Uniplan Investment Counsel, Inc.

Name: Uniplan Investment Counsel, Inc. 13F holdings, Q2 2025
Creator: Uniplan Investment Counsel, Inc.
Published: 2025-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Uniplan Investment Counsel, Inc. reported 159 stock positions worth $954.8 million. Its top holding was American Tower (AMT) at 5.8% of the portfolio, followed by Equinix (EQIX, 5.1%) and Welltower (WELL, 5.1%). Compared with Q1 2025, it opened 35 new positions, sold out of 37, added to 33 and reduced 91. The biggest buy was Wisdomtree Floating Rate Tre (USFR, shares +56%) and the biggest sale an exit from Vail Resorts (MTN).

Most Recent 13F: Q2 2026
Location: MILWAUKEE, WI
CIK: 0001520710
Portfolio Value: $954.8M (Q2 2025)
SEC Filing: 0001520710-25-000007 ↗ filed Aug 14, 2025

Holdings Value

Holdings 159 stocks · $954.8M


AMT American Tower Corp.	5.78%	249,861	$55.2M	Reduce -2.1%
EQIX Equinix Inc.	5.14%	61,688	$49.1M	Reduce -9.7%
WELL Welltower Inc.	5.06%	314,203	$48.3M	Reduce -1.9%
SPG Simon Property Group Inc.	3.90%	231,904	$37.3M	Reduce -2.9%
USFR Wisdomtree Floating Rate Tre	3.25%	616,069	$31.0M	Add +55.6%
EGP Eastgroup Properties Inc.	3.24%	185,205	$31.0M	Reduce -1.8%
TRNO Terreno Realty Corp.	2.90%	494,662	$27.7M	Reduce -2.4%
KRG Kite Realty Group Trust	2.81%	1,182,776	$26.8M	Reduce -3.1%
CCI Crown Castle Inc.	2.71%	252,267	$25.9M	Reduce -1.9%
GLPI Gaming and Leisure Propertie	2.44%	498,299	$23.3M	Reduce -3.6%
VICI Vici Properties Inc. filed as VICI PPTYS INC	2.39%	698,958	$22.8M	Reduce -3.7%
AMH American Homes 4 Rent- A	2.28%	604,673	$21.8M	Reduce -2.0%
PSA Public Storage	2.18%	70,877	$20.8M	Reduce -1.1%
VTR Ventas Inc.	1.95%	294,418	$18.6M	Reduce -2.0%
EXR Extra Space Storage Inc.	1.94%	125,801	$18.5M	Reduce -1.9%
ELS Equity Lifestyle Properties	1.63%	252,280	$15.6M	Reduce -1.9%
ESS Essex Property Trust Inc.	1.61%	54,272	$15.4M	Reduce -2.9%
AVB Avalonbay Communities Inc.	1.36%	63,845	$13.0M	Reduce -0.9%
INVH Invitation Homes Inc.	1.26%	367,917	$12.1M	Add +33.0%
REG Regency Centers Corp.	1.24%	166,661	$11.9M	Reduce -2.1%
PLD Prologis Inc.	1.22%	111,123	$11.7M	Reduce -34.2%
DLR Digital Realty Trust Inc.	1.21%	66,425	$11.6M	Reduce -2.0%
MAA Mid-America Apartment Comm	1.19%	76,611	$11.3M	Add +42.1%
FPI Farmland Partners Inc.	1.15%	955,742	$11.0M	Reduce -5.5%
CPT Camden Property Trust	1.13%	95,788	$10.8M	Reduce -1.5%
SBAC SBA Communications Corp.	1.12%	45,344	$10.6M	Reduce -1.5%
BXP BXP Inc.	1.01%	143,088	$9.7M	Reduce -1.9%
ADC Agree Realty Corp.	0.98%	128,325	$9.4M	Reduce -1.9%
SII Sprott Inc.	0.91%	125,390	$8.7M	Reduce -8.9%
WY Weyerhaeuser Co.	0.88%	325,738	$8.4M	Reduce -1.9%
LINC Lincoln Educational Services	0.88%	362,634	$8.4M	Reduce -18.4%
KMI Kinder Morgan Inc.	0.86%	280,687	$8.3M	Reduce -9.7%
O Realty Income Corp.	0.85%	140,527	$8.1M	Reduce -2.0%
UTI Universal Technical Institut	0.82%	230,474	$7.8M	Reduce -0.0%
EPR Epr Properties filed as EPR PPTYS	0.79%	130,261	$7.6M	Reduce -2.4%
AIV Apartment Invt & Mgmt Co. Class A	0.78%	863,430	$7.5M	Reduce -1.6%
IDCC Interdigital Inc.	0.78%	33,060	$7.4M	Reduce -35.8%
LGND Ligand Pharmaceuticals	0.75%	62,953	$7.2M	Reduce -8.5%
OUT Outfront Media Inc.	0.69%	405,974	$6.6M	Reduce -5.8%
AZZ Azz Inc.	0.67%	68,175	$6.4M	Reduce -8.6%
BBW Build-A-Bear Workshop Inc.	0.65%	121,222	$6.3M	Add +4.0%
SEI Solaris Energy Infrastructur	0.64%	214,549	$6.1M	Add +0.4%
BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA	0.63%	149,503	$6.0M	Reduce -29.3%
SUI Sun Communities Inc. filed as SUN CMNTYS INC	0.62%	46,625	$5.9M	Reduce -3.0%
NPKI NPK International Inc.	0.58%	655,833	$5.6M	Reduce -8.5%
RDVT Red Violet Inc.	0.58%	111,653	$5.5M	Reduce -19.9%
SRTA Strata Critical Medical Inc. filed as BLADE AIR MOBILITY INC	0.58%	1,362,766	$5.5M	Reduce -21.2%
WMB Williams Cos Inc.	0.56%	85,787	$5.4M	Reduce -57.8%
GRC Gorman-Rupp Co.	0.51%	133,831	$4.9M	Reduce -8.8%
MAMA Mama's Creations Inc.	0.51%	590,804	$4.9M	Add +30.9%
BLFS Biolife Solutions Inc.	0.51%	226,668	$4.9M	Reduce -8.4%
FANG Diamondback Energy Inc.	0.51%	35,346	$4.9M	Reduce -9.6%
IRMD Iradimed Corp.	0.50%	80,347	$4.8M	Add +64.9%
AOSL Alpha & Omega Semiconductor	0.50%	187,129	$4.8M	Add +5.6%
HWKN Hawkins Inc.	0.50%	33,342	$4.7M	Reduce -7.5%
INVA Innoviva Inc.	0.47%	222,837	$4.5M	Reduce -8.5%
EQH Equitable Holdings Inc.	0.46%	77,737	$4.4M	Reduce -33.0%
UFPT Ufp Technologies Inc.	0.45%	17,413	$4.3M	Reduce -25.7%
CASS Cass Information Systems Inc.	0.44%	97,705	$4.2M	Add +7.5%
PCH Potlatchdeltic Corp.	0.41%	101,709	$3.9M	Reduce -4.3%
COLL Collegium Pharmaceutical Inc.	0.40%	130,425	$3.9M	Reduce -8.7%
PSTL Postal Realty Trust Inc. Class A	0.40%	259,593	$3.8M	Reduce -44.6%
WULF Terawulf Inc.	0.40%	864,385	$3.8M	Add +28.3%
PLYM Plymouth Industrial REIT Inc.	0.39%	234,720	$3.8M	Reduce -8.6%
MET Metlife Inc.	0.39%	46,850	$3.8M	Reduce -9.3%
BKTI BK Technologies Corp.	0.39%	78,963	$3.7M	Reduce -27.0%
LFMD Lifemd Inc.	0.38%	269,129	$3.7M	Reduce -30.7%
NSSC Napco Security Technologies	0.38%	122,959	$3.7M	Reduce -6.1%
OKE Oneok Inc.	0.38%	44,432	$3.6M	Reduce -9.7%
OHI Omega Healthcare Investors	0.38%	97,795	$3.6M	Reduce -9.7%
CTRE Caretrust REIT Inc.	0.36%	113,031	$3.5M	Reduce -1.7%
SBRA Sabra Health Care REIT Inc.	0.36%	184,477	$3.4M	Reduce -2.1%
ARCC Ares Capital Corp.	0.35%	154,233	$3.4M	Reduce -9.7%
PKE Park Aerospace Corp.	0.35%	228,353	$3.4M	Reduce -7.3%
CMBT CMB Tech NV	0.35%	372,643	$3.4M	Reduce -10.0%
ABBV Abbvie Inc.	0.35%	18,015	$3.3M	Reduce -35.9%
SPOK Spok Holdings Inc. filed as SPOK HLDGS INC	0.35%	188,228	$3.3M	Reduce -8.3%
BRX Brixmor Property Group Inc.	0.34%	125,770	$3.3M	Reduce -2.0%
CURB Curbline Properties Corp.	0.33%	138,460	$3.2M	Reduce -2.1%
ASTE Astec Industries Inc.	0.33%	75,596	$3.2M	Add +166.0%
HHH Howard Hughes Holdings Inc.	0.33%	46,642	$3.1M	Reduce -2.9%
PUMP Propetro Holding Corp.	0.33%	524,349	$3.1M	Reduce -8.7%
SIGA Siga Technologies Inc.	0.32%	461,551	$3.0M	Reduce -8.5%
CSGS CSG Systems Intl Inc.	0.31%	45,234	$3.0M	Add +45.1%
DAKT Daktronics Inc.	0.31%	193,691	$2.9M	Reduce -44.4%
INOD Innodata Inc.	0.29%	54,952	$2.8M	New
EZPW Ezcorp Inc. Class A	0.29%	196,918	$2.7M	Add +190.1%
VLO Valero Energy Corp.	0.29%	20,246	$2.7M	Reduce -9.6%
CWEN Clearway Energy Inc. Class C	0.28%	83,548	$2.7M	Add +32.5%
NWPX NWPX Infrastructure Inc.	0.28%	64,990	$2.7M	Reduce -8.6%
RYN Rayonier Inc.	0.27%	116,813	$2.6M	Reduce -1.9%
EFC Ellington Financial Inc.	0.26%	193,143	$2.5M	Reduce -9.9%
OMAB Grupo Aeroportuario Cen-ADR	0.26%	23,683	$2.5M	Reduce -9.6%
AMGN Amgen Inc.	0.24%	8,236	$2.3M	Reduce -7.7%
XYLD Global X S&P 500 Cove Call E	0.23%	56,811	$2.2M	Reduce -9.5%
RPRX Royalty Pharma PLC Class A	0.23%	60,067	$2.2M	Add +15.9%
MFIN Medallion Financial Corp.	0.22%	221,286	$2.1M	Add +299.4%
PAC Grupo Aeroportuario Pac-ADR	0.22%	9,096	$2.1M	Reduce -8.0%
AXGN Axogen Inc.	0.21%	184,969	$2.0M	Add +36.5%
AHR American Healthcare REIT Inc.	0.18%	46,863	$1.7M	Reduce -9.2%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.17%	27,267	$1.6M	Reduce -9.6%
CCOI Cogent Communications Holdin	0.17%	32,939	$1.6M	Reduce -9.7%
B Barrick Mining Corp.	0.15%	70,672	$1.5M	Add +40.2%
DVAX Dynavax Technologies Corp.	0.15%	148,146	$1.5M	Add +304.9%
GCMG GCM Grosvenor Inc. Class A	0.14%	119,229	$1.4M	Add +56.5%
DAVE Dave Inc.	0.14%	4,992	$1.3M	Reduce -15.5%
DVN Devon Energy Corp.	0.13%	39,139	$1.2M	Reduce -9.3%
ARIS WATER SOLUTIONS INC-A	0.13%	51,184	$1.2M	Add +62.8%
UDR Udr Inc.	0.13%	29,359	$1.2M	Reduce -9.6%
GTY Getty Realty Corp.	0.12%	40,825	$1.1M	Reduce -10.2%
XRN Global Medical REIT Inc.	0.12%	158,742	$1.1M	New
PAX Patria Investments Ltd. Class A	0.11%	76,731	$1.1M	New
GPGI Gpgi Inc. filed as COMPOSECURE INC	0.11%	75,983	$1.1M	New
XHR Xenia Hotels & Resorts Inc.	0.11%	82,676	$1.0M	Reduce -9.6%
HII Huntington Ingalls Industrie	0.10%	3,771	$911K	New
CPA Copa Holdings SA Class A	0.09%	8,062	$887K	New
STRW Strawberry Fields REIT Inc.	0.09%	81,805	$862K	New
SBR Sabine Royalty Trust	0.09%	12,859	$857K	New
STR Sitio Royalties Corp. Class A	0.09%	46,185	$849K	New
DHT DHT Holdings Inc.	0.09%	76,148	$823K	New
LKQ LKQ Corp.	0.08%	20,434	$756K	New
KNTK Kinetik Holdings Inc.	0.07%	15,767	$695K	Reduce -9.8%
RCAT Red Cat Holdings Inc.	0.06%	75,523	$550K	New
VENU Venu Holding Corp. filed as VENU HLDG CORP	0.06%	46,113	$544K	New
GENI Genius Sports Ltd.	0.06%	51,459	$535K	New
EYE National Vision Holdings Inc.	0.06%	22,981	$529K	New
CRWD CrowdStrike Holdings Inc. Class A	0.01%	161	$83K	Add +705.0%
META Meta Platforms Inc. Class A	0.01%	96	$71K	Add +638.5%
PLTR Palantir Technologies Inc. Class A	0.01%	462	$63K	Add +291.5%
AMZN Amazon.com Inc.	0.01%	276	$61K	Add +305.9%
KTOS Kratos Defense & Security	0.01%	1,269	$59K	Add +83.9%
TTWO Take-Two Interactive Softwre	0.01%	240	$58K	Add +293.4%
RDDT Reddit Inc. Class A	0.01%	362	$55K	Add +115.5%
GOOG Alphabet Inc. Class C	0.01%	304	$54K	Add +1420.0%
CBOE Cboe Global Markets Inc.	0.00%	185	$43K	Add +2542.9%
COIN Coinbase Global Inc. Class A	0.00%	117	$41K	New
LB Landbridge Co. LLC-A	0.00%	540	$37K	Add +29.5%
GBUG Sprott Active Gold & Silver	0.00%	1,253	$32K	New
AVGO Broadcom Inc.	0.00%	91	$25K	New
TXN Texas Instruments Inc.	0.00%	115	$24K	New
EWZ iShares MSCI Brazil ETF	0.00%	779	$22K	New
GOLF Acushnet Holdings Corp.	0.00%	306	$22K	New
HOOD Robinhood Markets Inc. Class A	0.00%	220	$21K	New
IBIT iShares Bitcoin Trust ETF	0.00%	333	$20K	New
NEBIUS GROUP NV	0.00%	345	$19K	New
CME Cme Group Inc.	0.00%	69	$19K	Reduce -17.9%
SERV Serve Robotics Inc.	0.00%	1,637	$19K	New
EUFN iShares MSCI Europe Financia	0.00%	568	$18K	Add +24.6%
SWKH SWK Holdings Corp. filed as SWK HLDGS CORP	0.00%	1,216	$18K	New
COLO Global X MSCI Colombia ETF	0.00%	606	$17K	New
NFLX Netflix Inc.	0.00%	12	$17K	New
UEC Uranium Energy Corp.	0.00%	2,247	$15K	New
VRSN Verisign Inc.	0.00%	51	$15K	Add +8.5%
SLVR Sprott SLVR Miner & PHY SLVR	0.00%	448	$13K	New
SPPP Sprott Physical Platinum And	0.00%	941	$11K	New
SCHW Schwab (charles) Corp.	0.00%	97	$9K	New
URNM Sprott Uranium Miners ETF	0.00%	170	$8K	New
EADSY Airbus SE - Unsp ADR	0.00%	75	$4K	New
COPP Sprott Copper Miners ETF	0.00%	161	$4K	New

Other holdings (16): bonds, preferreds, convertibles and warrants · $33.8M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	71,547	$4.9M	Add +11.0%
AT&T INC (T 4.75 PERP C)	PFD	172,749	$3.3M	Reduce -9.9%
EPR PROPERTIES (EPR 5.75 PERP C)	PFD C CV 5.75%	119,257	$3.0M	Reduce -10.0%
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C)	PREFERREDSTK	142,925	$2.7M	Add +138.0%
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	65,541	$2.5M	Add +205.0%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	1,973	$2.4M	Reduce -9.9%
PUBLIC STORAGE (PSA 5.6 PERP H)	Common Stock	97,984	$2.2M	Reduce -9.9%
TRITON INTERNATIONAL LTD (TRTN 8 PERP B)	PFD	74,812	$1.8M	Reduce -9.8%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	23,323	$1.7M	Add +74.9%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	30,868	$1.6M	Reduce -9.0%
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	46,853	$1.5M	Add +124.0%
REDWOOD TRUST INC (RWT V10 PERP)	COM	58,677	$1.5M	Reduce -9.7%
MEDALLION BANK UTAH (MEDBNK V0 PERP F)	PFD	58,879	$1.5M	Reduce -9.8%
ADAMAS TRUST INC (ADAM V7.875 PERP E)	PFD	57,280	$1.4M	Reduce -9.7%
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	17,149	$1.0M	Reduce -10.1%
RLJ LODGING TRUST (RLJ 1.95 PERP A)	CUM CONV PFD A	33,994	$804K	Reduce -9.4%

Total filed on the 13F, all lines: $988.6M.

Portfolio Sells Q1 2025 → Q2 2025


MTN Vail Resorts Inc.	Sold out	0.00%	−0.93
PLD Prologis Inc.	Reduce -34.2%	1.22%	−0.67
WMB Williams Cos Inc.	Reduce -57.8%	0.56%	−0.65
GDYN Grid Dynamics Holdings Inc.	Sold out	0.00%	−0.55
EQIX Equinix Inc.	Reduce -9.7%	5.14%	−0.44
IBM Intl Business Machines Corp.	Sold out	0.00%	−0.39
SLP Simulations Plus Inc.	Sold out	0.00%	−0.35
PLGO Pelagos Insurance Capital LT	Sold out	0.00%	−0.34
TRNO Terreno Realty Corp.	Reduce -2.4%	2.90%	−0.31
IDCC Interdigital Inc.	Reduce -35.8%	0.78%	−0.29
PSTL Postal Realty Trust Inc. Class A	Reduce -44.6%	0.40%	−0.27
ABBV Abbvie Inc.	Reduce -35.9%	0.35%	−0.24
BTBT Bit Digital Inc.	Sold out	0.00%	−0.22
GLPI Gaming and Leisure Propertie	Reduce -3.6%	2.44%	−0.20
CWK Cushman & Wakefield UK Holdc	Sold out	0.00%	−0.20
CPK Chesapeake Utilities Corp.	Sold out	0.00%	−0.16
EQH Equitable Holdings Inc.	Reduce -33.0%	0.46%	−0.15
BLX Bladex Inc.	Reduce -29.3%	0.63%	−0.14
VTR Ventas Inc.	Reduce -2.0%	1.95%	−0.12
DAKT Daktronics Inc.	Reduce -44.4%	0.31%	−0.12
FANG Diamondback Energy Inc.	Reduce -9.6%	0.51%	−0.12
OKE Oneok Inc.	Reduce -9.7%	0.38%	−0.11
ESS Essex Property Trust Inc.	Reduce -2.9%	1.61%	−0.11
WY Weyerhaeuser Co.	Reduce -1.9%	0.88%	−0.10
PUMP Propetro Holding Corp.	Reduce -8.7%	0.33%	−0.10
EGP Eastgroup Properties Inc.	Reduce -1.8%	3.24%	−0.09
ELS Equity Lifestyle Properties	Reduce -1.9%	1.63%	−0.09
SPG Simon Property Group Inc.	Reduce -2.9%	3.90%	−0.07
PCH Potlatchdeltic Corp.	Reduce -4.3%	0.41%	−0.07
CPT Camden Property Trust	Reduce -1.5%	1.13%	−0.06
RYN Rayonier Inc.	Reduce -1.9%	0.27%	−0.06
CCOI Cogent Communications Holdin	Reduce -9.7%	0.17%	−0.06
BLFS Biolife Solutions Inc.	Reduce -8.4%	0.51%	−0.06
AMH American Homes 4 Rent- A	Reduce -2.0%	2.28%	−0.05
OHI Omega Healthcare Investors	Reduce -9.7%	0.38%	−0.04
AMGN Amgen Inc.	Reduce -7.7%	0.24%	−0.04
BKTI BK Technologies Corp.	Reduce -27.0%	0.39%	−0.04
DVN Devon Energy Corp.	Reduce -9.3%	0.13%	−0.03
ADC Agree Realty Corp.	Reduce -1.9%	0.98%	−0.03
UFPT Ufp Technologies Inc.	Reduce -25.7%	0.45%	−0.03
HHH Howard Hughes Holdings Inc.	Reduce -2.9%	0.33%	−0.03
AVB Avalonbay Communities Inc.	Reduce -0.9%	1.36%	−0.03
KMI Kinder Morgan Inc.	Reduce -9.7%	0.86%	−0.03
ARCC Ares Capital Corp.	Reduce -9.7%	0.35%	−0.02
CMBT CMB Tech NV	Reduce -10.0%	0.35%	−0.02
PLYM Plymouth Industrial REIT Inc.	Reduce -8.6%	0.39%	−0.02
GTY Getty Realty Corp.	Reduce -10.2%	0.12%	−0.02
COLL Collegium Pharmaceutical Inc.	Reduce -8.7%	0.40%	−0.02
EFC Ellington Financial Inc.	Reduce -9.9%	0.26%	−0.02
UDR Udr Inc.	Reduce -9.6%	0.13%	−0.02

Portfolio Buys Q1 2025 → Q2 2025


USFR Wisdomtree Floating Rate Tre	Add +55.6%	3.25%	+1.25
INVH Invitation Homes Inc.	Add +33.0%	1.26%	+0.30
INOD Innodata Inc.	New	0.29%	+0.29
MAA Mid-America Apartment Comm	Add +42.1%	1.19%	+0.28
IRMD Iradimed Corp.	Add +64.9%	0.50%	+0.25
ASTE Astec Industries Inc.	Add +166.0%	0.33%	+0.23
BBW Build-A-Bear Workshop Inc.	Add +4.0%	0.65%	+0.22
MAMA Mama's Creations Inc.	Add +30.9%	0.51%	+0.22
WULF Terawulf Inc.	Add +28.3%	0.40%	+0.21
EZPW Ezcorp Inc. Class A	Add +190.1%	0.29%	+0.19
MFIN Medallion Financial Corp.	Add +299.4%	0.22%	+0.17
SEI Solaris Energy Infrastructur	Add +0.4%	0.64%	+0.17
CSGS CSG Systems Intl Inc.	Add +45.1%	0.31%	+0.12
XRN Global Medical REIT Inc.	New	0.12%	+0.12
PAX Patria Investments Ltd. Class A	New	0.11%	+0.11
GPGI Gpgi Inc.	New	0.11%	+0.11
DVAX Dynavax Technologies Corp.	Add +304.9%	0.15%	+0.11
HII Huntington Ingalls Industrie	New	0.10%	+0.10
CPA Copa Holdings SA Class A	New	0.09%	+0.09
STRW Strawberry Fields REIT Inc.	New	0.09%	+0.09
SBR Sabine Royalty Trust	New	0.09%	+0.09
STR Sitio Royalties Corp. Class A	New	0.09%	+0.09
CWEN Clearway Energy Inc. Class C	Add +32.5%	0.28%	+0.09
DHT DHT Holdings Inc.	New	0.09%	+0.09
LKQ LKQ Corp.	New	0.08%	+0.08
RPRX Royalty Pharma PLC Class A	Add +15.9%	0.23%	+0.06
AOSL Alpha & Omega Semiconductor	Add +5.6%	0.50%	+0.06
RCAT Red Cat Holdings Inc.	New	0.06%	+0.06
VENU Venu Holding Corp.	New	0.06%	+0.06
GENI Genius Sports Ltd.	New	0.06%	+0.06
B Barrick Mining Corp.	Add +40.2%	0.15%	+0.06
EYE National Vision Holdings Inc.	New	0.06%	+0.06
CASS Cass Information Systems Inc.	Add +7.5%	0.44%	+0.05
GCMG GCM Grosvenor Inc. Class A	Add +56.5%	0.14%	+0.04
ARIS WATER SOLUTIONS INC-A	Add +62.8%	0.13%	+0.03
CRWD CrowdStrike Holdings Inc. Class A	Add +705.0%	0.01%	+0.01
META Meta Platforms Inc. Class A	Add +638.5%	0.01%	+0.01
PLTR Palantir Technologies Inc. Class A	Add +291.5%	0.01%	+0.01
GOOG Alphabet Inc. Class C	Add +1420.0%	0.01%	+0.01
AMZN Amazon.com Inc.	Add +305.9%	0.01%	+0.01
TTWO Take-Two Interactive Softwre	Add +293.4%	0.01%	+0.00
CBOE Cboe Global Markets Inc.	Add +2542.9%	0.00%	+0.00
COIN Coinbase Global Inc. Class A	New	0.00%	+0.00
KTOS Kratos Defense & Security	Add +83.9%	0.01%	+0.00
RDDT Reddit Inc. Class A	Add +115.5%	0.01%	+0.00
GBUG Sprott Active Gold & Silver	New	0.00%	+0.00
AVGO Broadcom Inc.	New	0.00%	+0.00
TXN Texas Instruments Inc.	New	0.00%	+0.00
EWZ iShares MSCI Brazil ETF	New	0.00%	+0.00
GOLF Acushnet Holdings Corp.	New	0.00%	+0.00

Notes & Other Activity Q1 2025 → Q2 2025


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Add +11.0%	71,547	$4.9M
AT&T INC (T 4.75 PERP C)	PFD	Reduce -9.9%	172,749	$3.3M
EPR PROPERTIES (EPR 5.75 PERP C)	PFD C CV 5.75%	Reduce -10.0%	119,257	$3.0M
COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C)	PREFERREDSTK	Add +138.0%	142,925	$2.7M
PG&E CORP (PCG 6 12/01/27 A)	PFD CONV SER A	Add +205.0%	65,541	$2.5M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -9.9%	1,973	$2.4M
PUBLIC STORAGE (PSA 5.6 PERP H)	Common Stock	Reduce -9.9%	97,984	$2.2M
TRITON INTERNATIONAL LTD (TRTN 8 PERP B)	PFD	Reduce -9.8%	74,812	$1.8M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26)	SER A MAND CNV	Add +74.9%	23,323	$1.7M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B)	6.75 SE B PFD	Reduce -9.0%	30,868	$1.6M
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	Add +124.0%	46,853	$1.5M
REDWOOD TRUST INC (RWT V10 PERP)	COM	Reduce -9.7%	58,677	$1.5M
MEDALLION BANK UTAH (MEDBNK V0 PERP F)	PFD	Reduce -9.8%	58,879	$1.5M
ADAMAS TRUST INC (ADAM V7.875 PERP E)	PFD	Reduce -9.7%	57,280	$1.4M
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B)	6.75DP CNV PFD B	Reduce -10.1%	17,149	$1.0M
RLJ LODGING TRUST (RLJ 1.95 PERP A)	CUM CONV PFD A	Reduce -9.4%	33,994	$804K

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026Amended	162	$1.0B	WELL, EQIX, PLD, SPG, DLR
Q1 2026	168	$943.6M	EQIX, WELL, AMT, SPG, USFR
Q4 2025Amended	170	$963.2M	WELL, EQIX, SPG, AMT, PLD
Q3 2025	162	$982.9M	WELL, EQIX, AMT, SPG, EGP
Q2 2025	159	$954.8M	AMT, EQIX, WELL, SPG, USFR
Q1 2025	161	$997.4M	EQIX, AMT, WELL, SPG, EGP
Q4 2024	115	$1.0B	EQIX, AMT, SPG, WELL, KRG
Q3 2024	108	$1.1B	AMT, EQIX, WELL, SPG, EGP
Q2 2024	107	$1.1B	AMT, EQIX, SPG, WELL, EGP
Q1 2024	112	$1.2B	EQIX, AMT, SPG, EGP, TRNO