UMH PPTYS INC	70,859 (-29.6%)	$1,127 (-24.6%)	1.6%	$20.60	—	COM	903002103
CHCT	COMMUNITY HEALTHCARE TR INC	75,825 (-27.7%)	$1,245 (-22.4%)	1.7%	$18.48	—	COM	20369C106
—	RLJ LODGING TR	290,909 (-3.3%)	$7,244 (-4.5%)	10.0%	$28.07	—	CUM CONV PFD A	74965L200
—	EPR PPTYS	27,661 (-24.0%)	$614 (-33.7%)	0.9%	$25.38	—	PFD C CV 5.75%	26884U208
GMRE	GLOBAL MED REIT INC	7,043 (-52.6%)	$238 (-52.5%)	0.3%	$33.71	—	COM NEW	37954A303
VRT	VERTIV HOLDINGS CO	7,301 (-22.1%)	$1,183 (-16.3%)	1.6%	$114.29	+51.9%	COM CL A	92537N108
FTAI	FTAI AVIATION LTD	4,664 (-29.4%)	$918 (-16.7%)	1.3%	$141.79	+20.1%	SHS	G3730V105
STWD	STARWOOD PPTY TR INC	22,851 (-11.0%)	$412 (-17.2%)	0.6%	$20.31	—	COM	85571B105
CTO	CTO RLTY GROWTH INC NEW	60,631 (-13.1%)	$1,116 (-1.8%)	1.5%	$18.91	—	COM	22948Q101

Unchanged Positions (1)

— BRAEMAR HOTELS & RESORTS INC 2.8%

Value ($000) $1,987 Shares 134,177 Est. Cost $19.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BRAEMAR HOTELS & RESORTS INC	134,177	$1,987	2.8%	$19.88	—	5.5 CUM CV PFD B	10482B200