Uniplan Investment Counsel, Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Uniplan Investment Counsel, Inc. reported 161 stock positions worth $997.4 million. Its top holding was Equinix (EQIX) at 5.6% of the portfolio, followed by American Tower (AMT, 5.6%) and Welltower (WELL, 4.9%). Compared with Q4 2024, it opened 57 new positions, sold out of 11, added to 39 and reduced 65. The biggest buy was Essex Property Trust (ESS, shares +17%) and the biggest sale Equinix (EQIX, shares −8%).

Most Recent 13F
Q2 2026
Location
MILWAUKEE, WI
CIK
0001520710
Portfolio Value
$997.4M (Q1 2025)
SEC Filing
0001520710-25-000003 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $997.4M $997.4M Q1 2025 Q2 2025: $954.8M Q2 2025 Q3 2025: $982.9M Q3 2025 Q4 2025: $963.2M Q4 2025 Q1 2026: $943.6M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 161 stocks · $997.4M
EQIX Equinix Inc. 5.58% 68,303 $55.7M Reduce -7.5%
AMT American Tower Corp. 5.57% 255,200 $55.5M Reduce -6.8%
WELL Welltower Inc. 4.92% 320,165 $49.1M Reduce -6.7%
SPG Simon Property Group Inc. 3.98% 238,921 $39.7M Reduce -6.0%
EGP Eastgroup Properties Inc. 3.33% 188,643 $33.2M Reduce -6.4%
TRNO Terreno Realty Corp. 3.21% 506,680 $32.0M Reduce -6.5%
KRG Kite Realty Group Trust 2.74% 1,221,304 $27.3M Reduce -6.3%
CCI Crown Castle Inc. 2.69% 257,014 $26.8M Reduce -6.8%
GLPI Gaming and Leisure Propertie 2.64% 516,714 $26.3M Reduce -6.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 2.37% 725,519 $23.7M Reduce -6.0%
AMH American Homes 4 Rent- A 2.34% 616,994 $23.3M Reduce -6.7%
PSA Public Storage 2.15% 71,632 $21.4M Reduce -20.0%
VTR Ventas Inc. 2.07% 300,373 $20.7M Reduce -7.0%
USFR Wisdomtree Floating Rate Tre 2.00% 395,966 $19.9M Add +13.6%
EXR Extra Space Storage Inc. 1.91% 128,202 $19.0M Reduce -22.1%
PLD Prologis Inc. 1.89% 168,981 $18.9M Reduce -21.5%
ELS Equity Lifestyle Properties 1.72% 257,078 $17.1M Reduce -6.8%
ESS Essex Property Trust Inc. 1.72% 55,866 $17.1M Add +17.2%
AVB Avalonbay Communities Inc. 1.39% 64,424 $13.8M Reduce -7.1%
REG Regency Centers Corp. 1.26% 170,316 $12.6M Reduce -6.8%
WMB Williams Cos Inc. 1.22% 203,101 $12.1M Reduce -3.7%
CPT Camden Property Trust 1.19% 97,278 $11.9M Reduce -7.7%
FPI Farmland Partners Inc. 1.13% 1,011,214 $11.3M Reduce -3.5%
IDCC Interdigital Inc. 1.07% 51,494 $10.6M Reduce -16.8%
SBAC SBA Communications Corp. 1.02% 46,030 $10.1M Reduce -7.6%
ADC Agree Realty Corp. 1.01% 130,854 $10.1M Reduce -6.1%
BXP BXP Inc. 0.98% 145,872 $9.8M Reduce -6.0%
WY Weyerhaeuser Co. 0.97% 332,013 $9.7M Reduce -47.0%
DLR Digital Realty Trust Inc. 0.97% 67,751 $9.7M Reduce -8.0%
INVH Invitation Homes Inc. 0.97% 276,657 $9.6M Reduce -7.0%
MTN Vail Resorts Inc. 0.93% 57,956 $9.3M Reduce -5.9%
MAA Mid-America Apartment Comm 0.91% 53,920 $9.0M Reduce -7.8%
KMI Kinder Morgan Inc. 0.89% 310,894 $8.9M Reduce -3.7%
O Realty Income Corp. 0.83% 143,378 $8.3M Reduce -6.4%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 0.78% 211,409 $7.7M Reduce -19.7%
AIV Apartment Invt & Mgmt Co. Class A 0.77% 877,861 $7.7M Reduce -6.8%
LGND Ligand Pharmaceuticals 0.73% 68,792 $7.2M Add +0.9%
LINC Lincoln Educational Services 0.71% 444,369 $7.1M Reduce -11.8%
EPR Epr Properties filed as EPR PPTYS 0.70% 133,432 $7.0M Reduce -6.2%
OUT Outfront Media Inc. 0.70% 430,812 $7.0M Add +98.2%
PSTL Postal Realty Trust Inc. Class A 0.67% 468,653 $6.7M Reduce -2.9%
FANG Diamondback Energy Inc. 0.63% 39,109 $6.3M Reduce -3.9%
AZZ Azz Inc. 0.62% 74,545 $6.2M Add +7.2%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.62% 48,083 $6.2M Reduce -7.5%
SII Sprott Inc. 0.62% 137,603 $6.2M Add +1.5%
EQH Equitable Holdings Inc. 0.61% 116,009 $6.0M Reduce -3.8%
UTI Universal Technical Institut 0.59% 230,543 $5.9M Add +24.0%
ABBV Abbvie Inc. 0.59% 28,095 $5.9M Reduce -4.0%
BLFS Biolife Solutions Inc. 0.57% 247,378 $5.7M Add +0.8%
GDYN Grid Dynamics Holdings Inc. 0.55% 348,493 $5.5M Add +9.3%
RDVT Red Violet Inc. 0.53% 139,421 $5.2M Add +27.7%
GRC Gorman-Rupp Co. 0.52% 146,711 $5.1M Add +0.7%
OKE Oneok Inc. 0.49% 49,177 $4.9M Reduce -3.5%
PCH Potlatchdeltic Corp. 0.48% 106,249 $4.8M Add +199.5%
UFPT Ufp Technologies Inc. 0.47% 23,435 $4.7M Add +1.4%
SRTA Strata Critical Medical Inc. filed as BLADE AIR MOBILITY INC 0.47% 1,728,615 $4.7M Add +77.5%
SEI Solaris Energy Infrastructur 0.47% 213,742 $4.7M Reduce -19.6%
INVA Innoviva Inc. 0.44% 243,507 $4.4M Add +0.6%
AOSL Alpha & Omega Semiconductor 0.44% 177,263 $4.4M Reduce -7.6%
BBW Build-A-Bear Workshop Inc. 0.43% 116,599 $4.3M Add +28.4%
COLL Collegium Pharmaceutical Inc. 0.43% 142,801 $4.3M Add +0.6%
BKTI BK Technologies Corp. 0.43% 108,225 $4.2M Add +40.1%
DAKT Daktronics Inc. 0.43% 348,160 $4.2M Add +0.8%
PUMP Propetro Holding Corp. 0.42% 574,500 $4.2M Add +31.8%
PLYM Plymouth Industrial REIT Inc. 0.42% 256,720 $4.2M Add +0.7%
NPKI NPK International Inc. 0.42% 716,439 $4.2M Add +46.3%
MET Metlife Inc. 0.42% 51,625 $4.1M Reduce -4.2%
OHI Omega Healthcare Investors 0.41% 108,348 $4.1M Reduce -3.6%
CASS Cass Information Systems Inc. 0.39% 90,919 $3.9M Add +114.4%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.39% 15,756 $3.9M Reduce -3.2%
HWKN Hawkins Inc. 0.38% 36,047 $3.8M Add +0.5%
ARCC Ares Capital Corp. 0.38% 170,864 $3.8M Reduce -3.7%
CMBT CMB Tech NV 0.38% 414,059 $3.8M Reduce -3.5%
HHH Howard Hughes Holdings Inc. 0.36% 48,053 $3.6M Reduce -6.4%
SLP Simulations Plus Inc. 0.35% 144,202 $3.5M Add +141.8%
CURB Curbline Properties Corp. 0.34% 141,385 $3.4M New
BRX Brixmor Property Group Inc. 0.34% 128,316 $3.4M New
PLGO Pelagos Insurance Capital LT filed as FIDELIS INSURANCE HOLDINGS L 0.34% 208,868 $3.4M Add +0.9%
SPOK Spok Holdings Inc. filed as SPOK HLDGS INC 0.34% 205,332 $3.4M Add +0.9%
RYN Rayonier Inc. 0.33% 119,092 $3.3M New
PKE Park Aerospace Corp. 0.33% 246,215 $3.3M Add +0.7%
SBRA Sabra Health Care REIT Inc. 0.33% 188,533 $3.3M New
CTRE Caretrust REIT Inc. 0.33% 115,011 $3.3M New
NSSC Napco Security Technologies 0.30% 130,984 $3.0M Add +1.0%
VLO Valero Energy Corp. 0.30% 22,401 $3.0M Reduce -4.5%
MAMA Mama's Creations Inc. 0.29% 451,180 $2.9M Reduce -26.1%
NWPX NWPX Infrastructure Inc. filed as NORTHWEST PIPE CO 0.29% 71,118 $2.9M Add +20.2%
EFC Ellington Financial Inc. 0.29% 214,484 $2.8M Add +17.2%
AMGN Amgen Inc. 0.28% 8,920 $2.8M Reduce -2.0%
SIGA Siga Technologies Inc. 0.28% 504,561 $2.8M Add +0.7%
IRMD Iradimed Corp. 0.26% 48,727 $2.6M Add +49.7%
AXGN Axogen Inc. 0.25% 135,479 $2.5M New
XYLD Global X S&P 500 Cove Call E 0.25% 62,794 $2.5M Reduce -3.8%
CCOI Cogent Communications Holdin 0.22% 36,463 $2.2M Reduce -3.5%
BTBT Bit Digital Inc. 0.22% 1,089,300 $2.2M Add +203.8%
LFMD Lifemd Inc. 0.21% 388,288 $2.1M Add +0.8%
OMAB Grupo Aeroportuario Cen-ADR 0.21% 26,199 $2.1M Reduce -2.8%
CWK Cushman & Wakefield UK Holdc 0.20% 193,360 $2.0M Add +145.3%
CWEN Clearway Energy Inc. Class C 0.19% 63,078 $1.9M Reduce -3.7%
CSGS CSG Systems Intl Inc. 0.19% 31,184 $1.9M New
WULF Terawulf Inc. 0.18% 673,716 $1.8M Add +20.9%
PAC Grupo Aeroportuario Pac-ADR 0.18% 9,891 $1.8M Reduce -5.5%
DVN Devon Energy Corp. 0.16% 43,148 $1.6M Reduce -3.6%
RPRX Royalty Pharma PLC Class A 0.16% 51,838 $1.6M Add +29.8%
CPK Chesapeake Utilities Corp. 0.16% 12,520 $1.6M Reduce -4.9%
AHR American Healthcare REIT Inc. 0.16% 51,621 $1.6M Reduce -3.4%
UDR Udr Inc. 0.15% 32,474 $1.5M Reduce -3.7%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.15% 30,166 $1.5M Add +48.2%
GTY Getty Realty Corp. 0.14% 45,454 $1.4M Reduce -3.4%
XHR Xenia Hotels & Resorts Inc. 0.11% 91,481 $1.1M Reduce -3.9%
GCMG GCM Grosvenor Inc. Class A 0.10% 76,166 $1.0M New
ARIS WATER SOLUTIONS INC-A 0.10% 31,432 $1.0M New
EZPW Ezcorp Inc. Class A 0.10% 67,872 $999K New
B Barrick Gold Corp. 0.10% 50,424 $980K New
ASTE Astec Industries Inc. 0.10% 28,419 $979K New
KNTK Kinetik Holdings Inc. 0.09% 17,481 $908K Reduce -3.1%
DAVE Dave Inc. 0.05% 5,910 $489K New
MFIN Medallion Financial Corp. 0.05% 55,398 $483K New
DVAX Dynavax Technologies Corp. 0.05% 36,585 $475K New
LB Landbridge Co. LLC-A 0.00% 417 $30K New
RSP Invesco S&P 500 Equal Weight 0.00% 150 $26K New
CME Cme Group Inc. 0.00% 84 $22K New
KTOS Kratos Defense & Security 0.00% 690 $20K New
RDDT Reddit Inc. Class A 0.00% 168 $18K New
SPY SS SPDR S&P 500 ETF Trust-US 0.00% 29 $16K New
ORLY O'reilly Automotive Inc. 0.00% 11 $16K New
CLBT Cellebrite Di Ltd. 0.00% 752 $15K New
DE Deere & Co. 0.00% 27 $13K New
EUFN iShares MSCI Europe Financia 0.00% 456 $13K New
AMZN Amazon.com Inc. 0.00% 68 $13K New
TTWO Take-Two Interactive Softwre 0.00% 61 $13K New
VRSN Verisign Inc. 0.00% 47 $12K New
RSG Republic Services Inc. 0.00% 48 $12K New
PLTR Palantir Technologies Inc. Class A 0.00% 118 $10K New
WMT Walmart Inc. 0.00% 111 $10K New
RBBN Ribbon Communications Inc. 0.00% 2,498 $10K New
CNP Centerpoint Energy Inc. 0.00% 225 $8K New
QQQM Invesco Nasdaq 100 ETF 0.00% 42 $8K New
KGS Kodiak Gas Services Inc. 0.00% 216 $8K New
PGR Progressive Corp. 0.00% 27 $8K New
META Meta Platforms Inc. Class A 0.00% 13 $7K New
MSB Mesabi Trust 0.00% 268 $7K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 171 $7K New
CRWD CrowdStrike Holdings Inc. Class A 0.00% 20 $7K New
ABT Abbott Laboratories 0.00% 51 $7K New
AIG American International Group 0.00% 74 $7K New
D Dominion Energy Inc. 0.00% 92 $5K New
ELMD Electromed Inc. 0.00% 188 $5K New
DUK Duke Energy Corp. 0.00% 32 $4K New
MO Altria Group Inc. 0.00% 65 $4K New
ATMU Atmus Filtration Technologie 0.00% 89 $3K New
GOOG Alphabet Inc. Class C 0.00% 20 $3K New
TOLZ Proshares GLB Infrastructure 0.00% 61 $3K New
UNH Unitedhealth Group Inc. 0.00% 6 $3K New
NBIS Nebius Group NV 0.00% 152 $3K New
FTNT Fortinet Inc. 0.00% 29 $3K New
GL Globe Life Inc. 0.00% 12 $2K New
KO The Coca-Cola Co. 0.00% 22 $2K New
TPB Turning Point Brands Inc. 0.00% 27 $2K New
CBOE Cboe Global Markets Inc. 0.00% 7 $2K New
EXC Exelon Corp. 0.00% 35 $2K New
Other holdings (16): bonds, preferreds, convertibles and warrants · $30.3M (not counted above)
SecurityClassShares / PrincipalValueChange
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 64,433$3.9MAdd +2672.5%
AT&T INC (T 4.75 PERP C) PFD 191,749$3.7MReduce -3.7%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 132,482$3.1MReduce -3.5%
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 2,189$2.7MReduce -93.6%
PUBLIC STORAGE (PSA 5.6 PERP H) Common Stock 108,809$2.5MReduce -3.3%
TRITON INTERNATIONAL LTD (TRTN 8 PERP B) PFD 82,973$2.1MReduce -3.8%
MEDALLION BANK UTAH (MEDBNK V0 PERP F) PFD 65,308$1.7MReduce -3.7%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 33,908$1.6MReduce -4.4%
REDWOOD TRUST INC (RWT V10 PERP) COM 64,948$1.6MReduce -3.4%
ADAMAS TRUST INC (ADAM V7.875 PERP E) PFD 63,427$1.6MReduce -3.8%
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) PREFERREDSTK 60,056$1.3MReduce -3.4%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 19,085$1.0MReduce -2.4%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 13,335$975KReduce -4.4%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 21,488$961KNew
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 37,524$916KReduce -4.1%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 20,920$746KAdd +0.1%

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q4 2024 → Q1 2025
EQIX Equinix Inc. Reduce -7.5% 5.58% −1.07
WY Weyerhaeuser Co. Reduce -47.0% 0.97% −0.71
HR Healthcare Realty Trust Inc. Sold out 0.00% −0.70
CTS CTS Corp. Sold out 0.00% −0.52
EXR Extra Space Storage Inc. Reduce -22.1% 1.91% −0.45
UEC Uranium Energy Corp. Sold out 0.00% −0.43
PSA Public Storage Reduce -20.0% 2.15% −0.41
KRG Kite Realty Group Trust Reduce -6.3% 2.74% −0.40
SW Smurfit Westrock PLC Sold out 0.00% −0.33
DD Dupont DE Nemours Inc. Sold out 0.00% −0.32
HEES H&E Equipment Services Inc. Sold out 0.00% −0.31
AHRT Ah Realty Trust Inc. Sold out 0.00% −0.30
COHR Coherent Corp. Sold out 0.00% −0.29
SAFE Safehold Inc. Sold out 0.00% −0.28
PLD Prologis Inc. Reduce -21.5% 1.89% −0.28
DLR Digital Realty Trust Inc. Reduce -8.0% 0.97% −0.27
SEI Solaris Energy Infrastructur Reduce -19.6% 0.47% −0.26
AOSL Alpha & Omega Semiconductor Reduce -7.6% 0.44% −0.24
SPG Simon Property Group Inc. Reduce -6.0% 3.98% −0.21
EU Encore Energy Corp. Sold out 0.00% −0.21
MTN Vail Resorts Inc. Reduce -5.9% 0.93% −0.17
MAMA Mama's Creations Inc. Reduce -26.1% 0.29% −0.17
KRC Kilroy Realty Corp. Sold out 0.00% −0.14
BXP BXP Inc. Reduce -6.0% 0.98% −0.12
BLX Bladex Inc. Reduce -19.7% 0.78% −0.12
IDCC Interdigital Inc. Reduce -16.8% 1.07% −0.08
AVB Avalonbay Communities Inc. Reduce -7.1% 1.39% −0.07
LINC Lincoln Educational Services Reduce -11.8% 0.71% −0.05
CCOI Cogent Communications Holdin Reduce -3.5% 0.22% −0.05
FPI Farmland Partners Inc. Reduce -3.5% 1.13% −0.05
AIV Apartment Invt & Mgmt Co. Class A Reduce -6.8% 0.77% −0.04
ELS Equity Lifestyle Properties Reduce -6.8% 1.72% −0.04
REG Regency Centers Corp. Reduce -6.8% 1.26% −0.03
CMBT CMB Tech NV Reduce -3.5% 0.38% −0.03
XHR Xenia Hotels & Resorts Inc. Reduce -3.9% 0.11% −0.03
AMH American Homes 4 Rent- A Reduce -6.7% 2.34% −0.03
HHH Howard Hughes Holdings Inc. Reduce -6.4% 0.36% −0.02
XYLD Global X S&P 500 Cove Call E Reduce -3.8% 0.25% −0.01
FANG Diamondback Energy Inc. Reduce -3.9% 0.63% −0.01
KNTK Kinetik Holdings Inc. Reduce -3.1% 0.09% −0.01
MET Metlife Inc. Reduce -4.2% 0.42% −0.01
OKE Oneok Inc. Reduce -3.5% 0.49% +0.00
GTY Getty Realty Corp. Reduce -3.4% 0.14% +0.01
OHI Omega Healthcare Investors Reduce -3.6% 0.41% +0.01
UDR Udr Inc. Reduce -3.7% 0.15% +0.01
ARCC Ares Capital Corp. Reduce -3.7% 0.38% +0.01
CPK Chesapeake Utilities Corp. Reduce -4.9% 0.16% +0.01
PAC Grupo Aeroportuario Pac-ADR Reduce -5.5% 0.18% +0.01
SUI Sun Communities Inc. Reduce -7.5% 0.62% +0.01
AHR American Healthcare REIT Inc. Reduce -3.4% 0.16% +0.01

Portfolio Buys Q4 2024 → Q1 2025
ESS Essex Property Trust Inc. Add +17.2% 1.72% +0.42
PCH Potlatchdeltic Corp. Add +199.5% 0.48% +0.35
CURB Curbline Properties Corp. New 0.34% +0.34
BRX Brixmor Property Group Inc. New 0.34% +0.34
RYN Rayonier Inc. New 0.33% +0.33
SBRA Sabra Health Care REIT Inc. New 0.33% +0.33
CTRE Caretrust REIT Inc. New 0.33% +0.33
USFR Wisdomtree Floating Rate Tre Add +13.6% 2.00% +0.32
OUT Outfront Media Inc. Add +98.2% 0.70% +0.32
AXGN Axogen Inc. New 0.25% +0.25
CASS Cass Information Systems Inc. Add +114.4% 0.39% +0.23
SLP Simulations Plus Inc. Add +141.8% 0.35% +0.20
CSGS CSG Systems Intl Inc. New 0.19% +0.19
BKTI BK Technologies Corp. Add +40.1% 0.43% +0.17
RDVT Red Violet Inc. Add +27.7% 0.53% +0.15
UTI Universal Technical Institut Add +24.0% 0.59% +0.14
BTBT Bit Digital Inc. Add +203.8% 0.22% +0.12
ARIS WATER SOLUTIONS INC-A New 0.10% +0.10
GCMG GCM Grosvenor Inc. Class A New 0.10% +0.10
EZPW Ezcorp Inc. Class A New 0.10% +0.10
CWK Cushman & Wakefield UK Holdc Add +145.3% 0.20% +0.10
B Barrick Gold Corp. New 0.10% +0.10
ASTE Astec Industries Inc. New 0.10% +0.10
IRMD Iradimed Corp. Add +49.7% 0.26% +0.09
AZZ Azz Inc. Add +7.2% 0.62% +0.08
SRTA Strata Critical Medical Inc. Add +77.5% 0.47% +0.08
EFC Ellington Financial Inc. Add +17.2% 0.29% +0.07
SII Sprott Inc. Add +1.5% 0.62% +0.07
RPRX Royalty Pharma PLC Class A Add +29.8% 0.16% +0.06
NPKI NPK International Inc. Add +46.3% 0.42% +0.06
AL Sumisho Air Lease Corp. Add +48.2% 0.15% +0.05
DAVE Dave Inc. New 0.05% +0.05
MFIN Medallion Financial Corp. New 0.05% +0.05
DVAX Dynavax Technologies Corp. New 0.05% +0.05
INVA Innoviva Inc. Add +0.6% 0.44% +0.04
COLL Collegium Pharmaceutical Inc. Add +0.6% 0.43% +0.04
BBW Build-A-Bear Workshop Inc. Add +28.4% 0.43% +0.04
PUMP Propetro Holding Corp. Add +31.8% 0.42% +0.03
LFMD Lifemd Inc. Add +0.8% 0.21% +0.03
LGND Ligand Pharmaceuticals Add +0.9% 0.73% +0.03
SPOK Spok Holdings Inc. Add +0.9% 0.34% +0.03
NWPX NWPX Infrastructure Inc. Add +20.2% 0.29% +0.02
LB Landbridge Co. LLC-A New 0.00% +0.00
RSP Invesco S&P 500 Equal Weight New 0.00% +0.00
CME Cme Group Inc. New 0.00% +0.00
KTOS Kratos Defense & Security New 0.00% +0.00
RDDT Reddit Inc. Class A New 0.00% +0.00
ORLY O'reilly Automotive Inc. New 0.00% +0.00
SPY SS SPDR S&P 500 ETF Trust-US New 0.00% +0.00
CLBT Cellebrite Di Ltd. New 0.00% +0.00

Notes & Other Activity Q4 2024 → Q1 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +2672.5% 64,433 $3.9M
AT&T INC (T 4.75 PERP C) PFD Reduce -3.7% 191,749 $3.7M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -3.5% 132,482 $3.1M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Reduce -93.6% 2,189 $2.7M
PUBLIC STORAGE (PSA 5.6 PERP H) Common Stock Reduce -3.3% 108,809 $2.5M
TRITON INTERNATIONAL LTD (TRTN 8 PERP B) PFD Reduce -3.8% 82,973 $2.1M
MEDALLION BANK UTAH (MEDBNK V0 PERP F) PFD Reduce -3.7% 65,308 $1.7M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Reduce -4.4% 33,908 $1.6M
REDWOOD TRUST INC (RWT V10 PERP) COM Reduce -3.4% 64,948 $1.6M
ADAMAS TRUST INC (ADAM V7.875 PERP E) PFD Reduce -3.8% 63,427 $1.6M
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) PREFERREDSTK Reduce -3.4% 60,056 $1.3M
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Reduce -2.4% 19,085 $1.0M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Reduce -4.4% 13,335 $975K
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A New 21,488 $961K
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Reduce -4.1% 37,524 $916K
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Add +0.1% 20,920 $746K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 162$1.0BWELL, EQIX, PLD, SPG, DLR
Q1 2026 168$943.6MEQIX, WELL, AMT, SPG, USFR
Q4 2025Amended 170$963.2MWELL, EQIX, SPG, AMT, PLD
Q3 2025 162$982.9MWELL, EQIX, AMT, SPG, EGP
Q2 2025 159$954.8MAMT, EQIX, WELL, SPG, USFR
Q1 2025 161$997.4MEQIX, AMT, WELL, SPG, EGP
Q4 2024 115$1.0BEQIX, AMT, SPG, WELL, KRG
Q3 2024 108$1.1BAMT, EQIX, WELL, SPG, EGP
Q2 2024 107$1.1BAMT, EQIX, SPG, WELL, EGP
Q1 2024 112$1.2BEQIX, AMT, SPG, EGP, TRNO