Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| New | N/An/a | $0 | – | 0 | – | 0.00% | – | |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -5,000 | – | -0.62% | – |
| INXN | Exit | INTERXION HOLDING N.V | $0 | – | -14,750 | – | -0.63% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -9,000 | – | -0.72% | – |
| EQY | Exit | EQUITY ONE | $0 | – | -20,000 | – | -0.75% | – |
| WPG | Exit | WP GLIMCHER IN | $0 | – | -70,000 | – | -0.91% | – |
| PEI | Exit | PENNSYLVANIA RL ESTATE INVTsh ben int | $0 | – | -40,000 | – | -1.00% | – |
| HPP | Exit | HUDSON PAC PPTYS INC | $0 | – | -30,000 | – | -1.02% | – |
| DOC | Exit | PHYSICIANS RLTY TR | $0 | – | -43,000 | – | -1.05% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -16,400 | – | -1.06% | – |
| SFR | Exit | COLONY STARWOOD HOMES | $0 | – | -35,000 | – | -1.24% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -8,500 | – | -2.14% | – |
| TWO | Exit | TWO HBRS INVT CORP | $0 | – | -225,000 | – | -2.24% | – |
| FCEA | Exit | FOREST CITY RLTY TR INC | $0 | – | -87,500 | – | -2.27% | – |
| MTGE | Exit | AMERICAN CAP MTG INVT CORP | $0 | – | -130,000 | – | -2.39% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -18,500 | – | -2.46% | – |
| CLNY | Exit | COLONY CAP INCcl a | $0 | – | -536,200 | – | -9.57% | – |
| ARI | Exit | APOLLO COML REAL EST FIN INC | $0 | – | -550,000 | – | -10.27% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -919,000 | – | -29.55% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -1,250,850 | – | -30.12% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STWD | New | STARWOOD PPTY TR INC | $25,918,000 | – | 1,250,850 | – | 30.12% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $25,429,000 | – | 919,000 | – | 29.55% | – |
| ARI | New | APOLLO COML REAL EST FIN INC | $8,839,000 | – | 550,000 | – | 10.27% | – |
| CLNY | New | COLONY CAP INCcl a | $8,231,000 | – | 536,200 | – | 9.57% | – |
| HHC | New | HOWARD HUGHES CORP | $2,115,000 | – | 18,500 | – | 2.46% | – |
| MTGE | New | AMERICAN CAP MTG INVT CORP | $2,053,000 | – | 130,000 | – | 2.39% | – |
| FCEA | New | FOREST CITY RLTY TR INC | $1,952,000 | – | 87,500 | – | 2.27% | – |
| TWO | New | TWO HBRS INVT CORP | $1,926,000 | – | 225,000 | – | 2.24% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $1,844,000 | – | 8,500 | – | 2.14% | – |
| SFR | New | COLONY STARWOOD HOMES | $1,065,000 | – | 35,000 | – | 1.24% | – |
| CONE | New | CYRUSONE INC | $913,000 | – | 16,400 | – | 1.06% | – |
| DOC | New | PHYSICIANS RLTY TR | $903,000 | – | 43,000 | – | 1.05% | – |
| HPP | New | HUDSON PAC PPTYS INC | $875,000 | – | 30,000 | – | 1.02% | – |
| PEI | New | PENNSYLVANIA RL ESTATE INVTsh ben int | $858,000 | – | 40,000 | – | 1.00% | – |
| WPG | New | WP GLIMCHER IN | $783,000 | – | 70,000 | – | 0.91% | – |
| EQY | New | EQUITY ONE | $644,000 | – | 20,000 | – | 0.75% | – |
| EQR | New | EQUITY RESIDENTIALsh ben int | $620,000 | – | 9,000 | – | 0.72% | – |
| INXN | New | INTERXION HOLDING N.V | $544,000 | – | 14,750 | – | 0.63% | – |
| SLG | New | SL GREEN RLTY CORP | $532,000 | – | 5,000 | – | 0.62% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| CUZ | Exit | COUSINS PPTYS INC | $0 | – | -57,500 | – | -0.45% | – |
| PLD | Exit | PROLOGIS INC | $0 | – | -14,250 | – | -0.47% | – |
| NYRT | Exit | NEW YORK REIT INC | $0 | – | -61,934 | – | -0.53% | – |
| NSAM | Exit | NORTHSTAR ASSET MGMT GROUP I | $0 | – | -45,600 | – | -0.56% | – |
| AIV | Exit | APARTMENT INVT & MGMT COcl a | $0 | – | -19,500 | – | -0.62% | – |
| VNO | Exit | VORNADO RLTY TRsh ben int | $0 | – | -9,600 | – | -0.74% | – |
| HOT | Exit | STARWOOD HOTELS & RESORTS CMN | $0 | – | -15,000 | – | -0.85% | – |
| ARPI | Exit | AMERICAN RESIDENTIAL PPTYS I | $0 | – | -70,000 | – | -1.03% | – |
| CSG | Exit | CHAMBERS STR PPTYS | $0 | – | -190,000 | – | -1.05% | – |
| IYR | Exit | ISHARES TRu.s. real es etf | $0 | – | -20,000 | – | -1.21% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -8,500 | – | -1.27% | – |
| FCEA | Exit | FOREST CITY ENTERPRISES INCcl a | $0 | – | -77,250 | – | -1.33% | – |
| SWAY | Exit | STARWOOD WAYPOINT RESIDENTL | $0 | – | -70,000 | – | -1.42% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -15,000 | – | -1.52% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -17,356 | – | -1.70% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -16,300 | – | -2.56% | – |
| ARI | Exit | APOLLO COML REAL EST FIN INC | $0 | – | -312,000 | – | -4.18% | – |
| TWO | Exit | TWO HBRS INVT CORP | $0 | – | -1,035,000 | – | -7.79% | – |
| CLNY | Exit | COLONY CAP INCcl a | $0 | – | -486,900 | – | -8.13% | – |
| NRF | Exit | NORTHSTAR RLTY FIN CORP | $0 | – | -1,335,000 | – | -14.07% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -952,835 | – | -22.32% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -1,496,077 | – | -26.20% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STWD | Buy | STARWOOD PPTY TR INC | $30,700,000 | -2.0% | 1,496,077 | +3.1% | 26.20% | +11.0% |
| BXMT | Buy | BLACKSTONE MTG TR INC | $26,146,000 | +12.1% | 952,835 | +13.6% | 22.32% | +26.9% |
| NRF | Buy | NORTHSTAR RLTY FIN CORP | $16,487,000 | -16.1% | 1,335,000 | +8.1% | 14.07% | -5.0% |
| CLNY | Sell | COLONY CAP INCcl a | $9,524,000 | -14.9% | 486,900 | -1.4% | 8.13% | -3.6% |
| TWO | Sell | TWO HBRS INVT CORP | $9,129,000 | -25.0% | 1,035,000 | -17.2% | 7.79% | -15.1% |
| ARI | Sell | APOLLO COML REAL EST FIN INC | $4,902,000 | -58.1% | 312,000 | -56.2% | 4.18% | -52.5% |
| SPG | Buy | SIMON PPTY GROUP INC NEW | $2,995,000 | +10.6% | 16,300 | +4.2% | 2.56% | +25.2% |
| BXP | New | BOSTON PROPERTIES INC | $1,776,000 | – | 15,000 | – | 1.52% | – |
| SWAY | Buy | STARWOOD WAYPOINT RESIDENTL | $1,668,000 | +0.7% | 70,000 | +0.4% | 1.42% | +14.1% |
| FCEA | Sell | FOREST CITY ENTERPRISES INCcl a | $1,555,000 | -29.0% | 77,250 | -22.0% | 1.33% | -19.5% |
| AVB | Sell | AVALONBAY CMNTYS INC | $1,486,000 | -29.8% | 8,500 | -35.8% | 1.27% | -20.6% |
| IYR | New | ISHARES TRu.s. real es etf | $1,419,000 | – | 20,000 | – | 1.21% | – |
| CSG | New | CHAMBERS STR PPTYS | $1,233,000 | – | 190,000 | – | 1.05% | – |
| ARPI | Buy | AMERICAN RESIDENTIAL PPTYS I | $1,209,000 | +18.8% | 70,000 | +27.3% | 1.03% | +34.6% |
| HOT | New | STARWOOD HOTELS & RESORTS CMN | $997,000 | – | 15,000 | – | 0.85% | – |
| VNO | New | VORNADO RLTY TRsh ben int | $868,000 | – | 9,600 | – | 0.74% | – |
| NSAM | Sell | NORTHSTAR ASSET MGMT GROUP I | $655,000 | -26.2% | 45,600 | -5.0% | 0.56% | -16.4% |
| NYRT | Buy | NEW YORK REIT INC | $623,000 | +63.5% | 61,934 | +61.9% | 0.53% | +85.4% |
| PLD | Sell | PROLOGIS INC | $554,000 | -47.6% | 14,250 | -50.0% | 0.47% | -40.6% |
| CUZ | New | COUSINS PPTYS INC | $530,000 | – | 57,500 | – | 0.45% | – |
| CONE | Exit | CYRUSONE INC | $0 | – | -10,000 | – | -0.22% | – |
| QTS | Exit | QTS RLTY TR INC | $0 | – | -14,000 | – | -0.38% | – |
| SLG | Exit | SL GREEN RLTY CORP | $0 | – | -5,300 | – | -0.44% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -25,000 | – | -0.48% | – |
| FCH | Exit | FELCOR LODGING TR INC | $0 | – | -83,270 | – | -0.62% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -18,500 | – | -0.98% | – |
| AMT | Exit | AMERICAN TOWER CORP NEW | $0 | – | -20,150 | – | -1.42% | – |
| SBRA | Exit | SABRA HEALTH CARE REIT INC | $0 | – | -81,425 | – | -1.58% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STWD | New | STARWOOD PPTY TR INC | $31,313,000 | – | 1,451,280 | – | 23.60% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $23,328,000 | – | 838,540 | – | 17.58% | – |
| NRF | New | NORTHSTAR RLTY FIN CORP | $19,655,000 | – | 1,235,000 | – | 14.81% | – |
| TWO | New | TWO HBRS INVT CORP | $12,175,000 | – | 1,250,000 | – | 9.17% | – |
| ARI | New | APOLLO COML REAL EST FIN INC | $11,695,000 | – | 711,800 | – | 8.81% | – |
| CLNY | New | COLONY CAP INCcl a | $11,189,000 | – | 494,000 | – | 8.43% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $2,708,000 | – | 15,650 | – | 2.04% | – |
| HHC | New | HOWARD HUGHES CORP | $2,491,000 | – | 17,356 | – | 1.88% | – |
| FCEA | New | FOREST CITY ENTERPRISES INCcl a | $2,189,000 | – | 99,050 | – | 1.65% | – |
| AVB | New | AVALONBAY CMNTYS INC | $2,118,000 | – | 13,250 | – | 1.60% | – |
| SBRA | New | SABRA HEALTH CARE REIT INC | $2,096,000 | – | 81,425 | – | 1.58% | – |
| AMT | New | AMERICAN TOWER CORP NEW | $1,880,000 | – | 20,150 | – | 1.42% | – |
| SWAY | New | STARWOOD WAYPOINT RESIDENTL | $1,656,000 | – | 69,700 | – | 1.25% | – |
| EQR | New | EQUITY RESIDENTIALsh ben int | $1,298,000 | – | 18,500 | – | 0.98% | – |
| PLD | New | PROLOGIS INC | $1,057,000 | – | 28,500 | – | 0.80% | – |
| ARPI | New | AMERICAN RESIDENTIAL PPTYS I | $1,018,000 | – | 55,000 | – | 0.77% | – |
| NSAM | New | NORTHSTAR ASSET MGMT GROUP I | $888,000 | – | 48,000 | – | 0.67% | – |
| FCH | New | FELCOR LODGING TR INC | $823,000 | – | 83,270 | – | 0.62% | – |
| AIV | New | APARTMENT INVT & MGMT COcl a | $720,000 | – | 19,500 | – | 0.54% | – |
| EQC | New | EQUITY COMWLTH | $642,000 | – | 25,000 | – | 0.48% | – |
| SLG | New | SL GREEN RLTY CORP | $582,000 | – | 5,300 | – | 0.44% | – |
| QTS | New | QTS RLTY TR INC | $510,000 | – | 14,000 | – | 0.38% | – |
| NYRT | New | NEW YORK REIT INC | $381,000 | – | 38,250 | – | 0.29% | – |
| CONE | New | CYRUSONE INC | $295,000 | – | 10,000 | – | 0.22% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ALX | Exit | ALEXANDERS INC | $0 | – | -1,028 | – | -0.32% | – |
| J106OPTLDIV | Exit | CBS OUTDOOR AMERS INC | $0 | – | -14,241 | – | -0.36% | – |
| LADR | Exit | LADDER CAP CORPcl a | $0 | – | -60,000 | – | -0.94% | – |
| BKD | Exit | BROOKDALE SR LIVING INC | $0 | – | -45,000 | – | -1.21% | – |
| STAR | Exit | ISTAR FINL INC | $0 | – | -110,000 | – | -1.24% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -9,500 | – | -1.30% | – |
| FCEA | Exit | FOREST CITY ENTERPRISES INCcl a | $0 | – | -95,000 | – | -1.55% | – |
| LAMR | Exit | LAMAR ADVERTISING COcl a | $0 | – | -37,800 | – | -1.55% | – |
| SWAY | Exit | STARWOOD WAYPOINT RESIDENTL | $0 | – | -72,500 | – | -1.57% | – |
| NSAM | Exit | NORTHSTAR ASSET MGMT GROUP I | $0 | – | -110,000 | – | -1.69% | – |
| SBRA | Exit | SABRA HEALTH CARE REIT INC | $0 | – | -86,000 | – | -1.74% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -19,050 | – | -2.24% | – |
| MFA | Exit | MFA FINL INC | $0 | – | -500,000 | – | -3.24% | – |
| ARI | Exit | APOLLO COML REAL EST FIN INC | $0 | – | -550,000 | – | -7.20% | – |
| NRF | Exit | NORTHSTAR RLTY FIN CORP | $0 | – | -760,000 | – | -11.19% | – |
| TWO | Exit | TWO HBRS INVT CORP | $0 | – | -1,400,000 | – | -11.28% | – |
| CLNY | Exit | COLONY FINL INC | $0 | – | -772,500 | – | -14.41% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -875,000 | – | -16.01% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -928,326 | – | -20.96% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BXMT | Buy | BLACKSTONE MTG TR INC | $25,158,000 | +53.6% | 928,326 | +64.3% | 20.96% | +7.3% |
| STWD | Buy | STARWOOD PPTY TR INC | $19,215,000 | +57.0% | 875,000 | +69.9% | 16.01% | +9.7% |
| CLNY | Buy | COLONY FINL INC | $17,289,000 | +69.2% | 772,500 | +75.6% | 14.41% | +18.2% |
| TWO | Buy | TWO HBRS INVT CORP | $13,538,000 | -4.3% | 1,400,000 | +3.7% | 11.28% | -33.1% |
| NRF | New | NORTHSTAR RLTY FIN CORP | $13,429,000 | – | 760,000 | – | 11.19% | – |
| ARI | Buy | APOLLO COML REAL EST FIN INC | $8,641,000 | +275.5% | 550,000 | +34.0% | 7.20% | +162.4% |
| MFA | Buy | MFA FINL INC | $3,890,000 | +35.4% | 500,000 | +42.9% | 3.24% | -5.4% |
| AVB | New | AVALONBAY CMNTYS INC | $2,685,000 | – | 19,050 | – | 2.24% | – |
| SBRA | Buy | SABRA HEALTH CARE REIT INC | $2,092,000 | +9.6% | 86,000 | +29.3% | 1.74% | -23.4% |
| NSAM | New | NORTHSTAR ASSET MGMT GROUP I | $2,026,000 | – | 110,000 | – | 1.69% | – |
| SWAY | New | STARWOOD WAYPOINT RESIDENTL | $1,885,000 | – | 72,500 | – | 1.57% | – |
| LAMR | Buy | LAMAR ADVERTISING COcl a | $1,862,000 | +1.8% | 37,800 | +9.6% | 1.55% | -28.8% |
| FCEA | New | FOREST CITY ENTERPRISES INCcl a | $1,858,000 | – | 95,000 | – | 1.55% | – |
| SPG | Sell | SIMON PPTY GROUP INC NEW | $1,562,000 | -50.6% | 9,500 | -50.0% | 1.30% | -65.4% |
| STAR | Buy | ISTAR FINL INC | $1,486,000 | -0.8% | 110,000 | +10.0% | 1.24% | -30.7% |
| LADR | New | LADDER CAP CORPcl a | $1,134,000 | – | 60,000 | – | 0.94% | – |
| J106OPTLDIV | New | CBS OUTDOOR AMERS INC | $427,000 | – | 14,241 | – | 0.36% | – |
| ALX | Sell | ALEXANDERS INC | $384,000 | -69.6% | 1,028 | -69.9% | 0.32% | -78.8% |
| AHT | Exit | ASHFORD HOSPITALITY TR INC | $0 | – | -25,000 | – | -0.34% | – |
| NCT | Exit | NEWCASTLE INVT CORP | $0 | – | -88,000 | – | -0.50% | – |
| A104PS | Exit | HILTON WORLDWIDE HLDGS INC | $0 | – | -27,500 | – | -0.76% | – |
| AVIV | Exit | AVIV REIT INC MD | $0 | – | -23,000 | – | -0.77% | – |
| HT | Exit | HERSHA HOSPITALITY TRsh ben int a | $0 | – | -100,000 | – | -0.80% | – |
| SBY | Exit | SILVER BAY RLTY TR CORP | $0 | – | -50,000 | – | -0.97% | – |
| ARPI | Exit | AMERICAN RESIDENTIAL PPTYS I | $0 | – | -75,000 | – | -1.68% | – |
| HOT | Exit | STARWOOD HOTELS&RESORTS WRLD | $0 | – | -22,500 | – | -2.17% | – |
| NRF | Exit | NORTHSTAR RLTY FIN CORP | $0 | – | -115,000 | – | -2.38% | – |
| AMTG | Exit | APOLLO RESIDENTIAL MTG INC | $0 | – | -81,673 | – | -6.96% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BXMT | New | BLACKSTONE MTG TR INC | $16,380,000 | – | 565,000 | – | 19.53% | – |
| TWO | New | TWO HBRS INVT CORP | $14,147,000 | – | 1,349,917 | – | 16.87% | – |
| STWD | New | STARWOOD PPTY TR INC | $12,237,000 | – | 515,000 | – | 14.59% | – |
| CLNY | New | COLONY FINL INC | $10,217,000 | – | 440,000 | – | 12.18% | – |
| AMTG | New | APOLLO RESIDENTIAL MTG INC | $5,836,000 | – | 81,673 | – | 6.96% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $3,159,000 | – | 19,000 | – | 3.77% | – |
| MFA | New | MFA FINANCIAL INC CMN | $2,872,000 | – | 350,000 | – | 3.42% | – |
| ARI | New | APOLLO COML REAL EST FIN INC | $2,301,000 | – | 410,600 | – | 2.74% | – |
| NRF | New | NORTHSTAR RLTY FIN CORP | $1,999,000 | – | 115,000 | – | 2.38% | – |
| SBRA | New | SABRA HEALTH CARE REIT INC | $1,909,000 | – | 66,500 | – | 2.28% | – |
| LAMR | New | LAMAR ADVERTISING COcl a | $1,829,000 | – | 34,500 | – | 2.18% | – |
| HOT | New | STARWOOD HOTELS&RESORTS WRLD | $1,818,000 | – | 22,500 | – | 2.17% | – |
| BKD | New | BROOKDALE SR LIVING INC | $1,501,000 | – | 45,000 | – | 1.79% | – |
| STAR | New | ISTAR FINL INC | $1,498,000 | – | 100,000 | – | 1.79% | – |
| ARPI | New | AMERICAN RESIDENTIAL PPTYS I | $1,407,000 | – | 75,000 | – | 1.68% | – |
| ALX | New | ALEXANDERS INC | $1,263,000 | – | 3,418 | – | 1.51% | – |
| SBY | New | SILVER BAY RLTY TR CORP | $816,000 | – | 50,000 | – | 0.97% | – |
| HT | New | HERSHA HOSPITALITY TRsh ben int a | $671,000 | – | 100,000 | – | 0.80% | – |
| AVIV | New | AVIV REIT INC MD | $648,000 | – | 23,000 | – | 0.77% | – |
| A104PS | New | HILTON WORLDWIDE HLDGS INC | $641,000 | – | 27,500 | – | 0.76% | – |
| NCT | New | NEWCASTLE INVT CORP | $422,000 | – | 88,000 | – | 0.50% | – |
| AHT | New | ASHFORD HOSPITALITY TR INC | $288,000 | – | 25,000 | – | 0.34% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NCT | Exit | NEWCASTLE INVT CORP | $0 | – | -40,000 | – | -0.13% | – |
| BXP | Exit | BOSTON PROPERTIES INC | $0 | – | -2,500 | – | -0.15% | – |
| SBY | Exit | SILVER BAY RLTY TR CORP | $0 | – | -17,500 | – | -0.16% | – |
| HLSSF | Exit | HOME LN SERVICING SOLUTIONS | $0 | – | -15,000 | – | -0.19% | – |
| GPT | Exit | GRAMERCY PPTY TR INC | $0 | – | -100,000 | – | -0.24% | – |
| CBLAQ | Exit | CBL & ASSOC PPTYS INC | $0 | – | -25,000 | – | -0.27% | – |
| ELLI | Exit | ELLIE MAE INC | $0 | – | -15,000 | – | -0.27% | – |
| RESI | Exit | ALTISOURCE RESIDENTIAL CORPcl b | $0 | – | -22,500 | – | -0.30% | – |
| RLGY | Exit | REALOGY HLDGS CORP | $0 | – | -12,500 | – | -0.31% | – |
| CBS | Exit | CBS CORP NEWcl b | $0 | – | -10,000 | – | -0.32% | – |
| COLE | Exit | COLE REAL ESTATE INVTS INC | $0 | – | -50,000 | – | -0.35% | – |
| IYR | Exit | ISHARESu.s. real es etf | $0 | – | -10,000 | – | -0.36% | – |
| STAR | Exit | ISTAR FINL INC | $0 | – | -80,000 | – | -0.55% | – |
| HHC | Exit | HOWARD HUGHES CORP | $0 | – | -10,000 | – | -0.64% | – |
| IYR | Exit | ISHAREScall | $0 | – | -25,000 | – | -0.91% | – |
| TCO | Exit | TAUBMAN CTRS INC | $0 | – | -32,500 | – | -1.25% | – |
| SPG | Exit | SIMON PPTY GROUP INC NEW | $0 | – | -15,000 | – | -1.27% | – |
| HTS | Exit | HATTERAS FINL CORP | $0 | – | -150,000 | – | -1.60% | – |
| ABR | Exit | ARBOR RLTY TR INC | $0 | – | -475,000 | – | -1.84% | – |
| CIM | Exit | CHIMERA INVT CORP | $0 | – | -1,250,000 | – | -2.17% | – |
| ARI | Exit | APOLLO COML REAL EST FIN INC | $0 | – | -292,925 | – | -2.55% | – |
| CYS | Exit | CYS INVTS INC | $0 | – | -675,000 | – | -3.13% | – |
| AGNC | Exit | AMERICAN CAPITAL AGENCY CORP | $0 | – | -450,000 | – | -5.79% | – |
| BXMT | Exit | BLACKSTONE MTG TR INC | $0 | – | -532,084 | – | -7.64% | – |
| MFA | Exit | MFA FINL INC | $0 | – | -4,605,000 | – | -19.56% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -1,675,000 | – | -22.89% | – |
| TWO | Exit | TWO HBRS INVT CORP | $0 | – | -4,550,000 | – | -25.19% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| TWO | Sell | TWO HBRS INVT CORP | $44,181,000 | -20.9% | 4,550,000 | -16.5% | 25.19% | -11.9% |
| STWD | Buy | STARWOOD PPTY TR INC | $40,150,000 | +8.1% | 1,675,000 | +11.7% | 22.89% | +20.5% |
| MFA | Sell | MFA FINL INC | $34,307,000 | -40.1% | 4,605,000 | -32.0% | 19.56% | -33.2% |
| BXMT | Sell | BLACKSTONE MTG TR INC | $13,403,000 | -13.2% | 532,084 | -14.9% | 7.64% | -3.4% |
| AGNC | New | AMERICAN CAPITAL AGENCY CORP | $10,161,000 | – | 450,000 | – | 5.79% | – |
| CYS | New | CYS INVTS INC | $5,488,000 | – | 675,000 | – | 3.13% | – |
| ARI | Buy | APOLLO COML REAL EST FIN INC | $4,473,000 | +12.7% | 292,925 | +17.2% | 2.55% | +25.5% |
| CIM | New | CHIMERA INVT CORP | $3,800,000 | – | 1,250,000 | – | 2.17% | – |
| ABR | New | ARBOR RLTY TR INC | $3,220,000 | – | 475,000 | – | 1.84% | – |
| HTS | New | HATTERAS FINL CORP | $2,807,000 | – | 150,000 | – | 1.60% | – |
| SPG | Buy | SIMON PPTY GROUP INC NEW | $2,223,000 | +40.8% | 15,000 | +50.0% | 1.27% | +56.8% |
| TCO | Sell | TAUBMAN CTRS INC | $2,188,000 | -16.8% | 32,500 | -7.1% | 1.25% | -7.4% |
| IYR | New | ISHAREScall | $1,595,000 | – | 25,000 | – | 0.91% | – |
| HHC | Sell | HOWARD HUGHES CORP | $1,124,000 | -33.1% | 10,000 | -33.3% | 0.64% | -25.5% |
| STAR | New | ISTAR FINL INC | $963,000 | – | 80,000 | – | 0.55% | – |
| IYR | New | ISHARESu.s. real es etf | $638,000 | – | 10,000 | – | 0.36% | – |
| COLE | New | COLE REAL ESTATE INVTS INC | $613,000 | – | 50,000 | – | 0.35% | – |
| RLGY | New | REALOGY HLDGS CORP | $538,000 | – | 12,500 | – | 0.31% | – |
| RESI | New | ALTISOURCE RESIDENTIAL CORPcl b | $517,000 | – | 22,500 | – | 0.30% | – |
| ELLI | New | ELLIE MAE INC | $480,000 | – | 15,000 | – | 0.27% | – |
| CBLAQ | New | CBL & ASSOC PPTYS INC | $478,000 | – | 25,000 | – | 0.27% | – |
| GPT | New | GRAMERCY PPTY TR INC | $415,000 | – | 100,000 | – | 0.24% | – |
| HLSSF | New | HOME LN SERVICING SOLUTIONS | $330,000 | – | 15,000 | – | 0.19% | – |
| SBY | New | SILVER BAY RLTY TR CORP | $274,000 | – | 17,500 | – | 0.16% | – |
| BXP | New | BOSTON PROPERTIES INC | $267,000 | – | 2,500 | – | 0.15% | – |
| NCT | Sell | NEWCASTLE INVT CORP | $225,000 | -89.2% | 40,000 | -90.0% | 0.13% | -88.0% |
| AKR | Exit | ACADIA RLTY TR | $0 | – | -10,000 | – | -0.13% | – |
| PPS | Exit | POST PPTYS INC | $0 | – | -7,500 | – | -0.19% | – |
| TPH | Exit | TRI POINTE HOMES INC | $0 | – | -25,000 | – | -0.21% | – |
| AHT | Exit | ASHFORD HOSPITALITY TR INC | $0 | – | -50,500 | – | -0.30% | – |
| EQR | Exit | EQUITY RESIDENTIALsh ben int | $0 | – | -15,000 | – | -0.45% | – |
| SRC | Exit | SPIRIT RLTY CAP INC | $0 | – | -50,000 | – | -0.45% | – |
| AVB | Exit | AVALONBAY CMNTYS INC | $0 | – | -10,000 | – | -0.69% | – |
| MTGE | Exit | AMERICAN CAP MTG INVT CORP | $0 | – | -175,000 | – | -1.61% | – |
| AMTG | Exit | APOLLO RESIDENTIAL MTG INC | $0 | – | -260,000 | – | -2.19% | – |
| ACRE | Exit | ARES COML REAL ESTATE CORP | $0 | – | -400,000 | – | -2.62% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MFA | New | MFA FINL INC | $57,253,000 | – | 6,775,464 | – | 29.30% | – |
| TWO | New | TWO HBRS INVT CORP | $55,863,000 | – | 5,450,001 | – | 28.59% | – |
| STWD | New | STARWOOD PPTY TR INC | $37,125,000 | – | 1,500,000 | – | 19.00% | – |
| BXMT | New | BLACKSTONE MTG TR INC | $15,450,000 | – | 625,500 | – | 7.91% | – |
| ACRE | New | ARES COML REAL ESTATE CORP | $5,125,000 | – | 400,000 | – | 2.62% | – |
| AMTG | New | APOLLO RESIDENTIAL MTG INC | $4,285,000 | – | 260,000 | – | 2.19% | – |
| ARI | New | APOLLO COML REAL EST FIN INC | $3,970,000 | – | 250,000 | – | 2.03% | – |
| MTGE | New | AMERICAN CAP MTG INVT CORP | $3,146,000 | – | 175,000 | – | 1.61% | – |
| TCO | New | TAUBMAN CTRS INC | $2,630,000 | – | 35,000 | – | 1.35% | – |
| NCT | New | NEWCASTLE INVT CORP | $2,092,000 | – | 400,000 | – | 1.07% | – |
| HHC | New | HOWARD HUGHES CORP | $1,681,000 | – | 15,000 | – | 0.86% | – |
| SPG | New | SIMON PPTY GROUP INC NEW | $1,579,000 | – | 10,000 | – | 0.81% | – |
| AVB | New | AVALONBAY CMNTYS INC | $1,349,000 | – | 10,000 | – | 0.69% | – |
| SRC | New | SPIRIT RLTY CAP INC | $886,000 | – | 50,000 | – | 0.45% | – |
| EQR | New | EQUITY RESIDENTIALsh ben int | $871,000 | – | 15,000 | – | 0.45% | – |
| AHT | New | ASHFORD HOSPITALITY TR INC | $578,000 | – | 50,500 | – | 0.30% | – |
| CBS | New | CBS CORP NEWcl b | $489,000 | – | 10,000 | – | 0.25% | – |
| TPH | New | TRI POINTE HOMES INC | $415,000 | – | 25,000 | – | 0.21% | – |
| PPS | New | POST PPTYS INC | $371,000 | – | 7,500 | – | 0.19% | – |
| AKR | New | ACADIA RLTY TR | $247,000 | – | 10,000 | – | 0.13% | – |