Uniplan Investment Counsel, Inc.

Name: Uniplan Investment Counsel, Inc. 13F holdings, Q4 2025
Creator: Uniplan Investment Counsel, Inc.
Published: 2026-02-17

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

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%
MRP Millrose Properties	0.25%	81,943	$2.4M	Add +227.5%
SIGA Siga Technologies Inc.	0.25%	395,897	$2.4M	Reduce -0.2%
GCMG GCM Grosvenor Inc. Class A	0.24%	207,558	$2.3M	Reduce -0.3%
PAC Grupo Aeroportuario Pac-ADR	0.23%	8,500	$2.2M	Reduce -6.8%
XYLD Global X S&P 500 Cove Call E	0.23%	54,935	$2.2M	Reduce -0.9%
PLYM Plymouth Industrial REIT Inc.	0.23%	101,759	$2.2M	Reduce -0.4%
SPOK Spok Holdings Inc. filed as SPOK HLDGS INC	0.22%	160,997	$2.1M	Reduce -0.1%
GENI Genius Sports Ltd.	0.21%	186,405	$2.1M	Add +37.9%
AUPH Aurinia Pharmaceuticals Inc.	0.21%	125,616	$2.0M	Add +37.2%
SBR Sabine Royalty Trust	0.21%	29,046	$2.0M	Add +24.1%
EYE National Vision Holdings Inc.	0.21%	76,611	$2.0M	Add +292.1%
KNTK Kinetik Holdings Inc.	0.20%	53,140	$1.9M	Reduce -8.9%
CPA Copa Holdings SA Class A	0.19%	15,062	$1.8M	Reduce -4.5%
QQQI Neos Nasdaq-100 High Inc. ETF	0.18%	32,746	$1.8M	New
STRW Strawberry Fields REIT Inc.	0.18%	131,869	$1.7M	Reduce -0.1%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.17%	26,221	$1.7M	Reduce -1.7%
GTY Getty Realty Corp.	0.17%	61,082	$1.7M	Add +52.7%
GTLS Chart Industries Inc.	0.17%	7,969	$1.6M	New
KTB Kontoor Brands Inc.	0.17%	26,730	$1.6M	Add +67.4%
UMH Umh Properties Inc. filed as UMH PPTYS INC	0.16%	97,037	$1.5M	New
FR First Industrial Realty TR	0.15%	25,991	$1.5M	New
TKR Timken Co.	0.15%	16,636	$1.4M	Reduce -90.3%
DVN Devon Energy Corp.	0.14%	37,535	$1.4M	Reduce -4.3%
QCOM Qualcomm Inc.	0.14%	7,924	$1.4M	New
OMCL Omnicell Inc.	0.14%	29,341	$1.3M	New
MDT Medtronic PLC	0.14%	13,816	$1.3M	Reduce -1.1%
WM Waste Management Inc.	0.13%	5,662	$1.2M	Reduce -4.6%
MNTN MNTN Inc. Class A	0.12%	98,577	$1.2M	Add +83.6%
XHR Xenia Hotels & Resorts Inc.	0.12%	79,863	$1.1M	Reduce -6.1%
UPS United Parcel Service Class B	0.09%	9,076	$900K	New
BN Brookfield Asset Mgmt Inc.	0.09%	16,832	$882K	New
TGS Transportador Gas-ADR SP B	0.09%	28,023	$871K	New
Marex Group plc	0.09%	22,666	$869K	New
MATX Matson Inc.	0.09%	6,908	$854K	New
PEP Pepsico Inc.	0.09%	5,848	$839K	New
CDNA Caredx Inc.	0.06%	28,267	$533K	New
KGS Kodiak Gas Services Inc.	0.05%	12,238	$458K	New
AROC Archrock Inc.	0.05%	17,523	$456K	New
AMZN Amazon.com Inc.	0.01%	387	$89K	Add +92.5%
GOOGLE LLC-CL A	0.01%	206	$65K	New
ELAN Elanco Animal Health Inc.	0.00%	1,831	$41K	New
CME Cme Group Inc.	0.00%	145	$40K	Add +281.6%
HAL Halliburton Co.	0.00%	1,372	$39K	New
CBOE Cboe Global Markets Inc.	0.00%	149	$38K	Reduce -20.3%
FDX FedEx Corp.	0.00%	125	$36K	New
NDAQ Nasdaq Inc.	0.00%	360	$35K	New
SETM Sprott Critical Material ETF	0.00%	1,176	$34K	New
SLVR Sprott SLVR Miner & PHY SLVR	0.00%	606	$34K	Reduce -55.2%
RDDT Reddit Inc. Class A	0.00%	118	$27K	Reduce -54.4%
PLTR Palantir Technologies Inc. Class A	0.00%	149	$27K	Reduce -56.3%
SPPP Sprott Physical Platinum And	0.00%	1,567	$26K	Reduce -27.9%
LULU Lululemon Athletica Inc.	0.00%	122	$26K	New
ANDE The Andersons Inc.	0.00%	472	$25K	New
COLO Global X MSCI Colombia ETF	0.00%	514	$18K	Reduce -42.7%
RTX RTX Corp.	0.00%	100	$18K	New
U Unity Software Inc.	0.00%	385	$17K	New
TCBI Texas Capital Bancshares Inc.	0.00%	181	$16K	New
ONTO Onto Innovation Inc.	0.00%	101	$16K	New
XLF SS Financial Select Sector	0.00%	281	$15K	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.00%	49	$15K	New
NTRS Northern Trust Corp.	0.00%	89	$12K	New
TTWO Take-Two Interactive Softwre	0.00%	42	$11K	Reduce -89.0%
COPP Sprott Copper Miners ETF	0.00%	312	$11K	New
SOLS Solstice Adv Materials Inc.	0.00%	214	$10K	New
VENU Venu Holding Corp. filed as VENU HLDG CORP	0.00%	800	$10K	Reduce -99.4%
XOM Exxon Mobil Corp.	0.00%	83	$10K	New
CRWD CrowdStrike Holdings Inc. Class A	0.00%	19	$9K	New
AA Alcoa Corp.	0.00%	110	$6K	New
KALU Kaiser Aluminum Corp.	0.00%	47	$5K	New
VZ Verizon Communications Inc.	0.00%	129	$5K	New

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