Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +61.4%
S&P 500 total return (same window) +37.0%
Excess return +24.4%

Annualized: +46.7% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 97.7% · Options excluded: 10.4%

Sector breakdown

04
Health Care 69.9%
Real Estate 13.0%
Industrials 7.0%
Energy 2.6%
Consumer Discretionary 1.6%
Other/Unmapped 5.9%

Full portfolio 17 positions

05
Type Streak 8Q trend
SNDA Sonida Senior Living, Inc. Common Stock $595,919,659 69.90% 14,605,874 $124,880,222
COMP Compass, Inc. Class A Common Stock $32,366,250 3.80% 2,625,000 Up ×1
CTRI Centuri Holdings, Inc. Common Stock $28,728,000 3.37% 950,000 $3,753,450 Up ×1
INVH Invitation Homes Inc. Common Stock $28,699,500 3.37% 950,000 $-2,363,000 Down ×1
Unknown issuer (CUSIP: 471024109) $24,429,000 2.87% 850,000 $-4,090,700 Down ×1
WLDN Willdan Group, Inc. - Common Stock $23,294,950 2.73% 294,500 Up ×1
NUAI New Era Energy & Digital, Inc. - Common Stock $22,425,700 2.63% 3,515,000 Up ×1
DOC Healthpeak Properties, Inc. Common Stock $16,050,000 1.88% 750,000 Up ×1
CURB Curbline Properties Corp. Common Stock $14,409,600 1.69% 474,000 Up ×1
DRVN Driven Brands Holdings Inc. - Common Stock $13,940,000 1.64% 1,000,000 $1,330,000
CBRE CBRE Group Inc Common Stock Class A $12,324,135 1.45% 91,500 Up ×1
Unknown issuer (CUSIP: 09264B107) $10,815,000 1.27% 500,000 Up ×1
SHAZ SharonAI Holdings, Inc. - Class A Common Stock $8,529,326 1.00% 100,748 Up ×1
HNI HNI Corporation Common Stock $7,475,850 0.88% 185,000 Up ×1
HPP Hudson Pacific Properties, Inc. Common Stock $6,957,020 0.82% 458,000
Unknown issuer (CUSIP: 96524T101) $5,564,000 0.65% 200,000 Up ×1
RACWS CUSIP: G75751118 $564,416 0.07% 868,333 $24,660

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
COMP $32,366,250 2,625,000 3.80%
WLDN $23,294,950 294,500 2.73%
NUAI $22,425,700 3,515,000 2.63%
DOC $16,050,000 750,000 1.88%
CURB $14,409,600 474,000 1.69%
CBRE $12,324,135 91,500 1.45%
Unknown issuer (CUSIP: 09264B107) $10,815,000 500,000 1.27%
SHAZ $8,529,326 100,748 1.00%
HNI $7,475,850 185,000 0.88%
HPP $6,957,020 458,000 0.82%
Unknown issuer (CUSIP: 96524T101) $5,564,000 200,000 0.65%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SNDA Price move only +0 +$124.9M
· Trimmed -360K -$4.1M
CTRI Bought more +95K +$3.8M
INVH Trimmed -300K -$2.4M
DRVN Price move only +0 +$1.3M
RACWS Price move only +0 +$25K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
TLT Dec. 31, 2025 1,250,000 $111,712,500
SPY June 30, 2025 125,000 $69,923,750 No longer tracked
IWM Sept. 30, 2025 300,000 $64,737,000 16.0%
SMA Sept. 30, 2025 996,356 $36,097,978 -13.5%
GNL March 31, 2026 3,803,654 $32,711,424 -11.9%
HPP March 31, 2026 2,607,060 $28,234,460 91.7%
JLL June 30, 2025 110,440 $27,379,180 18.8%
CCI June 30, 2026 334,000 $27,157,540 -12.9%
PFSI Sept. 30, 2025 266,000 $26,504,240 -49.7%
SMA June 30, 2026 857,715 $25,971,610 0.2%
WD June 30, 2026 560,316 $24,866,824 -38.1%
XLP Sept. 30, 2025 300,000 $24,291,000 No longer tracked
RITM June 30, 2026 2,500,000 $23,700,000 -6.3%
NPKI Sept. 30, 2025 2,714,779 $23,102,769 4.8%
NSA March 31, 2026 775,000 $21,862,750 No longer tracked
JHX (filed as JHXXXXX) Sept. 30, 2025 800,000 $21,512,000 30.0%
GVA June 30, 2025 285,010 $21,489,754 26.9%
PKST June 30, 2026 100 $20,357,499 No longer tracked
FR Sept. 30, 2025 390,000 $18,770,700 15.6%
CDNL June 30, 2026 471,609 $18,701,655 -68.9%
SITC Sept. 30, 2025 1,539,743 $17,414,493 -62.4%
SILA Dec. 31, 2025 592,211 $14,864,496 No longer tracked
IRT March 31, 2026 850,000 $14,858,000 -1.9%
COLD June 30, 2026 1,100,000 $12,606,000 -10.3%
DBRG June 30, 2025 1,200,000 $10,584,000 No longer tracked
RACU June 30, 2025 1,000,000 $10,100,000 No longer tracked
KKR June 30, 2025 86,000 $9,942,460 -33.2%
ARES June 30, 2025 66,000 $9,676,260 -32.9%
KREF June 30, 2026 1,470,600 $9,000,072 -10.8%
H June 30, 2026 60,000 $8,627,400 -18.5%
SLG Sept. 30, 2025 107,000 $6,623,300 -19.0%
AVB March 31, 2026 30,780 $5,580,722 No longer tracked
UDR March 31, 2026 148,223 $5,436,820 -1.6%
APC June 30, 2026 300,000 $5,367,000 -17.2%
BTBT Sept. 30, 2025 2,275,000 $4,982,250 -46.3%
UHG June 30, 2025 1,655,726 $4,636,033 No longer tracked
CEPT Sept. 30, 2025 400,000 $4,412,000 No longer tracked
KFIIU June 30, 2025 44,848 $452,516 3.5%