Uniplan Investment Counsel, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Uniplan Investment Counsel, Inc. reported 162 stock positions worth $982.9 million. Its top holding was Welltower (WELL) at 5.9% of the portfolio, followed by Equinix (EQIX, 5.0%) and American Tower (AMT, 4.9%). Compared with Q2 2025, it opened 25 new positions, sold out of 22, added to 63 and reduced 74. The biggest buy was Welltower (WELL, shares +3%) and the biggest sale Wisdomtree Floating Rate Tre (USFR, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001520710
- Portfolio Value
- $982.9M (Q3 2025)
- SEC Filing
- 0001520710-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 162 stocks · $982.9M
| WELL Welltower Inc. | 5.89% | 324,776 | $57.9M | Add +3.4% |
| EQIX Equinix Inc. | 4.96% | 62,284 | $48.8M | Add +1.0% |
| AMT American Tower Corp. | 4.92% | 251,400 | $48.3M | Add +0.6% |
| SPG Simon Property Group Inc. | 4.42% | 231,481 | $43.4M | Reduce -0.2% |
| EGP Eastgroup Properties Inc. | 3.21% | 186,418 | $31.6M | Add +0.7% |
| TRNO Terreno Realty Corp. | 2.87% | 497,204 | $28.2M | Add +0.5% |
| KRG Kite Realty Group Trust | 2.69% | 1,183,371 | $26.4M | Add +0.1% |
| VTR Ventas Inc. | 2.59% | 363,690 | $25.5M | Add +23.5% |
| CCI Crown Castle Inc. | 2.49% | 253,947 | $24.5M | Add +0.7% |
| GLPI Gaming and Leisure Propertie | 2.36% | 496,759 | $23.2M | Reduce -0.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.31% | 696,419 | $22.7M | Reduce -0.4% |
| PSA Public Storage | 2.10% | 71,458 | $20.6M | Add +0.8% |
| EXR Extra Space Storage Inc. | 1.81% | 126,338 | $17.8M | Add +0.4% |
| ELS Equity Lifestyle Properties | 1.57% | 253,904 | $15.4M | Add +0.6% |
| USFR Wisdomtree Floating Rate Tre | 1.53% | 299,956 | $15.1M | Reduce -51.3% |
| ESS Essex Property Trust Inc. | 1.49% | 54,885 | $14.7M | Add +1.1% |
| BXP BXP Inc. | 1.40% | 185,675 | $13.8M | Add +29.8% |
| O Realty Income Corp. | 1.37% | 221,391 | $13.5M | Add +57.5% |
| PLD Prologis Inc. | 1.30% | 111,666 | $12.8M | Add +0.5% |
| AVB Avalonbay Communities Inc. | 1.27% | 64,449 | $12.4M | Add +0.9% |
| REG Regency Centers Corp. | 1.24% | 167,799 | $12.2M | Add +0.7% |
| DLR Digital Realty Trust Inc. | 1.18% | 66,990 | $11.6M | Add +0.8% |
| MAA Mid-America Apartment Comm | 1.10% | 77,218 | $10.8M | Add +0.8% |
| CPT Camden Property Trust | 1.05% | 96,322 | $10.3M | Add +0.6% |
| FPI Farmland Partners Inc. | 1.00% | 904,653 | $9.8M | Reduce -5.3% |
| OHI Omega Healthcare Investors | 0.99% | 231,527 | $9.8M | Add +136.8% |
| IDCC Interdigital Inc. | 0.98% | 27,842 | $9.6M | Reduce -15.8% |
| ADC Agree Realty Corp. | 0.93% | 128,874 | $9.2M | Add +0.4% |
| SBAC SBA Communications Corp. | 0.89% | 45,303 | $8.8M | Reduce -0.1% |
| INVH Invitation Homes Inc. | 0.83% | 277,536 | $8.1M | Reduce -24.6% |
| WY Weyerhaeuser Co. | 0.83% | 327,333 | $8.1M | Add +0.5% |
| OUT Outfront Media Inc. | 0.80% | 427,158 | $7.8M | Add +5.2% |
| KMI Kinder Morgan Inc. | 0.78% | 270,297 | $7.7M | Reduce -3.7% |
| SII Sprott Inc. | 0.76% | 90,119 | $7.5M | Reduce -28.1% |
| LGND Ligand Pharmaceuticals | 0.76% | 42,176 | $7.5M | Reduce -33.0% |
| LINC Lincoln Educational Services | 0.75% | 314,038 | $7.4M | Reduce -13.4% |
| SEI Solaris Energy Infrastructur | 0.75% | 183,793 | $7.3M | Reduce -14.3% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.74% | 56,173 | $7.2M | Add +20.5% |
| WULF Terawulf Inc. | 0.71% | 610,242 | $7.0M | Reduce -29.4% |
| UTI Universal Technical Institut | 0.66% | 200,142 | $6.5M | Reduce -13.2% |
| SRTA Strata Critical Medical Inc. | 0.65% | 1,265,849 | $6.4M | Reduce -7.1% |
| NPKI NPK International Inc. | 0.65% | 562,645 | $6.4M | Reduce -14.2% |
| BBW Build-A-Bear Workshop Inc. | 0.63% | 95,041 | $6.2M | Reduce -21.6% |
| EPR Epr Properties filed as EPR PPTYS | 0.62% | 105,324 | $6.1M | Reduce -19.1% |
| BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA | 0.60% | 128,563 | $5.9M | Reduce -14.0% |
| AMH American Homes 4 Rent- A | 0.58% | 171,083 | $5.7M | Reduce -71.7% |
| BKTI BK Technologies Corporation | 0.58% | 67,328 | $5.7M | New |
| IRMD Iradimed Corp. | 0.56% | 77,314 | $5.5M | Reduce -3.8% |
| CTRE Caretrust REIT Inc. | 0.56% | 157,585 | $5.5M | Add +39.4% |
| MAMA Mama's Creations Inc. | 0.54% | 509,242 | $5.4M | Reduce -13.8% |
| GRC Gorman-Rupp Co. | 0.54% | 114,900 | $5.3M | Reduce -14.2% |
| WMB Williams Cos Inc. | 0.54% | 83,378 | $5.3M | Reduce -2.8% |
| HWKN Hawkins Inc. | 0.53% | 28,548 | $5.2M | Reduce -14.4% |
| AZZ Azz Inc. | 0.53% | 47,798 | $5.2M | Reduce -29.9% |
| NSSC Napco Security Technologies | 0.53% | 120,735 | $5.2M | Reduce -1.8% |
| INOD Innodata Inc. | 0.52% | 65,775 | $5.1M | Add +19.7% |
| SBRA Sabra Health Care REIT Inc. | 0.51% | 271,269 | $5.1M | Add +47.0% |
| FANG Diamondback Energy Inc. | 0.51% | 34,993 | $5.0M | Reduce -1.0% |
| RDVT Red Violet Inc. | 0.51% | 95,780 | $5.0M | Reduce -14.2% |
| BLFS Biolife Solutions Inc. | 0.51% | 194,763 | $5.0M | Reduce -14.1% |
| AOSL Alpha & Omega Semiconductor | 0.46% | 160,515 | $4.5M | Reduce -14.2% |
| EZPW Ezcorp Inc. Class A | 0.43% | 220,393 | $4.2M | Add +11.9% |
| PCH Potlatchdeltic Corp. | 0.42% | 101,105 | $4.1M | Reduce -0.6% |
| PKE Park Aerospace Corp. | 0.41% | 198,634 | $4.0M | Reduce -13.0% |
| EQH Equitable Holdings Inc. | 0.41% | 79,001 | $4.0M | Add +1.6% |
| COLL Collegium Pharmaceutical Inc. | 0.40% | 112,028 | $3.9M | Reduce -14.1% |
| ABBV Abbvie Inc. | 0.40% | 16,870 | $3.9M | Reduce -6.4% |
| ASTE Astec Industries Inc. | 0.40% | 80,896 | $3.9M | Add +7.0% |
| HHH Howard Hughes Holdings Inc. | 0.39% | 46,540 | $3.8M | Reduce -0.2% |
| XRN Chiron Real Estate Inc. filed as GLOBAL MED REIT INC | 0.39% | 112,691 | $3.8M | Add +254.9% |
| PSTL Postal Realty Trust Inc. Class A | 0.38% | 238,552 | $3.7M | Reduce -8.1% |
| CMBT CMB Tech NV | 0.37% | 391,064 | $3.7M | Add +4.9% |
| SIGA Siga Technologies Inc. | 0.37% | 396,519 | $3.6M | Reduce -14.1% |
| INVA Innoviva Inc. | 0.36% | 191,470 | $3.5M | Reduce -14.1% |
| BRX Brixmor Property Group Inc. | 0.35% | 125,704 | $3.5M | Reduce -0.1% |
| VLO Valero Energy Corp. | 0.35% | 20,133 | $3.4M | Reduce -0.6% |
| TKR Timken Co. | 0.35% | 170,916 | $3.4M | New |
| CASS Cass Information Systems Inc. | 0.34% | 83,771 | $3.3M | Reduce -14.3% |
| CSGS CSG Systems Intl Inc. | 0.33% | 50,378 | $3.2M | Add +11.4% |
| OKE Oneok Inc. | 0.33% | 43,837 | $3.2M | Reduce -1.3% |
| ARE Alexandria Real Estate Equit | 0.32% | 38,303 | $3.2M | New |
| WPC WP Carey Inc. | 0.32% | 46,581 | $3.1M | New |
| RYN Rayonier Inc. | 0.32% | 117,392 | $3.1M | Add +0.5% |
| CURB Curbline Properties Corp. | 0.32% | 139,140 | $3.1M | Add +0.5% |
| HST Host Hotels & Resorts Inc. | 0.32% | 182,305 | $3.1M | New |
| ARCC Ares Capital Corp. | 0.31% | 151,295 | $3.1M | Reduce -1.9% |
| DAKT Daktronics Inc. | 0.30% | 142,497 | $3.0M | Reduce -26.4% |
| NWPX NWPX Infrastructure Inc. | 0.30% | 55,906 | $3.0M | Reduce -14.0% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 0.30% | 142,014 | $3.0M | Add +86.9% |
| AXGN Axogen Inc. | 0.29% | 158,738 | $2.8M | Reduce -14.2% |
| SPOK Spok Holdings Inc. filed as SPOK HLDGS INC | 0.28% | 161,242 | $2.8M | Reduce -14.3% |
| MFIN Medallion Financial Corp. | 0.26% | 252,802 | $2.6M | Add +14.2% |
| RPRX Royalty Pharma PLC Class A | 0.26% | 71,816 | $2.5M | Add +19.6% |
| GCMG GCM Grosvenor Inc. Class A | 0.26% | 208,088 | $2.5M | Add +74.5% |
| KNTK Kinetik Holdings Inc. | 0.25% | 58,334 | $2.5M | Add +270.0% |
| EFC Ellington Financial Inc. | 0.25% | 189,506 | $2.5M | Reduce -1.9% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.25% | 23,359 | $2.4M | Reduce -1.4% |
| CWEN Clearway Energy Inc. Class C | 0.24% | 82,401 | $2.3M | Reduce -1.4% |
| B Barrick Mining Corp. | 0.24% | 70,928 | $2.3M | Add +0.4% |
| PLYM Plymouth Industrial REIT Inc. | 0.23% | 102,163 | $2.3M | Reduce -56.5% |
Other holdings (19): bonds, preferreds, convertibles and warrants · $38.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 69,829 | $4.9M | Reduce -2.4% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 116,447 | $3.0M | Reduce -2.4% |
| COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) | PREFERREDSTK | 153,574 | $2.8M | Add +7.5% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 2,028 | $2.6M | Add +2.8% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 62,999 | $2.5M | Reduce -3.9% |
| PUBLIC STORAGE (PSA 5.6 PERP H) | Common Stock | 95,705 | $2.3M | Reduce -2.3% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 58,433 | $2.2M | Add +24.7% |
| STRATEGY INC (MSTR 10 PERP A) | PFD | 26,735 | $2.1M | New |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 22,814 | $2.1M | New |
| TRITON INTERNATIONAL LTD (TRTN 8 PERP B) | PFD | 73,336 | $1.8M | Reduce -2.0% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 23,708 | $1.7M | Add +1.6% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 22,705 | $1.6M | Add +32.4% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 32,152 | $1.6M | Add +4.2% |
| REDWOOD TRUST INC (RWT V10 PERP) | COM | 57,543 | $1.5M | Reduce -1.9% |
| ADAMAS TRUST INC (ADAM V7.875 PERP E) | PFD | 56,153 | $1.4M | Reduce -2.0% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 20,686 | $1.2M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 48,168 | $973K | New |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 34,241 | $864K | Add +0.7% |
| AT&T INC (T 4.75 PERP C) | PFD | 11,140 | $838K | Reduce -93.5% |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q2 2025 → Q3 2025
| USFR Wisdomtree Floating Rate Tre | Reduce -51.3% | 1.53% | −1.71 |
| AMH American Homes 4 Rent- A | Reduce -71.7% | 0.58% | −1.71 |
| AIV Apartment Invt & Mgmt Co. Class A | Sold out | 0.00% | −0.78 |
| UFPT Ufp Technologies Inc. | Sold out | 0.00% | −0.45 |
| INVH Invitation Homes Inc. | Reduce -24.6% | 0.83% | −0.44 |
| MET Metlife Inc. | Sold out | 0.00% | −0.39 |
| BKTI BK Technologies Corp. | Reduce -98.4% | 0.01% | −0.38 |
| PUMP Propetro Holding Corp. | Sold out | 0.00% | −0.33 |
| LFMD Lifemd Inc. | Reduce -14.3% | 0.16% | −0.22 |
| SBAC SBA Communications Corp. | Reduce -0.1% | 0.89% | −0.22 |
| EPR Epr Properties | Reduce -19.1% | 0.62% | −0.17 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.17 |
| PLYM Plymouth Industrial REIT Inc. | Reduce -56.5% | 0.23% | −0.16 |
| UTI Universal Technical Institut | Reduce -13.2% | 0.66% | −0.16 |
| FPI Farmland Partners Inc. | Reduce -5.3% | 1.00% | −0.15 |
| SII Sprott Inc. | Reduce -28.1% | 0.76% | −0.14 |
| AZZ Azz Inc. | Reduce -29.9% | 0.53% | −0.14 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.13 |
| LINC Lincoln Educational Services | Reduce -13.4% | 0.75% | −0.12 |
| INVA Innoviva Inc. | Reduce -14.1% | 0.36% | −0.11 |
| CASS Cass Information Systems Inc. | Reduce -14.3% | 0.34% | −0.11 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.09 |
| KMI Kinder Morgan Inc. | Reduce -3.7% | 0.78% | −0.09 |
| GLPI Gaming and Leisure Propertie | Reduce -0.3% | 2.36% | −0.08 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.08 |
| VICI Vici Properties Inc. | Reduce -0.4% | 2.31% | −0.08 |
| RDVT Red Violet Inc. | Reduce -14.2% | 0.51% | −0.07 |
| SPOK Spok Holdings Inc. | Reduce -14.3% | 0.28% | −0.07 |
| OKE Oneok Inc. | Reduce -1.3% | 0.33% | −0.05 |
| AOSL Alpha & Omega Semiconductor | Reduce -14.2% | 0.46% | −0.05 |
| CWEN Clearway Energy Inc. Class C | Reduce -1.4% | 0.24% | −0.04 |
| ARCC Ares Capital Corp. | Reduce -1.9% | 0.31% | −0.04 |
| BLX Bladex Inc. | Reduce -14.0% | 0.60% | −0.03 |
| WMB Williams Cos Inc. | Reduce -2.8% | 0.54% | −0.03 |
| DVAX Dynavax Technologies Corp. | Reduce -14.1% | 0.13% | −0.03 |
| BBW Build-A-Bear Workshop Inc. | Reduce -21.6% | 0.63% | −0.02 |
| PSTL Postal Realty Trust Inc. Class A | Reduce -8.1% | 0.38% | −0.02 |
| UDR Udr Inc. | Reduce -2.4% | 0.11% | −0.02 |
| AMGN Amgen Inc. | Reduce -5.0% | 0.22% | −0.02 |
| OMAB Grupo Aeroportuario Cen-ADR | Reduce -1.4% | 0.25% | −0.01 |
| EFC Ellington Financial Inc. | Reduce -1.9% | 0.25% | −0.01 |
| XYLD Global X S&P 500 Cove Call E | Reduce -2.4% | 0.22% | −0.01 |
| GTY Getty Realty Corp. | Reduce -2.0% | 0.11% | −0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.01 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.01 |
| BLFS Biolife Solutions Inc. | Reduce -14.1% | 0.51% | −0.01 |
| COLL Collegium Pharmaceutical Inc. | Reduce -14.1% | 0.40% | −0.01 |
| DAKT Daktronics Inc. | Reduce -26.4% | 0.30% | −0.00 |
| GOOG Alphabet Inc. Class C | Reduce -67.8% | 0.00% | −0.00 |
| LB Landbridge Co. LLC-A | Reduce -66.1% | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| WELL Welltower Inc. | Add +3.4% | 5.89% | +0.83 |
| VTR Ventas Inc. | Add +23.5% | 2.59% | +0.64 |
| OHI Omega Healthcare Investors | Add +136.8% | 0.99% | +0.62 |
| BKTI BK Technologies Corporation | New | 0.58% | +0.58 |
| O Realty Income Corp. | Add +57.5% | 1.37% | +0.52 |
| BXP BXP Inc. | Add +29.8% | 1.40% | +0.39 |
| TKR Timken Co. | New | 0.35% | +0.35 |
| ARE Alexandria Real Estate Equit | New | 0.32% | +0.32 |
| WPC WP Carey Inc. | New | 0.32% | +0.32 |
| HST Host Hotels & Resorts Inc. | New | 0.32% | +0.32 |
| XRN Chiron Real Estate Inc. | Add +254.9% | 0.39% | +0.27 |
| GHM Graham Corp. | New | 0.23% | +0.23 |
| INOD Innodata Inc. | Add +19.7% | 0.52% | +0.22 |
| CTRE Caretrust REIT Inc. | Add +39.4% | 0.56% | +0.19 |
| GPGI Gpgi Inc. | Add +86.9% | 0.30% | +0.19 |
| KNTK Kinetik Holdings Inc. | Add +270.0% | 0.25% | +0.18 |
| ESQ Esquire Financial Holdings I | New | 0.17% | +0.17 |
| SBRA Sabra Health Care REIT Inc. | Add +47.0% | 0.51% | +0.16 |
| SCCO Southern Copper Corp. | New | 0.14% | +0.14 |
| EZPW Ezcorp Inc. Class A | Add +11.9% | 0.43% | +0.14 |
| MDT Medtronic PLC | New | 0.14% | +0.14 |
| WM Waste Management Inc. | New | 0.13% | +0.13 |
| HSY The Hershey Co. | New | 0.13% | +0.13 |
| KTB Kontoor Brands Inc. | New | 0.13% | +0.13 |
| SUI Sun Communities Inc. | Add +20.5% | 0.74% | +0.12 |
| GENI Genius Sports Ltd. | Add +162.7% | 0.17% | +0.11 |
| VENU Venu Holding Corp. | Add +179.9% | 0.17% | +0.11 |
| GCMG GCM Grosvenor Inc. Class A | Add +74.5% | 0.26% | +0.11 |
| ARIS WATER SOLUTIONS INC | New | 0.11% | +0.11 |
| AUPH Aurinia Pharmaceuticals Inc. | New | 0.10% | +0.10 |
| OUT Outfront Media Inc. | Add +5.2% | 0.80% | +0.10 |
| MNTN MNTN Inc. Class A | New | 0.10% | +0.10 |
| SBR Sabine Royalty Trust | Add +82.0% | 0.19% | +0.10 |
| DHT DHT Holdings Inc. | Add +100.5% | 0.19% | +0.10 |
| HII Huntington Ingalls Industrie | Add +75.2% | 0.19% | +0.10 |
| CPA Copa Holdings SA Class A | Add +95.6% | 0.19% | +0.10 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | New | 0.09% | +0.09 |
| VNOM Viper Energy Inc. Class A | New | 0.09% | +0.09 |
| MRP Millrose Properties | New | 0.09% | +0.09 |
| B Barrick Mining Corp. | Add +0.4% | 0.24% | +0.08 |
| PLD Prologis Inc. | Add +0.5% | 1.30% | +0.08 |
| STRW Strawberry Fields REIT Inc. | Add +61.3% | 0.17% | +0.07 |
| ASTE Astec Industries Inc. | Add +7.0% | 0.40% | +0.07 |
| RCAT Red Cat Holdings Inc. | Add +53.0% | 0.12% | +0.06 |
| PAX Patria Investments Ltd. Class A | Add +45.1% | 0.17% | +0.05 |
| RYN Rayonier Inc. | Add +0.5% | 0.32% | +0.05 |
| MFIN Medallion Financial Corp. | Add +14.2% | 0.26% | +0.04 |
| RPRX Royalty Pharma PLC Class A | Add +19.6% | 0.26% | +0.03 |
| CMBT CMB Tech NV | Add +4.9% | 0.37% | +0.02 |
| CSGS CSG Systems Intl Inc. | Add +11.4% | 0.33% | +0.02 |
Notes & Other Activity Q2 2025 → Q3 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -2.4% | 69,829 | $4.9M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -2.4% | 116,447 | $3.0M |
| COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) | PREFERREDSTK | Add +7.5% | 153,574 | $2.8M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +2.8% | 2,028 | $2.6M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Reduce -3.9% | 62,999 | $2.5M |
| PUBLIC STORAGE (PSA 5.6 PERP H) | Common Stock | Reduce -2.3% | 95,705 | $2.3M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +24.7% | 58,433 | $2.2M |
| STRATEGY INC (MSTR 10 PERP A) | PFD | New | 26,735 | $2.1M |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | New | 22,814 | $2.1M |
| TRITON INTERNATIONAL LTD (TRTN 8 PERP B) | PFD | Reduce -2.0% | 73,336 | $1.8M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Add +1.6% | 23,708 | $1.7M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Add +32.4% | 22,705 | $1.6M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +4.2% | 32,152 | $1.6M |
| MEDALLION BANK UTAH (MEDBNK V0 PERP F) | PFD | Sold out | 58,879 | $1.5Mbefore exit |
| REDWOOD TRUST INC (RWT V10 PERP) | COM | Reduce -1.9% | 57,543 | $1.5M |
| ADAMAS TRUST INC (ADAM V7.875 PERP E) | PFD | Reduce -2.0% | 56,153 | $1.4M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | New | 20,686 | $1.2M |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 48,168 | $973K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +0.7% | 34,241 | $864K |
| AT&T INC (T 4.75 PERP C) | PFD | Reduce -93.5% | 11,140 | $838K |
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 |