LANDMARK INVESTMENT PARTNERS, L.P. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	205,500	$13,818	6.5%	$75.83	-6.6%	CALL	22160N109
VAC	MARRIOTT VACATIONS WORLDWIDE	198,400	$11,446	5.4%	—	—	CALL	57164Y107
MAA	MID-AMER APT CMNTYS INC	64,228	$8,922	4.2%	$133.00	0.0%	COM	59522J103
BYD	BOYD GAMING CORP	69,644	$5,936	2.8%	$82.27	0.0%	COM	103304101
REG	REGENCY CTRS CORP	84,873	$5,859	2.7%	$69.47	0.0%	COM	758849103
HPP	HUDSON PAC PPTYS INC	400,000	$4,332	2.0%	$10.83	—	CALL	444097406
MAA	MID-AMER APT CMNTYS INC	29,700	$4,126	1.9%	$133.00	0.0%	CALL	59522J103
EXR	EXTRA SPACE STORAGE INC	25,000	$3,256	1.5%	—	—	CALL	30225T102
SUI	SUN CMNTYS INC	23,500	$2,912	1.4%	—	—	CALL	866674104
HPP	HUDSON PAC PPTYS INC	180,709	$1,957	0.9%	$10.83	—	COM	444097406
O	REALTY INCOME CORP	33,600	$1,894	0.9%	—	—	CALL	756109104
BX	BLACKSTONE INC	10,500	$1,618	0.8%	$149.47	+1.3%	CALL	09260D107
GLPI	GAMING & LEISURE PPTYS INC	34,800	$1,555	0.7%	—	—	CALL	36467J108
NNN	NNN REIT INC	36,200	$1,435	0.7%	—	—	CALL	637417106
CPT	CAMDEN PPTY TR	8,978	$988	0.5%	$103.14	0.0%	SH BEN INT	133131102
BHR	BRAEMAR HOTELS & RESORTS INC	100,000	$287	0.1%	$2.77	—	CALL	10482B101

Increased Positions (9)

AIV APARTMENT INVT & MGMT CO 6.2%

Value ($000) $13,191 (+92.6%) Shares 2,220,778 (+157.2%) Est. Cost $7.13 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 5.3%

Value ($000) $11,246 (+34.5%) Shares 39,151 (+21.5%) Est. Cost $252.79 Unrealized +7.7%

CSGP COSTAR GROUP INC 4.9%

Value ($000) $10,387 (-17.6%) Shares 154,480 (+3.4%) Est. Cost $75.83 Unrealized -6.6%

CHH CHOICE HOTELS INTL INC 1.4%

Value ($000) $2,953 (+176.2%) Shares 31,000 (+210.0%) Est. Cost — Unrealized —

BHR BRAEMAR HOTELS & RESORTS INC 1.5%

Value ($000) $3,110 (+47.4%) Shares 1,083,493 (+40.2%) Est. Cost $2.77 Unrealized —

HGV HILTON GRAND VACATIONS INC 3.7%

Value ($000) $7,867 (+13.7%) Shares 175,810 (+6.2%) Est. Cost $45.82 Unrealized -7.3%

DEI DOUGLAS EMMETT INC 5.4%

Value ($000) $11,514 (+4.7%) Shares 1,047,713 (+48.4%) Est. Cost $14.58 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 1.8%

Value ($000) $3,957 (-10.4%) Shares 246,100 (+6.7%) Est. Cost — Unrealized —

CNS COHEN & STEERS INC 4.7%

Value ($000) $10,021 (+3.1%) Shares 159,623 (+7.8%) Est. Cost $81.48 Unrealized -20.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIV	APARTMENT INVT & MGMT CO	2,220,778 (+157.2%)	$13,191 (+92.6%)	6.2%	$7.13	—	CL A	03748R747
HLT	HILTON WORLDWIDE HLDGS INC	39,151 (+21.5%)	$11,246 (+34.5%)	5.3%	$252.79	+7.7%	COM	43300A203
CSGP	COSTAR GROUP INC	154,480 (+3.4%)	$10,387 (-17.6%)	4.9%	$75.83	-6.6%	COM	22160N109
CHH	CHOICE HOTELS INTL INC	31,000 (+210.0%)	$2,953 (+176.2%)	1.4%	—	—	CALL	169905106
BHR	BRAEMAR HOTELS & RESORTS INC	1,083,493 (+40.2%)	$3,110 (+47.4%)	1.5%	$2.77	—	COM	10482B101
HGV	HILTON GRAND VACATIONS INC	175,810 (+6.2%)	$7,867 (+13.7%)	3.7%	$45.82	-7.3%	COM	43283X105
DEI	DOUGLAS EMMETT INC	1,047,713 (+48.4%)	$11,514 (+4.7%)	5.4%	$14.58	—	COM	25960P109
DOC	HEALTHPEAK PROPERTIES INC	246,100 (+6.7%)	$3,957 (-10.4%)	1.8%	—	—	CALL	42250P103
CNS	COHEN & STEERS INC	159,623 (+7.8%)	$10,021 (+3.1%)	4.7%	$81.48	-20.5%	COM	19247A100

Exited Positions (40)

IWM ISHARES TR 5.7%

Value ($000) $12,098 Shares 50,000 Est. Cost — Unrealized —

— HUDSON PAC PPTYS INC 5.1%

Value ($000) $10,804 Shares 3,914,346 Est. Cost $2.80 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 4.6%

Value ($000) $9,784 Shares 117,400 Est. Cost — Unrealized —

UHAL U HAUL HOLDING COMPANY 3.1%

Value ($000) $6,528 Shares 114,393 Est. Cost $58.94 Unrealized -9.7%

UDR UDR INC 2.9%

Value ($000) $6,118 Shares 164,200 Est. Cost — Unrealized —

IRT INDEPENDENCE RLTY TR INC 2.8%

Value ($000) $5,999 Shares 366,000 Est. Cost — Unrealized —

— HUDSON PAC PPTYS INC 2.4%

Value ($000) $5,197 Shares 1,882,909 Est. Cost $2.80 Unrealized —

SKY CHAMPION HOMES INC 2.4%

Value ($000) $5,063 Shares 66,300 Est. Cost — Unrealized —

CTRE CARETRUST REIT INC 2.3%

Value ($000) $4,855 Shares 140,000 Est. Cost — Unrealized —

INVH INVITATION HOMES INC 2.1%

Value ($000) $4,493 Shares 153,200 Est. Cost — Unrealized —

AIV APARTMENT INVT & MGMT CO 1.9%

Value ($000) $4,109 Shares 518,200 Est. Cost $7.13 Unrealized —

TMHC TAYLOR MORRISON HOME CORP 1.7%

Value ($000) $3,598 Shares 54,500 Est. Cost — Unrealized —

EPR EPR PPTYS 1.5%

Value ($000) $3,312 Shares 57,100 Est. Cost — Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 1.5%

Value ($000) $3,222 Shares 100,000 Est. Cost $37.36 Unrealized —

MTH MERITAGE HOMES CORP 1.4%

Value ($000) $3,042 Shares 42,000 Est. Cost — Unrealized —

AKR ACADIA RLTY TR 1.3%

Value ($000) $2,877 Shares 142,800 Est. Cost — Unrealized —

AMT AMERICAN TOWER CORP NEW 1.3%

Value ($000) $2,750 Shares 14,300 Est. Cost — Unrealized —

WY WEYERHAEUSER CO MTN BE 1.2%

Value ($000) $2,623 Shares 105,800 Est. Cost — Unrealized —

HR HEALTHCARE RLTY TR 1.1%

Value ($000) $2,304 Shares 127,800 Est. Cost — Unrealized —

SBAC SBA COMMUNICATIONS CORP NEW 1.0%

Value ($000) $2,224 Shares 11,500 Est. Cost — Unrealized —

EQR EQUITY RESIDENTIAL 1.0%

Value ($000) $2,178 Shares 33,641 Est. Cost $64.02 Unrealized -5.2%

PSA PUBLIC STORAGE OPER CO 1.0%

Value ($000) $2,166 Shares 7,500 Est. Cost — Unrealized —

WSC WILLSCOT HLDGS CORP 1.0%

Value ($000) $2,111 Shares 100,000 Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 1.0%

Value ($000) $2,053 Shares 25,700 Est. Cost — Unrealized —

SHO SUNSTONE HOTEL INVS INC NEW 0.9%

Value ($000) $1,832 Shares 195,500 Est. Cost — Unrealized —

CUZ COUSINS PPTYS INC 0.8%

Value ($000) $1,736 Shares 60,000 Est. Cost — Unrealized —

BKD BROOKDALE SR LIVING INC 0.8%

Value ($000) $1,694 Shares 200,000 Est. Cost $5.61 Unrealized +75.2%

CCI CROWN CASTLE INC 0.8%

Value ($000) $1,631 Shares 16,900 Est. Cost — Unrealized —

BN BROOKFIELD CORP 0.6%

Value ($000) $1,234 Shares 18,000 Est. Cost — Unrealized —

MAC MACERICH CO 0.6%

Value ($000) $1,210 Shares 66,500 Est. Cost — Unrealized —

UHAL U HAUL HOLDING COMPANY 0.5%

Value ($000) $1,113 Shares 19,500 Est. Cost $58.94 Unrealized -9.7%

HGV HILTON GRAND VACATIONS INC 0.5%

Value ($000) $1,037 Shares 24,800 Est. Cost $45.82 Unrealized -7.3%

BKD BROOKDALE SR LIVING INC 0.4%

Value ($000) $847 Shares 100,000 Est. Cost $5.61 Unrealized +75.2%

SLG SL GREEN RLTY CORP 0.3%

Value ($000) $568 Shares 9,500 Est. Cost — Unrealized —

KIM KIMCO RLTY CORP 0.3%

Value ($000) $546 Shares 25,000 Est. Cost — Unrealized —

COMP COMPASS INC 0.2%

Value ($000) $511 Shares 63,600 Est. Cost — Unrealized —

OWL BLUE OWL CAPITAL INC 0.2%

Value ($000) $508 Shares 30,000 Est. Cost — Unrealized —

LINE LINEAGE INC 0.2%

Value ($000) $506 Shares 13,100 Est. Cost — Unrealized —

AVB AVALONBAY CMNTYS INC 0.1%

Value ($000) $269 Shares 1,393 Est. Cost $191.17 Unrealized -6.0%

TOL TOLL BROTHERS INC 0.1%

Value ($000) $249 Shares 1,800 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	50,000	$12,098	5.7%	—	—	PUT	464287655
—	HUDSON PAC PPTYS INC	3,914,346	$10,804	5.1%	$2.80	—	—	444097109
ARE	ALEXANDRIA REAL ESTATE EQ IN	117,400	$9,784	4.6%	—	—	CALL	015271109
UHAL	U HAUL HOLDING COMPANY	114,393	$6,528	3.1%	$58.94	-9.7%	—	023586100
UDR	UDR INC	164,200	$6,118	2.9%	—	—	CALL	902653104
IRT	INDEPENDENCE RLTY TR INC	366,000	$5,999	2.8%	—	—	CALL	45378A106
—	HUDSON PAC PPTYS INC	1,882,909	$5,197	2.4%	$2.80	—	CALL	444097109
SKY	CHAMPION HOMES INC	66,300	$5,063	2.4%	—	—	CALL	830830105
CTRE	CARETRUST REIT INC	140,000	$4,855	2.3%	—	—	CALL	14174T107
INVH	INVITATION HOMES INC	153,200	$4,493	2.1%	—	—	CALL	46187W107
AIV	APARTMENT INVT & MGMT CO	518,200	$4,109	1.9%	$7.13	—	CALL	03748R747
TMHC	TAYLOR MORRISON HOME CORP	54,500	$3,598	1.7%	—	—	CALL	87724P106
EPR	EPR PPTYS	57,100	$3,312	1.5%	—	—	CALL	26884U109
NXRT	NEXPOINT RESIDENTIAL TR INC	100,000	$3,222	1.5%	$37.36	—	CALL	65341D102
MTH	MERITAGE HOMES CORP	42,000	$3,042	1.4%	—	—	CALL	59001A102
AKR	ACADIA RLTY TR	142,800	$2,877	1.3%	—	—	CALL	004239109
AMT	AMERICAN TOWER CORP NEW	14,300	$2,750	1.3%	—	—	CALL	03027X100
WY	WEYERHAEUSER CO MTN BE	105,800	$2,623	1.2%	—	—	CALL	962166104
HR	HEALTHCARE RLTY TR	127,800	$2,304	1.1%	—	—	CALL	42226K105
SBAC	SBA COMMUNICATIONS CORP NEW	11,500	$2,224	1.0%	—	—	CALL	78410G104
EQR	EQUITY RESIDENTIAL	33,641	$2,178	1.0%	$64.02	-5.2%	—	29476L107
PSA	PUBLIC STORAGE OPER CO	7,500	$2,166	1.0%	—	—	CALL	74460D109
WSC	WILLSCOT HLDGS CORP	100,000	$2,111	1.0%	—	—	CALL	971378104
WH	WYNDHAM HOTELS & RESORTS INC	25,700	$2,053	1.0%	—	—	CALL	98311A105
SHO	SUNSTONE HOTEL INVS INC NEW	195,500	$1,832	0.9%	—	—	CALL	867892101
CUZ	COUSINS PPTYS INC	60,000	$1,736	0.8%	—	—	CALL	222795502
BKD	BROOKDALE SR LIVING INC	200,000	$1,694	0.8%	$5.61	+75.2%	PUT	112463104
CCI	CROWN CASTLE INC	16,900	$1,631	0.8%	—	—	CALL	22822V101
BN	BROOKFIELD CORP	18,000	$1,234	0.6%	—	—	CALL	11271J107
MAC	MACERICH CO	66,500	$1,210	0.6%	—	—	CALL	554382101
UHAL	U HAUL HOLDING COMPANY	19,500	$1,113	0.5%	$58.94	-9.7%	CALL	023586100
HGV	HILTON GRAND VACATIONS INC	24,800	$1,037	0.5%	$45.82	-7.3%	CALL	43283X105
BKD	BROOKDALE SR LIVING INC	100,000	$847	0.4%	$5.61	+75.2%	CALL	112463104
SLG	SL GREEN RLTY CORP	9,500	$568	0.3%	—	—	CALL	78440X887
KIM	KIMCO RLTY CORP	25,000	$546	0.3%	—	—	CALL	49446R109
COMP	COMPASS INC	63,600	$511	0.2%	—	—	CALL	20464U100
OWL	BLUE OWL CAPITAL INC	30,000	$508	0.2%	—	—	CALL	09581B103
LINE	LINEAGE INC	13,100	$506	0.2%	—	—	CALL	53566V106
AVB	AVALONBAY CMNTYS INC	1,393	$269	0.1%	$191.17	-6.0%	—	053484101
TOL	TOLL BROTHERS INC	1,800	$249	0.1%	—	—	CALL	889478103

Decreased Positions (17)

ESS ESSEX PPTY TR INC 4.8%

Value ($000) $10,336 (-60.5%) Shares 39,500 (-59.6%) Est. Cost $282.04 Unrealized -9.1%

KRC KILROY RLTY CORP 0.6%

Value ($000) $1,233 (-86.8%) Shares 33,000 (-85.0%) Est. Cost — Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 0.5%

Value ($000) $998 (-87.5%) Shares 33,172 (-86.7%) Est. Cost $37.36 Unrealized —

BX BLACKSTONE INC 0.5%

Value ($000) $1,042 (-86.7%) Shares 6,759 (-85.2%) Est. Cost $149.47 Unrealized +1.3%

EQR EQUITY RESIDENTIAL 0.9%

Value ($000) $1,973 (-75.1%) Shares 31,300 (-74.4%) Est. Cost $64.02 Unrealized -5.2%

AVB AVALONBAY CMNTYS INC 0.7%

Value ($000) $1,469 (-72.8%) Shares 8,100 (-71.1%) Est. Cost $191.17 Unrealized -6.0%

DEI DOUGLAS EMMETT INC 2.5%

Value ($000) $5,275 (-41.6%) Shares 480,000 (-17.2%) Est. Cost $14.58 Unrealized —

DLR DIGITAL RLTY TR INC 0.7%

Value ($000) $1,439 (-71.6%) Shares 9,300 (-68.3%) Est. Cost — Unrealized —

BXP BXP INC 0.3%

Value ($000) $560 (-85.6%) Shares 8,300 (-84.0%) Est. Cost — Unrealized —

REXR REXFORD INDL RLTY INC 0.6%

Value ($000) $1,382 (-70.0%) Shares 35,700 (-68.2%) Est. Cost — Unrealized —

HHH HOWARD HUGHES HOLDINGS INC 4.4%

Value ($000) $9,382 (-24.7%) Shares 117,619 (-22.5%) Est. Cost $68.32 Unrealized +21.2%

WPC WP CAREY INC 0.9%

Value ($000) $1,931 (-57.7%) Shares 30,000 (-55.6%) Est. Cost — Unrealized —

ESS ESSEX PPTY TR INC 3.5%

Value ($000) $7,413 (-12.8%) Shares 28,329 (-10.9%) Est. Cost $282.04 Unrealized -9.1%

BKD BROOKDALE SR LIVING INC 3.2%

Value ($000) $6,939 (-13.1%) Shares 643,076 (-31.8%) Est. Cost $5.61 Unrealized +75.2%

CNS COHEN & STEERS INC 1.4%

Value ($000) $3,013 (-17.5%) Shares 48,000 (-13.8%) Est. Cost $81.48 Unrealized -20.5%

EQIX EQUINIX INC 1.0%

Value ($000) $2,069 (-22.3%) Shares 2,700 (-20.6%) Est. Cost — Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 0.9%

Value ($000) $1,902 (-3.5%) Shares 20,100 (-8.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESS	ESSEX PPTY TR INC	39,500 (-59.6%)	$10,336 (-60.5%)	4.8%	$282.04	-9.1%	CALL	297178105
KRC	KILROY RLTY CORP	33,000 (-85.0%)	$1,233 (-86.8%)	0.6%	—	—	CALL	49427F108
NXRT	NEXPOINT RESIDENTIAL TR INC	33,172 (-86.7%)	$998 (-87.5%)	0.5%	$37.36	—	COM	65341D102
BX	BLACKSTONE INC	6,759 (-85.2%)	$1,042 (-86.7%)	0.5%	$149.47	+1.3%	COM	09260D107
EQR	EQUITY RESIDENTIAL	31,300 (-74.4%)	$1,973 (-75.1%)	0.9%	$64.02	-5.2%	CALL	29476L107
AVB	AVALONBAY CMNTYS INC	8,100 (-71.1%)	$1,469 (-72.8%)	0.7%	$191.17	-6.0%	CALL	053484101
DEI	DOUGLAS EMMETT INC	480,000 (-17.2%)	$5,275 (-41.6%)	2.5%	$14.58	—	CALL	25960P109
DLR	DIGITAL RLTY TR INC	9,300 (-68.3%)	$1,439 (-71.6%)	0.7%	—	—	CALL	253868103
BXP	BXP INC	8,300 (-84.0%)	$560 (-85.6%)	0.3%	—	—	CALL	101121101
REXR	REXFORD INDL RLTY INC	35,700 (-68.2%)	$1,382 (-70.0%)	0.6%	—	—	CALL	76169C100
HHH	HOWARD HUGHES HOLDINGS INC	117,619 (-22.5%)	$9,382 (-24.7%)	4.4%	$68.32	+21.2%	COM	44267T102
WPC	WP CAREY INC	30,000 (-55.6%)	$1,931 (-57.7%)	0.9%	—	—	CALL	92936U109
ESS	ESSEX PPTY TR INC	28,329 (-10.9%)	$7,413 (-12.8%)	3.5%	$282.04	-9.1%	COM	297178105
BKD	BROOKDALE SR LIVING INC	643,076 (-31.8%)	$6,939 (-13.1%)	3.2%	$5.61	+75.2%	COM	112463104
CNS	COHEN & STEERS INC	48,000 (-13.8%)	$3,013 (-17.5%)	1.4%	$81.48	-20.5%	CALL	19247A100
EQIX	EQUINIX INC	2,700 (-20.6%)	$2,069 (-22.3%)	1.0%	—	—	CALL	29444U700
RHP	RYMAN HOSPITALITY PPTYS INC	20,100 (-8.6%)	$1,902 (-3.5%)	0.9%	—	—	CALL	78377T107

Unchanged Positions (2)

VTR VENTAS INC 2.8%

Value ($000) $6,059 Shares 78,300 Est. Cost — Unrealized —

HHH HOWARD HUGHES HOLDINGS INC 2.3%

Value ($000) $4,906 Shares 61,500 Est. Cost $68.32 Unrealized +21.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTR	VENTAS INC	78,300	$6,059	2.8%	—	—	CALL	92276F100
HHH	HOWARD HUGHES HOLDINGS INC	61,500	$4,906	2.3%	$68.32	+21.2%	CALL	44267T102