Long Pond Capital, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JAN	JANUS LIVING INC	3,290,000	$77,545	7.4%	$23.57	—	CL A-1	471024109
SBAC	SBA COMMUNICATIONS CORP	400,000	$68,844	6.6%	—	—	CALL	78410G104
WYNN	WYNN RESORTS LTD	529,057	$53,726	5.1%	$114.13	0.0%	COM	983134107
DOC	HEALTHPEAK PROPERTIES INC	2,490,700	$40,922	3.9%	$16.20	0.0%	COM	42250P103
NCLH	NORWEGIAN CRUISE LINE HLDGS	1,730,000	$32,351	3.1%	$22.86	0.0%	SHS	G66721104
AMH	AMERICAN HOMES 4 RENT	1,111,773	$31,041	3.0%	$27.92	—	CL A	02665T306
KRC	KILROY REALTY CORP	1,039,178	$29,315	2.8%	$28.21	—	COM	49427F108
POOL	POOL CORP	109,500	$22,155	2.1%	$251.76	0.0%	COM	73278L105
JHX	JAMES HARDIE INDS PLC	1,155,000	$21,876	2.1%	$23.75	0.0%	ORD SHS	G4253H101
SMA	SMARTSTOP SELF STORAG REIT I	613,458	$18,576	1.8%	$30.28	—	COMMON STOCK	83192D402
FUN	SIX FLAGS ENTERTAINMENT CORP	750,424	$13,320	1.3%	$16.93	0.0%	COM	83001C108
TMHC	TAYLOR MORRISON HOME CORP	174,364	$10,155	1.0%	$63.93	0.0%	COM	87724P106

Increased Positions (10)

IRT INDEPENDENCE RLTY TR INC 8.1%

Value ($000) $85,279 (+387.6%) Shares 5,727,238 (+472.4%) Est. Cost $15.24 Unrealized —

CPT CAMDEN PPTY TR 3.7%

Value ($000) $39,175 (+563.0%) Shares 401,134 (+647.3%) Est. Cost $109.97 Unrealized +0.2%

WH WYNDHAM HOTELS & RESORTS INC 5.4%

Value ($000) $56,996 (+123.3%) Shares 701,663 (+107.7%) Est. Cost $77.05 Unrealized +2.0%

PRKS UNITED PARKS & RESORTS INC 5.2%

Value ($000) $54,893 (+76.9%) Shares 1,680,727 (+96.6%) Est. Cost $39.05 Unrealized -6.6%

KREF KKR REAL ESTATE FIN TR INC 3.4%

Value ($000) $35,089 (+173.1%) Shares 5,733,513 (+266.8%) Est. Cost $6.91 Unrealized —

LINE LINEAGE INC 1.3%

Value ($000) $13,463 (+108.9%) Shares 410,971 (+123.2%) Est. Cost $33.76 Unrealized —

JBGS JBG SMITH PPTYS 6.2%

Value ($000) $64,492 (-8.6%) Shares 4,414,269 (+6.4%) Est. Cost $25.34 Unrealized —

CUBE CUBESMART 1.5%

Value ($000) $15,958 (+27.6%) Shares 435,429 (+25.5%) Est. Cost $36.17 Unrealized —

MAA MID-AMER APT CMNTYS INC 0.5%

Value ($000) $4,946 (-10.4%) Shares 40,503 (+2.0%) Est. Cost $126.46 Unrealized +10.0%

H HYATT HOTELS CORP 3.1%

Value ($000) $32,207 (-1.3%) Shares 223,989 (+10.1%) Est. Cost $145.30 Unrealized +13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRT	INDEPENDENCE RLTY TR INC	5,727,238 (+472.4%)	$85,279 (+387.6%)	8.1%	$15.24	—	COM	45378A106
CPT	CAMDEN PPTY TR	401,134 (+647.3%)	$39,175 (+563.0%)	3.7%	$109.97	+0.2%	SH BEN INT	133131102
WH	WYNDHAM HOTELS & RESORTS INC	701,663 (+107.7%)	$56,996 (+123.3%)	5.4%	$77.05	+2.0%	COM	98311A105
PRKS	UNITED PARKS & RESORTS INC	1,680,727 (+96.6%)	$54,893 (+76.9%)	5.2%	$39.05	-6.6%	COM	81282V100
KREF	KKR REAL ESTATE FIN TR INC	5,733,513 (+266.8%)	$35,089 (+173.1%)	3.4%	$6.91	—	COM	48251K100
LINE	LINEAGE INC	410,971 (+123.2%)	$13,463 (+108.9%)	1.3%	$33.76	—	COM	53566V106
JBGS	JBG SMITH PPTYS	4,414,269 (+6.4%)	$64,492 (-8.6%)	6.2%	$25.34	—	COM	46590V100
CUBE	CUBESMART	435,429 (+25.5%)	$15,958 (+27.6%)	1.5%	$36.17	—	COM	229663109
MAA	MID-AMER APT CMNTYS INC	40,503 (+2.0%)	$4,946 (-10.4%)	0.5%	$126.46	+10.0%	COM	59522J103
H	HYATT HOTELS CORP	223,989 (+10.1%)	$32,207 (-1.3%)	3.1%	$145.30	+13.2%	COM CL A	448579102

Exited Positions (9)

NSA NATIONAL STORAGE AFFILIATES 7.0%

Value ($000) $73,101 Shares 2,591,313 Est. Cost $31.37 Unrealized —

PLD PROLOGIS INC. 4.3%

Value ($000) $44,681 Shares 350,000 Est. Cost $123.65 Unrealized +4.4%

GLPI GAMING & LEISURE PPTYS INC 4.2%

Value ($000) $44,413 Shares 993,810 Est. Cost $44.69 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 3.3%

Value ($000) $34,602 Shares 1,479,336 Est. Cost $26.08 Unrealized -15.6%

AVB AVALONBAY CMNTYS INC 2.4%

Value ($000) $25,383 Shares 140,000 Est. Cost $179.77 Unrealized +0.4%

ARE ALEXANDRIA REAL ESTATE EQ IN 2.2%

Value ($000) $23,452 Shares 479,200 Est. Cost $58.01 Unrealized -15.6%

TREX TREX CO INC 1.6%

Value ($000) $16,989 Shares 484,286 Est. Cost $40.45 Unrealized +3.2%

SHO SUNSTONE HOTEL INVS INC NEW 0.4%

Value ($000) $4,338 Shares 485,237 Est. Cost $9.37 Unrealized —

VRE VERIS RESIDENTIAL INC 0.2%

Value ($000) $2,232 Shares 150,000 Est. Cost $14.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSA	NATIONAL STORAGE AFFILIATES	2,591,313	$73,101	7.0%	$31.37	—	—	637870106
PLD	PROLOGIS INC.	350,000	$44,681	4.3%	$123.65	+4.4%	—	74340W103
GLPI	GAMING & LEISURE PPTYS INC	993,810	$44,413	4.2%	$44.69	—	—	36467J108
CZR	CAESARS ENTERTAINMENT INC NE	1,479,336	$34,602	3.3%	$26.08	-15.6%	—	12769G100
AVB	AVALONBAY CMNTYS INC	140,000	$25,383	2.4%	$179.77	+0.4%	—	053484101
ARE	ALEXANDRIA REAL ESTATE EQ IN	479,200	$23,452	2.2%	$58.01	-15.6%	—	015271109
TREX	TREX CO INC	484,286	$16,989	1.6%	$40.45	+3.2%	—	89531P105
SHO	SUNSTONE HOTEL INVS INC NEW	485,237	$4,338	0.4%	$9.37	—	—	867892101
VRE	VERIS RESIDENTIAL INC	150,000	$2,232	0.2%	$14.88	—	—	554489104

Decreased Positions (8)

COMP COMPASS INC 0.8%

Value ($000) $8,894 (-83.2%) Shares 1,216,711 (-75.7%) Est. Cost $8.81 Unrealized +33.5%

COLD AMERICOLD REALTY TRUST INC 4.9%

Value ($000) $51,549 (-31.2%) Shares 4,498,210 (-22.8%) Est. Cost $12.24 Unrealized —

CSR CENTERSPACE 1.0%

Value ($000) $10,916 (-63.2%) Shares 190,000 (-57.2%) Est. Cost $62.96 Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 1.1%

Value ($000) $11,315 (-55.4%) Shares 452,604 (-46.3%) Est. Cost $31.47 Unrealized —

HGV HILTON GRAND VACATIONS INC 1.8%

Value ($000) $18,989 (-42.0%) Shares 485,394 (-33.7%) Est. Cost $40.46 Unrealized +15.3%

SAFE SAFEHOLD INC 0.7%

Value ($000) $7,492 (-42.1%) Shares 553,703 (-41.4%) Est. Cost $13.69 Unrealized —

MHO M/I HOMES INC 0.6%

Value ($000) $5,828 (-35.9%) Shares 47,595 (-33.1%) Est. Cost $120.97 Unrealized +14.0%

SLG SL GREEN RLTY CORP 0.5%

Value ($000) $4,784 (-24.6%) Shares 129,500 (-6.3%) Est. Cost $45.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COMP	COMPASS INC	1,216,711 (-75.7%)	$8,894 (-83.2%)	0.8%	$8.81	+33.5%	CL A	20464U100
COLD	AMERICOLD REALTY TRUST INC	4,498,210 (-22.8%)	$51,549 (-31.2%)	4.9%	$12.24	—	COM	03064D108
CSR	CENTERSPACE	190,000 (-57.2%)	$10,916 (-63.2%)	1.0%	$62.96	—	COM	15202L107
NXRT	NEXPOINT RESIDENTIAL TR INC	452,604 (-46.3%)	$11,315 (-55.4%)	1.1%	$31.47	—	COM	65341D102
HGV	HILTON GRAND VACATIONS INC	485,394 (-33.7%)	$18,989 (-42.0%)	1.8%	$40.46	+15.3%	COM	43283X105
SAFE	SAFEHOLD INC	553,703 (-41.4%)	$7,492 (-42.1%)	0.7%	$13.69	—	COM	78646V107
MHO	M/I HOMES INC	47,595 (-33.1%)	$5,828 (-35.9%)	0.6%	$120.97	+14.0%	COM	55305B101
SLG	SL GREEN RLTY CORP	129,500 (-6.3%)	$4,784 (-24.6%)	0.5%	$45.87	—	COM	78440X887

Unchanged Positions (3)

TRTX TPG RE FIN TR INC 5.2%

Value ($000) $54,897 Shares 7,029,102 Est. Cost $8.29 Unrealized —

INN SUMMIT HOTEL PPTYS 4.0%

Value ($000) $41,548 Shares 9,400,000 Est. Cost $5.09 Unrealized —

SMRT SMARTRENT INC 0.8%

Value ($000) $8,415 Shares 5,610,150 Est. Cost $2.75 Unrealized -37.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRTX	TPG RE FIN TR INC	7,029,102	$54,897	5.2%	$8.29	—	COM	87266M107
INN	SUMMIT HOTEL PPTYS	9,400,000	$41,548	4.0%	$5.09	—	COM	866082100
SMRT	SMARTRENT INC	5,610,150	$8,415	0.8%	$2.75	-37.3%	COM CL A	83193G107