Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BXP	BXP INC	28,855	$1.913M	2.2%	$66.31	—	COM	101121101
SBRA	SABRA HEALTH CARE REIT INC	74,864	$1.461M	1.7%	$19.51	—	COM	78573L106
OUT	OUTFRONT MEDIA INC	38,387	$1.258M	1.5%	$32.76	—	COM NEW	69007J304
EQR	EQUITY RESIDENTIAL	16,671	$1.132M	1.3%	$67.93	—	SH BEN INT	29476L107
H	HYATT HOTELS CORP	5,287	$1.025M	1.2%	$193.84	—	COM CL A	448579102
MRP	MILLROSE PPTYS INC	26,194	$787K	0.9%	$30.05	—	COM CL A	601137102
AVB	AVALONBAY CMNTYS INC	3,406	$643K	0.7%	$188.69	—	COM	053484101
AMH	AMERICAN HOMES 4 RENT	8,293	$278K	0.3%	$33.52	—	CL A	02665T306

Increased Positions (15)

DLR DIGITAL RLTY TR INC 6.0%

Value $5.232M (+167.5%) Shares 29,132 (+168.4%) Est. Cost $173.80 Unrealized —

CCI CROWN CASTLE INC 5.3%

Value $4.572M (+157.1%) Shares 60,369 (+176.1%) Est. Cost $81.90 Unrealized —

SLG SL GREEN RLTY CORP 4.1%

Value $3.594M (+237.0%) Shares 69,418 (+140.5%) Est. Cost $46.52 Unrealized —

MAC MACERICH CO 3.8%

Value $3.281M (+254.7%) Shares 130,249 (+166.1%) Est. Cost $22.79 Unrealized —

SPG SIMON PPTY GROUP INC NEW 4.6%

Value $3.96M (+115.3%) Shares 17,706 (+79.6%) Est. Cost $196.61 Unrealized —

EQIX EQUINIX INC 7.6%

Value $6.548M (+7.9%) Shares 6,282 (+1.5%) Est. Cost $796.79 Unrealized —

PLD PROLOGIS INC. 4.1%

Value $3.51M (+13.3%) Shares 25,912 (+10.5%) Est. Cost $120.59 Unrealized —

ESS ESSEX PPTY TR INC 2.1%

Value $1.782M (+25.8%) Shares 6,110 (+4.4%) Est. Cost $261.59 Unrealized —

— RLJ LODGING TR 8.4%

Value $7.286M (+5.1%) Shares 297,161 (+3.3%) Est. Cost $27.96 Unrealized —

VTR VENTAS INC 1.8%

Value $1.531M (+17.3%) Shares 17,246 (+8.0%) Est. Cost $76.01 Unrealized —

EGP EASTGROUP PPTYS INC 0.9%

Value $762K (+36.1%) Shares 3,764 (+24.4%) Est. Cost $182.92 Unrealized —

HST HOST HOTELS & RESORTS INC 0.4%

Value $341K (+53.9%) Shares 14,371 (+24.4%) Est. Cost $18.26 Unrealized —

CTO CTO RLTY GROWTH INC NEW 0.6%

Value $493K (+31.9%) Shares 22,909 (+13.4%) Est. Cost $19.22 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.3%

Value $280K (+38.0%) Shares 1,929 (+24.5%) Est. Cost $137.03 Unrealized —

WY WEYERHAEUSER CO 0.8%

Value $673K (+6.5%) Shares 28,094 (+8.7%) Est. Cost $23.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DLR	DIGITAL RLTY TR INC	29,132 (+168.4%)	$5.232M (+167.5%)	6.0%	$173.80	—	COM	253868103
CCI	CROWN CASTLE INC	60,369 (+176.1%)	$4.572M (+157.1%)	5.3%	$81.90	—	COM	22822V101
SLG	SL GREEN RLTY CORP	69,418 (+140.5%)	$3.594M (+237.0%)	4.1%	$46.52	—	COM	78440X887
MAC	MACERICH CO	130,249 (+166.1%)	$3.281M (+254.7%)	3.8%	$22.79	—	COM	554382101
SPG	SIMON PPTY GROUP INC NEW	17,706 (+79.6%)	$3.96M (+115.3%)	4.6%	$196.61	—	COM	828806109
EQIX	EQUINIX INC	6,282 (+1.5%)	$6.548M (+7.9%)	7.6%	$796.79	—	COM	29444U700
PLD	PROLOGIS INC.	25,912 (+10.5%)	$3.51M (+13.3%)	4.1%	$120.59	—	COM	74340W103
ESS	ESSEX PPTY TR INC	6,110 (+4.4%)	$1.782M (+25.8%)	2.1%	$261.59	—	COM	297178105
—	RLJ LODGING TR	297,161 (+3.3%)	$7.286M (+5.1%)	8.4%	$27.96	—	CUM CONV PFD A	74965L200
VTR	VENTAS INC	17,246 (+8.0%)	$1.531M (+17.3%)	1.8%	$76.01	—	COM	92276F100
EGP	EASTGROUP PPTYS INC	3,764 (+24.4%)	$762K (+36.1%)	0.9%	$182.92	—	COM	277276101
HST	HOST HOTELS & RESORTS INC	14,371 (+24.4%)	$341K (+53.9%)	0.4%	$18.26	—	COM	44107P104
CTO	CTO RLTY GROWTH INC NEW	22,909 (+13.4%)	$493K (+31.9%)	0.6%	$19.22	—	COM	22948Q101
EXR	EXTRA SPACE STORAGE INC	1,929 (+24.5%)	$280K (+38.0%)	0.3%	$137.03	—	COM	30225T102
WY	WEYERHAEUSER CO	28,094 (+8.7%)	$673K (+6.5%)	0.8%	$23.55	—	COM NEW	962166104

Exited Positions (7)

GLPI GAMING & LEISURE P 2.7%

Value $2.375M Shares 53,519 Est. Cost $44.69 Unrealized —

OHI OMEGA HEALTHCARE INVS INC 1.2%

Value $1.018M Shares 23,233 Est. Cost $43.82 Unrealized —

ARI APOLLO COML REAL ESTATE FIN 1.2%

Value $1.005M Shares 95,131 Est. Cost $10.56 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 1.1%

Value $925K Shares 58,236 Est. Cost $18.48 Unrealized —

PMT PENNYMAC MTG INVT TR 0.9%

Value $775K Shares 66,483 Est. Cost $11.91 Unrealized —

XRN CHIRON REAL ESTATE INC 0.3%

Value $233K Shares 7,043 Est. Cost $33.71 Unrealized —

KRG KITE REALTY GROUP TRUST 0.2%

Value $204K Shares 8,293 Est. Cost $24.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLPI	GAMING & LEISURE P	53,519	$2.375M	2.7%	$44.69	—	—	36467J108
OHI	OMEGA HEALTHCARE INVS INC	23,233	$1.018M	1.2%	$43.82	—	—	681936100
ARI	APOLLO COML REAL ESTATE FIN	95,131	$1.005M	1.2%	$10.56	—	—	03762U105
CHCT	COMMUNITY HEALTHCARE TR INC	58,236	$925K	1.1%	$18.48	—	—	20369C106
PMT	PENNYMAC MTG INVT TR	66,483	$775K	0.9%	$11.91	—	—	70931T103
XRN	CHIRON REAL ESTATE INC	7,043	$233K	0.3%	$33.71	—	—	37954A303
KRG	KITE REALTY GROUP TRUST	8,293	$204K	0.2%	$24.55	—	—	49803T300

Decreased Positions (11)

ELS EQUITY LIFESTYLE PROPERTIES 0.5%

Value $443K (-84.5%) Shares 6,866 (-85.0%) Est. Cost $62.42 Unrealized —

AMT AMERICAN TOWER CORP 3.1%

Value $2.672M (-45.0%) Shares 16,336 (-42.0%) Est. Cost $183.07 Unrealized —

O REALTY INCOME CORP 0.6%

Value $539K (-69.9%) Shares 8,701 (-70.3%) Est. Cost $57.15 Unrealized —

VICI VICI PPTYS INC 1.0%

Value $902K (-44.0%) Shares 33,972 (-42.3%) Est. Cost $29.02 Unrealized —

VRT VERTIV HOLDINGS CO 2.5%

Value $2.177M (+19.0%) Shares 6,501 (-11.0%) Est. Cost $114.29 Unrealized —

WELL WELLTOWER INC 3.2%

Value $2.786M (+13.6%) Shares 12,276 (-1.0%) Est. Cost $186.53 Unrealized —

DHC DIVERSIFIED HEALTHCARE TR 0.6%

Value $486K (-31.8%) Shares 52,261 (-51.3%) Est. Cost $3.58 Unrealized —

IRM IRON MTN INC DEL 1.5%

Value $1.327M (+5.2%) Shares 10,505 (-14.9%) Est. Cost $94.20 Unrealized —

UMH UMH PPTYS INC 0.5%

Value $397K (-11.8%) Shares 26,198 (-15.9%) Est. Cost $20.60 Unrealized —

BRX BRIXMOR PPTY GROUP INC 0.7%

Value $613K (-5.8%) Shares 19,427 (-14.0%) Est. Cost $25.76 Unrealized —

— PEBBLEBROOK HOTEL TR 5.0%

Value $4.374M (-0.2%) Shares 224,553 (-1.6%) Est. Cost $17.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELS	EQUITY LIFESTYLE PROPERTIES	6,866 (-85.0%)	$443K (-84.5%)	0.5%	$62.42	—	COM	29472R108
AMT	AMERICAN TOWER CORP	16,336 (-42.0%)	$2.672M (-45.0%)	3.1%	$183.07	—	COM	03027X100
O	REALTY INCOME CORP	8,701 (-70.3%)	$539K (-69.9%)	0.6%	$57.15	—	COM	756109104
VICI	VICI PPTYS INC	33,972 (-42.3%)	$902K (-44.0%)	1.0%	$29.02	—	COM	925652109
VRT	VERTIV HOLDINGS CO	6,501 (-11.0%)	$2.177M (+19.0%)	2.5%	$114.29	—	COM CL A	92537N108
WELL	WELLTOWER INC	12,276 (-1.0%)	$2.786M (+13.6%)	3.2%	$186.53	—	COM	95040Q104
DHC	DIVERSIFIED HEALTHCARE TR	52,261 (-51.3%)	$486K (-31.8%)	0.6%	$3.58	—	COM SH BEN INT	25525P107
IRM	IRON MTN INC DEL	10,505 (-14.9%)	$1.327M (+5.2%)	1.5%	$94.20	—	COM	46284V101
UMH	UMH PPTYS INC	26,198 (-15.9%)	$397K (-11.8%)	0.5%	$20.60	—	COM	903002103
BRX	BRIXMOR PPTY GROUP INC	19,427 (-14.0%)	$613K (-5.8%)	0.7%	$25.76	—	COM	11120U105
—	PEBBLEBROOK HOTEL TR	224,553 (-1.6%)	$4.374M (-0.2%)	5.0%	$17.55	—	6.375 PFD SER E	70509V605

Unchanged Positions (11)

PSA PUBLIC STORAGE 2.5%

Value $2.177M Shares 6,840 Est. Cost $270.24 Unrealized —

— EPR PPTYS 6.3%

Value $5.496M Shares 173,004 Est. Cost $30.43 Unrealized —

LINE LINEAGE INC 0.8%

Value $651K Shares 15,054 Est. Cost $32.76 Unrealized —

FTAI FTAI AVIATION LTD 1.1%

Value $973K Shares 3,596 Est. Cost $141.79 Unrealized —

— EPR PPTYS 0.8%

Value $716K Shares 27,950 Est. Cost $25.35 Unrealized —

EXPE EXPEDIA GROUP INC 0.6%

Value $561K Shares 2,193 Est. Cost $253.44 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 0.3%

Value $282K Shares 5,336 Est. Cost $48.97 Unrealized —

— RITHM PPTY TR INC 2.8%

Value $2.466M Shares 99,012 Est. Cost $24.65 Unrealized —

— LXP INDUSTRIAL TRUST 1.6%

Value $1.401M Shares 30,778 Est. Cost $48.76 Unrealized —

— PEBBLEBROOK HOTEL TR 2.5%

Value $2.179M Shares 112,203 Est. Cost $17.51 Unrealized —

CBRE CBRE GROUP INC 0.8%

Value $706K Shares 5,242 Est. Cost $161.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PSA	PUBLIC STORAGE	6,840	$2.177M	2.5%	$270.24	—	COM	74460D109
—	EPR PPTYS	173,004	$5.496M	6.3%	$30.43	—	CONV PFD 9% SR E	26884U307
LINE	LINEAGE INC	15,054	$651K	0.8%	$32.76	—	COM	53566V106
FTAI	FTAI AVIATION LTD	3,596	$973K	1.1%	$141.79	—	SHS	G3730V105
—	EPR PPTYS	27,950	$716K	0.8%	$25.35	—	PFD C CV 5.75%	26884U208
EXPE	EXPEDIA GROUP INC	2,193	$561K	0.6%	$253.44	—	COM NEW	30212P303
ARE	ALEXANDRIA REAL ESTATE EQ IN	5,336	$282K	0.3%	$48.97	—	COM	015271109
—	RITHM PPTY TR INC	99,012	$2.466M	2.8%	$24.65	—	9.875 FXD-FLT C	38983D862
—	LXP INDUSTRIAL TRUST	30,778	$1.401M	1.6%	$48.76	—	PFD CONV SER C	529043309
—	PEBBLEBROOK HOTEL TR	112,203	$2.179M	2.5%	$17.51	—	6.3 CUM PFD SR F	70509V704
CBRE	CBRE GROUP INC	5,242	$706K	0.8%	$161.40	—	CL A	12504L109