Long Pond Capital, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLPI	GAMING & LEISURE PPTYS INC	993,810	$44,413	5.2%	$44.69	—	COM	36467J108
PRKS	UNITED PARKS & RESORTS INC	855,000	$31,037	3.6%	$41.55	0.0%	COM	81282V100
WH	WYNDHAM HOTELS & RESORTS INC	337,800	$25,524	3.0%	$75.40	0.0%	COM	98311A105
AVB	AVALONBAY CMNTYS INC	140,000	$25,383	3.0%	$179.77	0.0%	COM	053484101
ARE	ALEXANDRIA REAL ESTATE EQ IN	479,200	$23,452	2.8%	$58.01	0.0%	COM	015271109
TREX	TREX CO INC	484,286	$16,989	2.0%	$40.45	0.0%	COM	89531P105
SAFE	SAFEHOLD INC	944,939	$12,936	1.5%	$13.69	—	COM	78646V107
CUBE	CUBESMART	346,928	$12,507	1.5%	$36.05	—	COM	229663109
LINE	LINEAGE INC	184,158	$6,446	0.8%	$35.00	—	COM	53566V106
SLG	SL GREEN RLTY CORP	138,230	$6,341	0.7%	$45.87	—	COM	78440X887
VRE	VERIS RESIDENTIAL INC	150,000	$2,232	0.3%	$14.88	—	COM	554489104

Increased Positions (8)

PLD PROLOGIS INC. 5.2%

Value ($000) $44,681 (+11666.0%) Shares 350,000 (+10454.9%) Est. Cost $123.65 Unrealized +0.2%

COMP COMPASS INC 6.2%

Value ($000) $52,850 (+324.6%) Shares 5,000,000 (+222.6%) Est. Cost $8.81 Unrealized +3.6%

CSR CENTERSPACE 3.5%

Value ($000) $29,630 (+135.7%) Shares 444,101 (+108.0%) Est. Cost $62.96 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 4.1%

Value ($000) $34,602 (+33.5%) Shares 1,479,336 (+54.2%) Est. Cost $26.08 Unrealized -13.8%

NXRT NEXPOINT RESIDENTIAL TR INC 3.0%

Value ($000) $25,370 (+44.7%) Shares 842,870 (+54.9%) Est. Cost $31.47 Unrealized —

HGV HILTON GRAND VACATIONS INC 3.8%

Value ($000) $32,758 (+20.9%) Shares 732,021 (+13.0%) Est. Cost $40.46 Unrealized +5.0%

TRTX TPG RE FIN TR INC 7.1%

Value ($000) $60,551 (+2.5%) Shares 7,032,626 (+1.9%) Est. Cost $8.29 Unrealized —

JBGS JBG SMITH PPTYS 8.3%

Value ($000) $70,547 (-1.8%) Shares 4,147,399 (+28.4%) Est. Cost $26.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC.	350,000 (+10454.9%)	$44,681 (+11666.0%)	5.2%	$123.65	+0.2%	COM	74340W103
COMP	COMPASS INC	5,000,000 (+222.6%)	$52,850 (+324.6%)	6.2%	$8.81	+3.6%	CL A	20464U100
CSR	CENTERSPACE	444,101 (+108.0%)	$29,630 (+135.7%)	3.5%	$62.96	—	COM	15202L107
CZR	CAESARS ENTERTAINMENT INC NE	1,479,336 (+54.2%)	$34,602 (+33.5%)	4.1%	$26.08	-13.8%	COM	12769G100
NXRT	NEXPOINT RESIDENTIAL TR INC	842,870 (+54.9%)	$25,370 (+44.7%)	3.0%	$31.47	—	COM	65341D102
HGV	HILTON GRAND VACATIONS INC	732,021 (+13.0%)	$32,758 (+20.9%)	3.8%	$40.46	+5.0%	COM	43283X105
TRTX	TPG RE FIN TR INC	7,032,626 (+1.9%)	$60,551 (+2.5%)	7.1%	$8.29	—	COM	87266M107
JBGS	JBG SMITH PPTYS	4,147,399 (+28.4%)	$70,547 (-1.8%)	8.3%	$26.03	—	COM	46590V100

Exited Positions (9)

JHX JAMES HARDIE INDS PLC 16.4%

Value ($000) $139,230 Shares 7,247,811 Est. Cost $23.95 Unrealized -16.3%

TMHC TAYLOR MORRISON HOME CORP 10.7%

Value ($000) $91,066 Shares 1,379,577 Est. Cost $59.89 Unrealized +2.1%

AMH AMERICAN HOMES 4 RENT 6.1%

Value ($000) $51,996 Shares 1,563,780 Est. Cost $33.25 Unrealized —

— LXP INDUSTRIAL TRUST 4.0%

Value ($000) $34,048 Shares 3,800,000 Est. Cost $8.93 Unrealized —

ELS EQUITY LIFESTYLE PPTYS INC 2.5%

Value ($000) $21,543 Shares 354,911 Est. Cost $60.70 Unrealized —

PLYM PLYMOUTH INDL REIT INC 1.3%

Value ($000) $10,997 Shares 492,468 Est. Cost $22.33 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 0.8%

Value ($000) $6,589 Shares 290,000 Est. Cost $39.33 Unrealized -54.0%

MTH MERITAGE HOMES CORP 0.4%

Value ($000) $3,368 Shares 46,500 Est. Cost $77.75 Unrealized -10.9%

EQR EQUITY RESIDENTIAL 0.2%

Value ($000) $1,297 Shares 20,037 Est. Cost $64.02 Unrealized -5.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JHX	JAMES HARDIE INDS PLC	7,247,811	$139,230	16.4%	$23.95	-16.3%	—	G4253H101
TMHC	TAYLOR MORRISON HOME CORP	1,379,577	$91,066	10.7%	$59.89	+2.1%	—	87724P106
AMH	AMERICAN HOMES 4 RENT	1,563,780	$51,996	6.1%	$33.25	—	—	02665T306
—	LXP INDUSTRIAL TRUST	3,800,000	$34,048	4.0%	$8.93	—	—	529043101
ELS	EQUITY LIFESTYLE PPTYS INC	354,911	$21,543	2.5%	$60.70	—	—	29472R108
PLYM	PLYMOUTH INDL REIT INC	492,468	$10,997	1.3%	$22.33	—	—	729640102
FUN	SIX FLAGS ENTERTAINMENT CORP	290,000	$6,589	0.8%	$39.33	-54.0%	—	83001C108
MTH	MERITAGE HOMES CORP	46,500	$3,368	0.4%	$77.75	-10.9%	—	59001A102
EQR	EQUITY RESIDENTIAL	20,037	$1,297	0.2%	$64.02	-5.2%	—	29476L107

Decreased Positions (9)

CPT CAMDEN PPTY TR 0.7%

Value ($000) $5,909 (-97.2%) Shares 53,679 (-97.2%) Est. Cost $108.70 Unrealized -5.1%

IRT INDEPENDENCE RLTY TR INC 2.1%

Value ($000) $17,490 (-91.3%) Shares 1,000,578 (-91.9%) Est. Cost $16.89 Unrealized —

NSA NATIONAL STORAGE AFFILIATES 8.6%

Value ($000) $73,101 (-37.1%) Shares 2,591,313 (-32.6%) Est. Cost $31.37 Unrealized —

MHO M/I HOMES INC 1.1%

Value ($000) $9,097 (-72.3%) Shares 71,096 (-68.8%) Est. Cost $120.97 Unrealized +9.3%

COLD AMERICOLD REALTY TRUST INC 8.8%

Value ($000) $74,909 (-21.1%) Shares 5,824,989 (-24.9%) Est. Cost $12.24 Unrealized —

H HYATT HOTELS CORP 3.8%

Value ($000) $32,623 (-27.6%) Shares 203,489 (-35.9%) Est. Cost $143.36 Unrealized +6.8%

KREF KKR REAL ESTATE FIN TR INC 1.5%

Value ($000) $12,849 (-38.5%) Shares 1,563,088 (-32.7%) Est. Cost $9.00 Unrealized —

MAA MID-AMER APT CMNTYS INC 0.6%

Value ($000) $5,518 (-41.5%) Shares 39,723 (-41.2%) Est. Cost $126.21 Unrealized +5.4%

SMRT SMARTRENT INC 1.3%

Value ($000) $11,333 (+32.5%) Shares 5,610,150 (-7.5%) Est. Cost $2.75 Unrealized -40.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPT	CAMDEN PPTY TR	53,679 (-97.2%)	$5,909 (-97.2%)	0.7%	$108.70	-5.1%	SH BEN INT	133131102
IRT	INDEPENDENCE RLTY TR INC	1,000,578 (-91.9%)	$17,490 (-91.3%)	2.1%	$16.89	—	COM	45378A106
NSA	NATIONAL STORAGE AFFILIATES	2,591,313 (-32.6%)	$73,101 (-37.1%)	8.6%	$31.37	—	COM SHS BEN IN	637870106
MHO	M/I HOMES INC	71,096 (-68.8%)	$9,097 (-72.3%)	1.1%	$120.97	+9.3%	COM	55305B101
COLD	AMERICOLD REALTY TRUST INC	5,824,989 (-24.9%)	$74,909 (-21.1%)	8.8%	$12.24	—	COM	03064D108
H	HYATT HOTELS CORP	203,489 (-35.9%)	$32,623 (-27.6%)	3.8%	$143.36	+6.8%	COM CL A	448579102
KREF	KKR REAL ESTATE FIN TR INC	1,563,088 (-32.7%)	$12,849 (-38.5%)	1.5%	$9.00	—	COM	48251K100
MAA	MID-AMER APT CMNTYS INC	39,723 (-41.2%)	$5,518 (-41.5%)	0.6%	$126.21	+5.4%	COM	59522J103
SMRT	SMARTRENT INC	5,610,150 (-7.5%)	$11,333 (+32.5%)	1.3%	$2.75	-40.3%	COM CL A	83193G107

Unchanged Positions (2)

INN SUMMIT HOTEL PPTYS INC 5.4%

Value ($000) $45,778 Shares 9,400,000 Est. Cost $5.09 Unrealized —

SHO SUNSTONE HOTEL INVS INC NEW 0.5%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INN	SUMMIT HOTEL PPTYS INC	9,400,000	$45,778	5.4%	$5.09	—	COM	866082100
SHO	SUNSTONE HOTEL INVS INC NEW	485,237	$4,338	0.5%	$9.37	—	COM	867892101