Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BXDC	BLACKSTONE DIGITAL INFRASTRU	3,587,500	$77.6M	5.1%	—	—	COMMON STOCK	09264B107
EQR	EQUITY RESIDENTIAL	976,765	$66.35M	4.4%	—	—	SH BEN INT	29476L107
AMT	AMERICAN TOWER CORP	405,390	$66.31M	4.4%	—	—	COM	03027X100
DOC	HEALTHPEAK PROPERTIES INC	2,944,629	$63.02M	4.2%	—	—	COM	42250P103
MAC	MACERICH CO	2,068,800	$52.11M	3.5%	—	—	COM	554382101
NHP	NATIONAL HEALTHCARE PPTYS IN	2,578,241	$37.77M	2.5%	—	—	COM CLASS A	42226B501
VICI	VICI PPTYS INC	734,400	$19.5M	1.3%	—	—	COM	925652109
POOL	POOL CORP	46,600	$10.01M	0.7%	—	—	COM	73278L105

Increased Positions (5)

SBRA SABRA HEALTH CARE REIT INC 5.4%

Value $82.15M (+167.3%) Shares 4,210,530 (+163.4%) Est. Cost — Unrealized —

INVH INVITATION HOMES INC 9.1%

Value $137M (+30.4%) Shares 4,545,176 (+7.3%) Est. Cost — Unrealized —

ADC AGREE RLTY CORP 4.4%

Value $66.18M (+29.6%) Shares 873,829 (+29.0%) Est. Cost — Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR INC 3.2%

Value $48.66M (+28.3%) Shares 1,630,002 (+30.5%) Est. Cost — Unrealized —

SITC SITE CTRS CORP 1.2%

Value $17.86M (-25.6%) Shares 4,499,853 (+1.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBRA	SABRA HEALTH CARE REIT INC	4,210,530 (+163.4%)	$82.15M (+167.3%)	5.4%	—	—	COM	78573L106
INVH	INVITATION HOMES INC	4,545,176 (+7.3%)	$137M (+30.4%)	9.1%	—	—	COM	46187W107
ADC	AGREE RLTY CORP	873,829 (+29.0%)	$66.18M (+29.6%)	4.4%	—	—	COM	008492100
EPRT	ESSENTIAL PPTYS RLTY TR INC	1,630,002 (+30.5%)	$48.66M (+28.3%)	3.2%	—	—	COM	29670E107
SITC	SITE CTRS CORP	4,499,853 (+1.2%)	$17.86M (-25.6%)	1.2%	—	—	COM	82981J851

Exited Positions (8)

FRT FEDERAL RLTY INVT TR NEW 4.5%

Value $67.82M Shares 638,538 Est. Cost — Unrealized —

COLD AMERICOLD REALTY TRUST INC 2.4%

Value $35.5M Shares 3,097,316 Est. Cost — Unrealized —

AKR ACADIA RLTY TR 2.1%

Value $32.3M Shares 1,689,278 Est. Cost — Unrealized —

CSGP COSTAR GROUP INC 1.3%

Value $19.49M Shares 483,200 Est. Cost — Unrealized —

APLE APPLE HOSPITALITY REIT INC 1.1%

Value $17.14M Shares 1,489,435 Est. Cost — Unrealized —

CURB CURBLINE PPTYS CORP 1.1%

Value $17.14M Shares 664,514 Est. Cost — Unrealized —

JAN JANUS LIVING INC 0.5%

Value $7.071M Shares 300,000 Est. Cost — Unrealized —

SNDA SONIDA SENIOR LIVING INC 0.5%

Value $7.036M Shares 218,171 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FRT	FEDERAL RLTY INVT TR NEW	638,538	$67.82M	4.5%	—	—	—	313745101
COLD	AMERICOLD REALTY TRUST INC	3,097,316	$35.5M	2.4%	—	—	—	03064D108
AKR	ACADIA RLTY TR	1,689,278	$32.3M	2.1%	—	—	—	004239109
CSGP	COSTAR GROUP INC	483,200	$19.49M	1.3%	—	—	—	22160N109
APLE	APPLE HOSPITALITY REIT INC	1,489,435	$17.14M	1.1%	—	—	—	03784Y200
CURB	CURBLINE PPTYS CORP	664,514	$17.14M	1.1%	—	—	—	23128Q101
JAN	JANUS LIVING INC	300,000	$7.071M	0.5%	—	—	—	471024109
SNDA	SONIDA SENIOR LIVING INC	218,171	$7.036M	0.5%	—	—	—	140475203

Decreased Positions (9)

SBAC SBA COMMUNICATIONS CORP 5.3%

Value $80.52M (-52.2%) Shares 456,290 (-53.4%) Est. Cost — Unrealized —

ESS ESSEX PPTY TR INC 8.5%

Value $128M (-34.6%) Shares 438,518 (-45.7%) Est. Cost — Unrealized —

KRC KILROY REALTY CORP 7.3%

Value $110M (-19.5%) Shares 2,945,755 (-39.4%) Est. Cost — Unrealized —

FR FIRST INDL RLTY TR INC 5.2%

Value $78.63M (-22.5%) Shares 1,282,572 (-26.9%) Est. Cost — Unrealized —

HR HEALTHCARE RLTY TR 7.0%

Value $105M (-14.3%) Shares 5,213,764 (-27.8%) Est. Cost — Unrealized —

VTR VENTAS INC 6.6%

Value $98.89M (-13.8%) Shares 1,113,660 (-20.6%) Est. Cost — Unrealized —

NNN NNN REIT INC 7.6%

Value $115M (-11.6%) Shares 2,474,091 (-20.2%) Est. Cost — Unrealized —

IRT INDEPENDENCE RLTY TR INC 2.6%

Value $38.67M (-24.9%) Shares 2,316,753 (-33.0%) Est. Cost — Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 0.6%

Value $8.924M (-45.8%) Shares 418,946 (-54.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBAC	SBA COMMUNICATIONS CORP	456,290 (-53.4%)	$80.52M (-52.2%)	5.3%	—	—	CL A	78410G104
ESS	ESSEX PPTY TR INC	438,518 (-45.7%)	$128M (-34.6%)	8.5%	—	—	COM	297178105
KRC	KILROY REALTY CORP	2,945,755 (-39.4%)	$110M (-19.5%)	7.3%	—	—	COM	49427F108
FR	FIRST INDL RLTY TR INC	1,282,572 (-26.9%)	$78.63M (-22.5%)	5.2%	—	—	COM	32054K103
HR	HEALTHCARE RLTY TR	5,213,764 (-27.8%)	$105M (-14.3%)	7.0%	—	—	CL A COM	42226K105
VTR	VENTAS INC	1,113,660 (-20.6%)	$98.89M (-13.8%)	6.6%	—	—	COM	92276F100
NNN	NNN REIT INC	2,474,091 (-20.2%)	$115M (-11.6%)	7.6%	—	—	COM	637417106
IRT	INDEPENDENCE RLTY TR INC	2,316,753 (-33.0%)	$38.67M (-24.9%)	2.6%	—	—	COM	45378A106
FUN	SIX FLAGS ENTERTAINMENT CORP	418,946 (-54.8%)	$8.924M (-45.8%)	0.6%	—	—	COM	83001C108