Investor: Bruce Flatt
Number of Assets: 100
Reporting Period: Q2 - 2025
Holdings at Report: $83,949,850,115
Return Since Report: -$8,881,048,757
Return Since Report: -10.58%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Agree Realty Corp. (ADC) | Equity | -55.74% | 100,565 | 0.01% | $73.06 | $73.25 | $7,347,279 | $7,366,386 | +$19,107 | +0.26% |
| Alerian Mlp ETF (AMLP) | Equity | +100% | 1,330 | 0.00% | $48.85 | $45.39 | $64,969 | $60,369 | -$4,600 | -7.08% |
| American Electric Power Company Inc. (AEP) | Equity | -50.00% | 37,490 | 0.00% | $103.76 | $127.69 | $3,889,962 | $4,787,098 | +$897,136 | +23.06% |
| American Healthcare Reit Inc. (AHR) | Equity | -73.06% | 456,423 | 0.02% | $36.74 | $46.52 | $16,768,981 | $21,232,798 | +$4,463,817 | +26.62% |
| Dt Midstream Inc. (DTM) | Equity | -48.28% | 356,484 | 0.05% | $109.91 | $108.90 | $39,181,176 | $38,819,325 | -$361,851 | -0.92% |
| Duke Energy Corp. (DUK) | Equity | -65.46% | 502,957 | 0.07% | $118.00 | $123.86 | $59,348,926 | $62,296,254 | +$2,947,328 | +4.97% |
| Eastgroup Properties Inc. (EGP) | Equity | -31.07% | 150,862 | 0.03% | $167.12 | $199.97 | $25,212,057 | $30,167,874 | +$4,955,817 | +19.66% |
| Entergy Corp. (ETR) | Equity | -50.33% | 1,873,207 | 0.19% | $83.12 | $111.11 | $155,700,966 | $208,132,030 | +$52,431,064 | +33.67% |
| First Solar Inc. (FSLR) | Equity | -43.35% | 20,237 | 0.00% | $165.54 | $257.70 | $3,350,033 | $5,215,075 | +$1,865,042 | +55.67% |
| Kinder Morgan Inc. (KMI) | Equity | -38.57% | 2,551,930 | 0.09% | $29.40 | $31.59 | $75,026,746 | $80,615,469 | +$5,588,723 | +7.45% |
| Nisource Inc. (NI) | Equity | -53.55% | 1,716,418 | 0.08% | $40.34 | $47.26 | $69,240,302 | $81,117,915 | +$11,877,613 | +17.15% |
| Omega Healthcare Investors Inc. (OHI) | Equity | +100% | 299,595 | 0.01% | $36.65 | $44.53 | $10,980,157 | $13,340,965 | +$2,360,808 | +21.50% |
| American Tower Corp. (AMT) | Equity | -55.04% | 430,338 | 0.12% | $221.02 | $176.05 | $95,113,305 | $75,761,005 | -$19,352,300 | -20.35% |
| American Water Works Company Inc. (AWK) | Equity | -54.22% | 522,884 | 0.09% | $139.11 | $125.07 | $72,738,393 | $65,397,102 | -$7,341,291 | -10.09% |
| Avalonbay Communities Inc. (AVB) | Equity | -41.48% | 174,344 | 0.04% | $203.50 | $177.32 | $35,479,004 | $30,914,678 | -$4,564,326 | -12.86% |
| Bloom Energy Corp. (BE) | Equity | -33.39% | 66,072 | 0.00% | $23.92 | $328.91 | $1,580,442 | $21,731,742 | +$20,151,300 | +1275.04% |
| Brixmor Property Group Inc. (BRX) | Equity | -68.98% | 710,597 | 0.02% | $26.04 | $30.91 | $18,503,946 | $21,964,553 | +$3,460,607 | +18.70% |
| Brookfield Real Assets Income Fund Inc. (RA) | Equity | -50.00% | 100,582 | 0.00% | $13.37 | $12.65 | $1,344,776 | $1,272,362 | -$72,414 | -5.38% |
| Camden Property Trust (CPT) | Equity | -40.54% | 185,581 | 0.03% | $112.69 | $108.99 | $20,913,123 | $20,226,473 | -$686,650 | -3.28% |
| Carrier Global Corp. (CARR) | Equity | -55.88% | 47,083 | 0.00% | $73.19 | $71.81 | $3,446,005 | $3,381,030 | -$64,975 | -1.89% |
| Centerpoint Energy Inc. (CNP) | Equity | -48.06% | 5,100,512 | 0.23% | $36.74 | $42.82 | $187,392,811 | $218,403,924 | +$31,011,113 | +16.55% |
| Enbridge Inc. (ENB) | Equity | -44.36% | 1,502,477 | 0.08% | $45.32 | $54.55 | $68,092,275 | $81,960,120 | +$13,867,845 | +20.37% |
| Enterprise Products Partners L.P. (EPD) | Equity | -50.64% | 4,638,285 | 0.18% | $31.01 | $36.60 | $143,833,230 | $169,761,231 | +$25,928,001 | +18.03% |
| EPR Properties | C.Pref | +100% | 48,530 | N/A | $31.18 | N/A | $1,513,165 | N/A | N/A | N/A |
| GDS Holdings Limited (GDS) | Equity | +100% | 5,142 | 0.00% | $30.57 | $31.48 | $157,191 | $161,870 | +$4,679 | +2.98% |
| GE Vernova Inc. (GEV) | Equity | -48.82% | 10,813 | 0.01% | $529.15 | $1,109.73 | $5,721,699 | $11,999,510 | +$6,277,811 | +109.72% |
| Golar LNG Limited (GLNG) | Equity | -50.76% | 669,052 | 0.03% | $41.19 | $49.60 | $27,558,254 | $33,184,979 | +$5,626,725 | +20.42% |
| Kinetik Holdings Inc. (KNTK) | Equity | -50.00% | 3,322 | 0.00% | $44.05 | $46.53 | $146,334 | $154,573 | +$8,239 | +5.63% |
| Lexington Realty Trust | C.Pref | +100% | 24,678 | N/A | $46.31 | N/A | $1,142,838 | N/A | N/A | N/A |
| LXP Industrial Trust (LXP) | Equity | +100% | 798,335 | 0.01% | $8.26 | $53.18 | $6,594,247 | $42,455,455 | +$35,861,208 | +543.83% |
| The Macerich Company (MAC) | Equity | +100% | 412,059 | 0.01% | $16.18 | $23.63 | $6,667,115 | $9,736,954 | +$3,069,839 | +46.04% |
| Oneok Inc. (OKE) | Equity | -45.37% | 1,398,762 | 0.14% | $81.63 | $85.03 | $114,180,964 | $118,936,733 | +$4,755,769 | +4.17% |
| Cheniere Energy Inc. (LNG) | Equity | -55.20% | 1,485,626 | 0.44% | $243.52 | $227.03 | $361,779,617 | $337,281,671 | -$24,497,946 | -6.77% |
| Clearway Energy Inc. (CWEN) | Equity | -44.38% | 181,032 | 0.01% | $32.00 | $37.42 | $5,793,024 | $6,774,217 | +$981,193 | +16.94% |
| CMS Energy Corp. (CMS) | Equity | -58.80% | 884,640 | 0.07% | $69.28 | $73.38 | $61,287,859 | $64,914,883 | +$3,627,024 | +5.92% |
| Cousins Properties Inc. (CUZ) | Equity | +100% | 67,803 | 0.00% | $30.03 | $28.28 | $2,036,124 | $1,917,469 | -$118,655 | -5.83% |
| Crown Castle Inc. (CCI) | Equity | -52.64% | 803,482 | 0.10% | $102.73 | $82.05 | $82,541,706 | $65,925,698 | -$16,616,008 | -20.13% |
| Cubesmart (CUBE) | Equity | -46.18% | 231,551 | 0.01% | $42.50 | $40.62 | $9,840,918 | $9,405,602 | -$435,316 | -4.42% |
| Curbline Properties Corp. (CURB) | Equity | -55.24% | 283,546 | 0.01% | $22.83 | $29.86 | $6,473,355 | $8,466,684 | +$1,993,329 | +30.79% |
| Digital Realty Trust Inc. (DLR) | Equity | -40.96% | 146,822 | 0.03% | $174.33 | $188.15 | $25,595,479 | $27,624,559 | +$2,029,080 | +7.93% |
| Energy Transfer Lp (ET) | Equity | -51.90% | 14,068,948 | 0.31% | $18.13 | $18.75 | $255,070,036 | $263,792,775 | +$8,722,739 | +3.42% |
| Equinix Inc. (EQIX) | Equity | -59.51% | 59,271 | 0.06% | $795.47 | $1,092.19 | $47,148,302 | $64,735,193 | +$17,586,891 | +37.30% |
| Essential Properties Realty Trust Inc. (EPRT) | Equity | -54.37% | 732,784 | 0.03% | $31.91 | $29.36 | $23,383,137 | $21,514,538 | -$1,868,599 | -7.99% |
| Essex Property Trust Inc. (ESS) | Equity | +100% | 8,105 | 0.00% | $283.40 | $273.71 | $2,296,957 | $2,218,420 | -$78,537 | -3.42% |
| Evergy Inc. (EVRG) | Equity | +100% | 430,057 | 0.04% | $68.93 | $82.50 | $29,643,829 | $35,479,703 | +$5,835,873 | +19.69% |
| Extra Space Storage Inc. (EXR) | Equity | -31.41% | 262,184 | 0.05% | $147.44 | $145.33 | $38,656,409 | $38,103,201 | -$553,208 | -1.43% |
| Hess Midstream Lp (HESM) | Equity | -52.62% | 816,609 | 0.04% | $38.51 | $36.79 | $31,447,612 | $30,043,045 | -$1,404,567 | -4.47% |
| Highwoods Properties Inc. (HIW) | Equity | +176.21% | 242,471 | 0.01% | $31.09 | $29.28 | $7,538,423 | $7,099,551 | -$438,872 | -5.82% |
| Idacorp. Inc. (IDA) | Equity | +100% | 293,806 | 0.04% | $115.45 | $142.37 | $33,919,903 | $41,829,160 | +$7,909,257 | +23.32% |
| Iron Mountain Inc. (IRM) | Equity | -49.39% | 14,193 | 0.00% | $102.57 | $105.70 | $1,455,776 | $1,500,200 | +$44,424 | +3.05% |
| Itron Inc. (ITRI) | Equity | -36.63% | 34,107 | 0.01% | $131.63 | $80.81 | $4,489,504 | $2,756,187 | -$1,733,317 | -38.61% |
| Kimco Realty Corp. (KIM) | Equity | -54.61% | 11,487 | 0.00% | $60.54 | $24.38 | $695,423 | $280,053 | -$415,370 | -59.73% |
| MPLX LP (MPLX) | Equity | -51.42% | 3,756,582 | 0.24% | $51.51 | $56.84 | $193,501,527 | $213,524,121 | +$20,022,594 | +10.35% |
| Nextera Energy Inc. (NEE) | Equity | +100% | 829,829 | 0.07% | $69.42 | $86.75 | $57,606,729 | $71,987,666 | +$14,380,937 | +24.96% |
| Pembina Pipeline Corp. (PBA) | Equity | -50.00% | 4,551 | 0.00% | $37.51 | $46.15 | $170,708 | $210,029 | +$39,321 | +23.03% |
| PG&E Corp. (PCG) | Equity | -52.00% | 10,854,613 | 0.18% | $13.94 | $16.48 | $151,313,305 | $178,884,022 | +$27,570,717 | +18.22% |
| Prologis Inc. (PLD) | Equity | -59.10% | 219,873 | 0.03% | $105.12 | $140.54 | $23,113,050 | $30,900,951 | +$7,787,901 | +33.69% |
| Public Service Enterprise Group Inc. (PEG) | Equity | -55.61% | 71,844 | 0.01% | $84.18 | $79.89 | $6,047,828 | $5,739,617 | -$308,211 | -5.10% |
| Regency Centers Corp. (REG) | Equity | -56.17% | 162,732 | 0.01% | $71.23 | $76.88 | $11,591,400 | $12,510,836 | +$919,436 | +7.93% |
| Republic Services Inc. (RSG) | Equity | -58.00% | 17,243 | 0.01% | $246.61 | $204.94 | $4,252,296 | $3,533,780 | -$718,516 | -16.90% |
| Plains All American Pipeline L.P. (PAA) | Equity | -40.56% | 6,774,650 | 0.15% | $18.32 | $21.34 | $124,111,597 | $144,571,031 | +$20,459,434 | +16.48% |
| South Bow Corp. (SOBO.TO) | Equity | -100.00% | 38 | 0.00% | $25.74 | $50.46 | $978 | $1,917 | +$939 | +96.06% |
| Stag Industrial Inc. (STAG) | Equity | -48.37% | 14,460 | 0.00% | $36.28 | $37.80 | $524,609 | $546,588 | +$21,979 | +4.19% |
| Sun Communities Inc. (SUI) | Equity | -59.13% | 48,564 | 0.01% | $126.49 | $118.46 | $6,142,860 | $5,752,891 | -$389,969 | -6.35% |
| Trane Technologies PLC (TT) | Equity | -29.40% | 11,617 | 0.01% | $437.41 | $483.40 | $5,081,392 | $5,615,658 | +$534,266 | +10.51% |
| The Williams Companies Inc. (WMB) | Equity | +45.15% | 12,028,186 | 0.92% | $62.81 | $73.12 | $755,490,388 | $879,500,960 | +$124,010,572 | +16.41% |
| Xcel Energy Inc. (XEL) | Equity | -51.55% | 2,837,871 | 0.24% | $68.10 | $77.41 | $193,259,015 | $219,679,594 | +$26,420,579 | +13.67% |
| Xylem Inc. (XYL) | Equity | -32.45% | 22,123 | 0.00% | $129.36 | $111.42 | $2,861,831 | $2,464,945 | -$396,886 | -13.87% |
| Civitas Resources Inc. (CIVI) | Equity | -50.00% | 22,080 | 0.00% | $27.52 | $27.38 | $607,642 | $604,550 | -$3,092 | -0.51% |
| Metlife Inc. (MET) | Equity | -50.00% | 4,133 | 0.00% | $80.42 | $85.58 | $332,376 | $353,702 | +$21,326 | +6.42% |
| Par Pacific Holdings Inc. (PARR) | Equity | -50.00% | 61,069 | 0.00% | $26.53 | $50.89 | $1,620,161 | $3,107,801 | +$1,487,640 | +91.82% |
| Cheniere Energy Partners L.P. (CQP) | Equity | -50.00% | 101,620,376 | 6.93% | $56.05 | $58.05 | $5,695,822,075 | $5,899,062,827 | +$203,240,752 | +3.57% |
| XPLR Infrastructure LP (XIFR) | Equity | -50.00% | 2,180,320 | 0.02% | $8.20 | $11.82 | $17,878,624 | $25,771,382 | +$7,892,758 | +44.15% |
| Servicetitan Inc. (TTAN) | Equity | -14.72% | 638,538 | 0.08% | $107.18 | $64.23 | $68,438,503 | $41,013,296 | -$27,425,207 | -40.07% |
| Brookfield Corp. (BN) | Equity | -49.93% | 31,007,384 | 2.33% | $61.85 | $44.44 | $1,917,806,700 | $1,377,968,145 | -$539,838,555 | -28.15% |
| Brookfield Renewable Corp. (BEPC) | Equity | -50.00% | 10,094,152 | 0.40% | $32.78 | $37.42 | $330,886,303 | $377,723,168 | +$46,836,865 | +14.15% |
| Lamb Weston Holdings Inc. (LW) | Equity | -48.03% | 1,056,266 | 0.07% | $51.85 | $45.06 | $54,767,392 | $47,595,346 | -$7,172,046 | -13.10% |
| Brookfield Asset Management Ltd. (BAM) | Equity | 0% | 1,193,021,145 | 80.25% | $55.28 | $47.44 | $65,950,208,896 | $56,596,923,119 | -$9,353,285,777 | -14.18% |
| Brookfield Business Corp. (BBUC) | Equity | -50.00% | 47,244,876 | 1.94% | $33.69 | $33.09 | $1,591,765,625 | $1,563,332,947 | -$28,432,678 | -1.79% |
| Brookfield Business Partners (BBU) | Equity | -50.50% | 43,708,285 | 1.38% | $25.93 | $32.83 | $1,133,355,830 | $1,434,942,997 | +$301,587,167 | +26.61% |
| Brookfield Infrastructure Part (BIP) | Equity | -50.00% | 4,686,497 | 0.19% | $33.50 | $37.57 | $156,997,650 | $176,071,692 | +$19,074,042 | +12.15% |
| Brookfield Renewable Partners (BEP) | Equity | -95.88% | 6,120,362 | 0.44% | $58.76 | $35.24 | $359,618,453 | $215,681,557 | -$143,936,896 | -40.02% |
| Plains Gp Holdings L.P. (PAGP) | Equity | -37.92% | 30,314 | 0.00% | $19.43 | $23.25 | $589,001 | $704,801 | +$115,800 | +19.66% |
| Plymouth Industrial REIT Inc. (PLYM) | Equity | -45.56% | 260,102 | 0.01% | $16.06 | $21.98 | $4,177,238 | $5,717,042 | +$1,539,804 | +36.86% |
| Targa Resources Corp. (TRGP) | Equity | -56.11% | 1,027,388 | 0.22% | $174.08 | $258.58 | $178,847,740 | $265,661,989 | +$86,814,249 | +48.54% |
| TXNM Energy Inc. (TXNM) | Equity | -63.90% | 1,271,961 | 0.09% | $56.32 | $56.98 | $71,636,844 | $72,476,338 | +$839,494 | +1.17% |
| Rlj Lodging Trust | C.Pref | +100% | 27,856 | N/A | $23.66 | N/A | $659,073 | N/A | N/A | N/A |
| Simon Property Group Inc. (SPG) | Equity | -81.87% | 60,055 | 0.01% | $160.76 | $211.33 | $9,654,442 | $12,691,423 | +$3,036,981 | +31.46% |
| SL Green Realty Corp. (SLG) | Equity | +100% | 302,015 | 0.02% | $61.90 | $50.56 | $18,694,729 | $15,269,878 | -$3,424,851 | -18.32% |
| Smartstop Self Storag REIT I | Equity | +100% | 311,573 | 0.01% | $36.23 | $0.00 | $11,288,290 | $0 | -$11,288,290 | -100% |
| Tc Energy Corp. (TRP) | Equity | +100% | 1,607,760 | 0.10% | $48.79 | $67.70 | $78,442,589 | $108,845,352 | +$30,402,763 | +38.76% |
| Western Midstream Partners Lp (WES) | Equity | -40.45% | 904,361 | 0.04% | $38.70 | $42.96 | $34,998,756 | $38,851,349 | +$3,852,593 | +11.01% |
| Brookfield Wealth Solutions Ltd. (BNT) | Equity | -50.00% | 903,843 | 0.07% | $61.78 | $44.53 | $55,839,421 | $40,248,129 | -$15,591,292 | -27.92% |
| Union Pacific Corp. (UNP) | Equity | -48.47% | 761,476 | 0.21% | $230.08 | $256.88 | $175,200,398 | $195,607,955 | +$20,407,557 | +11.65% |
| Vici Properties Inc. (VICI) | Equity | +312.46% | 759,586 | 0.03% | $32.60 | $26.28 | $24,762,504 | $19,961,920 | -$4,800,584 | -19.39% |
| Waste Management Inc. (WM) | Equity | -50.00% | 20,137 | 0.01% | $228.82 | $214.60 | $4,607,748 | $4,321,400 | -$286,348 | -6.21% |
| Welltower Inc. (WELL) | Equity | -54.12% | 340,696 | 0.06% | $153.73 | $206.65 | $52,375,196 | $70,404,828 | +$18,029,632 | +34.42% |
| Nabors Industries Ltd. (NBR) | Equity | +100% | 77,438 | 0.00% | $28.02 | $39.73 | $2,169,812 | $3,076,225 | +$906,413 | +41.77% |
| Nike Inc. (NKE) | Equity | -50.00% | 658,598 | 0.06% | $71.04 | $45.20 | $46,786,802 | $29,768,630 | -$17,018,172 | -36.37% |
| Transalta Corp. (TAC) | Equity | -49.99% | 26,936,780 | 0.35% | $10.79 | $13.74 | $290,647,856 | $370,111,357 | +$79,463,501 | +27.34% |