Uniplan Investment Counsel, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Uniplan Investment Counsel, Inc. reported 170 stock positions worth $963.2 million. Its top holding was Welltower (WELL) at 5.5% of the portfolio, followed by Equinix (EQIX, 4.5%) and Simon Property (SPG, 4.4%). Compared with Q3 2025, it opened 39 new positions, sold out of 31, added to 51 and reduced 80. The biggest buy was Prologis (PLD, shares +110%) and the biggest sale Vici Properties (VICI, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001520710
- Portfolio Value
- $963.2M (Q4 2025)
- SEC Filing
- 0001520710-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 170 stocks · $963.2M
| WELL Welltower Inc. | 5.53% | 286,847 | $53.2M | Reduce -11.7% |
| EQIX Equinix Inc. | 4.50% | 56,556 | $43.3M | Reduce -9.2% |
| SPG Simon Property Group Inc. | 4.39% | 228,437 | $42.3M | Reduce -1.3% |
| AMT American Tower Corp. | 4.34% | 238,053 | $41.8M | Reduce -5.3% |
| PLD Prologis Inc. | 3.10% | 234,171 | $29.9M | Add +109.7% |
| EGP Eastgroup Properties Inc. | 3.04% | 164,388 | $29.3M | Reduce -11.8% |
| TRNO Terreno Realty Corp. | 2.98% | 488,281 | $28.7M | Reduce -1.8% |
| KRG Kite Realty Group Trust | 2.89% | 1,162,961 | $27.9M | Reduce -1.7% |
| VTR Ventas Inc. | 2.87% | 357,303 | $27.6M | Reduce -1.8% |
| CCI Crown Castle Inc. | 2.31% | 249,854 | $22.2M | Reduce -1.6% |
| PSA Public Storage | 2.02% | 74,805 | $19.4M | Add +4.7% |
| EXR Extra Space Storage Inc. | 1.67% | 123,706 | $16.1M | Reduce -2.1% |
| GLPI Gaming and Leisure Propertie | 1.52% | 327,877 | $14.7M | Reduce -34.0% |
| ESS Essex Property Trust Inc. | 1.46% | 53,803 | $14.1M | Reduce -2.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.34% | 458,249 | $12.9M | Reduce -34.2% |
| USFR Wisdomtree Floating Rate Tre | 1.28% | 245,801 | $12.4M | Reduce -18.1% |
| BXP BXP Inc. | 1.28% | 182,484 | $12.3M | Reduce -1.7% |
| O Realty Income Corp. | 1.27% | 217,140 | $12.2M | Reduce -1.9% |
| MAA Mid-America Apartment Comm | 1.24% | 85,946 | $11.9M | Add +11.3% |
| ELS Equity Lifestyle Properties | 1.23% | 194,846 | $11.8M | Reduce -23.3% |
| DLR Digital Realty Trust Inc. | 1.20% | 74,863 | $11.6M | Add +11.8% |
| AVB Avalonbay Communities Inc. | 1.20% | 63,676 | $11.5M | Reduce -1.2% |
| REG Regency Centers Corp. | 1.18% | 165,110 | $11.4M | Reduce -1.6% |
| CPT Camden Property Trust | 1.09% | 95,213 | $10.5M | Reduce -1.1% |
| OHI Omega Healthcare Investors | 1.06% | 229,771 | $10.2M | Reduce -0.8% |
| OUT Outfront Media Inc. | 1.06% | 421,690 | $10.2M | Reduce -1.3% |
| ADC Agree Realty Corp. | 0.94% | 125,613 | $9.0M | Reduce -2.5% |
| SII Sprott Inc. | 0.92% | 90,199 | $8.8M | Add +0.1% |
| FPI Farmland Partners Inc. | 0.90% | 892,669 | $8.6M | Reduce -1.3% |
| IDCC Interdigital Inc. | 0.84% | 25,352 | $8.1M | Reduce -8.9% |
| LGND Ligand Pharmaceuticals | 0.83% | 42,364 | $8.0M | Add +0.5% |
| LINC Lincoln Educational Services | 0.79% | 313,567 | $7.6M | Reduce -0.1% |
| INVH Invitation Homes Inc. | 0.79% | 272,240 | $7.6M | Reduce -1.9% |
| WULF Terawulf Inc. | 0.74% | 620,674 | $7.1M | Add +1.7% |
| BBW Build-A-Bear Workshop Inc. | 0.73% | 114,349 | $7.0M | Add +20.3% |
| CTRE Caretrust REIT Inc. | 0.72% | 192,894 | $7.0M | Add +22.4% |
| MAMA Mama's Creations Inc. | 0.72% | 513,256 | $6.9M | Add +0.8% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.72% | 55,646 | $6.9M | Reduce -0.9% |
| SBAC SBA Communications Corp. | 0.71% | 35,264 | $6.8M | Reduce -22.2% |
| NPKI NPK International Inc. | 0.69% | 561,109 | $6.7M | Reduce -0.3% |
| SEI Solaris Energy Infrastructur | 0.69% | 144,375 | $6.6M | Reduce -21.4% |
| IRMD Iradimed Corp. | 0.66% | 65,695 | $6.4M | Reduce -15.0% |
| HST Host Hotels & Resorts Inc. | 0.65% | 354,897 | $6.3M | Add +94.7% |
| SRTA Strata Critical Medical Inc. | 0.63% | 1,263,987 | $6.1M | Reduce -0.1% |
| WY Weyerhaeuser Co. | 0.63% | 254,965 | $6.0M | Reduce -22.1% |
| AXGN Axogen Inc. | 0.61% | 178,576 | $5.8M | Add +12.5% |
| AZZ Azz Inc. | 0.60% | 53,676 | $5.8M | Add +12.3% |
| BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA | 0.59% | 128,089 | $5.7M | Reduce -0.4% |
| RDVT Red Violet Inc. | 0.57% | 96,789 | $5.5M | Add +1.1% |
| GRC Gorman-Rupp Co. | 0.57% | 114,859 | $5.5M | Reduce -0.0% |
| AMH American Homes 4 Rent- A | 0.56% | 167,663 | $5.4M | Reduce -2.0% |
| AHR American Healthcare REIT Inc. | 0.54% | 111,461 | $5.2M | Add +141.5% |
| UTI Universal Technical Institut | 0.54% | 213,339 | $5.2M | Add +6.6% |
| COLL Collegium Pharmaceutical Inc. | 0.54% | 111,739 | $5.2M | Reduce -0.3% |
| EPR Epr Properties filed as EPR PPTYS | 0.54% | 103,295 | $5.2M | Reduce -1.9% |
| HHH Howard Hughes Holdings Inc. | 0.52% | 63,150 | $5.0M | Add +35.7% |
| SBRA Sabra Health Care REIT Inc. | 0.52% | 265,324 | $5.0M | Reduce -2.2% |
| NSSC Napco Security Technologies | 0.52% | 120,416 | $5.0M | Reduce -0.3% |
| WMB Williams Cos Inc. | 0.52% | 82,849 | $5.0M | Reduce -0.6% |
| EZPW Ezcorp Inc. Class A | 0.50% | 248,771 | $4.8M | Add +12.9% |
| BLFS Biolife Solutions Inc. | 0.49% | 194,617 | $4.7M | Reduce -0.1% |
| HWKN Hawkins Inc. | 0.48% | 32,653 | $4.6M | Add +14.4% |
| WPC WP Carey Inc. | 0.46% | 68,618 | $4.4M | Add +47.3% |
| INVA Innoviva Inc. | 0.46% | 219,514 | $4.4M | Add +14.7% |
| PKE Park Aerospace Corp. | 0.44% | 199,852 | $4.3M | Add +0.6% |
| XRN Chiron Real Estate Inc. filed as GLOBAL MED REIT INC | 0.44% | 125,676 | $4.2M | Add +11.5% |
| BKTI BK Technologies Corporation | 0.44% | 56,570 | $4.2M | Reduce -16.0% |
| NWPX NWPX Infrastructure Inc. | 0.44% | 67,320 | $4.2M | Add +20.4% |
| INOD Innodata Inc. | 0.42% | 79,317 | $4.0M | Add +20.6% |
| DAKT Daktronics Inc. | 0.41% | 201,017 | $4.0M | Add +41.1% |
| ABBV Abbvie Inc. | 0.41% | 17,356 | $4.0M | Add +2.9% |
| CSGS CSG Systems Intl Inc. | 0.40% | 49,763 | $3.8M | Reduce -1.2% |
| PSTL Postal Realty Trust Inc. Class A | 0.40% | 236,300 | $3.8M | Reduce -0.9% |
| FANG Diamondback Energy Inc. | 0.38% | 24,616 | $3.7M | Reduce -29.6% |
| HII Huntington Ingalls Industrie | 0.38% | 10,798 | $3.7M | Add +63.5% |
| MFIN Medallion Financial Corp. | 0.38% | 355,984 | $3.7M | Add +40.8% |
| RPRX Royalty Pharma PLC Class A | 0.37% | 91,746 | $3.5M | Add +27.8% |
| ASTE Astec Industries Inc. | 0.36% | 80,839 | $3.5M | Reduce -0.1% |
| AMGN Amgen Inc. | 0.34% | 10,091 | $3.3M | Add +29.0% |
| MAR Marriott International Class A | 0.34% | 10,507 | $3.3M | New |
| BRX Brixmor Property Group Inc. | 0.34% | 123,627 | $3.2M | Reduce -1.6% |
| GHM Graham Corp. | 0.33% | 50,097 | $3.2M | Add +23.5% |
| VLO Valero Energy Corp. | 0.33% | 19,693 | $3.2M | Reduce -2.2% |
| AOSL Alpha & Omega Semiconductor | 0.33% | 159,947 | $3.2M | Reduce -0.3% |
| OKE Oneok Inc. | 0.33% | 43,013 | $3.2M | Reduce -1.9% |
| CURB Curbline Properties Corp. | 0.33% | 135,949 | $3.2M | Reduce -2.3% |
| CWEN Clearway Energy Inc. Class C | 0.31% | 90,806 | $3.0M | Add +10.2% |
| ARCC Ares Capital Corp. | 0.31% | 149,119 | $3.0M | Reduce -1.4% |
| PAX Patria Investments Ltd. Class A | 0.31% | 187,294 | $3.0M | Add +68.2% |
| B Barrick Mining Corp. | 0.31% | 68,336 | $3.0M | Reduce -3.6% |
| DHT DHT Holdings Inc. | 0.31% | 243,159 | $3.0M | Add +59.3% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.31% | 27,263 | $3.0M | Add +16.7% |
| GPGI Gpgi Inc. filed as COMPOSECURE INC | 0.31% | 152,737 | $2.9M | Add +7.5% |
| SCCO Southern Copper Corp. | 0.31% | 20,487 | $2.9M | Add +78.0% |
| DVAX Dynavax Technologies Corp. | 0.29% | 181,429 | $2.8M | Add +42.6% |
| LVMUY LVMH Moet Hennessy-Unsp ADR | 0.29% | 18,433 | $2.8M | Add +149.3% |
| ESQ Esquire Financial Holdings I | 0.28% | 26,402 | $2.7M | Add +64.9% |
| EFC Ellington Financial Inc. | 0.26% | 186,615 | $2.5M | Reduce -1.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.26% | 30,327 | $2.5M | New |
| RYN Rayonier Inc. | 0.26% | 115,630 | $2.5M | Reduce -1.5% |
Other holdings (16): bonds, preferreds, convertibles and warrants · $32.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 69,169 | $4.8M | Reduce -0.9% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 56,210 | $3.3M | Reduce -3.8% |
| AT&T INC (T 4.75 PERP C) | PFD | 167,154 | $3.2M | Add +1400.5% |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 62,931 | $2.6M | Reduce -0.1% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 115,771 | $2.6M | Reduce -0.6% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 2,032 | $2.5M | Add +0.2% |
| PUBLIC STORAGE (PSA 5.6 PERP H) | Common Stock | 93,696 | $2.1M | Reduce -2.1% |
| TRITON INTERNATIONAL LTD (TRTN 8 PERP B) | PFD | 71,923 | $1.8M | Reduce -1.9% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 22,652 | $1.7M | Reduce -4.5% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 30,295 | $1.5M | Reduce -5.8% |
| REDWOOD TRUST INC (RWT V10 PERP) | COM | 56,818 | $1.4M | Reduce -1.3% |
| ADAMAS TRUST INC (ADAM V7.875 PERP E) | PFD | 55,423 | $1.4M | Reduce -1.3% |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 19,831 | $1.2M | Reduce -4.1% |
| PITNEY BOWES INC (PBI 6.7 03/07/43) | Equities | 43,509 | $887K | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 45,642 | $869K | Reduce -5.2% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 32,789 | $816K | Reduce -4.2% |
Total filed on the 13F, all lines: $995.9M.
Portfolio Sells Q3 2025 → Q4 2025
| VICI Vici Properties Inc. | Reduce -34.2% | 1.34% | −0.97 |
| GLPI Gaming and Leisure Propertie | Reduce -34.0% | 1.52% | −0.83 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.78 |
| AMT American Tower Corp. | Reduce -5.3% | 4.34% | −0.58 |
| EQIX Equinix Inc. | Reduce -9.2% | 4.50% | −0.47 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.42 |
| EQH Equitable Holdings Inc. | Sold out | 0.00% | −0.41 |
| CMBT CMB Tech NV | Sold out | 0.00% | −0.37 |
| WELL Welltower Inc. | Reduce -11.7% | 5.53% | −0.36 |
| ELS Equity Lifestyle Properties | Reduce -23.3% | 1.23% | −0.34 |
| CASS Cass Information Systems Inc. | Sold out | 0.00% | −0.34 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.32 |
| USFR Wisdomtree Floating Rate Tre | Reduce -18.1% | 1.28% | −0.25 |
| TKR Timken Co. | Reduce -90.3% | 0.15% | −0.20 |
| WY Weyerhaeuser Co. | Reduce -22.1% | 0.63% | −0.20 |
| CCI Crown Castle Inc. | Reduce -1.6% | 2.31% | −0.19 |
| SBAC SBA Communications Corp. | Reduce -22.2% | 0.71% | −0.18 |
| EGP Eastgroup Properties Inc. | Reduce -11.8% | 3.04% | −0.17 |
| VENU Venu Holding Corp. | Reduce -99.4% | 0.00% | −0.17 |
| LFMD Lifemd Inc. | Sold out | 0.00% | −0.16 |
| DAVE Dave Inc. | Sold out | 0.00% | −0.16 |
| BKTI BK Technologies Corporation | Reduce -16.0% | 0.44% | −0.14 |
| IDCC Interdigital Inc. | Reduce -8.9% | 0.84% | −0.14 |
| EXR Extra Space Storage Inc. | Reduce -2.1% | 1.67% | −0.14 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.13 |
| AOSL Alpha & Omega Semiconductor | Reduce -0.3% | 0.33% | −0.13 |
| BXP BXP Inc. | Reduce -1.7% | 1.28% | −0.13 |
| FANG Diamondback Energy Inc. | Reduce -29.6% | 0.38% | −0.13 |
| RCAT Red Cat Holdings Inc. | Sold out | 0.00% | −0.12 |
| SIGA Siga Technologies Inc. | Reduce -0.2% | 0.25% | −0.12 |
| ARIS WATER SOLUTIONS INC | Sold out | 0.00% | −0.11 |
| UDR Udr Inc. | Sold out | 0.00% | −0.11 |
| FPI Farmland Partners Inc. | Reduce -1.3% | 0.90% | −0.10 |
| O Realty Income Corp. | Reduce -1.9% | 1.27% | −0.10 |
| VNOM Viper Energy Inc. Class A | Sold out | 0.00% | −0.09 |
| EPR Epr Properties | Reduce -1.9% | 0.54% | −0.09 |
| AVB Avalonbay Communities Inc. | Reduce -1.2% | 1.20% | −0.07 |
| SPOK Spok Holdings Inc. | Reduce -0.1% | 0.22% | −0.06 |
| REG Regency Centers Corp. | Reduce -1.6% | 1.18% | −0.06 |
| SEI Solaris Energy Infrastructur | Reduce -21.4% | 0.69% | −0.06 |
| RYN Rayonier Inc. | Reduce -1.5% | 0.26% | −0.06 |
| KNTK Kinetik Holdings Inc. | Reduce -8.9% | 0.20% | −0.05 |
| INVH Invitation Homes Inc. | Reduce -1.9% | 0.79% | −0.04 |
| ESS Essex Property Trust Inc. | Reduce -2.0% | 1.46% | −0.03 |
| ASTE Astec Industries Inc. | Reduce -0.1% | 0.36% | −0.03 |
| SPG Simon Property Group Inc. | Reduce -1.3% | 4.39% | −0.03 |
| SUI Sun Communities Inc. | Reduce -0.9% | 0.72% | −0.02 |
| SRTA Strata Critical Medical Inc. | Reduce -0.1% | 0.63% | −0.02 |
| WMB Williams Cos Inc. | Reduce -0.6% | 0.52% | −0.02 |
| AMH American Homes 4 Rent- A | Reduce -2.0% | 0.56% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| PLD Prologis Inc. | Add +109.7% | 3.10% | +1.80 |
| AHR American Healthcare REIT Inc. | Add +141.5% | 0.54% | +0.35 |
| MAR Marriott International Class A | New | 0.34% | +0.34 |
| HST Host Hotels & Resorts Inc. | Add +94.7% | 0.65% | +0.34 |
| AXGN Axogen Inc. | Add +12.5% | 0.61% | +0.32 |
| IRM Iron Mountain Inc. | New | 0.26% | +0.26 |
| LVMUY LVMH Moet Hennessy-Unsp ADR | Add +149.3% | 0.29% | +0.20 |
| HII Huntington Ingalls Industrie | Add +63.5% | 0.38% | +0.19 |
| QQQI Neos Nasdaq-100 High Inc. ETF | New | 0.18% | +0.18 |
| MAMA Mama's Creations Inc. | Add +0.8% | 0.72% | +0.17 |
| GTLS Chart Industries Inc. | New | 0.17% | +0.17 |
| MRP Millrose Properties | Add +227.5% | 0.25% | +0.17 |
| CTRE Caretrust REIT Inc. | Add +22.4% | 0.72% | +0.17 |
| SCCO Southern Copper Corp. | Add +78.0% | 0.31% | +0.16 |
| DVAX Dynavax Technologies Corp. | Add +42.6% | 0.29% | +0.16 |
| UMH Umh Properties Inc. | New | 0.16% | +0.16 |
| FR First Industrial Realty TR | New | 0.15% | +0.15 |
| SII Sprott Inc. | Add +0.1% | 0.92% | +0.15 |
| EYE National Vision Holdings Inc. | Add +292.1% | 0.21% | +0.15 |
| PAX Patria Investments Ltd. Class A | Add +68.2% | 0.31% | +0.14 |
| MAA Mid-America Apartment Comm | Add +11.3% | 1.24% | +0.14 |
| QCOM Qualcomm Inc. | New | 0.14% | +0.14 |
| WPC WP Carey Inc. | Add +47.3% | 0.46% | +0.14 |
| OMCL Omnicell Inc. | New | 0.14% | +0.14 |
| NWPX NWPX Infrastructure Inc. | Add +20.4% | 0.44% | +0.14 |
| HHH Howard Hughes Holdings Inc. | Add +35.7% | 0.52% | +0.13 |
| DHT DHT Holdings Inc. | Add +59.3% | 0.31% | +0.12 |
| MFIN Medallion Financial Corp. | Add +40.8% | 0.38% | +0.12 |
| AMGN Amgen Inc. | Add +29.0% | 0.34% | +0.12 |
| ESQ Esquire Financial Holdings I | Add +64.9% | 0.28% | +0.11 |
| RPRX Royalty Pharma PLC Class A | Add +27.8% | 0.37% | +0.11 |
| DAKT Daktronics Inc. | Add +41.1% | 0.41% | +0.11 |
| GHM Graham Corp. | Add +23.5% | 0.33% | +0.11 |
| AUPH Aurinia Pharmaceuticals Inc. | Add +37.2% | 0.21% | +0.11 |
| INVA Innoviva Inc. | Add +14.7% | 0.46% | +0.10 |
| BBW Build-A-Bear Workshop Inc. | Add +20.3% | 0.73% | +0.10 |
| UPS United Parcel Service Class B | New | 0.09% | +0.09 |
| BN Brookfield Asset Mgmt Inc. | New | 0.09% | +0.09 |
| TGS Transportador Gas-ADR SP B | New | 0.09% | +0.09 |
| Marex Group plc | New | 0.09% | +0.09 |
| MATX Matson Inc. | New | 0.09% | +0.09 |
| PEP Pepsico Inc. | New | 0.09% | +0.09 |
| CWEN Clearway Energy Inc. Class C | Add +10.2% | 0.31% | +0.08 |
| EZPW Ezcorp Inc. Class A | Add +12.9% | 0.50% | +0.07 |
| LGND Ligand Pharmaceuticals | Add +0.5% | 0.83% | +0.07 |
| AZZ Azz Inc. | Add +12.3% | 0.60% | +0.07 |
| GTY Getty Realty Corp. | Add +52.7% | 0.17% | +0.06 |
| RDVT Red Violet Inc. | Add +1.1% | 0.57% | +0.06 |
| OMAB Grupo Aeroportuario Cen-ADR | Add +16.7% | 0.31% | +0.06 |
| CDNA Caredx Inc. | New | 0.06% | +0.06 |
Notes & Other Activity Q3 2025 → Q4 2025
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -0.9% | 69,169 | $4.8M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Reduce -3.8% | 56,210 | $3.3M |
| AT&T INC (T 4.75 PERP C) | PFD | Add +1400.5% | 167,154 | $3.2M |
| COMPASS DIVERSIF HOLDING (CODI 7.875 PERP C) | PREFERREDSTK | Sold out | 153,574 | $2.8Mbefore exit |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | Reduce -0.1% | 62,931 | $2.6M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -0.6% | 115,771 | $2.6M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +0.2% | 2,032 | $2.5M |
| PUBLIC STORAGE (PSA 5.6 PERP H) | Common Stock | Reduce -2.1% | 93,696 | $2.1M |
| STRATEGY INC (MSTR 10 PERP A) | PFD | Sold out | 26,735 | $2.1Mbefore exit |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Sold out | 22,814 | $2.1Mbefore exit |
| TRITON INTERNATIONAL LTD (TRTN 8 PERP B) | PFD | Reduce -1.9% | 71,923 | $1.8M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -4.5% | 22,652 | $1.7M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 22,705 | $1.6Mbefore exit |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -5.8% | 30,295 | $1.5M |
| REDWOOD TRUST INC (RWT V10 PERP) | COM | Reduce -1.3% | 56,818 | $1.4M |
| ADAMAS TRUST INC (ADAM V7.875 PERP E) | PFD | Reduce -1.3% | 55,423 | $1.4M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | Reduce -4.1% | 19,831 | $1.2M |
| PITNEY BOWES INC (PBI 6.7 03/07/43) | Equities | New | 43,509 | $887K |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | Reduce -5.2% | 45,642 | $869K |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Reduce -4.2% | 32,789 | $816K |
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 |