B&I Capital AG Concentrated Active

CIK: 0001843527 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 26, 2026

Total Value ($000): $281,201 (100.0% shares, 0.0% debt)

Holdings (25)

New Positions (3)

CTRE CARETRUST REIT INC 3.9%

Value ($000) $10,989 Shares 303,900 Est. Cost $36.16 Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 3.8%

Value ($000) $10,662 Shares 226,570 Est. Cost $47.06 Unrealized —

IVT INVENTRUST PPTYS CORP 3.0%

Value ($000) $8,442 Shares 299,250 Est. Cost $28.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTRE	CARETRUST REIT INC	303,900	$10,989	3.9%	$36.16	—	COM	14174T107
AHR	AMERICAN HEALTHCARE REIT INC	226,570	$10,662	3.8%	$47.06	—	COM SHS	398182303
IVT	INVENTRUST PPTYS CORP	299,250	$8,442	3.0%	$28.21	—	COM	46124J201

Increased Positions (13)

PLD PROLOGIS INC. 13.5%

Value ($000) $38,007 (+19.0%) Shares 297,721 (+6.8%) Est. Cost $113.21 Unrealized +9.4%

WELL WELLTOWER INC 12.0%

Value ($000) $33,751 (+17.4%) Shares 181,840 (+12.6%) Est. Cost $92.96 Unrealized +100.6%

SPG SIMON PPTY GROUP INC NEW 4.6%

Value ($000) $12,844 (+26.7%) Shares 69,385 (+28.4%) Est. Cost $127.73 Unrealized +40.9%

PECO PHILLIPS EDISON & CO INC 3.5%

Value ($000) $9,886 (+24.2%) Shares 277,931 (+19.9%) Est. Cost $33.73 Unrealized —

IRT INDEPENDENCE RLTY TR INC 3.2%

Value ($000) $8,930 (+13.9%) Shares 510,860 (+6.8%) Est. Cost $18.42 Unrealized —

IRM IRON MTN INC DEL 3.4%

Value ($000) $9,516 (-9.3%) Shares 114,720 (+11.4%) Est. Cost $93.42 Unrealized -0.7%

FCPT FOUR CORNERS PPTY TR INC 2.6%

Value ($000) $7,420 (+13.1%) Shares 321,787 (+19.7%) Est. Cost $25.46 Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR INC 2.7%

Value ($000) $7,518 (+11.4%) Shares 253,484 (+11.8%) Est. Cost $26.65 Unrealized —

MAA MID-AMER APT CMNTYS INC 2.7%

Value ($000) $7,637 (+10.5%) Shares 54,975 (+11.1%) Est. Cost $134.21 Unrealized -0.9%

PSA PUBLIC STORAGE OPER CO 3.6%

Value ($000) $10,121 (-5.9%) Shares 39,000 (+4.8%) Est. Cost $305.23 Unrealized -9.2%

DLR DIGITAL RLTY TR INC 3.9%

Value ($000) $10,828 (+5.6%) Shares 69,991 (+17.9%) Est. Cost $165.37 Unrealized -1.4%

UDR UDR INC 2.2%

Value ($000) $6,304 (+8.6%) Shares 171,870 (+10.3%) Est. Cost $37.58 Unrealized -5.5%

VICI VICI PPTYS INC 0.5%

Value ($000) $1,444 (-7.7%) Shares 51,360 (+7.1%) Est. Cost $27.39 Unrealized +7.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC.	297,721 (+6.8%)	$38,007 (+19.0%)	13.5%	$113.21	+9.4%	COM	74340W103
WELL	WELLTOWER INC	181,840 (+12.6%)	$33,751 (+17.4%)	12.0%	$92.96	+100.6%	COM	95040Q104
SPG	SIMON PPTY GROUP INC NEW	69,385 (+28.4%)	$12,844 (+26.7%)	4.6%	$127.73	+40.9%	COM	828806109
PECO	PHILLIPS EDISON & CO INC	277,931 (+19.9%)	$9,886 (+24.2%)	3.5%	$33.73	—	COMMON STOCK	71844V201
IRT	INDEPENDENCE RLTY TR INC	510,860 (+6.8%)	$8,930 (+13.9%)	3.2%	$18.42	—	COM	45378A106
IRM	IRON MTN INC DEL	114,720 (+11.4%)	$9,516 (-9.3%)	3.4%	$93.42	-0.7%	COM	46284V101
FCPT	FOUR CORNERS PPTY TR INC	321,787 (+19.7%)	$7,420 (+13.1%)	2.6%	$25.46	—	COM	35086T109
EPRT	ESSENTIAL PPTYS RLTY TR INC	253,484 (+11.8%)	$7,518 (+11.4%)	2.7%	$26.65	—	COM	29670E107
MAA	MID-AMER APT CMNTYS INC	54,975 (+11.1%)	$7,637 (+10.5%)	2.7%	$134.21	-0.9%	COM	59522J103
PSA	PUBLIC STORAGE OPER CO	39,000 (+4.8%)	$10,121 (-5.9%)	3.6%	$305.23	-9.2%	COM	74460D109
DLR	DIGITAL RLTY TR INC	69,991 (+17.9%)	$10,828 (+5.6%)	3.9%	$165.37	-1.4%	COM	253868103
UDR	UDR INC	171,870 (+10.3%)	$6,304 (+8.6%)	2.2%	$37.58	-5.5%	COM	902653104
VICI	VICI PPTYS INC	51,360 (+7.1%)	$1,444 (-7.7%)	0.5%	$27.39	+7.0%	COM	925652109

Exited Positions (7)

VTR VENTAS INC 3.6%

Value ($000) $10,086 Shares 144,105 Est. Cost $61.30 Unrealized +22.3%

KIM KIMCO RLTY CORP 3.1%

Value ($000) $8,697 Shares 398,042 Est. Cost $18.71 Unrealized +9.9%

OHI OMEGA HEALTHCARE INVS INC 2.8%

Value ($000) $7,863 Shares 186,240 Est. Cost $30.18 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 2.3%

Value ($000) $6,540 Shares 78,473 Est. Cost $82.96 Unrealized -30.1%

AAT AMERICAN ASSETS TR INC 2.1%

Value ($000) $5,811 Shares 285,996 Est. Cost $19.75 Unrealized —

SAFE SAFEHOLD INC 0.7%

Value ($000) $1,954 Shares 126,174 Est. Cost $24.69 Unrealized —

SCI SERVICE CORP INTL 0.3%

Value ($000) $922 Shares 11,080 Est. Cost $81.63 Unrealized -2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTR	VENTAS INC	144,105	$10,086	3.6%	$61.30	+22.3%	—	92276F100
KIM	KIMCO RLTY CORP	398,042	$8,697	3.1%	$18.71	+9.9%	—	49446R109
OHI	OMEGA HEALTHCARE INVS INC	186,240	$7,863	2.8%	$30.18	—	—	681936100
ARE	ALEXANDRIA REAL ESTATE EQ IN	78,473	$6,540	2.3%	$82.96	-30.1%	—	015271109
AAT	AMERICAN ASSETS TR INC	285,996	$5,811	2.1%	$19.75	—	—	024013104
SAFE	SAFEHOLD INC	126,174	$1,954	0.7%	$24.69	—	—	78646V107
SCI	SERVICE CORP INTL	11,080	$922	0.3%	$81.63	-2.0%	—	817565104

Decreased Positions (6)

MAC MACERICH CO 1.4%

Value ($000) $3,862 (-45.4%) Shares 209,232 (-46.1%) Est. Cost $19.50 Unrealized —

CUBE CUBESMART 3.1%

Value ($000) $8,790 (-21.7%) Shares 243,840 (-11.7%) Est. Cost $47.48 Unrealized —

EQIX EQUINIX INC 5.8%

Value ($000) $16,442 (-12.1%) Shares 21,460 (-10.2%) Est. Cost $684.72 Unrealized +14.1%

HIW HIGHWOODS PPTYS INC 1.8%

Value ($000) $4,927 (-27.3%) Shares 190,820 (-10.4%) Est. Cost $31.81 Unrealized —

CUZ COUSINS PPTYS INC 1.9%

Value ($000) $5,329 (-12.3%) Shares 206,730 (-1.5%) Est. Cost $30.03 Unrealized —

AMH AMERICAN HOMES 4 RENT 2.3%

Value ($000) $6,394 (-7.1%) Shares 199,180 (-3.8%) Est. Cost $33.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAC	MACERICH CO	209,232 (-46.1%)	$3,862 (-45.4%)	1.4%	$19.50	—	COM	554382101
CUBE	CUBESMART	243,840 (-11.7%)	$8,790 (-21.7%)	3.1%	$47.48	—	COM	229663109
EQIX	EQUINIX INC	21,460 (-10.2%)	$16,442 (-12.1%)	5.8%	$684.72	+14.1%	COM	29444U700
HIW	HIGHWOODS PPTYS INC	190,820 (-10.4%)	$4,927 (-27.3%)	1.8%	$31.81	—	COM	431284108
CUZ	COUSINS PPTYS INC	206,730 (-1.5%)	$5,329 (-12.3%)	1.9%	$30.03	—	COM	222795502
AMH	AMERICAN HOMES 4 RENT	199,180 (-3.8%)	$6,394 (-7.1%)	2.3%	$33.97	—	CL A	02665T306

Unchanged Positions (3)

AMT AMERICAN TOWER CORP NEW 11.2%

Value ($000) $31,437 Shares 179,058 Est. Cost $199.46 Unrealized -9.6%

VRE VERIS RESIDENTIAL INC 1.0%

Value ($000) $2,747 Shares 184,640 Est. Cost $16.63 Unrealized —

ELS EQUITY LIFESTYLE PPTYS INC 2.5%

Value ($000) $6,971 Shares 115,022 Est. Cost $66.18 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMT	AMERICAN TOWER CORP NEW	179,058	$31,437	11.2%	$199.46	-9.6%	COM	03027X100
VRE	VERIS RESIDENTIAL INC	184,640	$2,747	1.0%	$16.63	—	COM	554489104
ELS	EQUITY LIFESTYLE PPTYS INC	115,022	$6,971	2.5%	$66.18	—	COM	29472R108