Investor: Bruce Flatt
Number of Assets: 94
Reporting Period: Q1 - 2025
Holdings at Report: $17,502,164,138
Return Since Report: +$524,783,328
Return Since Report: +3.00%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Agree Realty Corp. (ADC) | Equity | -66.88% | 113,606 | 0.05% | $77.19 | $73.69 | $8,769,247 | $8,371,626 | -$397,621 | -4.53% |
| Kinetik Holdings Inc. (KNTK) | Equity | -72.74% | 3,322 | 0.00% | $51.94 | $41.41 | $172,545 | $137,564 | -$34,981 | -20.27% |
| American Electric Power Company Inc. (AEP) | Equity | -17.73% | 37,490 | 0.02% | $109.27 | $109.91 | $4,096,532 | $4,120,526 | +$23,994 | +0.59% |
| American Tower Corp. (AMT) | Equity | +49.97% | 478,559 | 0.60% | $217.60 | $229.86 | $104,134,438 | $110,001,572 | +$5,867,134 | +5.63% |
| American Water Works Company Inc. (AWK) | Equity | +2486.65% | 571,080 | 0.48% | $147.52 | $140.15 | $84,245,722 | $80,036,862 | -$4,208,860 | -5.00% |
| Avalonbay Communities Inc. (AVB) | Equity | +5.58% | 148,961 | 0.18% | $214.62 | $201.89 | $31,970,010 | $30,073,736 | -$1,896,274 | -5.93% |
| Bloom Energy Corp. (BE) | Equity | -7.73% | 49,599 | 0.01% | $19.66 | $34.46 | $975,116 | $1,708,934 | +$733,818 | +75.25% |
| Bxp Inc. (BXP) | Equity | +47.03% | 330,690 | 0.13% | $67.19 | $71.80 | $22,219,061 | $23,743,542 | +$1,524,481 | +6.86% |
| Brixmor Property Group Inc. (BRX) | Equity | -7.47% | 1,145,452 | 0.17% | $26.55 | $25.64 | $30,411,751 | $29,363,662 | -$1,048,089 | -3.45% |
| Brookfield Real Assets Income Fund Inc. (RA) | Equity | 0% | 100,582 | 0.01% | $13.16 | $13.24 | $1,323,654 | $1,331,706 | +$8,052 | +0.61% |
| CMS Energy Corp. (CMS) | Equity | -4.73% | 1,073,538 | 0.46% | $75.11 | $72.80 | $80,633,439 | $78,153,566 | -$2,479,873 | -3.08% |
| Csx Corp. (CSX) | Equity | -42.78% | 765,511 | 0.13% | $29.43 | $35.81 | $22,528,989 | $27,416,011 | +$4,887,022 | +21.69% |
| Camden Property Trust (CPT) | Equity | +100% | 156,068 | 0.11% | $122.30 | $113.45 | $19,087,116 | $17,705,915 | -$1,381,201 | -7.24% |
| Carrier Global Corp. (CARR) | Equity | -2.85% | 53,356 | 0.02% | $63.40 | $80.69 | $3,382,770 | $4,305,296 | +$922,526 | +27.27% |
| Centerpoint Energy Inc. (CNP) | Equity | -5.20% | 4,910,100 | 1.02% | $36.23 | $38.37 | $177,892,923 | $188,375,987 | +$10,483,064 | +5.89% |
| Cheniere Energy Inc. (LNG) | Equity | -14.69% | 1,658,107 | 2.19% | $231.40 | $226.09 | $383,685,877 | $374,881,412 | -$8,804,465 | -2.29% |
| Clearway Energy Inc. (CWEN) | Equity | -1.33% | 162,734 | 0.03% | $30.27 | $31.46 | $4,925,958 | $5,119,612 | +$193,654 | +3.93% |
| Crown Castle Inc. (CCI) | Equity | +1919.42% | 848,277 | 0.51% | $104.23 | $112.01 | $88,415,912 | $95,015,507 | +$6,599,595 | +7.46% |
| Cubesmart (CUBE) | Equity | +100% | 215,136 | 0.05% | $42.71 | $41.44 | $9,188,459 | $8,915,236 | -$273,223 | -2.97% |
| Curbline Properties Corp. (CURB) | Equity | +100% | 316,727 | 0.04% | $24.19 | $22.87 | $7,661,626 | $7,243,546 | -$418,080 | -5.46% |
| Dt Midstream Inc. (DTM) | Equity | -64.41% | 344,642 | 0.19% | $96.48 | $100.24 | $33,251,069 | $34,545,191 | +$1,294,122 | +3.89% |
| Digital Realty Trust Inc. (DLR) | Equity | -14.70% | 124,348 | 0.10% | $143.29 | $178.10 | $17,817,825 | $22,145,757 | +$4,327,932 | +24.29% |
| Duke Energy Corp. (DUK) | Equity | -7.36% | 728,028 | 0.51% | $121.97 | $119.97 | $88,797,575 | $87,341,519 | -$1,456,056 | -1.64% |
| Eqt Corp. (EQT) | Equity | 0% | 6,769 | 0.00% | $53.43 | $52.03 | $361,668 | $352,157 | -$9,511 | -2.63% |
| Eastgroup Properties Inc. (EGP) | Equity | +2832.18% | 109,429 | 0.11% | $176.15 | $164.81 | $19,275,918 | $18,034,993 | -$1,240,925 | -6.44% |
| Enbridge Inc. (ENB) | Equity | +1538.45% | 1,350,115 | 0.34% | $44.31 | $45.10 | $59,823,589 | $60,894,237 | +$1,070,648 | +1.79% |
| Energy Transfer Lp (ET) | Equity | +6.37% | 14,626,020 | 1.55% | $18.59 | $17.77 | $271,897,710 | $259,831,245 | -$12,066,465 | -4.44% |
| Entergy Corp. (ETR) | Equity | -33.75% | 1,885,589 | 0.92% | $85.49 | $88.19 | $161,199,004 | $166,280,666 | +$5,081,662 | +3.15% |
| Enterprise Products Partners L.P. (EPD) | Equity | +2.81% | 4,698,769 | 0.92% | $34.14 | $31.65 | $160,415,973 | $148,692,545 | -$11,723,428 | -7.31% |
| Equinix Inc. (EQIX) | Equity | +2.73% | 73,197 | 0.34% | $815.35 | $801.84 | $59,681,174 | $58,691,916 | -$989,258 | -1.66% |
| Essential Properties Realty Trust Inc. (EPRT) | Equity | +35.72% | 802,946 | 0.15% | $32.64 | $30.65 | $26,208,157 | $24,610,295 | -$1,597,862 | -6.10% |
| Extra Space Storage Inc. (EXR) | Equity | -3.76% | 191,136 | 0.16% | $148.49 | $150.42 | $28,381,785 | $28,750,677 | +$368,892 | +1.30% |
| First Solar Inc. (FSLR) | Equity | +5.64% | 17,863 | 0.01% | $126.43 | $186.41 | $2,258,419 | $3,329,753 | +$1,071,334 | +47.44% |
| GE Vernova Inc. (GEV) | Equity | +0.33% | 10,564 | 0.02% | $305.28 | $644.67 | $3,224,978 | $6,810,241 | +$3,585,263 | +111.17% |
| Getty Realty Corp. (GTY) | Equity | -29.80% | 349,189 | 0.06% | $31.18 | $27.48 | $10,887,713 | $9,595,714 | -$1,291,999 | -11.87% |
| American Healthcare Reit Inc. (AHR) | Equity | +75.13% | 847,132 | 0.15% | $30.30 | $37.54 | $25,668,100 | $31,801,335 | +$6,133,235 | +23.89% |
| Healthpeak Properties Inc. (DOC) | Equity | -35.33% | 826,908 | 0.10% | $20.22 | $17.25 | $16,720,080 | $14,264,163 | -$2,455,917 | -14.69% |
| Hess Midstream Lp (HESM) | Equity | -32.17% | 861,823 | 0.21% | $42.29 | $40.44 | $36,446,480 | $34,852,122 | -$1,594,358 | -4.37% |
| Highwoods Properties Inc. (HIW) | Equity | +100% | 43,893 | 0.01% | $29.64 | $30.10 | $1,300,989 | $1,321,179 | +$20,190 | +1.55% |
| Iron Mountain Inc. (IRM) | Equity | +26.05% | 14,022 | 0.01% | $86.04 | $99.27 | $1,206,453 | $1,392,020 | +$185,567 | +15.38% |
| Itron Inc. (ITRI) | Equity | -2.85% | 26,910 | 0.02% | $104.76 | $135.80 | $2,819,092 | $3,654,378 | +$835,286 | +29.63% |
| Kimco Realty Corp. (KIM) | Equity | +100% | 12,654 | 0.00% | $60.15 | $21.78 | $761,138 | $275,604 | -$485,534 | -63.79% |
| Kinder Morgan Inc. (KMI) | Equity | -19.73% | 2,077,117 | 0.34% | $28.53 | $27.50 | $59,260,136 | $57,118,640 | -$2,141,496 | -3.61% |
| MPLX LP (MPLX) | Equity | -8.41% | 3,866,545 | 1.18% | $53.52 | $50.94 | $206,937,514 | $196,961,802 | -$9,975,712 | -4.82% |
| Nnn Reit Inc. (NNN) | Equity | +100% | 389,456 | 0.09% | $42.65 | $42.77 | $16,610,298 | $16,655,086 | +$44,788 | +0.27% |
| Nexpoint Residential Trust Inc. (NXRT) | Equity | +109.66% | 193,982 | 0.04% | $39.53 | $33.87 | $7,668,108 | $6,570,170 | -$1,097,938 | -14.32% |
| Nisource Inc. (NI) | Equity | -26.53% | 1,847,407 | 0.42% | $40.09 | $42.18 | $74,062,547 | $77,921,780 | +$3,859,233 | +5.21% |
| Oneok Inc. (OKE) | Equity | +119.79% | 1,280,205 | 0.73% | $99.22 | $81.68 | $127,021,935 | $104,567,144 | -$22,454,791 | -17.68% |
| PG&E Corp. (PCG) | Equity | -23.04% | 11,307,104 | 1.11% | $17.18 | $14.13 | $194,256,047 | $159,712,844 | -$34,543,203 | -17.78% |
| TXNM Energy Inc. (TXNM) | Equity | +100% | 1,761,708 | 0.54% | $53.48 | $57.07 | $94,216,144 | $100,531,867 | +$6,315,723 | +6.70% |
| PPL Corp. (PPL) | Equity | +38.16% | 998,207 | 0.21% | $36.11 | $33.79 | $36,045,255 | $33,729,415 | -$2,315,840 | -6.42% |
| Pembina Pipeline Corp. (PBA) | Equity | -69.44% | 4,551 | 0.00% | $40.03 | $36.76 | $182,177 | $167,272 | -$14,905 | -8.18% |
| Plains All American Pipeline L.P. (PAA) | Equity | +50.19% | 5,698,359 | 0.65% | $20.00 | $18.69 | $113,967,186 | $106,473,838 | -$7,493,348 | -6.58% |
| Plains Gp Holdings L.P. (PAGP) | Equity | -64.23% | 24,414 | 0.00% | $21.36 | $19.80 | $521,483 | $483,275 | -$38,208 | -7.33% |
| Plymouth Industrial REIT Inc. (PLYM) | Equity | +100% | 238,902 | 0.02% | $16.30 | $15.34 | $3,894,103 | $3,664,757 | -$229,346 | -5.89% |
| Prologis Inc. (PLD) | Equity | -34.30% | 268,809 | 0.17% | $111.79 | $108.73 | $30,050,158 | $29,227,603 | -$822,555 | -2.74% |
| Public Service Enterprise Group Inc. (PEG) | Equity | -81.28% | 80,931 | 0.04% | $82.30 | $77.59 | $6,660,621 | $6,279,436 | -$381,185 | -5.72% |
| Regency Centers Corp. (REG) | Equity | -43.18% | 185,620 | 0.08% | $73.76 | $71.10 | $13,691,331 | $13,197,582 | -$493,749 | -3.61% |
| Republic Services Inc. (RSG) | Equity | -2.85% | 20,526 | 0.03% | $242.16 | $245.08 | $4,970,576 | $5,030,512 | +$59,936 | +1.21% |
| Rexford Industrial Realty Inc. (REXR) | Equity | -24.46% | 347,889 | 0.08% | $39.15 | $37.44 | $13,619,854 | $13,023,225 | -$596,629 | -4.38% |
| Sba Communications Corp. (SBAC) | Equity | +1.79% | 1,008,947 | 1.27% | $220.01 | $234.03 | $221,978,429 | $236,123,866 | +$14,145,437 | +6.37% |
| Simon Property Group Inc. (SPG) | Equity | -8.59% | 165,657 | 0.16% | $166.08 | $167.00 | $27,512,315 | $27,664,719 | +$152,404 | +0.55% |
| Stag Industrial Inc. (STAG) | Equity | -10.56% | 14,003 | 0.00% | $36.12 | $35.32 | $505,788 | $494,586 | -$11,202 | -2.21% |
| Sun Communities Inc. (SUI) | Equity | -13.24% | 59,410 | 0.04% | $128.64 | $119.65 | $7,642,502 | $7,108,407 | -$534,096 | -6.99% |
| Targa Resources Corp. (TRGP) | Equity | -4.99% | 1,170,508 | 1.34% | $200.47 | $161.93 | $234,651,717 | $189,540,360 | -$45,111,357 | -19.22% |
| Union Pacific Corp. (UNP) | Equity | +15.25% | 738,918 | 1.00% | $236.24 | $225.11 | $174,561,988 | $166,334,136 | -$8,227,852 | -4.71% |
| Vici Properties Inc. (VICI) | Equity | +100% | 92,080 | 0.02% | $32.62 | $33.35 | $3,003,650 | $3,070,868 | +$67,218 | +2.24% |
| Waste Management Inc. (WM) | Equity | +25.12% | 20,135 | 0.03% | $231.51 | $229.68 | $4,661,454 | $4,624,506 | -$36,948 | -0.79% |
| Welltower Inc. (WELL) | Equity | +39.07% | 371,317 | 0.33% | $153.21 | $161.45 | $56,889,478 | $59,949,130 | +$3,059,652 | +5.38% |
| Western Midstream Partners Lp (WES) | Equity | -54.91% | 759,267 | 0.18% | $40.96 | $40.74 | $31,099,590 | $30,932,538 | -$167,052 | -0.54% |
| The Williams Companies Inc. (WMB) | Equity | -14.38% | 4,143,456 | 1.42% | $59.76 | $57.98 | $247,612,935 | $240,237,579 | -$7,375,356 | -2.98% |
| Xcel Energy Inc. (XEL) | Equity | +4.50% | 2,928,597 | 1.18% | $70.79 | $72.77 | $207,315,382 | $213,099,361 | +$5,783,979 | +2.79% |
| Xylem Inc. (XYL) | Equity | +26.50% | 16,375 | 0.01% | $119.46 | $132.71 | $1,956,158 | $2,173,126 | +$216,968 | +11.09% |
| Trane Technologies PLC (TT) | Equity | +10.95% | 8,227 | 0.02% | $336.92 | $472.34 | $2,771,841 | $3,885,941 | +$1,114,100 | +40.19% |
| Golar LNG Limited (GLNG) | Equity | -21.20% | 679,388 | 0.15% | $37.99 | $40.61 | $25,809,945 | $27,586,550 | +$1,776,605 | +6.88% |
| Transalta Corp. (TAC) | Equity | -24.19% | 26,930,439 | 1.44% | $9.35 | $12.28 | $251,799,605 | $330,571,139 | +$78,771,534 | +31.28% |
| Brookfield Corp. (BN) | Equity | 0% | 30,965,748 | 9.27% | $52.41 | $67.69 | $1,622,914,853 | $2,096,071,482 | +$473,156,629 | +29.15% |
| Brookfield Renewable Corp. (BEPC) | Equity | 0% | 10,094,152 | 1.61% | $27.92 | $36.35 | $281,828,724 | $366,922,425 | +$85,093,701 | +30.19% |
| Lamb Weston Holdings Inc. (LW) | Equity | +95.81% | 1,016,266 | 0.31% | $53.30 | $60.78 | $54,166,978 | $61,768,647 | +$7,601,669 | +14.03% |
| Brookfield Business Partners (BBU) | Equity | +72.45% | 44,152,007 | 5.92% | $23.46 | $25.72 | $1,035,806,084 | $1,135,589,620 | +$99,783,536 | +9.63% |
| Brookfield Infrastructure Part (BIP) | Equity | +3.51% | 4,686,497 | 0.80% | $29.79 | $31.93 | $139,610,746 | $149,639,849 | +$10,029,103 | +7.18% |
| Brookfield Renewable Partners (BEP) | Equity | 0% | 74,339,049 | 9.41% | $22.16 | $27.22 | $1,647,353,326 | $2,023,508,914 | +$376,155,588 | +22.83% |
| Nike Inc. (NKE) | Equity | +36.19% | 658,598 | 0.24% | $63.48 | $76.41 | $41,807,801 | $50,323,473 | +$8,515,672 | +20.37% |
| Cheniere Energy Partners L.P. (CQP) | Equity | 0% | 101,620,376 | 38.35% | $66.04 | $58.42 | $6,711,009,631 | $5,936,662,366 | -$774,347,265 | -11.54% |
| XPLR Infrastructure LP (XIFR) | Equity | 0% | 2,180,320 | 0.12% | $9.50 | $9.51 | $20,713,040 | $20,734,843 | +$21,803 | +0.11% |
| South Bow Corp. (SOBO.TO) | Equity | -13.45% | 746,077 | 0.11% | $25.52 | $35.18 | $19,039,885 | $26,246,989 | +$7,207,104 | +37.85% |
| Civitas Resources Inc. (CIVI) | Equity | 0% | 22,080 | 0.00% | $34.89 | $31.14 | $770,371 | $687,571 | -$82,800 | -10.75% |
| Metlife Inc. (MET) | Equity | 0% | 4,133 | 0.00% | $80.29 | $78.31 | $331,839 | $323,655 | -$8,184 | -2.47% |
| Par Pacific Holdings Inc. (PARR) | Equity | 0% | 61,069 | 0.00% | $14.26 | $31.68 | $870,844 | $1,934,666 | +$1,063,822 | +122.16% |
| Brookfield Business Corp. (BBUC) | Equity | 0% | 47,244,876 | 7.19% | $26.62 | $32.00 | $1,257,658,599 | $1,511,599,808 | +$253,941,209 | +20.19% |
| Brookfield Wealth Solutions Ltd. (BNT) | Equity | -27.13% | 903,843 | 0.27% | $52.18 | $58.80 | $47,162,528 | $53,145,968 | +$5,983,440 | +12.69% |