Uniplan Investment Counsel, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAR	Marriott International, Inc. Class A	10,507	$3,260	0.3%	$285.32	0.0%	COM	571903202
—	Iron Mountain, Inc.	30,327	$2,516	0.3%	$82.95	—	COM	46284v101
QQQI	NEOS Nasdaq High Income ETF	32,746	$1,764	0.2%	$53.86	—	COM	78433H675
GTLS	Chart Industries, Inc.	7,969	$1,644	0.2%	$202.64	0.0%	COM	16115Q308
UMH	UMH Properties, Inc.	97,037	$1,544	0.2%	$15.91	—	COM	903002103
FR	First Industrial Realty Trust, Inc.	25,991	$1,489	0.1%	$57.27	—	COM	32054K103
QCOM	QUALCOMM Incorporated	7,924	$1,356	0.1%	$170.79	0.0%	COM	747525103
OMCL	Omnicell, Inc.	29,341	$1,329	0.1%	$36.59	0.0%	COM	68213N109
UPS	United Parcel Service, Inc. Class B	9,076	$900	0.1%	$92.75	0.0%	COM	911312106
—	Pitney Bowes Inc. Pfd Shares	43,509	$887	0.1%	$20.39	—	PFD	724479506
—	Brookfield Asset Management Ltd. Class A	16,832	$882	0.1%	$52.39	—	COM	112585104
TGS	Transportadora de Gas del Sur SA Sponsored ADR Class B RegS	28,023	$871	0.1%	$31.09	—	COM	893870204
—	Marex Group plc	22,666	$869	0.1%	$38.36	—	COM	00BMT7GT6
MATX	Matson, Inc.	6,908	$854	0.1%	$107.05	0.0%	COM	57686G105
PEP	PepsiCo, Inc.	5,848	$839	0.1%	$145.91	0.0%	COM	713448108
CDNA	CareDx, Inc.	28,267	$533	0.1%	$16.75	0.0%	COM	14167L103
KGS	Kodiak Gas Services, Inc.	12,238	$458	0.0%	$35.36	0.0%	COM	50012A108
AROC	Archrock Inc.	17,523	$456	0.0%	$24.62	0.0%	COM	03957W106
—	Alphabet Inc. Class C	206	$65	0.0%	$314.08	—	COM	38259P508
ELAN	Elanco Animal Health, Inc.	1,831	$41	0.0%	$21.76	0.0%	COM	28414H103
HAL	Halliburton Company	1,372	$39	0.0%	$26.29	0.0%	COM	406216101
FDX	FedEx Corporation	125	$36	0.0%	$261.56	0.0%	COM	31428X106
NDAQ	Nasdaq, Inc.	360	$35	0.0%	$89.74	0.0%	COM	631103108
SETM	Sprott Critical Materials ETF	1,176	$34	0.0%	$28.97	—	COM	85208P402
LULU	lululemon athletica inc.	122	$26	0.0%	$181.15	0.0%	COM	550021109
ANDE	Andersons, Inc.	472	$25	0.0%	$48.74	0.0%	COM	034164103
RTX	RTX Corporation	100	$18	0.0%	$173.32	0.0%	COM	75513E101
U	Unity Software, Inc.	385	$17	0.0%	$40.75	0.0%	COM	91332U101
TCBI	Texas Capital Bancshares, Inc.	181	$16	0.0%	$87.79	0.0%	COM	88224Q107
ONTO	Onto Innovation, Inc.	101	$16	0.0%	$142.02	0.0%	COM	683344105
XLF	State Street Financial Select Sector SPDR ETF	281	$15	0.0%	$54.80	—	COM	81369Y605
IBM	International Business Machines Corporation	49	$15	0.0%	$298.78	0.0%	COM	459200101
NTRS	Northern Trust Corporation	89	$12	0.0%	$130.74	0.0%	COM	665859104
COPP	Sprott Copper Miners ETF	312	$11	0.0%	$34.84	—	COM	85208P881
SOLS	Solstice Advanced Materials, Inc.	214	$10	0.0%	$47.08	0.0%	COM	83443Q103
XOM	Exxon Mobil Corporation	83	$10	0.0%	$115.49	0.0%	COM	30231G102
CRWD	CrowdStrike Holdings, Inc. Class A	19	$9	0.0%	$509.22	0.0%	COM	22788C105
AA	Alcoa Corporation	110	$6	0.0%	$40.88	0.0%	COM	013872106
KALU	Kaiser Aluminum Corporation	47	$5	0.0%	$94.44	0.0%	COM	483007704
VZ	Verizon Communications Inc.	129	$5	0.0%	$40.48	0.0%	COM	92343V104

Increased Positions (48)

PLD Prologis, Inc. 3.0%

Value ($000) $29,894 (+133.8%) Shares 234,171 (+109.7%) Est. Cost $115.16 Unrealized +7.6%

AHR American Healthcare REIT, Inc. 0.5%

Value ($000) $5,245 (+170.5%) Shares 111,461 (+141.5%) Est. Cost $39.34 Unrealized —

HST Host Hotels & Resorts, Inc. 0.6%

Value ($000) $6,292 (+102.8%) Shares 354,897 (+94.7%) Est. Cost $16.50 Unrealized +2.6%

AXGN Axogen, Inc. 0.6%

Value ($000) $5,845 (+106.4%) Shares 178,576 (+12.5%) Est. Cost $17.60 Unrealized +39.8%

— AT&T Inc Depositary Shs Pfd Series C 0.3%

Value ($000) $3,179 (+279.6%) Shares 167,154 (+1400.5%) Est. Cost $17.75 Unrealized —

LVMUY LVMH Moet Hennessy Louis Vuitton SE Unsponsored ADR 0.3%

Value ($000) $2,780 (+207.4%) Shares 18,433 (+149.3%) Est. Cost $139.38 Unrealized —

HII Huntington Ingalls Industries, Inc. 0.4%

Value ($000) $3,672 (+93.1%) Shares 10,798 (+63.5%) Est. Cost $266.56 Unrealized +16.1%

MRP Millrose Properties Inc Class A 0.2%

Value ($000) $2,448 (+191.0%) Shares 81,943 (+227.5%) Est. Cost $31.01 Unrealized —

SCCO Southern Copper Corporation 0.3%

Value ($000) $2,939 (+110.5%) Shares 20,487 (+78.0%) Est. Cost $113.09 Unrealized +17.4%

— Dynavax Technologies Corporation 0.3%

Value ($000) $2,790 (+120.8%) Shares 181,429 (+42.6%) Est. Cost $12.08 Unrealized —

CTRE CareTrust REIT, Inc. 0.7%

Value ($000) $6,975 (+27.6%) Shares 192,894 (+22.4%) Est. Cost $31.38 Unrealized —

EYE National Vision Holdings, Inc. 0.2%

Value ($000) $1,978 (+246.8%) Shares 76,611 (+292.1%) Est. Cost $24.38 Unrealized +10.3%

PAX Patria Investments Ltd. Class A 0.3%

Value ($000) $2,976 (+83.0%) Shares 187,294 (+68.2%) Est. Cost $13.22 Unrealized +11.4%

UTI Universal Technical Institute, Inc. 0.5%

Value ($000) $5,197 (-20.2%) Shares 213,339 (+6.6%) Est. Cost $19.62 Unrealized +44.3%

WPC W. P. Carey Inc. 0.4%

Value ($000) $4,416 (+40.3%) Shares 68,618 (+47.3%) Est. Cost $66.54 Unrealized —

NWPX NWPX Infrastructure Inc. 0.4%

Value ($000) $4,207 (+42.2%) Shares 67,320 (+20.4%) Est. Cost $39.70 Unrealized +45.2%

PSA Public Storage 1.9%

Value ($000) $19,412 (-6.0%) Shares 74,805 (+4.7%) Est. Cost $268.75 Unrealized +3.2%

HHH Howard Hughes Holdings Inc. 0.5%

Value ($000) $5,038 (+31.7%) Shares 63,150 (+35.7%) Est. Cost $73.84 Unrealized +12.2%

MAA Mid-America Apartment Communities, Inc. 1.2%

Value ($000) $11,939 (+10.7%) Shares 85,946 (+11.3%) Est. Cost $149.23 Unrealized -10.9%

DHT DHT Holdings, Inc. 0.3%

Value ($000) $2,969 (+62.7%) Shares 243,159 (+59.3%) Est. Cost $11.47 Unrealized +7.0%

MFIN Medallion Financial Corp. 0.4%

Value ($000) $3,663 (+43.5%) Shares 355,984 (+40.8%) Est. Cost $9.19 Unrealized +8.5%

AMGN Amgen Inc. 0.3%

Value ($000) $3,303 (+49.6%) Shares 10,091 (+29.0%) Est. Cost $268.77 Unrealized +17.6%

ESQ Esquire Financial Holdings, Inc. 0.3%

Value ($000) $2,695 (+64.9%) Shares 26,402 (+64.9%) Est. Cost $99.32 Unrealized +1.8%

INOD Innodata Inc. 0.4%

Value ($000) $4,041 (-20.3%) Shares 79,317 (+20.6%) Est. Cost $45.36 Unrealized +43.8%

RPRX Royalty Pharma Plc Class A 0.4%

Value ($000) $3,545 (+39.9%) Shares 91,746 (+27.8%) Est. Cost $31.55 Unrealized +20.9%

DAKT Daktronics, Inc. 0.4%

Value ($000) $3,974 (+33.3%) Shares 201,017 (+41.1%) Est. Cost $12.48 Unrealized +53.2%

AUPH Aurinia Pharmaceuticals Inc. 0.2%

Value ($000) $2,004 (+98.0%) Shares 125,616 (+37.2%) Est. Cost $11.80 Unrealized +20.1%

GHM Graham Corporation 0.3%

Value ($000) $3,218 (+44.5%) Shares 50,097 (+23.5%) Est. Cost $52.93 Unrealized +14.0%

INVA Innoviva, Inc. 0.4%

Value ($000) $4,388 (+25.6%) Shares 219,514 (+14.6%) Est. Cost $14.37 Unrealized +35.9%

BBW Build-A-Bear Workshop, Inc. 0.7%

Value ($000) $7,006 (+13.0%) Shares 114,349 (+20.3%) Est. Cost $38.75 Unrealized +40.0%

CWEN Clearway Energy, Inc. Class C 0.3%

Value ($000) $3,020 (+29.7%) Shares 90,806 (+10.2%) Est. Cost $26.90 Unrealized +22.7%

EZPW EZCORP, Inc. Class A 0.5%

Value ($000) $4,831 (+15.1%) Shares 248,771 (+12.9%) Est. Cost $14.73 Unrealized +28.0%

GTY Getty Realty Corp. 0.2%

Value ($000) $1,672 (+55.8%) Shares 61,082 (+52.7%) Est. Cost $29.18 Unrealized —

HWKN Hawkins, Inc. 0.5%

Value ($000) $4,639 (-11.1%) Shares 32,653 (+14.4%) Est. Cost $82.91 Unrealized +77.6%

OMAB Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B 0.3%

Value ($000) $2,965 (+22.2%) Shares 27,263 (+16.7%) Est. Cost $74.39 Unrealized —

AZZ AZZ Inc. 0.6%

Value ($000) $5,753 (+10.3%) Shares 53,676 (+12.3%) Est. Cost $45.00 Unrealized +129.9%

RDVT Red Violet, Inc. 0.6%

Value ($000) $5,512 (+10.1%) Shares 96,789 (+1.1%) Est. Cost $26.26 Unrealized +106.5%

GMRE Global Medical REIT, Inc. 0.4%

Value ($000) $4,240 (+11.6%) Shares 125,676 (+11.5%) Est. Cost $33.71 Unrealized —

GENI Genius Sports Limited 0.2%

Value ($000) $2,054 (+22.7%) Shares 186,405 (+37.9%) Est. Cost $11.13 Unrealized -2.0%

KTB Kontoor Brands, Inc. 0.2%

Value ($000) $1,633 (+28.2%) Shares 26,730 (+67.4%) Est. Cost $72.66 Unrealized +2.2%

MNTN MNTN, Inc Class A 0.1%

Value ($000) $1,177 (+18.2%) Shares 98,577 (+83.6%) Est. Cost $18.95 Unrealized -24.0%

WULF TeraWulf Inc. 0.7%

Value ($000) $7,131 (+2.3%) Shares 620,674 (+1.7%) Est. Cost $4.15 Unrealized +223.1%

SBR Sabine Royalty Trust 0.2%

Value ($000) $1,992 (+7.1%) Shares 29,046 (+24.1%) Est. Cost $71.69 Unrealized —

ABBV AbbVie, Inc. 0.4%

Value ($000) $3,966 (+1.5%) Shares 17,356 (+2.9%) Est. Cost $72.03 Unrealized +215.9%

AMZN Amazon.com, Inc. 0.0%

Value ($000) $89 (+102.6%) Shares 387 (+92.5%) Est. Cost $215.19 Unrealized +6.3%

CME CME Group Inc. Class A 0.0%

Value ($000) $40 (+287.8%) Shares 145 (+281.6%) Est. Cost $263.32 Unrealized +2.8%

GPGI CompoSecure, Inc. Class A 0.3%

Value ($000) $2,945 (-0.4%) Shares 152,737 (+7.6%) Est. Cost $14.98 Unrealized +33.2%

DLR Digital Realty Trust, Inc. 1.2%

Value ($000) $11,582 (+0.0%) Shares 74,863 (+11.8%) Est. Cost $107.76 Unrealized +51.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	Prologis, Inc.	234,171 (+109.7%)	$29,894 (+133.8%)	3.0%	$115.16	+7.6%	COM	74340W103
AHR	American Healthcare REIT, Inc.	111,461 (+141.5%)	$5,245 (+170.5%)	0.5%	$39.34	—	COM	398182303
HST	Host Hotels & Resorts, Inc.	354,897 (+94.7%)	$6,292 (+102.8%)	0.6%	$16.50	+2.6%	COM	44107P104
AXGN	Axogen, Inc.	178,576 (+12.5%)	$5,845 (+106.4%)	0.6%	$17.60	+39.8%	COM	05463X106
—	AT&T Inc Depositary Shs Pfd Series C	167,154 (+1400.5%)	$3,179 (+279.6%)	0.3%	$17.75	—	PFD	00206R706
LVMUY	LVMH Moet Hennessy Louis Vuitton SE Unsponsored ADR	18,433 (+149.3%)	$2,780 (+207.4%)	0.3%	$139.38	—	COM	502441306
HII	Huntington Ingalls Industries, Inc.	10,798 (+63.5%)	$3,672 (+93.1%)	0.4%	$266.56	+16.1%	COM	446413106
MRP	Millrose Properties Inc Class A	81,943 (+227.5%)	$2,448 (+191.0%)	0.2%	$31.01	—	COM	601137102
SCCO	Southern Copper Corporation	20,487 (+78.0%)	$2,939 (+110.5%)	0.3%	$113.09	+17.4%	COM	84265V105
—	Dynavax Technologies Corporation	181,429 (+42.6%)	$2,790 (+120.8%)	0.3%	$12.08	—	COM	268158201
CTRE	CareTrust REIT, Inc.	192,894 (+22.4%)	$6,975 (+27.6%)	0.7%	$31.38	—	COM	14174T107
EYE	National Vision Holdings, Inc.	76,611 (+292.1%)	$1,978 (+246.8%)	0.2%	$24.38	+10.3%	COM	63845R107
PAX	Patria Investments Ltd. Class A	187,294 (+68.2%)	$2,976 (+83.0%)	0.3%	$13.22	+11.4%	COM	G69451105
UTI	Universal Technical Institute, Inc.	213,339 (+6.6%)	$5,197 (-20.2%)	0.5%	$19.62	+44.3%	COM	913915104
WPC	W. P. Carey Inc.	68,618 (+47.3%)	$4,416 (+40.3%)	0.4%	$66.54	—	COM	92936U109
NWPX	NWPX Infrastructure Inc.	67,320 (+20.4%)	$4,207 (+42.2%)	0.4%	$39.70	+45.2%	COM	667746101
PSA	Public Storage	74,805 (+4.7%)	$19,412 (-6.0%)	1.9%	$268.75	+3.2%	COM	74460D109
HHH	Howard Hughes Holdings Inc.	63,150 (+35.7%)	$5,038 (+31.7%)	0.5%	$73.84	+12.2%	COM	44267T102
MAA	Mid-America Apartment Communities, Inc.	85,946 (+11.3%)	$11,939 (+10.7%)	1.2%	$149.23	-10.9%	COM	59522J103
DHT	DHT Holdings, Inc.	243,159 (+59.3%)	$2,969 (+62.7%)	0.3%	$11.47	+7.0%	COM	Y2065G121
MFIN	Medallion Financial Corp.	355,984 (+40.8%)	$3,663 (+43.5%)	0.4%	$9.19	+8.5%	COM	583928106
AMGN	Amgen Inc.	10,091 (+29.0%)	$3,303 (+49.6%)	0.3%	$268.77	+17.6%	COM	031162100
ESQ	Esquire Financial Holdings, Inc.	26,402 (+64.9%)	$2,695 (+64.9%)	0.3%	$99.32	+1.8%	COM	29667J101
INOD	Innodata Inc.	79,317 (+20.6%)	$4,041 (-20.3%)	0.4%	$45.36	+43.8%	COM	457642205
RPRX	Royalty Pharma Plc Class A	91,746 (+27.8%)	$3,545 (+39.9%)	0.4%	$31.55	+20.9%	COM	G7709Q104
DAKT	Daktronics, Inc.	201,017 (+41.1%)	$3,974 (+33.3%)	0.4%	$12.48	+53.2%	COM	234264109
AUPH	Aurinia Pharmaceuticals Inc.	125,616 (+37.2%)	$2,004 (+98.0%)	0.2%	$11.80	+20.1%	COM	05156V102
GHM	Graham Corporation	50,097 (+23.5%)	$3,218 (+44.5%)	0.3%	$52.93	+14.0%	COM	384556106
INVA	Innoviva, Inc.	219,514 (+14.6%)	$4,388 (+25.6%)	0.4%	$14.37	+35.9%	COM	45781M101
BBW	Build-A-Bear Workshop, Inc.	114,349 (+20.3%)	$7,006 (+13.0%)	0.7%	$38.75	+40.0%	COM	120076104
CWEN	Clearway Energy, Inc. Class C	90,806 (+10.2%)	$3,020 (+29.7%)	0.3%	$26.90	+22.7%	COM	18539C204
EZPW	EZCORP, Inc. Class A	248,771 (+12.9%)	$4,831 (+15.1%)	0.5%	$14.73	+28.0%	COM	302301106
GTY	Getty Realty Corp.	61,082 (+52.7%)	$1,672 (+55.8%)	0.2%	$29.18	—	COM	374297109
HWKN	Hawkins, Inc.	32,653 (+14.4%)	$4,639 (-11.1%)	0.5%	$82.91	+77.6%	COM	420261109
OMAB	Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B	27,263 (+16.7%)	$2,965 (+22.2%)	0.3%	$74.39	—	COM	400501102
AZZ	AZZ Inc.	53,676 (+12.3%)	$5,753 (+10.3%)	0.6%	$45.00	+129.9%	COM	002474104
RDVT	Red Violet, Inc.	96,789 (+1.1%)	$5,512 (+10.1%)	0.6%	$26.26	+106.5%	COM	75704L104
GMRE	Global Medical REIT, Inc.	125,676 (+11.5%)	$4,240 (+11.6%)	0.4%	$33.71	—	COM	37954A303
GENI	Genius Sports Limited	186,405 (+37.9%)	$2,054 (+22.7%)	0.2%	$11.13	-2.0%	COM	G3934V109
KTB	Kontoor Brands, Inc.	26,730 (+67.4%)	$1,633 (+28.2%)	0.2%	$72.66	+2.2%	COM	50050N103
MNTN	MNTN, Inc Class A	98,577 (+83.6%)	$1,177 (+18.2%)	0.1%	$18.95	-24.0%	COM	55318A108
WULF	TeraWulf Inc.	620,674 (+1.7%)	$7,131 (+2.3%)	0.7%	$4.15	+223.1%	COM	88080T104
SBR	Sabine Royalty Trust	29,046 (+24.1%)	$1,992 (+7.1%)	0.2%	$71.69	—	COM	785688102
ABBV	AbbVie, Inc.	17,356 (+2.9%)	$3,966 (+1.5%)	0.4%	$72.03	+215.9%	COM	00287Y109
AMZN	Amazon.com, Inc.	387 (+92.5%)	$89 (+102.6%)	0.0%	$215.19	+6.3%	COM	023135106
CME	CME Group Inc. Class A	145 (+281.6%)	$40 (+287.8%)	0.0%	$263.32	+2.8%	COM	12572Q105
GPGI	CompoSecure, Inc. Class A	152,737 (+7.6%)	$2,945 (-0.4%)	0.3%	$14.98	+33.2%	COM	20459V105
DLR	Digital Realty Trust, Inc.	74,863 (+11.8%)	$11,582 (+0.0%)	1.2%	$107.76	+51.4%	COM	253868103

Exited Positions (35)

KMI Kinder Morgan Inc Class P 0.8%

Value ($000) $7,652 Shares 270,297 Est. Cost $12.73 Unrealized +111.3%

PCH PotlatchDeltic Corporation 0.4%

Value ($000) $4,120 Shares 101,105 Est. Cost $43.16 Unrealized —

EQH Equitable Holdings, Inc. 0.4%

Value ($000) $4,012 Shares 79,001 Est. Cost $26.90 Unrealized +75.6%

CMBT CMB.TECH NV 0.4%

Value ($000) $3,672 Shares 391,064 Est. Cost $7.33 Unrealized +32.6%

CASS Cass Information Systems, Inc. 0.3%

Value ($000) $3,295 Shares 83,771 Est. Cost $40.02 Unrealized +1.2%

ARE Alexandria Real Estate Equities, Inc. 0.3%

Value ($000) $3,192 Shares 38,303 Est. Cost $77.73 Unrealized -25.4%

— Compass Diversified Holdings Cum Red Perp Pfd Registered Shs Series C 0.3%

Value ($000) $2,826 Shares 153,574 Est. Cost $21.62 Unrealized —

— Strategy Inc Stride Pfd Registered Shs Series A 0.2%

Value ($000) $2,104 Shares 26,735 Est. Cost $78.71 Unrealized —

— Strategy Inc Pfd Registered shs Series A 0.2%

Value ($000) $2,092 Shares 22,814 Est. Cost $91.70 Unrealized —

— Chart Industries, Inc. Shs Depository Shs Repr Pfd Shs Series B 0.2%

Value ($000) $1,613 Shares 22,705 Est. Cost $70.62 Unrealized —

LFMD LifeMD, Inc. 0.2%

Value ($000) $1,566 Shares 230,663 Est. Cost $8.14 Unrealized -40.4%

DAVE Dave, Inc. Class A 0.2%

Value ($000) $1,541 Shares 7,732 Est. Cost $137.03 Unrealized +57.0%

HSY Hershey Company 0.1%

Value ($000) $1,309 Shares 6,998 Est. Cost $179.65 Unrealized +1.4%

RCAT Red Cat Holdings Inc 0.1%

Value ($000) $1,196 Shares 115,549 Est. Cost $7.50 Unrealized +27.6%

— Aris Water Solutions, Inc. Class A 0.1%

Value ($000) $1,077 Shares 43,675 Est. Cost $24.66 Unrealized —

UDR UDR, Inc. 0.1%

Value ($000) $1,068 Shares 28,664 Est. Cost $42.30 Unrealized -16.0%

VNOM Viper Energy, Inc. 0.1%

Value ($000) $883 Shares 23,110 Est. Cost $38.10 Unrealized -0.6%

BKTI BK Technologies Corp. 0.0%

Value ($000) $106 Shares 1,249 Est. Cost $18.81 Unrealized +280.9%

EUFN iShares MSCI Europe Financials ETF 0.0%

Value ($000) $49 Shares 1,435 Est. Cost $32.28 Unrealized —

KTOS Kratos Defense & Security Solutions, Inc. 0.0%

Value ($000) $46 Shares 508 Est. Cost $33.02 Unrealized +147.9%

GBUG Sprott Active Gold & Silver Miners ETF 0.0%

Value ($000) $42 Shares 1,130 Est. Cost $25.37 Unrealized —

— Nebius Group N.V. Class A 0.0%

Value ($000) $31 Shares 275 Est. Cost $55.35 Unrealized —

COIN Coinbase Global, Inc. Class A 0.0%

Value ($000) $30 Shares 90 Est. Cost $233.78 Unrealized +27.5%

— Prologis, Inc. 0.0%

Value ($000) $29 Shares 251 Est. Cost $114.52 Unrealized —

GOOG Alphabet Inc. Class C 0.0%

Value ($000) $24 Shares 98 Est. Cost $166.01 Unrealized +72.5%

AAPL Apple Inc. 0.0%

Value ($000) $20 Shares 80 Est. Cost $225.58 Unrealized +19.0%

KRE SPDR S&P Regional Banking ETF 0.0%

Value ($000) $18 Shares 290 Est. Cost $63.30 Unrealized —

URNM Sprott Uranium Miners ETF 0.0%

Value ($000) $17 Shares 275 Est. Cost $52.85 Unrealized —

IBIT iShares Bitcoin Trust ETF 0.0%

Value ($000) $16 Shares 247 Est. Cost $61.22 Unrealized —

HYLN Hyliion Holdings Corp. Class A 0.0%

Value ($000) $11 Shares 5,684 Est. Cost $1.66 Unrealized +21.0%

LB LandBridge Company LLC Class A 0.0%

Value ($000) $10 Shares 183 Est. Cost $71.04 Unrealized -18.1%

CRGO Freightos Limited 0.0%

Value ($000) $5 Shares 1,553 Est. Cost $2.99 Unrealized +8.4%

LYFT Lyft, Inc. Class A 0.0%

Value ($000) $5 Shares 226 Est. Cost $16.73 Unrealized +24.2%

MIAX Miami International Holdings, Inc. 0.0%

Value ($000) $5 Shares 119 Est. Cost $36.58 Unrealized +21.9%

EADSY Airbus SE Unsponsored ADR 0.0%

Value ($000) $5 Shares 82 Est. Cost $52.69 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMI	Kinder Morgan Inc Class P	270,297	$7,652	0.8%	$12.73	+111.3%	—	49456B101
PCH	PotlatchDeltic Corporation	101,105	$4,120	0.4%	$43.16	—	—	737630103
EQH	Equitable Holdings, Inc.	79,001	$4,012	0.4%	$26.90	+75.6%	—	29452E101
CMBT	CMB.TECH NV	391,064	$3,672	0.4%	$7.33	+32.6%	—	B38564108
CASS	Cass Information Systems, Inc.	83,771	$3,295	0.3%	$40.02	+1.2%	—	14808P109
ARE	Alexandria Real Estate Equities, Inc.	38,303	$3,192	0.3%	$77.73	-25.4%	—	015271109
—	Compass Diversified Holdings Cum Red Perp Pfd Registered Shs Series C	153,574	$2,826	0.3%	$21.62	—	—	20451Q401
—	Strategy Inc Stride Pfd Registered Shs Series A	26,735	$2,104	0.2%	$78.71	—	—	594972861
—	Strategy Inc Pfd Registered shs Series A	22,814	$2,092	0.2%	$91.70	—	—	594972887
—	Chart Industries, Inc. Shs Depository Shs Repr Pfd Shs Series B	22,705	$1,613	0.2%	$70.62	—	—	16115Q407
LFMD	LifeMD, Inc.	230,663	$1,566	0.2%	$8.14	-40.4%	—	53216B104
DAVE	Dave, Inc. Class A	7,732	$1,541	0.2%	$137.03	+57.0%	—	23834J201
HSY	Hershey Company	6,998	$1,309	0.1%	$179.65	+1.4%	—	427866108
RCAT	Red Cat Holdings Inc	115,549	$1,196	0.1%	$7.50	+27.6%	—	75644T100
—	Aris Water Solutions, Inc. Class A	43,675	$1,077	0.1%	$24.66	—	—	040CSH017
UDR	UDR, Inc.	28,664	$1,068	0.1%	$42.30	-16.0%	—	902653104
VNOM	Viper Energy, Inc.	23,110	$883	0.1%	$38.10	-0.6%	—	64361Q101
BKTI	BK Technologies Corp.	1,249	$106	0.0%	$18.81	+280.9%	—	05587G203
EUFN	iShares MSCI Europe Financials ETF	1,435	$49	0.0%	$32.28	—	—	464289180
KTOS	Kratos Defense & Security Solutions, Inc.	508	$46	0.0%	$33.02	+147.9%	—	50077B207
GBUG	Sprott Active Gold & Silver Miners ETF	1,130	$42	0.0%	$25.37	—	—	85208P865
—	Nebius Group N.V. Class A	275	$31	0.0%	$55.35	—	—	000980552
COIN	Coinbase Global, Inc. Class A	90	$30	0.0%	$233.78	+27.5%	—	19260Q107
—	Prologis, Inc.	251	$29	0.0%	$114.52	—	—	743410102
GOOG	Alphabet Inc. Class C	98	$24	0.0%	$166.01	+72.5%	—	02079K107
AAPL	Apple Inc.	80	$20	0.0%	$225.58	+19.0%	—	037833100
KRE	SPDR S&P Regional Banking ETF	290	$18	0.0%	$63.30	—	—	78464A698
URNM	Sprott Uranium Miners ETF	275	$17	0.0%	$52.85	—	—	85208P303
IBIT	iShares Bitcoin Trust ETF	247	$16	0.0%	$61.22	—	—	46438F101
HYLN	Hyliion Holdings Corp. Class A	5,684	$11	0.0%	$1.66	+21.0%	—	449109107
LB	LandBridge Company LLC Class A	183	$10	0.0%	$71.04	-18.1%	—	514952100
CRGO	Freightos Limited	1,553	$5	0.0%	$2.99	+8.4%	—	G51405101
LYFT	Lyft, Inc. Class A	226	$5	0.0%	$16.73	+24.2%	—	55087P104
MIAX	Miami International Holdings, Inc.	119	$5	0.0%	$36.58	+21.9%	—	59356Q108
EADSY	Airbus SE Unsponsored ADR	82	$5	0.0%	$52.69	—	—	009279100

Decreased Positions (70)

VICI VICI Properties Inc 1.3%

Value ($000) $12,886 (-43.3%) Shares 458,249 (-34.2%) Est. Cost $17.29 Unrealized +69.4%

GLPI Gaming and Leisure Properties, Inc. 1.5%

Value ($000) $14,653 (-36.7%) Shares 327,877 (-34.0%) Est. Cost $32.15 Unrealized —

AMT American Tower Corporation 4.2%

Value ($000) $41,795 (-13.6%) Shares 238,053 (-5.3%) Est. Cost $107.38 Unrealized +67.9%

EQIX Equinix, Inc. 4.4%

Value ($000) $43,331 (-11.2%) Shares 56,556 (-9.2%) Est. Cost $443.11 Unrealized +76.3%

WELL Welltower Inc. 5.3%

Value ($000) $53,242 (-8.0%) Shares 286,847 (-11.7%) Est. Cost $68.15 Unrealized +173.6%

ELS Equity LifeStyle Properties, Inc. 1.2%

Value ($000) $11,810 (-23.4%) Shares 194,846 (-23.3%) Est. Cost $75.53 Unrealized —

USFR WisdomTree Floating Rate Treasury Fund 1.2%

Value ($000) $12,369 (-18.0%) Shares 245,801 (-18.1%) Est. Cost $23.07 Unrealized —

OUT OUTFRONT Media Inc. 1.0%

Value ($000) $10,163 (+29.9%) Shares 421,690 (-1.3%) Est. Cost $16.25 Unrealized —

CCI Crown Castle Inc. 2.2%

Value ($000) $22,205 (-9.4%) Shares 249,854 (-1.6%) Est. Cost $71.90 Unrealized +26.7%

EGP EastGroup Properties, Inc. 2.9%

Value ($000) $29,284 (-7.2%) Shares 164,388 (-11.8%) Est. Cost $67.79 Unrealized —

VTR Ventas, Inc. 2.8%

Value ($000) $27,648 (+8.6%) Shares 357,303 (-1.8%) Est. Cost $52.92 Unrealized +41.7%

WY Weyerhaeuser Company 0.6%

Value ($000) $6,040 (-25.6%) Shares 254,965 (-22.1%) Est. Cost $24.23 Unrealized -5.1%

TKR Timken Company 0.1%

Value ($000) $1,400 (-58.9%) Shares 16,636 (-90.3%) Est. Cost $77.13 Unrealized +3.1%

SBAC SBA Communications Corp. Class A 0.7%

Value ($000) $6,821 (-22.1%) Shares 35,264 (-22.2%) Est. Cost $294.89 Unrealized -34.7%

EXR Extra Space Storage Inc. 1.6%

Value ($000) $16,109 (-9.5%) Shares 123,706 (-2.1%) Est. Cost $108.16 Unrealized +24.8%

VENU Venu Holding Corporation 0.0%

Value ($000) $10 (-99.4%) Shares 800 (-99.4%) Est. Cost $12.02 Unrealized -7.8%

IDCC InterDigital, Inc. 0.8%

Value ($000) $8,072 (-16.0%) Shares 25,352 (-8.9%) Est. Cost $48.77 Unrealized +625.0%

BXP BXP Inc 1.2%

Value ($000) $12,314 (-10.8%) Shares 182,484 (-1.7%) Est. Cost $82.51 Unrealized -14.7%

KRG Kite Realty Group Trust 2.8%

Value ($000) $27,876 (+5.6%) Shares 1,162,961 (-1.7%) Est. Cost $18.29 Unrealized —

— BK Technologies Corp. 0.4%

Value ($000) $4,220 (-25.8%) Shares 56,570 (-16.0%) Est. Cost $84.48 Unrealized —

FANG Diamondback Energy, Inc. 0.4%

Value ($000) $3,701 (-26.1%) Shares 24,616 (-29.7%) Est. Cost $109.03 Unrealized +34.9%

O Realty Income Corporation 1.2%

Value ($000) $12,240 (-9.1%) Shares 217,140 (-1.9%) Est. Cost $57.02 Unrealized +0.6%

FPI Farmland Partners Inc 0.9%

Value ($000) $8,650 (-12.1%) Shares 892,669 (-1.3%) Est. Cost $5.13 Unrealized —

SPG Simon Property Group, Inc. 4.2%

Value ($000) $42,286 (-2.7%) Shares 228,437 (-1.3%) Est. Cost $67.38 Unrealized +167.1%

— Albemarle Corporation Depository Shs Repr Conv Pfd Registered Shs 0.3%

Value ($000) $3,338 (+50.8%) Shares 56,210 (-3.8%) Est. Cost $36.32 Unrealized —

EPR EPR Properties 0.5%

Value ($000) $5,154 (-15.6%) Shares 103,295 (-1.9%) Est. Cost $0.05 Unrealized —

AVB AvalonBay Communities, Inc. 1.2%

Value ($000) $11,545 (-7.3%) Shares 63,676 (-1.2%) Est. Cost $178.02 Unrealized +1.0%

IRMD IRadimed Corp. 0.6%

Value ($000) $6,391 (+16.2%) Shares 65,695 (-15.0%) Est. Cost $53.43 Unrealized +59.7%

REG Regency Centers Corporation 1.1%

Value ($000) $11,398 (-6.8%) Shares 165,110 (-1.6%) Est. Cost $56.57 Unrealized +22.8%

SEI Solaris Energy Infrastructure, Inc. Class A 0.7%

Value ($000) $6,637 (-9.7%) Shares 144,375 (-21.4%) Est. Cost $11.44 Unrealized +322.2%

B Barrick Mining Corporation 0.3%

Value ($000) $2,976 (+28.0%) Shares 68,336 (-3.7%) Est. Cost $19.29 Unrealized +94.0%

RYN Rayonier Inc. 0.3%

Value ($000) $2,503 (-19.6%) Shares 115,630 (-1.5%) Est. Cost $27.88 Unrealized —

ESS Essex Property Trust, Inc. 1.4%

Value ($000) $14,079 (-4.2%) Shares 53,803 (-2.0%) Est. Cost $242.57 Unrealized +5.6%

KNTK Kinetik Holdings Inc. Class A 0.2%

Value ($000) $1,916 (-23.2%) Shares 53,140 (-8.9%) Est. Cost $45.46 Unrealized -20.5%

INVH Invitation Homes, Inc. 0.8%

Value ($000) $7,566 (-7.1%) Shares 272,240 (-1.9%) Est. Cost $27.11 Unrealized +2.0%

CSGS CSG Systems International, Inc. 0.4%

Value ($000) $3,816 (+17.7%) Shares 49,763 (-1.2%) Est. Cost $59.73 Unrealized +23.1%

TRNO Terreno Realty Corporation 2.9%

Value ($000) $28,667 (+1.6%) Shares 488,281 (-1.8%) Est. Cost $26.90 Unrealized —

AMH American Homes Rent Class A 0.5%

Value ($000) $5,382 (-5.4%) Shares 167,663 (-2.0%) Est. Cost $0.04 Unrealized —

BRX Brixmor Property Group, Inc. 0.3%

Value ($000) $3,242 (-6.8%) Shares 123,627 (-1.7%) Est. Cost $26.55 Unrealized —

VLO Valero Energy Corporation 0.3%

Value ($000) $3,206 (-6.5%) Shares 19,693 (-2.2%) Est. Cost $68.99 Unrealized +144.7%

— Public Storage Depositary Shs Pfd Series H 0.2%

Value ($000) $2,142 (-8.5%) Shares 93,696 (-2.1%) Est. Cost $15.43 Unrealized —

CPT Camden Property Trust 1.1%

Value ($000) $10,481 (+1.9%) Shares 95,213 (-1.2%) Est. Cost $74.02 Unrealized +39.3%

ADC Agree Realty Corporation 0.9%

Value ($000) $9,048 (-1.2%) Shares 125,613 (-2.5%) Est. Cost $58.73 Unrealized —

— Pebblebrook Hotel Trust Pfd Series F 0.1%

Value ($000) $869 (-10.6%) Shares 45,642 (-5.2%) Est. Cost $20.20 Unrealized —

TTWO Take-Two Interactive Software, Inc. 0.0%

Value ($000) $11 (-88.9%) Shares 42 (-88.9%) Est. Cost $225.41 Unrealized +10.6%

PAC Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR Class B 0.2%

Value ($000) $2,241 (+3.6%) Shares 8,500 (-6.8%) Est. Cost $175.00 Unrealized —

EFC Ellington Financial Inc. 0.3%

Value ($000) $2,534 (+3.0%) Shares 186,615 (-1.5%) Est. Cost $16.26 Unrealized —

ARCC Ares Capital Corporation 0.3%

Value ($000) $3,017 (-2.3%) Shares 149,119 (-1.4%) Est. Cost $16.97 Unrealized +16.6%

— Ares Management Corporation Pfd Registered shs Series B 0.2%

Value ($000) $1,527 (-4.4%) Shares 30,295 (-5.8%) Est. Cost $54.83 Unrealized —

— Redwood Trust, Inc. Cum Red Pfd Registered Shs A Series A 0.1%

Value ($000) $1,391 (-4.8%) Shares 56,818 (-1.3%) Est. Cost $0.30 Unrealized —

WM Waste Management, Inc. 0.1%

Value ($000) $1,244 (-5.1%) Shares 5,662 (-4.6%) Est. Cost $223.68 Unrealized -5.0%

— Microchip Technology Incorporated Pfd Shs Conv Pfd Shs Series A 0.1%

Value ($000) $1,156 (-5.3%) Shares 19,831 (-4.1%) Est. Cost $59.03 Unrealized —

CPA Copa Holdings, S.A. Class A 0.2%

Value ($000) $1,817 (-3.0%) Shares 15,062 (-4.5%) Est. Cost $103.38 Unrealized +17.3%

CURB Curbline Properties Corp. 0.3%

Value ($000) $3,155 (+1.7%) Shares 135,949 (-2.3%) Est. Cost $24.19 Unrealized —

— RLJ Lodging Trust USD Pfd Series A 0.1%

Value ($000) $816 (-5.5%) Shares 32,789 (-4.2%) Est. Cost $24.56 Unrealized —

— Apollo Global Management Inc Mandatory Conv Pfd Registered Shs Series A 0.2%

Value ($000) $1,711 (+2.7%) Shares 22,652 (-4.5%) Est. Cost $81.56 Unrealized —

— Adamas Trust, Inc. Cum Conv Red Pfd Registered Shs Series E 0.1%

Value ($000) $1,368 (-3.1%) Shares 55,423 (-1.3%) Est. Cost $22.48 Unrealized —

XHR Xenia Hotels & Resorts, Inc. 0.1%

Value ($000) $1,129 (-3.2%) Shares 79,863 (-6.1%) Est. Cost $14.83 Unrealized —

OKE ONEOK, Inc. 0.3%

Value ($000) $3,162 (-1.2%) Shares 43,013 (-1.9%) Est. Cost $66.73 Unrealized +5.6%

PLTR Palantir Technologies Inc. Class A 0.0%

Value ($000) $27 (-57.1%) Shares 149 (-56.3%) Est. Cost $109.76 Unrealized +64.9%

RDDT Reddit, Inc. Class A 0.0%

Value ($000) $27 (-54.2%) Shares 118 (-54.4%) Est. Cost $137.46 Unrealized +53.0%

SBRA Sabra Health Care REIT, Inc. 0.5%

Value ($000) $5,025 (-0.6%) Shares 265,324 (-2.2%) Est. Cost $17.84 Unrealized —

TRTN 8 PERP Triton International Ltd. Pfd Series B 0.2%

Value ($000) $1,813 (-1.6%) Shares 71,923 (-1.9%) Est. Cost $0.03 Unrealized —

SLVR Sprott Silver Miners & Physical Silver ETF 0.0%

Value ($000) $34 (-43.6%) Shares 606 (-55.2%) Est. Cost $39.54 Unrealized —

AL Air Lease Corporation Class A 0.2%

Value ($000) $1,684 (-0.8%) Shares 26,221 (-1.7%) Est. Cost $46.27 Unrealized +37.6%

COLO Global X MSCI Colombia ETF 0.0%

Value ($000) $18 (-37.7%) Shares 514 (-42.7%) Est. Cost $30.15 Unrealized —

CBOE Cboe Global Markets Inc 0.0%

Value ($000) $38 (-17.9%) Shares 149 (-20.3%) Est. Cost $221.82 Unrealized +12.1%

SPPP Sprott Physical Platinum and Palladium Trust Trust Units 0.0%

Value ($000) $26 (-10.6%) Shares 1,567 (-27.9%) Est. Cost $12.78 Unrealized —

MDT Medtronic Plc 0.1%

Value ($000) $1,327 (-0.2%) Shares 13,816 (-1.1%) Est. Cost $91.27 Unrealized +6.4%

DVN Devon Energy Corporation 0.1%

Value ($000) $1,375 (-0.0%) Shares 37,535 (-4.3%) Est. Cost $59.08 Unrealized -41.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICI	VICI Properties Inc	458,249 (-34.2%)	$12,886 (-43.3%)	1.3%	$17.29	+69.4%	COM	925652109
GLPI	Gaming and Leisure Properties, Inc.	327,877 (-34.0%)	$14,653 (-36.7%)	1.5%	$32.15	—	COM	36467J108
AMT	American Tower Corporation	238,053 (-5.3%)	$41,795 (-13.6%)	4.2%	$107.38	+67.9%	COM	03027X100
EQIX	Equinix, Inc.	56,556 (-9.2%)	$43,331 (-11.2%)	4.4%	$443.11	+76.3%	COM	29444U700
WELL	Welltower Inc.	286,847 (-11.7%)	$53,242 (-8.0%)	5.3%	$68.15	+173.6%	COM	95040Q104
ELS	Equity LifeStyle Properties, Inc.	194,846 (-23.3%)	$11,810 (-23.4%)	1.2%	$75.53	—	COM	29472R108
USFR	WisdomTree Floating Rate Treasury Fund	245,801 (-18.1%)	$12,369 (-18.0%)	1.2%	$23.07	—	COM	97717Y527
OUT	OUTFRONT Media Inc.	421,690 (-1.3%)	$10,163 (+29.9%)	1.0%	$16.25	—	COM	69007J304
CCI	Crown Castle Inc.	249,854 (-1.6%)	$22,205 (-9.4%)	2.2%	$71.90	+26.7%	COM	22822V101
EGP	EastGroup Properties, Inc.	164,388 (-11.8%)	$29,284 (-7.2%)	2.9%	$67.79	—	COM	277276101
VTR	Ventas, Inc.	357,303 (-1.8%)	$27,648 (+8.6%)	2.8%	$52.92	+41.7%	COM	92276F100
WY	Weyerhaeuser Company	254,965 (-22.1%)	$6,040 (-25.6%)	0.6%	$24.23	-5.1%	COM	962166104
TKR	Timken Company	16,636 (-90.3%)	$1,400 (-58.9%)	0.1%	$77.13	+3.1%	COM	887389104
SBAC	SBA Communications Corp. Class A	35,264 (-22.2%)	$6,821 (-22.1%)	0.7%	$294.89	-34.7%	COM	78410G104
EXR	Extra Space Storage Inc.	123,706 (-2.1%)	$16,109 (-9.5%)	1.6%	$108.16	+24.8%	COM	30225T102
VENU	Venu Holding Corporation	800 (-99.4%)	$10 (-99.4%)	0.0%	$12.02	-7.8%	COM	92333E104
IDCC	InterDigital, Inc.	25,352 (-8.9%)	$8,072 (-16.0%)	0.8%	$48.77	+625.0%	COM	45867G101
BXP	BXP Inc	182,484 (-1.7%)	$12,314 (-10.8%)	1.2%	$82.51	-14.7%	COM	101121101
KRG	Kite Realty Group Trust	1,162,961 (-1.7%)	$27,876 (+5.6%)	2.8%	$18.29	—	COM	49803T300
—	BK Technologies Corp.	56,570 (-16.0%)	$4,220 (-25.8%)	0.4%	$84.48	—	COM	05587G104
FANG	Diamondback Energy, Inc.	24,616 (-29.7%)	$3,701 (-26.1%)	0.4%	$109.03	+34.9%	COM	25278X109
O	Realty Income Corporation	217,140 (-1.9%)	$12,240 (-9.1%)	1.2%	$57.02	+0.6%	COM	756109104
FPI	Farmland Partners Inc	892,669 (-1.3%)	$8,650 (-12.1%)	0.9%	$5.13	—	COM	31154R109
SPG	Simon Property Group, Inc.	228,437 (-1.3%)	$42,286 (-2.7%)	4.2%	$67.38	+167.1%	COM	828806109
—	Albemarle Corporation Depository Shs Repr Conv Pfd Registered Shs	56,210 (-3.8%)	$3,338 (+50.8%)	0.3%	$36.32	—	PFD	012653200
EPR	EPR Properties	103,295 (-1.9%)	$5,154 (-15.6%)	0.5%	$0.05	—	COM	26884U109
AVB	AvalonBay Communities, Inc.	63,676 (-1.2%)	$11,545 (-7.3%)	1.2%	$178.02	+1.0%	COM	053484101
IRMD	IRadimed Corp.	65,695 (-15.0%)	$6,391 (+16.2%)	0.6%	$53.43	+59.7%	COM	46266A109
REG	Regency Centers Corporation	165,110 (-1.6%)	$11,398 (-6.8%)	1.1%	$56.57	+22.8%	COM	758849103
SEI	Solaris Energy Infrastructure, Inc. Class A	144,375 (-21.4%)	$6,637 (-9.7%)	0.7%	$11.44	+322.2%	COM	83418M103
B	Barrick Mining Corporation	68,336 (-3.7%)	$2,976 (+28.0%)	0.3%	$19.29	+94.0%	COM	06849F108
RYN	Rayonier Inc.	115,630 (-1.5%)	$2,503 (-19.6%)	0.3%	$27.88	—	COM	754907103
ESS	Essex Property Trust, Inc.	53,803 (-2.0%)	$14,079 (-4.2%)	1.4%	$242.57	+5.6%	COM	297178105
KNTK	Kinetik Holdings Inc. Class A	53,140 (-8.9%)	$1,916 (-23.2%)	0.2%	$45.46	-20.5%	COM	02215L209
INVH	Invitation Homes, Inc.	272,240 (-1.9%)	$7,566 (-7.1%)	0.8%	$27.11	+2.0%	COM	46187W107
CSGS	CSG Systems International, Inc.	49,763 (-1.2%)	$3,816 (+17.7%)	0.4%	$59.73	+23.1%	COM	126349109
TRNO	Terreno Realty Corporation	488,281 (-1.8%)	$28,667 (+1.6%)	2.9%	$26.90	—	COM	88146M101
AMH	American Homes Rent Class A	167,663 (-2.0%)	$5,382 (-5.4%)	0.5%	$0.04	—	COM	02665T306
BRX	Brixmor Property Group, Inc.	123,627 (-1.7%)	$3,242 (-6.8%)	0.3%	$26.55	—	COM	11120U105
VLO	Valero Energy Corporation	19,693 (-2.2%)	$3,206 (-6.5%)	0.3%	$68.99	+144.7%	COM	91913Y100
—	Public Storage Depositary Shs Pfd Series H	93,696 (-2.1%)	$2,142 (-8.5%)	0.2%	$15.43	—	PFD	74460W644
CPT	Camden Property Trust	95,213 (-1.2%)	$10,481 (+1.9%)	1.1%	$74.02	+39.3%	COM	133131102
ADC	Agree Realty Corporation	125,613 (-2.5%)	$9,048 (-1.2%)	0.9%	$58.73	—	COM	008492100
—	Pebblebrook Hotel Trust Pfd Series F	45,642 (-5.2%)	$869 (-10.6%)	0.1%	$20.20	—	PFD	70509V704
TTWO	Take-Two Interactive Software, Inc.	42 (-88.9%)	$11 (-88.9%)	0.0%	$225.41	+10.6%	COM	874054109
PAC	Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR Class B	8,500 (-6.8%)	$2,241 (+3.6%)	0.2%	$175.00	—	COM	400506101
EFC	Ellington Financial Inc.	186,615 (-1.5%)	$2,534 (+3.0%)	0.3%	$16.26	—	COM	28852N109
ARCC	Ares Capital Corporation	149,119 (-1.4%)	$3,017 (-2.3%)	0.3%	$16.97	+16.6%	COM	04010L103
—	Ares Management Corporation Pfd Registered shs Series B	30,295 (-5.8%)	$1,527 (-4.4%)	0.2%	$54.83	—	PFD	03990B309
—	Redwood Trust, Inc. Cum Red Pfd Registered Shs A Series A	56,818 (-1.3%)	$1,391 (-4.8%)	0.1%	$0.30	—	PFD	758075808
WM	Waste Management, Inc.	5,662 (-4.6%)	$1,244 (-5.1%)	0.1%	$223.68	-5.0%	COM	94106L109
—	Microchip Technology Incorporated Pfd Shs Conv Pfd Shs Series A	19,831 (-4.1%)	$1,156 (-5.3%)	0.1%	$59.03	—	PFD	595017302
CPA	Copa Holdings, S.A. Class A	15,062 (-4.5%)	$1,817 (-3.0%)	0.2%	$103.38	+17.3%	COM	P31076105
CURB	Curbline Properties Corp.	135,949 (-2.3%)	$3,155 (+1.7%)	0.3%	$24.19	—	COM	23128Q101
—	RLJ Lodging Trust USD Pfd Series A	32,789 (-4.2%)	$816 (-5.5%)	0.1%	$24.56	—	PFD	74965L200
—	Apollo Global Management Inc Mandatory Conv Pfd Registered Shs Series A	22,652 (-4.5%)	$1,711 (+2.7%)	0.2%	$81.56	—	PFD	03769M304
—	Adamas Trust, Inc. Cum Conv Red Pfd Registered Shs Series E	55,423 (-1.3%)	$1,368 (-3.1%)	0.1%	$22.48	—	PFD	649604873
XHR	Xenia Hotels & Resorts, Inc.	79,863 (-6.1%)	$1,129 (-3.2%)	0.1%	$14.83	—	COM	984017103
OKE	ONEOK, Inc.	43,013 (-1.9%)	$3,162 (-1.2%)	0.3%	$66.73	+5.6%	COM	682680103
PLTR	Palantir Technologies Inc. Class A	149 (-56.3%)	$27 (-57.1%)	0.0%	$109.76	+64.9%	COM	69608A108
RDDT	Reddit, Inc. Class A	118 (-54.4%)	$27 (-54.2%)	0.0%	$137.46	+53.0%	COM	75734B100
SBRA	Sabra Health Care REIT, Inc.	265,324 (-2.2%)	$5,025 (-0.6%)	0.5%	$17.84	—	COM	78573L106
TRTN 8 PERP	Triton International Ltd. Pfd Series B	71,923 (-1.9%)	$1,813 (-1.6%)	0.2%	$0.03	—	PFD	G9078F131
SLVR	Sprott Silver Miners & Physical Silver ETF	606 (-55.2%)	$34 (-43.6%)	0.0%	$39.54	—	COM	85208P873
AL	Air Lease Corporation Class A	26,221 (-1.7%)	$1,684 (-0.8%)	0.2%	$46.27	+37.6%	COM	00912X302
COLO	Global X MSCI Colombia ETF	514 (-42.7%)	$18 (-37.7%)	0.0%	$30.15	—	COM	37954Y327
CBOE	Cboe Global Markets Inc	149 (-20.3%)	$38 (-17.9%)	0.0%	$221.82	+12.1%	COM	12503M108
SPPP	Sprott Physical Platinum and Palladium Trust Trust Units	1,567 (-27.9%)	$26 (-10.6%)	0.0%	$12.78	—	COM	85207Q104
MDT	Medtronic Plc	13,816 (-1.1%)	$1,327 (-0.2%)	0.1%	$91.27	+6.4%	COM	G5960L103
DVN	Devon Energy Corporation	37,535 (-4.3%)	$1,375 (-0.0%)	0.1%	$59.08	-41.2%	COM	25179M103

Unchanged Positions (28)

MAMA Mama's Creations, Inc. 0.7%

Value ($000) $6,924 Shares 513,256 Est. Cost $4.62 Unrealized +148.7%

SII Sprott Inc. 0.9%

Value ($000) $8,832 Shares 90,199 Est. Cost $36.75 Unrealized +141.3%

AOSL Alpha and Omega Semiconductor Limited 0.3%

Value ($000) $3,169 Shares 159,947 Est. Cost $16.39 Unrealized +44.0%

COLL Collegium Pharmaceutical, Inc. 0.5%

Value ($000) $5,174 Shares 111,739 Est. Cost $23.49 Unrealized +78.1%

SIGA SIGA Technologies Inc 0.2%

Value ($000) $2,419 Shares 395,897 Est. Cost $5.99 Unrealized +18.7%

SPOK Spok Holdings, Inc. 0.2%

Value ($000) $2,124 Shares 160,997 Est. Cost $14.72 Unrealized -3.8%

LGND Ligand Pharmaceuticals Incorporated 0.8%

Value ($000) $8,010 Shares 42,364 Est. Cost $84.51 Unrealized +127.4%

OHI Omega Healthcare Investors, Inc. 1.0%

Value ($000) $10,188 Shares 229,771 Est. Cost $31.22 Unrealized —

— EPR Properties Conv Pfd Shs Series C 0.3%

Value ($000) $2,568 Shares 115,771 Est. Cost $8.01 Unrealized —

ASTE Astec Industries, Inc. 0.4%

Value ($000) $3,502 Shares 80,839 Est. Cost $36.77 Unrealized +23.9%

SUI Sun Communities, Inc. 0.7%

Value ($000) $6,895 Shares 55,646 Est. Cost $22.04 Unrealized —

SRTA Strata Critical Medical, Inc. Class A 0.6%

Value ($000) $6,080 Shares 1,263,987 Est. Cost $3.39 Unrealized +42.9%

NPKI NPK International Inc. 0.7%

Value ($000) $6,688 Shares 561,109 Est. Cost $6.71 Unrealized +81.7%

WMB Williams Companies, Inc. 0.5%

Value ($000) $4,980 Shares 82,849 Est. Cost $19.40 Unrealized +209.6%

BLFS BioLife Solutions, Inc. 0.5%

Value ($000) $4,706 Shares 194,617 Est. Cost $17.83 Unrealized +46.8%

PKE Park Aerospace Corp. 0.4%

Value ($000) $4,265 Shares 199,852 Est. Cost $14.39 Unrealized +38.5%

BLX Banco Latinoamericano de Comercio Exterior, S.A. Class E 0.6%

Value ($000) $5,713 Shares 128,089 Est. Cost $12.89 Unrealized +245.7%

LINC Lincoln Educational Services Corporation 0.8%

Value ($000) $7,573 Shares 313,567 Est. Cost $6.49 Unrealized +235.8%

NSSC NAPCO Security Technologies, Inc. 0.5%

Value ($000) $5,021 Shares 120,416 Est. Cost $18.75 Unrealized +123.8%

GCMG GCM Grosvenor, Inc. Class A 0.2%

Value ($000) $2,350 Shares 207,558 Est. Cost $12.43 Unrealized -8.8%

GRC Gorman-Rupp Company 0.6%

Value ($000) $5,485 Shares 114,859 Est. Cost $32.99 Unrealized +41.2%

STRW Strawberry Fields REIT Inc 0.2%

Value ($000) $1,727 Shares 131,869 Est. Cost $11.21 Unrealized —

— PG&E Corporation Pfd Shs A Non Voting 0.3%

Value ($000) $2,580 Shares 62,931 Est. Cost $39.94 Unrealized —

— Boeing Company Pfd Registered shs Series A 0.5%

Value ($000) $4,777 Shares 69,169 Est. Cost $98.32 Unrealized —

PSTL Postal Realty Trust, Inc. Class A 0.4%

Value ($000) $3,814 Shares 236,300 Est. Cost $12.46 Unrealized —

XYLD Global X S&P Covered Call ETF 0.2%

Value ($000) $2,232 Shares 54,935 Est. Cost $0.79 Unrealized —

PLYM Plymouth Industrial REIT, Inc. 0.2%

Value ($000) $2,226 Shares 101,759 Est. Cost $27.44 Unrealized —

— Bank of America Corp Non Cum Perp Conv Pfd Registered Shs Series L 0.3%

Value ($000) $2,545 Shares 2,032 Est. Cost $179.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAMA	Mama's Creations, Inc.	513,256	$6,924	0.7%	$4.62	+148.7%	COM	56146T103
SII	Sprott Inc.	90,199	$8,832	0.9%	$36.75	+141.3%	COM	852066208
AOSL	Alpha and Omega Semiconductor Limited	159,947	$3,169	0.3%	$16.39	+44.0%	COM	G6331P104
COLL	Collegium Pharmaceutical, Inc.	111,739	$5,174	0.5%	$23.49	+78.1%	COM	19459J104
SIGA	SIGA Technologies Inc	395,897	$2,419	0.2%	$5.99	+18.7%	COM	826917106
SPOK	Spok Holdings, Inc.	160,997	$2,124	0.2%	$14.72	-3.8%	COM	84863T106
LGND	Ligand Pharmaceuticals Incorporated	42,364	$8,010	0.8%	$84.51	+127.4%	COM	53220K504
OHI	Omega Healthcare Investors, Inc.	229,771	$10,188	1.0%	$31.22	—	COM	681936100
—	EPR Properties Conv Pfd Shs Series C	115,771	$2,568	0.3%	$8.01	—	PFD	26884U208
ASTE	Astec Industries, Inc.	80,839	$3,502	0.4%	$36.77	+23.9%	COM	046224101
SUI	Sun Communities, Inc.	55,646	$6,895	0.7%	$22.04	—	COM	866674104
SRTA	Strata Critical Medical, Inc. Class A	1,263,987	$6,080	0.6%	$3.39	+42.9%	COM	092667104
NPKI	NPK International Inc.	561,109	$6,688	0.7%	$6.71	+81.7%	COM	651718504
WMB	Williams Companies, Inc.	82,849	$4,980	0.5%	$19.40	+209.6%	COM	969457100
BLFS	BioLife Solutions, Inc.	194,617	$4,706	0.5%	$17.83	+46.8%	COM	09062W204
PKE	Park Aerospace Corp.	199,852	$4,265	0.4%	$14.39	+38.5%	COM	70014A104
BLX	Banco Latinoamericano de Comercio Exterior, S.A. Class E	128,089	$5,713	0.6%	$12.89	+245.7%	COM	P16994132
LINC	Lincoln Educational Services Corporation	313,567	$7,573	0.8%	$6.49	+235.8%	COM	533535100
NSSC	NAPCO Security Technologies, Inc.	120,416	$5,021	0.5%	$18.75	+123.8%	COM	630402105
GCMG	GCM Grosvenor, Inc. Class A	207,558	$2,350	0.2%	$12.43	-8.8%	COM	36831E108
GRC	Gorman-Rupp Company	114,859	$5,485	0.6%	$32.99	+41.2%	COM	383082104
STRW	Strawberry Fields REIT Inc	131,869	$1,727	0.2%	$11.21	—	COM	863182101
—	PG&E Corporation Pfd Shs A Non Voting	62,931	$2,580	0.3%	$39.94	—	PFD	69331C306
—	Boeing Company Pfd Registered shs Series A	69,169	$4,777	0.5%	$98.32	—	PFD	097023204
PSTL	Postal Realty Trust, Inc. Class A	236,300	$3,814	0.4%	$12.46	—	COM	73757R102
XYLD	Global X S&P Covered Call ETF	54,935	$2,232	0.2%	$0.79	—	COM	37954Y475
PLYM	Plymouth Industrial REIT, Inc.	101,759	$2,226	0.2%	$27.44	—	COM	729640102
—	Bank of America Corp Non Cum Perp Conv Pfd Registered Shs Series L	2,032	$2,545	0.3%	$179.11	—	PFD	060505682