Uniplan Investment Counsel, Inc.

Name: Uniplan Investment Counsel, Inc. 13F holdings, Q3 2025
Creator: Uniplan Investment Counsel, Inc.
Published: 2025-11-14

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

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%
GHM Graham Corp.	0.23%	40,554	$2.2M	New
AMGN Amgen Inc.	0.22%	7,824	$2.2M	Reduce -5.0%
XYLD Global X S&P 500 Cove Call E	0.22%	55,438	$2.2M	Reduce -2.4%
PAC Grupo Aeroportuario Pac-ADR	0.22%	9,116	$2.2M	Add +0.2%
AHR American Healthcare REIT Inc.	0.20%	46,155	$1.9M	Reduce -1.5%
HII Huntington Ingalls Industrie	0.19%	6,606	$1.9M	Add +75.2%
CPA Copa Holdings SA Class A	0.19%	15,767	$1.9M	Add +95.6%
SBR Sabine Royalty Trust	0.19%	23,405	$1.9M	Add +82.0%
DHT DHT Holdings Inc.	0.19%	152,687	$1.8M	Add +100.5%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.17%	26,676	$1.7M	Reduce -2.2%
GENI Genius Sports Ltd.	0.17%	135,205	$1.7M	Add +162.7%
VENU Venu Holding Corp. filed as VENU HLDG CORP	0.17%	129,057	$1.7M	Add +179.9%
ESQ Esquire Financial Holdings I	0.17%	16,012	$1.6M	New
PAX Patria Investments Ltd. Class A	0.17%	111,359	$1.6M	Add +45.1%
STRW Strawberry Fields REIT Inc.	0.17%	131,970	$1.6M	Add +61.3%
LFMD Lifemd Inc.	0.16%	230,663	$1.6M	Reduce -14.3%
DAVE Dave Inc.	0.16%	7,732	$1.5M	Add +54.9%
SCCO Southern Copper Corp.	0.14%	11,508	$1.4M	New
DVN Devon Energy Corp.	0.14%	39,233	$1.4M	Add +0.2%
MDT Medtronic PLC	0.14%	13,966	$1.3M	New
WM Waste Management Inc.	0.13%	5,935	$1.3M	New
HSY The Hershey Co.	0.13%	6,998	$1.3M	New
KTB Kontoor Brands Inc.	0.13%	15,969	$1.3M	New
DVAX Dynavax Technologies Corp.	0.13%	127,239	$1.3M	Reduce -14.1%
RCAT Red Cat Holdings Inc.	0.12%	115,549	$1.2M	Add +53.0%
XHR Xenia Hotels & Resorts Inc.	0.12%	85,025	$1.2M	Add +2.8%
ARIS WATER SOLUTIONS INC	0.11%	43,675	$1.1M	New
GTY Getty Realty Corp.	0.11%	40,003	$1.1M	Reduce -2.0%
UDR Udr Inc.	0.11%	28,664	$1.1M	Reduce -2.4%
AUPH Aurinia Pharmaceuticals Inc.	0.10%	91,557	$1.0M	New
MNTN MNTN Inc. Class A	0.10%	53,686	$996K	New
LVMUY LVMH Moet Hennessy-Unsp ADR	0.09%	7,394	$904K	New
VNOM Viper Energy Inc. Class A	0.09%	23,110	$883K	New
MRP Millrose Properties	0.09%	25,023	$841K	New
EYE National Vision Holdings Inc.	0.06%	19,538	$570K	Reduce -15.0%
BKTI BK Technologies Corp.	0.01%	1,249	$106K	Reduce -98.4%
TTWO Take-Two Interactive Softwre	0.01%	380	$98K	Add +58.3%
PLTR Palantir Technologies Inc. Class A	0.01%	341	$62K	Reduce -26.2%
SLVR Sprott SLVR Miner & PHY SLVR	0.01%	1,352	$60K	Add +201.8%
RDDT Reddit Inc. Class A	0.01%	259	$60K	Reduce -28.4%
EUFN iShares MSCI Europe Financia	0.01%	1,435	$49K	Add +152.6%
KTOS Kratos Defense & Security	0.00%	508	$46K	Reduce -60.0%
CBOE Cboe Global Markets Inc.	0.00%	187	$46K	Add +1.1%
AMZN Amazon.com Inc.	0.00%	201	$44K	Reduce -27.2%
GBUG Sprott Active Gold & Silver	0.00%	1,130	$42K	Reduce -9.8%
NEBIUS GROUP NV	0.00%	275	$31K	Reduce -20.3%
COIN Coinbase Global Inc. Class A	0.00%	90	$30K	Reduce -23.1%
SPPP Sprott Physical Platinum And	0.00%	2,173	$30K	Add +130.9%
COLO Global X MSCI Colombia ETF	0.00%	897	$29K	Add +48.0%
PROLOGIS	0.00%	251	$29K	New
GOOG Alphabet Inc. Class C	0.00%	98	$24K	Reduce -67.8%
AAPL Apple Inc.	0.00%	80	$20K	New
KRE SS SPDR S&P Regional Bank	0.00%	290	$18K	New
URNM Sprott Uranium Miners ETF	0.00%	275	$17K	Add +61.8%
IBIT iShares Bitcoin Trust ETF	0.00%	247	$16K	Reduce -25.8%
HYLN Hyliion Holdings Corp.	0.00%	5,684	$11K	New
CME Cme Group Inc.	0.00%	38	$10K	Reduce -44.9%
LB Landbridge Co. LLC-A	0.00%	183	$10K	Reduce -66.1%
CRGO Freightos Ltd.	0.00%	1,553	$5K	New
LYFT LYFT Inc. Class A	0.00%	226	$5K	New
MIAX Miami International Holdings	0.00%	119	$5K	New
EADSY Airbus SE - Unsp ADR	0.00%	82	$5K	Add +9.3%

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