Investor: Bruce Flatt
Number of Assets: 119
Reporting Period: Q3 - 2025
Holdings at Report: $85,842,146,696
Return Since Report: -$4,432,357,303
Return Since Report: -5.16%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Antero Midstream Corp. (AM) | Equity | +100% | 1,870,622 | 0.04% | $19.44 | $18.03 | $36,364,892 | $33,717,962 | -$2,646,930 | -7.28% |
| Crown Castle Inc. (CCI) | Equity | +179.11% | 2,242,629 | 0.25% | $96.49 | $88.62 | $216,391,272 | $198,741,782 | -$17,649,490 | -8.16% |
| Dt Midstream Inc. (DTM) | Equity | +66.03% | 591,866 | 0.08% | $113.06 | $108.90 | $66,916,414 | $64,451,248 | -$2,465,166 | -3.68% |
| Evergy Inc. (EVRG) | Equity | -7.61% | 397,326 | 0.04% | $76.02 | $73.96 | $30,204,723 | $29,386,231 | -$818,492 | -2.71% |
| Kimco Realty Corp. (KIM) | Equity | +35.07% | 15,515 | 0.00% | $59.53 | $20.34 | $923,608 | $315,575 | -$608,033 | -65.83% |
| Netstreit Corp. (NTST) | Equity | +100% | 418,024 | 0.01% | $18.06 | $18.93 | $7,549,513 | $7,911,104 | +$361,591 | +4.79% |
| Omega Healthcare Investors Inc. (OHI) | Equity | +47.26% | 441,192 | 0.02% | $42.22 | $44.36 | $18,627,126 | $19,571,277 | +$944,151 | +5.07% |
| Republic Services Inc. (RSG) | Equity | -37.00% | 10,863 | 0.00% | $229.48 | $215.62 | $2,492,841 | $2,342,280 | -$150,561 | -6.04% |
| Targa Resources Corp. (TRGP) | Equity | +28.58% | 1,320,992 | 0.26% | $167.54 | $182.06 | $221,319,057 | $240,499,804 | +$19,180,747 | +8.67% |
| Vornado Realty Trust (VNO) | Equity | +100% | 489 | 0.00% | $40.53 | $34.84 | $19,819 | $17,037 | -$2,782 | -14.04% |
| Western Midstream Partners Lp (WES) | Equity | -89.57% | 94,316 | 0.00% | $39.29 | $39.70 | $3,705,665 | $3,744,345 | +$38,680 | +1.04% |
| Brookfield Corp. (BN) | Equity | 0% | 31,007,384 | 2.48% | $68.58 | $45.26 | $2,126,486,395 | $1,403,239,163 | -$723,247,232 | -34.01% |
| Servicetitan Inc. (TTAN) | Equity | -58.81% | 263,000 | 0.03% | $100.83 | $102.78 | $26,518,290 | $27,031,140 | +$512,850 | +1.93% |
| Alerian Mlp ETF (AMLP) | Equity | +289.32% | 5,178 | 0.00% | $46.93 | $45.39 | $243,020 | $235,029 | -$7,991 | -3.29% |
| Copt Defense Properties (CDP) | Equity | +100% | 679 | 0.00% | $29.06 | $29.36 | $19,732 | $19,935 | +$203 | +1.03% |
| Enbridge Inc. (ENB) | Equity | +38.26% | 2,077,391 | 0.12% | $50.46 | $47.46 | $104,825,161 | $98,592,977 | -$6,232,184 | -5.95% |
| Essex Property Trust Inc. (ESS) | Equity | 0% | 8,105 | 0.00% | $267.66 | $259.06 | $2,169,384 | $2,099,681 | -$69,703 | -3.21% |
| Golar LNG Limited (GLNG) | Equity | -7.23% | 620,686 | 0.03% | $40.41 | $36.79 | $25,081,931 | $22,833,176 | -$2,248,755 | -8.97% |
| Kilroy Realty Corp. (KRC) | Equity | +100% | 114 | 0.00% | $42.25 | $40.18 | $4,817 | $4,581 | -$236 | -4.91% |
| American Electric Power Company Inc. (AEP) | Equity | 0% | 37,490 | 0.00% | $112.50 | $115.64 | $4,217,625 | $4,335,344 | +$117,719 | +2.79% |
| Enterprise Products Partners L.P. (EPD) | Equity | -50.22% | 2,309,141 | 0.08% | $31.27 | $32.14 | $72,206,846 | $74,215,792 | +$2,008,946 | +2.78% |
| Extra Space Storage Inc. (EXR) | Equity | +4.46% | 273,873 | 0.04% | $140.94 | $132.93 | $38,599,661 | $36,405,938 | -$2,193,723 | -5.68% |
| Lamar Advertising Company (LAMR) | Equity | +100% | 163 | 0.00% | $122.42 | $126.59 | $19,954 | $20,634 | +$680 | +3.41% |
| Rlj Lodging Trust | C.Pref | +100% | 42,694 | N/A | $25.23 | N/A | $1,077,170 | N/A | N/A | N/A |
| Brookfield Infrastructure Part (BIP) | Equity | 0% | 4,686,497 | 0.18% | $32.89 | $34.25 | $154,138,887 | $160,512,522 | +$6,373,635 | +4.13% |
| Cheniere Energy Partners L.P. (CQP) | Equity | 0% | 101,620,376 | 6.37% | $53.82 | $53.16 | $5,469,208,636 | $5,401,834,327 | -$67,374,309 | -1.23% |
| Arbor Realty Trust Inc. (ABR) | Equity | +100% | 5,023 | 0.00% | $12.21 | $11.87 | $61,331 | $59,598 | -$1,733 | -2.83% |
| Centerpoint Energy Inc. (CNP) | Equity | -10.20% | 4,580,470 | 0.21% | $38.80 | $38.02 | $177,722,236 | $174,126,567 | -$3,595,669 | -2.02% |
| Constellation Energy Corp. (CEG) | Equity | +100% | 10,651 | 0.00% | $329.07 | $358.35 | $3,504,925 | $3,816,786 | +$311,861 | +8.90% |
| Essential Properties Realty Trust Inc. (EPRT) | Equity | -7.02% | 681,315 | 0.02% | $29.76 | $30.74 | $20,275,934 | $20,940,217 | +$664,283 | +3.28% |
| Kennedy-wilson Holdings Inc. (KW) | Equity | +100% | 593 | 0.00% | $8.32 | N/A | $4,934 | N/A | N/A | N/A |
| Kinetik Holdings Inc. (KNTK) | Equity | +8165.77% | 274,589 | 0.01% | $42.74 | $36.04 | $11,735,934 | $9,894,815 | -$1,841,119 | -15.69% |
| PG&E Corp. (PCG) | Equity | +6.31% | 11,539,512 | 0.20% | $15.08 | $15.25 | $174,015,841 | $175,919,860 | +$1,904,019 | +1.09% |
| Prologis Inc. (PLD) | Equity | +28.67% | 282,917 | 0.04% | $114.52 | $130.20 | $32,399,655 | $36,835,793 | +$4,436,138 | +13.69% |
| SL Green Realty Corp. (SLG) | Equity | +1.04% | 305,170 | 0.02% | $59.81 | $45.54 | $18,252,218 | $13,897,442 | -$4,354,776 | -23.86% |
| VNet Group Inc. (VNET) | Equity | +100% | 16,970 | 0.00% | $10.33 | $8.91 | $175,300 | $151,118 | -$24,182 | -13.79% |
| Metlife Inc. (MET) | Equity | 0% | 4,133 | 0.00% | $82.37 | $82.54 | $340,435 | $341,138 | +$703 | +0.21% |
| American Assets Trust Inc. (AAT) | Equity | +100% | 981 | 0.00% | $20.32 | N/A | $19,934 | N/A | N/A | N/A |
| American Tower Corp. (AMT) | Equity | -8.24% | 394,884 | 0.09% | $192.32 | $179.05 | $75,944,091 | $70,703,980 | -$5,240,111 | -6.90% |
| Brookfield Real Assets Income Fund Inc. (RA) | Equity | 0% | 100,582 | 0.00% | $13.36 | $12.90 | $1,343,770 | $1,297,508 | -$46,262 | -3.44% |
| Entergy Corp. (ETR) | Equity | -16.41% | 1,565,788 | 0.17% | $93.19 | $93.47 | $145,915,784 | $146,354,204 | +$438,420 | +0.30% |
| Equinix Inc. (EQIX) | Equity | +0.30% | 59,450 | 0.05% | $783.24 | $756.92 | $46,563,618 | $44,998,894 | -$1,564,724 | -3.36% |
| Itron Inc. (ITRI) | Equity | -29.57% | 24,020 | 0.00% | $124.56 | $95.95 | $2,991,931 | $2,304,719 | -$687,212 | -22.97% |
| Ladder Capital corp (LADR) | Equity | +100% | 3,546 | 0.00% | $10.91 | N/A | $38,687 | N/A | N/A | N/A |
| Plains Gp Holdings L.P. (PAGP) | Equity | +7866.29% | 2,414,901 | 0.05% | $18.24 | $19.07 | $44,047,794 | $46,052,162 | +$2,004,368 | +4.55% |
| Simon Property Group Inc. (SPG) | Equity | +57.17% | 94,390 | 0.02% | $187.67 | $183.16 | $17,714,171 | $17,288,000 | -$426,171 | -2.41% |
| Brookfield Asset Management Ltd. (BAM) | Equity | 0% | 1,193,021,145 | 79.14% | $56.94 | $53.65 | $67,930,623,996 | $64,005,584,429 | -$3,925,039,567 | -5.78% |
| Civitas Resources Inc. (CIVI) | Equity | 0% | 22,080 | 0.00% | $32.50 | $27.86 | $717,600 | $615,149 | -$102,451 | -14.28% |
| Brixmor Property Group Inc. (BRX) | Equity | +6.05% | 753,607 | 0.02% | $27.68 | $25.91 | $20,859,842 | $19,525,957 | -$1,333,885 | -6.39% |
| Curbline Properties Corp. (CURB) | Equity | +69.46% | 480,489 | 0.01% | $22.30 | $22.90 | $10,714,905 | $11,003,198 | +$288,293 | +2.69% |
| Eastgroup Properties Inc. (EGP) | Equity | -99.23% | 1,159 | 0.00% | $169.26 | $182.31 | $196,172 | $211,297 | +$15,125 | +7.71% |
| GE Vernova Inc. (GEV) | Equity | -63.51% | 3,946 | 0.00% | $614.90 | $685.84 | $2,426,395 | $2,706,305 | +$279,910 | +11.54% |
| Idacorp. Inc. (IDA) | Equity | -3.02% | 284,938 | 0.04% | $132.15 | $125.88 | $37,654,557 | $35,868,565 | -$1,785,992 | -4.74% |
| Mid-America Apartment Communities Inc. (MAA) | Equity | +100% | 118,010 | 0.02% | $139.73 | $131.95 | $16,489,537 | $15,571,420 | -$918,118 | -5.57% |
| Nextracker Inc. (NXT) | Equity | +100% | 29,774 | 0.00% | $73.99 | $86.69 | $2,202,978 | $2,580,959 | +$377,981 | +17.16% |
| Starwood Property Trust Inc. (STWD) | Equity | +100% | 2,993 | 0.00% | $19.37 | N/A | $57,974 | N/A | N/A | N/A |
| Trane Technologies PLC (TT) | Equity | -31.08% | 8,007 | 0.00% | $421.96 | $396.24 | $3,378,634 | $3,172,694 | -$205,940 | -6.10% |
| Waste Management Inc. (WM) | Equity | -20.24% | 16,061 | 0.00% | $220.83 | $217.43 | $3,546,751 | $3,492,143 | -$54,608 | -1.54% |
| Xcel Energy Inc. (XEL) | Equity | -13.87% | 2,444,361 | 0.23% | $80.65 | $75.54 | $197,137,715 | $184,647,030 | -$12,490,685 | -6.34% |
| United States Cellular Corp. (USM) | Equity | +100% | 2,757 | 0.00% | $50.01 | $48.80 | $137,878 | $134,542 | -$3,336 | -2.42% |
| Clearway Energy Inc. (CWEN) | Equity | -51.54% | 87,730 | 0.00% | $28.25 | $32.72 | $2,478,373 | $2,870,087 | +$391,714 | +15.81% |
| Energy Transfer Lp (ET) | Equity | -27.66% | 10,177,232 | 0.20% | $17.16 | $16.51 | $174,641,304 | $168,026,100 | -$6,615,204 | -3.79% |
| EPR Properties | C.Pref | +100% | 49,048 | N/A | $31.56 | N/A | $1,547,955 | N/A | N/A | N/A |
| Hess Midstream Lp (HESM) | Equity | +68.46% | 1,375,658 | 0.06% | $34.55 | $34.61 | $47,528,983 | $47,604,645 | +$75,662 | +0.16% |
| Lexington Realty Trust | C.Pref | +100% | 24,107 | N/A | $48.01 | N/A | $1,157,377 | N/A | N/A | N/A |
| American Healthcare Reit Inc. (AHR) | Equity | -15.76% | 384,498 | 0.02% | $42.01 | $47.17 | $16,152,761 | $18,136,771 | +$1,984,010 | +12.28% |
| American Water Works Company Inc. (AWK) | Equity | -6.46% | 489,125 | 0.08% | $139.19 | $132.94 | $68,081,309 | $65,021,832 | -$3,059,477 | -4.49% |
| Aris Water Solutions Inc. (ARIS) | Equity | +100% | 1,272,500 | 0.04% | $24.66 | $23.69 | $31,379,850 | $30,145,525 | -$1,234,325 | -3.93% |
| Cheniere Energy Inc. (LNG) | Equity | -13.49% | 1,285,207 | 0.35% | $234.98 | $189.09 | $301,997,901 | $243,019,792 | -$58,978,109 | -19.53% |
| EPR Properties (EPR) | Equity | +100% | 712 | 0.00% | $58.01 | $49.82 | $41,303 | $35,472 | -$5,831 | -14.12% |
| First Industrial Realty Trust Inc. (FR) | Equity | +100% | 447,185 | 0.03% | $51.47 | N/A | $23,016,612 | N/A | N/A | N/A |
| Sba Communications Corp. (SBAC) | Equity | +100% | 4,453 | 0.00% | $193.35 | $191.16 | $860,988 | $851,235 | -$9,753 | -1.13% |
| Brookfield Renewable Corp. (BEPC) | Equity | 0% | 10,094,152 | 0.40% | $34.42 | $38.80 | $347,440,712 | $391,653,098 | +$44,212,386 | +12.73% |
| XPLR Infrastructure LP (XIFR) | Equity | 0% | 2,180,320 | 0.03% | $10.17 | $8.87 | $22,173,854 | $19,328,537 | -$2,845,317 | -12.83% |
| Avalonbay Communities Inc. (AVB) | Equity | +20.73% | 210,494 | 0.05% | $193.17 | $177.31 | $40,661,126 | $37,322,691 | -$3,338,435 | -8.21% |
| CMS Energy Corp. (CMS) | Equity | -95.19% | 42,560 | 0.00% | $73.26 | $70.38 | $3,117,946 | $2,995,373 | -$122,573 | -3.93% |
| Csx Corp. (CSX) | Equity | +100% | 2,247,489 | 0.09% | $35.51 | $37.08 | $79,808,334 | $83,345,882 | +$3,537,548 | +4.43% |
| Duke Energy Corp. (DUK) | Equity | -16.05% | 422,247 | 0.06% | $123.75 | $116.32 | $52,253,066 | $49,115,771 | -$3,137,295 | -6.00% |
| Five Point Holdings LLC (FPH) | Equity | +100% | 825 | 0.00% | $6.13 | N/A | $5,057 | N/A | N/A | N/A |
| Highwoods Properties Inc. (HIW) | Equity | +12.82% | 273,564 | 0.01% | $31.82 | $25.93 | $8,704,806 | $7,093,515 | -$1,611,291 | -18.51% |
| Kinder Morgan Inc. (KMI) | Equity | -8.47% | 2,335,686 | 0.08% | $28.31 | $26.71 | $66,123,275 | $62,374,495 | -$3,748,780 | -5.67% |
| The Macerich Company (MAC) | Equity | +33.40% | 549,691 | 0.01% | $18.20 | $17.20 | $10,004,376 | $9,454,685 | -$549,691 | -5.49% |
| Nextera Energy Inc. (NEE) | Equity | +156.78% | 2,130,847 | 0.19% | $75.49 | $81.26 | $160,857,640 | $173,141,973 | +$12,284,333 | +7.64% |
| Oneok Inc. (OKE) | Equity | -29.88% | 980,855 | 0.08% | $72.97 | $72.97 | $71,572,993 | $71,572,989 | -$4 | -0.00% |
| Stag Industrial Inc. (STAG) | Equity | 0% | 14,460 | 0.00% | $35.29 | $37.50 | $510,293 | $542,250 | +$31,957 | +6.26% |
| Tc Energy Corp. (TRP) | Equity | +5.67% | 1,698,924 | 0.11% | $54.41 | $54.50 | $92,438,452 | $92,582,863 | +$144,411 | +0.16% |
| Ventas Inc. (VTR) | Equity | +100% | 184,367 | 0.02% | $69.99 | $78.82 | $12,903,846 | $14,531,807 | +$1,627,961 | +12.62% |
| Waterbridge Infrastructure L | Equity | +100% | 89,209 | 0.00% | $25.22 | N/A | $2,249,851 | N/A | N/A | N/A |
| The Williams Companies Inc. (WMB) | Equity | -50.54% | 5,949,590 | 0.44% | $63.35 | $59.47 | $376,906,547 | $353,792,369 | -$23,114,178 | -6.13% |
| Broadstone Net Lease Inc. (BNL) | Equity | +100% | 563,596 | 0.01% | $17.87 | N/A | $10,071,461 | N/A | N/A | N/A |
| Digital Realty Trust Inc. (DLR) | Equity | +18.87% | 174,532 | 0.04% | $172.88 | $152.54 | $30,173,092 | $26,623,111 | -$3,549,981 | -11.77% |
| First Solar Inc. (FSLR) | Equity | -44.20% | 11,292 | 0.00% | $220.53 | $255.65 | $2,490,225 | $2,886,800 | +$396,575 | +15.93% |
| Iron Mountain Inc. (IRM) | Equity | +6.50% | 15,115 | 0.00% | $101.94 | $105.70 | $1,540,823 | $1,597,656 | +$56,833 | +3.69% |
| Sempra (SRE) | Equity | +100% | 1,752,910 | 0.18% | $89.98 | $88.54 | $157,726,842 | $155,193,887 | -$2,532,955 | -1.61% |
| Sun Communities Inc. (SUI) | Equity | -24.18% | 36,822 | 0.01% | $129.00 | $122.77 | $4,750,038 | $4,520,563 | -$229,475 | -4.83% |
| Welltower Inc. (WELL) | Equity | -6.79% | 317,570 | 0.07% | $178.14 | $190.57 | $56,571,920 | $60,517,727 | +$3,945,807 | +6.97% |
| Xylem Inc. (XYL) | Equity | -34.48% | 14,496 | 0.00% | $147.50 | $137.64 | $2,138,160 | $1,995,229 | -$142,931 | -6.68% |
| Nike Inc. (NKE) | Equity | 0% | 658,598 | 0.05% | $69.73 | $67.91 | $45,924,039 | $44,725,390 | -$1,198,649 | -2.61% |
| Brookfield Wealth Solutions Ltd. (BNT) | Equity | 0% | 903,843 | 0.07% | $68.49 | $45.37 | $61,904,207 | $41,002,838 | -$20,901,369 | -33.76% |
| Kodiak Gas Services Inc. (KGS) | Equity | +100% | 644,467 | 0.03% | $36.97 | $37.18 | $23,825,942 | $23,958,061 | +$132,119 | +0.55% |
| MPLX LP (MPLX) | Equity | -24.80% | 2,824,971 | 0.16% | $49.95 | $54.75 | $141,107,291 | $154,667,162 | +$13,559,871 | +9.61% |
| Nisource Inc. (NI) | Equity | -15.20% | 1,455,529 | 0.07% | $43.30 | $41.36 | $63,024,406 | $60,193,402 | -$2,831,004 | -4.49% |
| Piedmont Office Realty Trust Inc. (PDM) | Equity | +100% | 2,242 | 0.00% | $9.00 | N/A | $20,178 | N/A | N/A | N/A |
| Public Service Enterprise Group Inc. (PEG) | Equity | -33.26% | 47,950 | 0.00% | $83.46 | $80.26 | $4,001,907 | $3,848,467 | -$153,440 | -3.83% |
| Smartstop Self Storag REIT I | Equity | -44.09% | 174,194 | 0.01% | $37.64 | $0.00 | $6,556,662 | $0 | -$6,556,662 | -100% |
| TXNM Energy Inc. (TXNM) | Equity | -99.99% | 122 | 0.00% | $56.55 | $56.98 | $6,899 | $6,952 | +$53 | +0.76% |
| Vici Properties Inc. (VICI) | Equity | -10.89% | 676,853 | 0.03% | $32.61 | $28.46 | $22,072,176 | $19,259,852 | -$2,812,324 | -12.74% |
| Brookfield Business Partners (BBU) | Equity | 0% | 43,708,285 | 1.66% | $32.61 | $34.82 | $1,425,327,174 | $1,521,922,484 | +$96,595,310 | +6.78% |
| Par Pacific Holdings Inc. (PARR) | Equity | 0% | 61,069 | 0.00% | $35.42 | $40.35 | $2,163,064 | $2,464,134 | +$301,070 | +13.92% |
| LXP Industrial Trust (LXP) | Equity | -8.02% | 734,298 | 0.01% | $8.96 | $49.92 | $6,579,310 | $36,656,156 | +$30,076,846 | +457.14% |
| Plains All American Pipeline L.P. (PAA) | Equity | -90.71% | 629,236 | 0.01% | $17.06 | $17.92 | $10,734,759 | $11,275,909 | +$541,150 | +5.04% |
| South Bow Corp. (SOBO.TO) | Equity | +3421368.42% | 1,300,158 | 0.04% | $28.29 | $38.29 | $36,781,462 | $49,783,050 | +$13,001,588 | +35.35% |
| Union Pacific Corp. (UNP) | Equity | -38.77% | 466,285 | 0.13% | $236.37 | $239.31 | $110,215,785 | $111,586,663 | +$1,370,878 | +1.24% |
| Brookfield Business Corp. (BBUC) | Equity | 0% | 47,244,876 | 1.85% | $33.53 | $35.38 | $1,584,120,692 | $1,671,523,713 | +$87,403,021 | +5.52% |
| Brookfield Renewable Partners (BEP) | Equity | +1114.62% | 74,339,049 | 2.23% | $25.79 | $27.78 | $1,917,204,073 | $2,064,767,086 | +$147,563,013 | +7.70% |
| Lamb Weston Holdings Inc. (LW) | Equity | +63.44% | 1,726,311 | 0.12% | $58.08 | $59.40 | $100,264,143 | $102,542,873 | +$2,278,730 | +2.27% |
| XBP Global Holdings inc | Equity | +100% | 196,817 | 0.00% | $0.81 | N/A | $158,831 | N/A | N/A | N/A |
| Nabors Industries Ltd. (NBR) | Equity | -50.00% | 38,719 | 0.00% | $40.87 | $39.73 | $1,582,446 | $1,538,112 | -$44,334 | -2.80% |
| Transalta Corp. (TAC) | Equity | +0.02% | 26,942,322 | 0.43% | $13.66 | $13.68 | $367,945,903 | $368,570,965 | +$625,062 | +0.17% |