Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IRM	IRON MTN INC DEL	504,021	$51.48M	3.2%	$83.24	0.0%	COM	46284V101
NFLX	NETFLIX INC.	487,525	$46.88M	3.0%	$83.84	0.0%	COM	64110L106
SMTC	SEMTECH CORP	561,111	$43.14M	2.7%	$82.45	0.0%	COM	816850101
INVH	INVITATION HOMES INC	701,700	$17.44M	1.1%	$27.72	0.0%	COM	46187W107
UHAL/B	U HAUL HOLDING COMPANY	347,900	$15.54M	1.0%	$49.45	0.0%	COM SER N	023586506
JAN	JANUS LIVING INC	411,933	$9.709M	0.6%	$23.57	—	CL A-1	471024109
CUBE	CUBESMART	251,050	$9.201M	0.6%	$36.65	—	COM	229663109
CPT	CAMDEN PPTY TR	86,800	$8.477M	0.5%	$110.17	0.0%	SH BEN INT	133131102
SNDA	SONIDA SENIOR LIVING INC	226,400	$7.301M	0.5%	$32.91	0.0%	COM	140475203
FPS	FORGENT POWER SOLUTIONS INC	45,582	$1.334M	0.1%	$29.27	—	COM SHS CL A	34631F102
AVB	AVALONBAY CMNTYS INC	5,000	$817K	0.1%	$180.48	0.0%	COM	053484101
ELS	EQUITY LIFESTYLE PROPERTIES	10,600	$662K	0.0%	$62.42	—	COM	29472R108

Increased Positions (26)

T AT&T INC 5.5%

Value $86.39M (+76.5%) Shares 2,980,032 (+51.2%) Est. Cost $20.12 Unrealized +28.0%

EQIX EQUINIX INC 8.5%

Value $134M (+29.9%) Shares 137,003 (+1.5%) Est. Cost $723.96 Unrealized +5.5%

ANET ARISTA NETWORKS INC 3.9%

Value $61.65M (+38.4%) Shares 502,099 (+47.7%) Est. Cost $120.83 Unrealized +11.8%

DOX AMDOCS LTD 6.1%

Value $96.2M (+20.0%) Shares 1,474,060 (+48.1%) Est. Cost $79.77 Unrealized -3.4%

NVDA NVIDIA CORPORATION 3.3%

Value $53.05M (+39.1%) Shares 304,210 (+48.8%) Est. Cost $152.69 Unrealized +22.2%

HPE HEWLETT PACKARD ENTERPRISE C 3.6%

Value $56.35M (+35.3%) Shares 2,366,763 (+36.5%) Est. Cost $21.93 Unrealized +0.6%

PWR QUANTA SVCS INC 3.1%

Value $48.74M (+41.2%) Shares 88,784 (+8.6%) Est. Cost $270.56 Unrealized +79.7%

RCI ROGERS COMMUNICATIONS INC 2.7%

Value $43.43M (+33.2%) Shares 1,129,186 (+30.8%) Est. Cost $31.52 Unrealized +18.5%

SBAC SBA COMMUNICATIONS CORP 6.3%

Value $100M (+8.6%) Shares 583,243 (+22.1%) Est. Cost $207.78 Unrealized -7.4%

CCOI COGENT COMM HOLDINGS INC 1.4%

Value $21.53M (+57.0%) Shares 1,142,952 (+79.7%) Est. Cost $44.55 Unrealized -47.8%

LYV LIVE NATION ENTERTAINMENT IN 3.3%

Value $52.44M (+14.7%) Shares 343,856 (+7.1%) Est. Cost $112.50 Unrealized +31.8%

LXP LXP INDUSTRIAL TRUST 0.7%

Value $11.43M (+129.3%) Shares 247,100 (+145.7%) Est. Cost $47.61 Unrealized —

AMZN AMAZON COM INC 3.9%

Value $62.36M (+9.5%) Shares 299,438 (+21.3%) Est. Cost $219.43 Unrealized +3.4%

CIGI COLLIERS INTL GROUP INC 0.5%

Value $7.407M (+125.6%) Shares 69,300 (+210.3%) Est. Cost $139.40 Unrealized -3.7%

CRM SALESFORCE INC 2.8%

Value $43.93M (+4.9%) Shares 235,334 (+48.8%) Est. Cost $245.27 Unrealized -12.0%

PSTL POSTAL REALTY TRUST INC 0.3%

Value $4.205M (+59.6%) Shares 226,571 (+38.8%) Est. Cost $16.82 Unrealized —

PLD PROLOGIS INC. 0.3%

Value $4.283M (+27.1%) Shares 32,400 (+22.7%) Est. Cost $110.17 Unrealized +17.1%

WELL WELLTOWER INC 0.1%

Value $1.354M (+111.5%) Shares 6,850 (+98.6%) Est. Cost $175.09 Unrealized +6.8%

DIS DISNEY WALT CO 2.7%

Value $42.66M (-1.6%) Shares 442,625 (+16.2%) Est. Cost $108.50 Unrealized +0.9%

NXRT NEXPOINT RESIDENTIAL TR INC 0.3%

Value $4.933M (-6.1%) Shares 197,300 (+13.1%) Est. Cost $27.01 Unrealized —

NN NEXTNAV INC 0.1%

Value $1.914M (+14.0%) Shares 119,500 (+18.4%) Est. Cost $10.27 Unrealized +51.6%

JLL JONES LANG LASALLE INC 0.1%

Value $1.217M (+18.6%) Shares 4,000 (+31.1%) Est. Cost $297.63 Unrealized +12.9%

EGP EASTGROUP PPTYS INC 0.1%

Value $1.629M (+8.8%) Shares 8,800 (+4.8%) Est. Cost $169.98 Unrealized —

FR FIRST INDL RLTY TR INC 0.1%

Value $1.093M (+7.9%) Shares 18,900 (+6.8%) Est. Cost $51.88 Unrealized —

STWD STARWOOD PPTY TR INC 0.0%

Value $771K (+3.0%) Shares 44,800 (+7.7%) Est. Cost — Unrealized —

WMG WARNER MUSIC GROUP CORP 2.5%

Value $39.65M (+0.0%) Shares 1,552,534 (+20.1%) Est. Cost $30.29 Unrealized -2.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T INC	2,980,032 (+51.2%)	$86.39M (+76.5%)	5.5%	$20.12	+28.0%	COM	00206R102
EQIX	EQUINIX INC	137,003 (+1.5%)	$134M (+29.9%)	8.5%	$723.96	+5.5%	COM	29444U700
ANET	ARISTA NETWORKS INC	502,099 (+47.7%)	$61.65M (+38.4%)	3.9%	$120.83	+11.8%	COM SHS	040413205
DOX	AMDOCS LTD	1,474,060 (+48.1%)	$96.2M (+20.0%)	6.1%	$79.77	-3.4%	SHS	G02602103
NVDA	NVIDIA CORPORATION	304,210 (+48.8%)	$53.05M (+39.1%)	3.3%	$152.69	+22.2%	COM	67066G104
HPE	HEWLETT PACKARD ENTERPRISE C	2,366,763 (+36.5%)	$56.35M (+35.3%)	3.6%	$21.93	+0.6%	COM	42824C109
PWR	QUANTA SVCS INC	88,784 (+8.6%)	$48.74M (+41.2%)	3.1%	$270.56	+79.7%	COM	74762E102
RCI	ROGERS COMMUNICATIONS INC	1,129,186 (+30.8%)	$43.43M (+33.2%)	2.7%	$31.52	+18.5%	CL B	775109200
SBAC	SBA COMMUNICATIONS CORP	583,243 (+22.1%)	$100M (+8.6%)	6.3%	$207.78	-7.4%	CL A	78410G104
CCOI	COGENT COMM HOLDINGS INC	1,142,952 (+79.7%)	$21.53M (+57.0%)	1.4%	$44.55	-47.8%	COM NEW	19239V302
LYV	LIVE NATION ENTERTAINMENT IN	343,856 (+7.1%)	$52.44M (+14.7%)	3.3%	$112.50	+31.8%	COM	538034109
LXP	LXP INDUSTRIAL TRUST	247,100 (+145.7%)	$11.43M (+129.3%)	0.7%	$47.61	—	COM	529043408
AMZN	AMAZON COM INC	299,438 (+21.3%)	$62.36M (+9.5%)	3.9%	$219.43	+3.4%	COM	023135106
CIGI	COLLIERS INTL GROUP INC	69,300 (+210.3%)	$7.407M (+125.6%)	0.5%	$139.40	-3.7%	SUB VTG SHS	194693107
CRM	SALESFORCE INC	235,334 (+48.8%)	$43.93M (+4.9%)	2.8%	$245.27	-12.0%	COM	79466L302
PSTL	POSTAL REALTY TRUST INC	226,571 (+38.8%)	$4.205M (+59.6%)	0.3%	$16.82	—	CL A	73757R102
PLD	PROLOGIS INC.	32,400 (+22.7%)	$4.283M (+27.1%)	0.3%	$110.17	+17.1%	CALL	74340W103
WELL	WELLTOWER INC	6,850 (+98.6%)	$1.354M (+111.5%)	0.1%	$175.09	+6.8%	COM	95040Q104
DIS	DISNEY WALT CO	442,625 (+16.2%)	$42.66M (-1.6%)	2.7%	$108.50	+0.9%	COM	254687106
NXRT	NEXPOINT RESIDENTIAL TR INC	197,300 (+13.1%)	$4.933M (-6.1%)	0.3%	$27.01	—	COM	65341D102
NN	NEXTNAV INC	119,500 (+18.4%)	$1.914M (+14.0%)	0.1%	$10.27	+51.6%	COMMON STOCK	65345N106
JLL	JONES LANG LASALLE INC	4,000 (+31.1%)	$1.217M (+18.6%)	0.1%	$297.63	+12.9%	COM	48020Q107
EGP	EASTGROUP PPTYS INC	8,800 (+4.8%)	$1.629M (+8.8%)	0.1%	$169.98	—	COM	277276101
FR	FIRST INDL RLTY TR INC	18,900 (+6.8%)	$1.093M (+7.9%)	0.1%	$51.88	—	COM	32054K103
STWD	STARWOOD PPTY TR INC	44,800 (+7.7%)	$771K (+3.0%)	0.0%	—	—	PUT	85571B105
WMG	WARNER MUSIC GROUP CORP	1,552,534 (+20.1%)	$39.65M (+0.0%)	2.5%	$30.29	-2.6%	COM CL A	934550203

Exited Positions (17)

MRVL MARVELL TECHNOLOGY INC 2.0%

Value $31.52M Shares 370,864 Est. Cost $87.46 Unrealized -7.3%

AVGO BROADCOM INC 2.0%

Value $31.44M Shares 90,839 Est. Cost $161.43 Unrealized +107.0%

UDR UDR INC 0.9%

Value $13.66M Shares 372,500 Est. Cost $35.52 Unrealized +3.3%

OUT OUTFRONT MEDIA INC 0.6%

Value $8.85M Shares 367,200 Est. Cost $13.14 Unrealized —

CBRE CBRE GROUP INC 0.5%

Value $8.265M Shares 51,400 Est. Cost $99.42 Unrealized +62.3%

NTST NETSTREIT CORP 0.4%

Value $5.985M Shares 339,300 Est. Cost $14.04 Unrealized —

ALEX ALEXANDER & BALDWIN INC NEW 0.3%

Value $4.409M Shares 213,621 Est. Cost $20.64 Unrealized —

VRE VERIS RESIDENTIAL INC 0.2%

Value $3.668M Shares 246,519 Est. Cost $14.82 Unrealized —

GLIBK GCI LIBERTY INC 0.2%

Value $2.679M Shares 72,000 Est. Cost $35.27 Unrealized +8.2%

CCI CROWN CASTLE INC 0.2%

Value $2.497M Shares 28,100 Est. Cost — Unrealized —

WELL WELLTOWER INC 0.1%

Value $1.782M Shares 9,600 Est. Cost $175.09 Unrealized +6.8%

CCO CLEAR CHANNEL OUTDOOR HLDGS 0.1%

Value $995K Shares 450,300 Est. Cost $1.85 Unrealized +18.4%

CSGP COSTAR GROUP INC 0.0%

Value $787K Shares 11,700 Est. Cost $81.78 Unrealized -30.4%

PSA PUBLIC STORAGE OPER CO 0.0%

Value $623K Shares 2,400 Est. Cost — Unrealized —

VNQ VANGUARD INDEX FDS 0.0%

Value $557K Shares 6,300 Est. Cost — Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value $381K Shares 20,000 Est. Cost $17.51 Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value $191K Shares 10,000 Est. Cost $17.15 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	370,864	$31.52M	2.0%	$87.46	-7.3%	—	573874104
AVGO	BROADCOM INC	90,839	$31.44M	2.0%	$161.43	+107.0%	—	11135F101
UDR	UDR INC	372,500	$13.66M	0.9%	$35.52	+3.3%	—	902653104
OUT	OUTFRONT MEDIA INC	367,200	$8.85M	0.6%	$13.14	—	—	69007J304
CBRE	CBRE GROUP INC	51,400	$8.265M	0.5%	$99.42	+62.3%	—	12504L109
NTST	NETSTREIT CORP	339,300	$5.985M	0.4%	$14.04	—	—	64119V303
ALEX	ALEXANDER & BALDWIN INC NEW	213,621	$4.409M	0.3%	$20.64	—	—	014491104
VRE	VERIS RESIDENTIAL INC	246,519	$3.668M	0.2%	$14.82	—	—	554489104
GLIBK	GCI LIBERTY INC	72,000	$2.679M	0.2%	$35.27	+8.2%	—	36164V800
CCI	CROWN CASTLE INC	28,100	$2.497M	0.2%	—	—	CALL	22822V101
WELL	WELLTOWER INC	9,600	$1.782M	0.1%	$175.09	+6.8%	PUT	95040Q104
CCO	CLEAR CHANNEL OUTDOOR HLDGS	450,300	$995K	0.1%	$1.85	+18.4%	—	18453H106
CSGP	COSTAR GROUP INC	11,700	$787K	0.0%	$81.78	-30.4%	—	22160N109
PSA	PUBLIC STORAGE OPER CO	2,400	$623K	0.0%	—	—	PUT	74460D109
VNQ	VANGUARD INDEX FDS	6,300	$557K	0.0%	—	—	PUT	922908553
—	PEBBLEBROOK HOTEL TR	20,000	$381K	0.0%	$17.51	—	—	70509V704
—	PEBBLEBROOK HOTEL TR	10,000	$191K	0.0%	$17.15	—	—	70509V605

Decreased Positions (23)

ENTG ENTEGRIS INC 1.5%

Value $24.01M (-37.9%) Shares 204,785 (-55.4%) Est. Cost $85.03 Unrealized +39.2%

VRT VERTIV HOLDINGS CO 3.3%

Value $51.82M (+32.3%) Shares 206,790 (-14.4%) Est. Cost $61.05 Unrealized +227.4%

CIEN CIENA CORP 3.2%

Value $51.28M (+32.1%) Shares 132,081 (-20.4%) Est. Cost $49.29 Unrealized +449.6%

BE BLOOM ENERGY CORP 2.2%

Value $35.53M (+48.5%) Shares 262,250 (-4.8%) Est. Cost $12.62 Unrealized +1045.9%

KRG KITE REALTY GROUP TRUST 0.3%

Value $5.104M (-58.5%) Shares 207,900 (-59.5%) Est. Cost $23.49 Unrealized —

DLR DIGITAL RLTY TR INC 0.6%

Value $9.191M (-42.0%) Shares 51,000 (-50.2%) Est. Cost $159.08 Unrealized -2.5%

TDS TELEPHONE & DATA SYS INC 0.2%

Value $3.402M (-59.7%) Shares 80,800 (-60.7%) Est. Cost $24.11 Unrealized +84.0%

CMCSA COMCAST CORP NEW 1.8%

Value $28.94M (-13.8%) Shares 1,007,975 (-10.3%) Est. Cost $32.27 Unrealized -7.6%

TRNO TERRENO RLTY CORP 0.5%

Value $8.224M (-30.1%) Shares 133,900 (-33.2%) Est. Cost $56.17 Unrealized —

MAC MACERICH CO 0.5%

Value $7.995M (-27.3%) Shares 423,000 (-29.0%) Est. Cost $17.91 Unrealized —

TKO TKO GROUP HOLDINGS INC 2.2%

Value $35.2M (-7.5%) Shares 174,562 (-4.2%) Est. Cost $110.68 Unrealized +85.7%

STX SEAGATE TECHNOLOGY HLDNGS PL 2.7%

Value $42.36M (-6.3%) Shares 108,121 (-34.1%) Est. Cost $98.63 Unrealized +281.7%

AD ARRAY DIGITAL INFRASTRUCTURE 0.3%

Value $4.04M (-36.0%) Shares 87,550 (-25.6%) Est. Cost $37.36 Unrealized +27.7%

LITE LUMENTUM HLDGS INC 3.0%

Value $47.81M (+3.5%) Shares 68,027 (-45.7%) Est. Cost $57.23 Unrealized +716.2%

IWM ISHARES TR 0.0%

Value $372K (-74.8%) Shares 1,500 (-75.0%) Est. Cost — Unrealized —

O REALTY INCOME CORP 0.1%

Value $1.774M (-33.3%) Shares 29,000 (-38.6%) Est. Cost — Unrealized —

GLPI GAMING & LEISURE P 1.0%

Value $15.35M (-5.2%) Shares 346,000 (-4.5%) Est. Cost $44.96 Unrealized —

— EPR PPTYS 0.1%

Value $2.069M (-22.9%) Shares 68,114 (-24.1%) Est. Cost $27.75 Unrealized —

— KIMCO REALTY CORP 0.0%

Value $657K (-44.1%) Shares 11,000 (-45.2%) Est. Cost $60.15 Unrealized —

WSR WHITESTONE REIT 0.3%

Value $4.57M (-10.0%) Shares 283,000 (-22.6%) Est. Cost $11.73 Unrealized —

SPG SIMON PPTY GROUP INC NEW 0.1%

Value $1.418M (-24.9%) Shares 7,600 (-25.5%) Est. Cost — Unrealized —

— EPR PPTYS 0.2%

Value $2.7M (-13.1%) Shares 119,398 (-14.7%) Est. Cost $20.79 Unrealized —

ILPT INDUSTRIAL LOGISTICS PPTYS T 0.1%

Value $1.212M (-0.2%) Shares 213,427 (-2.7%) Est. Cost $3.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ENTG	ENTEGRIS INC	204,785 (-55.4%)	$24.01M (-37.9%)	1.5%	$85.03	+39.2%	COM	29362U104
VRT	VERTIV HOLDINGS CO	206,790 (-14.4%)	$51.82M (+32.3%)	3.3%	$61.05	+227.4%	COM CL A	92537N108
CIEN	CIENA CORP	132,081 (-20.4%)	$51.28M (+32.1%)	3.2%	$49.29	+449.6%	COM NEW	171779309
BE	BLOOM ENERGY CORP	262,250 (-4.8%)	$35.53M (+48.5%)	2.2%	$12.62	+1045.9%	COM CL A	093712107
KRG	KITE REALTY GROUP TRUST	207,900 (-59.5%)	$5.104M (-58.5%)	0.3%	$23.49	—	COM NEW	49803T300
DLR	DIGITAL RLTY TR INC	51,000 (-50.2%)	$9.191M (-42.0%)	0.6%	$159.08	-2.5%	COM	253868103
TDS	TELEPHONE & DATA SYS INC	80,800 (-60.7%)	$3.402M (-59.7%)	0.2%	$24.11	+84.0%	COM NEW	879433829
CMCSA	COMCAST CORP NEW	1,007,975 (-10.3%)	$28.94M (-13.8%)	1.8%	$32.27	-7.6%	CL A	20030N101
TRNO	TERRENO RLTY CORP	133,900 (-33.2%)	$8.224M (-30.1%)	0.5%	$56.17	—	COM	88146M101
MAC	MACERICH CO	423,000 (-29.0%)	$7.995M (-27.3%)	0.5%	$17.91	—	COM	554382101
TKO	TKO GROUP HOLDINGS INC	174,562 (-4.2%)	$35.2M (-7.5%)	2.2%	$110.68	+85.7%	CL A	87256C101
STX	SEAGATE TECHNOLOGY HLDNGS PL	108,121 (-34.1%)	$42.36M (-6.3%)	2.7%	$98.63	+281.7%	ORD SHS	G7997R103
AD	ARRAY DIGITAL INFRASTRUCTURE	87,550 (-25.6%)	$4.04M (-36.0%)	0.3%	$37.36	+27.7%	COM	911684108
LITE	LUMENTUM HLDGS INC	68,027 (-45.7%)	$47.81M (+3.5%)	3.0%	$57.23	+716.2%	COM	55024U109
IWM	ISHARES TR	1,500 (-75.0%)	$372K (-74.8%)	0.0%	—	—	PUT	464287655
O	REALTY INCOME CORP	29,000 (-38.6%)	$1.774M (-33.3%)	0.1%	—	—	PUT	756109104
GLPI	GAMING & LEISURE P	346,000 (-4.5%)	$15.35M (-5.2%)	1.0%	$44.96	—	COM	36467J108
—	EPR PPTYS	68,114 (-24.1%)	$2.069M (-22.9%)	0.1%	$27.75	—	CONV PFD 9% SR E	26884U307
—	KIMCO REALTY CORP	11,000 (-45.2%)	$657K (-44.1%)	0.0%	$60.15	—	DP CV CL N 7.25%	49446R687
WSR	WHITESTONE REIT	283,000 (-22.6%)	$4.57M (-10.0%)	0.3%	$11.73	—	COM	966084204
SPG	SIMON PPTY GROUP INC NEW	7,600 (-25.5%)	$1.418M (-24.9%)	0.1%	—	—	PUT	828806109
—	EPR PPTYS	119,398 (-14.7%)	$2.7M (-13.1%)	0.2%	$20.79	—	PFD C CV 5.75%	26884U208
ILPT	INDUSTRIAL LOGISTICS PPTYS T	213,427 (-2.7%)	$1.212M (-0.2%)	0.1%	$3.35	—	COM SHS BEN INT	456237106

Unchanged Positions (3)

PLD PROLOGIS INC. 0.1%

Value $1.632M Shares 12,350 Est. Cost $110.17 Unrealized +17.1%

CP CANADIAN PACIFIC KANSAS CITY 0.0%

Value $708K Shares 9,000 Est. Cost $76.24 Unrealized +1.3%

LAMR LAMAR ADVERTISING CO 0.1%

Value $1.938M Shares 15,300 Est. Cost $122.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC.	12,350	$1.632M	0.1%	$110.17	+17.1%	COM	74340W103
CP	CANADIAN PACIFIC KANSAS CITY	9,000	$708K	0.0%	$76.24	+1.3%	COM	13646K108
LAMR	LAMAR ADVERTISING CO	15,300	$1.938M	0.1%	$122.42	—	CL A	512816109