| RRLJ LODGING TRU 7.8 PFDCONV SER A |
| 8.41% | 9.32% | $7.3M | 297,161 | $6.9M | 287,768 | +9,393+3.26% | Add |
 EQUINIX INCEQIX |
| 7.56% | 8.16% | $6.5M | 6,282 | $6.1M | 6,192 | +90+1.45% | Add |
| EEPR PPTYS CONV PFD 9 SR E |
| 6.34% | 7.07% | $5.5M | 173,004 | $5.3M | 173,004 | 00.00% | Unchanged |
 DIGITAL RLTY TR INC COMDLR |
| 6.04% | 2.63% | $5.2M | 29,132 | $2.0M | 10,853 | +18,279+168.42% | Add |
 CROWN CASTLE INC COMCCI |
| 5.28% | 2.39% | $4.6M | 60,369 | $1.8M | 21,866 | +38,503+176.09% | Add |
| PPEBBLEBROOK HOTEL TR |
| 5.05% | 5.9% | $4.4M | 224,553 | $4.4M | 228,278 | -3,725-1.63% | Reduce |
 SIMON PPTY GROUP INC NEW COMSPG |
| 4.57% | 2.47% | $4.0M | 17,706 | $1.8M | 9,861 | +7,845+79.56% | Add |
 SL GREEN RLTY CORPSLG |
| 4.15% | 1.43% | $3.6M | 69,418 | $1.1M | 28,869 | +40,549+140.46% | Add |
| PPROLOGIS INC. COMPLD |
| 4.05% | 4.17% | $3.5M | 25,912 | $3.1M | 23,448 | +2,464+10.51% | Add |
 MACERICH COMAC |
| 3.79% | 1.24% | $3.3M | 130,249 | $925,004 | 48,942 | +81,307+166.13% | Add |
 WELLTOWER INC COMWELL |
| 3.22% | 3.3% | $2.8M | 12,276 | $2.5M | 12,401 | -125-1.01% | Reduce |
 AMERICAN TOWER CORP COMAMT |
| 3.08% | 6.53% | $2.7M | 16,336 | $4.9M | 28,156 | -11,820-41.98% | Reduce |
| RRITHM PROPER 9.875 PFDPFD |
| 2.85% | 3.28% | $2.5M | 99,012 | $2.4M | 99,012 | 00.00% | Unchanged |
| PPEBBLEBROOK HOTEL TR |
| 2.51% | 2.91% | $2.2M | 112,203 | $2.2M | 112,186 | +17+0.02% | Add |
 PUBLIC STORAGE COMPSA |
| 2.51% | 2.51% | $2.2M | 6,840 | $1.9M | 6,881 | -41-0.60% | Reduce |
 VERTIV HOLDINGS COVRT |
| 2.51% | 2.46% | $2.2M | 6,501 | $1.8M | 7,301 | -800-10.96% | Reduce |
 BXP INCBXP |
| 2.21% | — | $1.9M | 28,855 | $0 | 0 | +28,855 | New Buy |
 ESSEX PPTY TR INCESS |
| 2.06% | 1.9% | $1.8M | 6,110 | $1.4M | 5,852 | +258+4.41% | Add |
 VENTAS INC COMVTR |
| 1.77% | 1.75% | $1.5M | 17,246 | $1.3M | 15,962 | +1,284+8.04% | Add |
 SABRA HEALTH CARE REIT INCSBRA |
| 1.69% | — | $1.5M | 74,864 | $0 | 0 | +74,864 | New Buy |
| LLXP INDUSTRIAL TRUST PFD CONV SER C |
| 1.62% | 1.9% | $1.4M | 30,778 | $1.4M | 30,778 | 00.00% | Unchanged |
 IRON MTN INC DEL COMIRM |
| 1.53% | 1.7% | $1.3M | 10,505 | $1.3M | 12,344 | -1,839-14.90% | Reduce |
 OUTFRONT MEDIAOUT |
| 1.45% | — | $1.3M | 38,387 | $0 | 0 | +38,387 | New Buy |
| EEQUITY RESIDENTIALVMRK |
| 1.31% | — | $1.1M | 16,671 | $0 | 0 | +16,671 | New Buy |
 HYATT HOTELS CORPH |
| 1.18% | — | $1.0M | 5,287 | $0 | 0 | +5,287 | New Buy |
| FFTAI AVIATION LTDFTAI |
| 1.12% | 1.18% | $972,826 | 3,596 | $881,020 | 3,596 | 00.00% | Unchanged |
 VICI PPTYS INC COMVICI |
| 1.04% | 2.16% | $901,957 | 33,972 | $1.6M | 58,909 | -24,937-42.33% | Reduce |
| MMILLROSE PPTYS INC CLASS AMRP |
| 0.91% | — | $787,130 | 26,194 | $0 | 0 | +26,194 | New Buy |
 EASTGROUP PPTYS INCEGP |
| 0.88% | 0.75% | $762,323 | 3,764 | $560,082 | 3,026 | +738+24.39% | Add |
| EEPR PPTYS |
| 0.83% | 0.85% | $716,079 | 27,950 | $631,949 | 27,950 | 00.00% | Unchanged |
| CCBRE GROUP INC CL ACBRE |
| 0.81% | 0.95% | $706,045 | 5,242 | $710,081 | 5,242 | 00.00% | Unchanged |
 WEYERHAEUSER COWY |
| 0.78% | 0.85% | $672,570 | 28,094 | $631,638 | 25,855 | +2,239+8.66% | Add |
 LINEAGE INCLINE |
| 0.75% | 0.66% | $651,085 | 15,054 | $493,169 | 15,054 | 00.00% | Unchanged |
 AVALONBAY CMNTYS INC REITAVB |
| 0.74% | — | $642,678 | 3,406 | $0 | 0 | +3,406 | New Buy |
 BRIXMOR PPTY GROUP INCBRX |
| 0.71% | 0.87% | $612,533 | 19,427 | $650,592 | 22,590 | -3,163-14.00% | Reduce |
 EXPEDIA GROUP INCEXPE |
| 0.65% | 0.68% | $561,145 | 2,193 | $506,342 | 2,193 | 00.00% | Unchanged |
 REALTY INCOME CORP COMO |
| 0.62% | 2.41% | $539,114 | 8,701 | $1.8M | 29,285 | -20,584-70.29% | Reduce |
 CTO RLTY GROWTH INC NEW COMCTO |
| 0.57% | 0.5% | $492,773 | 22,909 | $373,684 | 20,210 | +2,699+13.35% | Add |
| DDIVERSIFIED HEALTHCARE TRDHC |
| 0.56% | 0.96% | $486,027 | 52,261 | $712,180 | 107,256 | -54,995-51.27% | Reduce |
 EQUITY LIFESTYLE PROPERTIESELS |
| 0.51% | 3.84% | $442,514 | 6,866 | $2.9M | 45,723 | -38,857-84.98% | Reduce |
 UMH PPTYS INCUMH |
| 0.46% | 0.6% | $396,638 | 26,198 | $449,668 | 31,162 | -4,964-15.93% | Reduce |
 HOST HOTELS & RESORTS INCHST |
| 0.39% | 0.3% | $340,736 | 14,371 | $221,394 | 11,555 | +2,816+24.37% | Add |
| AALEXANDRIA REAL ESTATE EQ INARE |
| 0.33% | 0.33% | $282,008 | 5,336 | $247,697 | 5,336 | 00.00% | Unchanged |
 EXTRA SPACE STORAGE INCEXR |
| 0.32% | 0.27% | $280,284 | 1,929 | $203,120 | 1,549 | +380+24.53% | Add |
 AMERICAN HOMES 4 RENTAMH |
| 0.32% | — | $277,981 | 8,293 | $0 | 0 | +8,293 | New Buy |
