Investor: Bruce Flatt
Number of Assets: 100
Reporting Period: Q2 - 2025
Holdings at Report: $83,949,850,115
Return Since Report: -$1,464,311,939
Return Since Report: -1.74%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Agree Realty Corp. (ADC) | Equity | -11.48% | 100,565 | 0.01% | $73.06 | $72.38 | $7,347,279 | $7,278,392 | -$68,887 | -0.94% |
| Alerian Mlp ETF (AMLP) | Equity | +100% | 1,330 | 0.00% | $48.85 | N/A | $64,969 | N/A | N/A | N/A |
| American Electric Power Company Inc. (AEP) | Equity | 0% | 37,490 | 0.00% | $103.76 | $108.46 | $3,889,962 | $4,066,165 | +$176,203 | +4.53% |
| American Healthcare Reit Inc. (AHR) | Equity | -46.12% | 456,423 | 0.02% | $36.74 | $42.89 | $16,768,981 | $19,575,982 | +$2,807,001 | +16.74% |
| American Tower Corp. (AMT) | Equity | -10.08% | 430,338 | 0.12% | $221.02 | $193.96 | $95,113,305 | $83,468,358 | -$11,644,947 | -12.24% |
| American Water Works Company Inc. (AWK) | Equity | -8.44% | 522,884 | 0.09% | $139.11 | $140.20 | $72,738,393 | $73,307,291 | +$568,898 | +0.78% |
| Avalonbay Communities Inc. (AVB) | Equity | +17.04% | 174,344 | 0.04% | $203.50 | $194.39 | $35,479,004 | $33,890,730 | -$1,588,274 | -4.48% |
| Bloom Energy Corp. (BE) | Equity | +33.21% | 66,072 | 0.00% | $23.92 | $55.39 | $1,580,442 | $3,659,398 | +$2,078,956 | +131.54% |
| Brixmor Property Group Inc. (BRX) | Equity | -37.96% | 710,597 | 0.02% | $26.04 | $27.83 | $18,503,946 | $19,772,362 | +$1,268,416 | +6.85% |
| Brookfield Real Assets Income Fund Inc. (RA) | Equity | 0% | 100,582 | 0.00% | $13.37 | $13.58 | $1,344,776 | $1,365,904 | +$21,128 | +1.57% |
| Camden Property Trust (CPT) | Equity | +18.91% | 185,581 | 0.03% | $112.69 | $110.92 | $20,913,123 | $20,583,717 | -$329,406 | -1.58% |
| Carrier Global Corp. (CARR) | Equity | -11.76% | 47,083 | 0.00% | $73.19 | $63.09 | $3,446,005 | $2,970,466 | -$475,539 | -13.80% |
| Centerpoint Energy Inc. (CNP) | Equity | +3.88% | 5,100,512 | 0.23% | $36.74 | $37.62 | $187,392,811 | $191,881,261 | +$4,488,450 | +2.40% |
| Cheniere Energy Inc. (LNG) | Equity | -10.40% | 1,485,626 | 0.44% | $243.52 | $236.35 | $361,779,617 | $351,127,705 | -$10,651,912 | -2.94% |
| Duke Energy Corp. (DUK) | Equity | -30.92% | 502,957 | 0.07% | $118.00 | $120.80 | $59,348,926 | $60,757,206 | +$1,408,280 | +2.37% |
| Eastgroup Properties Inc. (EGP) | Equity | +37.86% | 150,862 | 0.03% | $167.12 | $163.86 | $25,212,057 | $24,719,493 | -$492,564 | -1.95% |
| Evergy Inc. (EVRG) | Equity | +100% | 430,057 | 0.04% | $68.93 | N/A | $29,643,829 | N/A | N/A | N/A |
| Extra Space Storage Inc. (EXR) | Equity | +37.17% | 262,184 | 0.05% | $147.44 | $144.11 | $38,656,409 | $37,782,025 | -$874,384 | -2.26% |
| Nextera Energy Inc. (NEE) | Equity | +100% | 829,829 | 0.07% | $69.42 | $70.20 | $57,606,729 | $58,253,166 | +$646,437 | +1.12% |
| Nisource Inc. (NI) | Equity | -7.09% | 1,716,418 | 0.08% | $40.34 | $40.57 | $69,240,302 | $69,626,496 | +$386,194 | +0.56% |
| Public Service Enterprise Group Inc. (PEG) | Equity | -11.23% | 71,844 | 0.01% | $84.18 | $77.59 | $6,047,828 | $5,574,376 | -$473,452 | -7.83% |
| Regency Centers Corp. (REG) | Equity | -12.33% | 162,732 | 0.01% | $71.23 | $72.32 | $11,591,400 | $11,768,778 | +$177,378 | +1.53% |
| Targa Resources Corp. (TRGP) | Equity | -12.23% | 1,027,388 | 0.22% | $174.08 | $161.93 | $178,847,740 | $166,364,939 | -$12,482,801 | -6.98% |
| Tc Energy Corp. (TRP) | Equity | +100% | 1,607,760 | 0.10% | $48.79 | $51.98 | $78,442,589 | $83,563,326 | +$5,120,737 | +6.53% |
| XPLR Infrastructure LP (XIFR) | Equity | 0% | 2,180,320 | 0.02% | $8.20 | $9.89 | $17,878,624 | $21,563,365 | +$3,684,741 | +20.61% |
| Servicetitan Inc. (TTAN) | Equity | +100% | 638,538 | 0.08% | $107.18 | $117.85 | $68,438,503 | $75,251,703 | +$6,813,200 | +9.96% |
| Lamb Weston Holdings Inc. (LW) | Equity | +3.94% | 1,056,266 | 0.07% | $51.85 | $57.24 | $54,767,392 | $60,460,666 | +$5,693,274 | +10.40% |
| Nike Inc. (NKE) | Equity | 0% | 658,598 | 0.06% | $71.04 | $73.48 | $46,786,802 | $48,390,488 | +$1,603,686 | +3.43% |
| Transalta Corp. (TAC) | Equity | +0.02% | 26,936,780 | 0.35% | $10.79 | $12.31 | $290,647,856 | $331,591,762 | +$40,943,906 | +14.09% |
| Brookfield Renewable Partners (BEP) | Equity | -91.77% | 6,120,362 | 0.44% | $58.76 | $25.30 | $359,618,453 | $154,845,159 | -$204,773,294 | -56.94% |
| Clearway Energy Inc. (CWEN) | Equity | +11.24% | 181,032 | 0.01% | $32.00 | $28.68 | $5,793,024 | $5,191,093 | -$601,931 | -10.39% |
| Enbridge Inc. (ENB) | Equity | +11.29% | 1,502,477 | 0.08% | $45.32 | $48.59 | $68,092,275 | $72,997,845 | +$4,905,570 | +7.20% |
| First Solar Inc. (FSLR) | Equity | +13.29% | 20,237 | 0.00% | $165.54 | $203.23 | $3,350,033 | $4,112,766 | +$762,733 | +22.77% |
| Oneok Inc. (OKE) | Equity | +9.26% | 1,398,762 | 0.14% | $81.63 | $72.25 | $114,180,964 | $101,061,953 | -$13,119,011 | -11.49% |
| Trane Technologies PLC (TT) | Equity | +41.21% | 11,617 | 0.01% | $437.41 | $407.95 | $5,081,392 | $4,739,097 | -$342,295 | -6.74% |
| Brookfield Business Corp. (BBUC) | Equity | 0% | 47,244,876 | 1.94% | $33.69 | $33.14 | $1,591,765,625 | $1,565,695,191 | -$26,070,434 | -1.64% |
| CMS Energy Corp. (CMS) | Equity | -17.60% | 884,640 | 0.07% | $69.28 | $70.98 | $61,287,859 | $62,787,324 | +$1,499,465 | +2.45% |
| Energy Transfer Lp (ET) | Equity | -3.81% | 14,068,948 | 0.31% | $18.13 | $17.23 | $255,070,036 | $242,407,974 | -$12,662,062 | -4.96% |
| GDS Holdings Limited (GDS) | Equity | +100% | 5,142 | 0.00% | $30.57 | $34.12 | $157,191 | $175,445 | +$18,254 | +11.61% |
| Iron Mountain Inc. (IRM) | Equity | +1.22% | 14,193 | 0.00% | $102.57 | $95.56 | $1,455,776 | $1,356,340 | -$99,436 | -6.83% |
| Kimco Realty Corp. (KIM) | Equity | -9.22% | 11,487 | 0.00% | $60.54 | $22.29 | $695,423 | $255,988 | -$439,435 | -63.19% |
| Plains All American Pipeline L.P. (PAA) | Equity | +18.89% | 6,774,650 | 0.15% | $18.32 | $17.34 | $124,111,597 | $117,438,558 | -$6,673,039 | -5.38% |
| Smartstop Self Storag REIT I | Equity | +100% | 311,573 | 0.01% | $36.23 | N/A | $11,288,290 | N/A | N/A | N/A |
| Vici Properties Inc. (VICI) | Equity | +724.92% | 759,586 | 0.03% | $32.60 | $33.16 | $24,762,504 | $25,184,074 | +$421,570 | +1.70% |
| Civitas Resources Inc. (CIVI) | Equity | 0% | 22,080 | 0.00% | $27.52 | $32.93 | $607,642 | $726,984 | +$119,342 | +19.64% |
| Brookfield Corp. (BN) | Equity | +0.13% | 31,007,384 | 2.33% | $61.85 | $66.49 | $1,917,806,700 | $2,061,680,962 | +$143,874,262 | +7.50% |
| Brookfield Wealth Solutions Ltd. (BNT) | Equity | 0% | 903,843 | 0.07% | $61.78 | $58.80 | $55,839,421 | $53,145,968 | -$2,693,453 | -4.82% |
| Cousins Properties Inc. (CUZ) | Equity | +100% | 67,803 | 0.00% | $30.03 | $28.69 | $2,036,124 | $1,945,268 | -$90,856 | -4.46% |
| Entergy Corp. (ETR) | Equity | -0.66% | 1,873,207 | 0.19% | $83.12 | $87.20 | $155,700,966 | $163,343,650 | +$7,642,684 | +4.91% |
| GE Vernova Inc. (GEV) | Equity | +2.36% | 10,813 | 0.01% | $529.15 | $604.46 | $5,721,699 | $6,536,026 | +$814,327 | +14.23% |
| Kinder Morgan Inc. (KMI) | Equity | +22.86% | 2,551,930 | 0.09% | $29.40 | $26.79 | $75,026,746 | $68,353,445 | -$6,673,301 | -8.89% |
| LXP Industrial Trust (LXP) | Equity | +100% | 798,335 | 0.01% | $8.26 | N/A | $6,594,247 | N/A | N/A | N/A |
| Plains Gp Holdings L.P. (PAGP) | Equity | +24.17% | 30,314 | 0.00% | $19.43 | $18.60 | $589,001 | $563,840 | -$25,161 | -4.27% |
| South Bow Corp. (SOBO.TO) | Equity | -99.99% | 38 | 0.00% | $25.74 | $35.18 | $978 | $1,337 | +$359 | +36.69% |
| Waste Management Inc. (WM) | Equity | +0.01% | 20,137 | 0.01% | $228.82 | $218.90 | $4,607,748 | $4,407,989 | -$199,759 | -4.34% |
| Metlife Inc. (MET) | Equity | 0% | 4,133 | 0.00% | $80.42 | $79.56 | $332,376 | $328,801 | -$3,575 | -1.08% |
| Brookfield Infrastructure Part (BIP) | Equity | 0% | 4,686,497 | 0.19% | $33.50 | $30.74 | $156,997,650 | $144,039,485 | -$12,958,165 | -8.25% |
| Crown Castle Inc. (CCI) | Equity | -5.28% | 803,482 | 0.10% | $102.73 | $94.20 | $82,541,706 | $75,688,004 | -$6,853,702 | -8.30% |
| Cubesmart (CUBE) | Equity | +7.63% | 231,551 | 0.01% | $42.50 | $40.55 | $9,840,918 | $9,389,393 | -$451,525 | -4.59% |
| Enterprise Products Partners L.P. (EPD) | Equity | -1.29% | 4,638,285 | 0.18% | $31.01 | $31.64 | $143,833,230 | $146,759,976 | +$2,926,746 | +2.03% |
| Golar LNG Limited (GLNG) | Equity | -1.52% | 669,052 | 0.03% | $41.19 | $41.63 | $27,558,254 | $27,849,290 | +$291,035 | +1.06% |
| Hess Midstream Lp (HESM) | Equity | -5.25% | 816,609 | 0.04% | $38.51 | $40.87 | $31,447,612 | $33,370,727 | +$1,923,115 | +6.12% |
| Itron Inc. (ITRI) | Equity | +26.74% | 34,107 | 0.01% | $131.63 | $119.67 | $4,489,504 | $4,081,585 | -$407,919 | -9.09% |
| MPLX LP (MPLX) | Equity | -2.84% | 3,756,582 | 0.24% | $51.51 | $50.14 | $193,501,527 | $188,336,239 | -$5,165,288 | -2.67% |
| PG&E Corp. (PCG) | Equity | -4.00% | 10,854,613 | 0.18% | $13.94 | $14.94 | $151,313,305 | $162,167,918 | +$10,854,613 | +7.17% |
| Prologis Inc. (PLD) | Equity | -18.20% | 219,873 | 0.03% | $105.12 | $108.73 | $23,113,050 | $23,906,791 | +$793,741 | +3.43% |
| SL Green Realty Corp. (SLG) | Equity | +100% | 302,015 | 0.02% | $61.90 | N/A | $18,694,729 | N/A | N/A | N/A |
| Sun Communities Inc. (SUI) | Equity | -18.26% | 48,564 | 0.01% | $126.49 | $129.62 | $6,142,860 | $6,294,866 | +$152,006 | +2.47% |
| Union Pacific Corp. (UNP) | Equity | +3.05% | 761,476 | 0.21% | $230.08 | $216.00 | $175,200,398 | $164,478,816 | -$10,721,582 | -6.12% |
| Western Midstream Partners Lp (WES) | Equity | +19.11% | 904,361 | 0.04% | $38.70 | $38.20 | $34,998,756 | $34,542,068 | -$456,688 | -1.30% |
| Xylem Inc. (XYL) | Equity | +35.10% | 22,123 | 0.00% | $129.36 | $137.25 | $2,861,831 | $3,036,382 | +$174,551 | +6.10% |
| Cheniere Energy Partners L.P. (CQP) | Equity | 0% | 101,620,376 | 6.93% | $56.05 | $58.42 | $5,695,822,075 | $5,936,662,366 | +$240,840,291 | +4.23% |
| Curbline Properties Corp. (CURB) | Equity | -10.48% | 283,546 | 0.01% | $22.83 | $22.50 | $6,473,355 | $6,379,785 | -$93,570 | -1.45% |
| Equinix Inc. (EQIX) | Equity | -19.03% | 59,271 | 0.06% | $795.47 | $775.24 | $47,148,302 | $45,949,250 | -$1,199,052 | -2.54% |
| Highwoods Properties Inc. (HIW) | Equity | +452.41% | 242,471 | 0.01% | $31.09 | $31.79 | $7,538,423 | $7,708,153 | +$169,730 | +2.25% |
| Pembina Pipeline Corp. (PBA) | Equity | 0% | 4,551 | 0.00% | $37.51 | $38.37 | $170,708 | $174,599 | +$3,891 | +2.28% |
| Simon Property Group Inc. (SPG) | Equity | -63.75% | 60,055 | 0.01% | $160.76 | $178.21 | $9,654,442 | $10,702,402 | +$1,047,960 | +10.85% |
| TXNM Energy Inc. (TXNM) | Equity | -27.80% | 1,271,961 | 0.09% | $56.32 | $56.80 | $71,636,844 | $72,247,385 | +$610,541 | +0.85% |
| Xcel Energy Inc. (XEL) | Equity | -3.10% | 2,837,871 | 0.24% | $68.10 | $71.86 | $193,259,015 | $203,929,410 | +$10,670,395 | +5.52% |
| Brookfield Business Partners (BBU) | Equity | -1.00% | 43,708,285 | 1.38% | $25.93 | $26.77 | $1,133,355,830 | $1,170,070,789 | +$36,714,959 | +3.24% |
| Digital Realty Trust Inc. (DLR) | Equity | +18.07% | 146,822 | 0.03% | $174.33 | $163.33 | $25,595,479 | $23,980,437 | -$1,615,042 | -6.31% |
| Essential Properties Realty Trust Inc. (EPRT) | Equity | -8.74% | 732,784 | 0.03% | $31.91 | $29.99 | $23,383,137 | $21,976,192 | -$1,406,945 | -6.02% |
| Idacorp. Inc. (IDA) | Equity | +100% | 293,806 | 0.04% | $115.45 | N/A | $33,919,903 | N/A | N/A | N/A |
| Kinetik Holdings Inc. (KNTK) | Equity | 0% | 3,322 | 0.00% | $44.05 | $42.27 | $146,334 | $140,421 | -$5,913 | -4.04% |
| The Macerich Company (MAC) | Equity | +100% | 412,059 | 0.01% | $16.18 | N/A | $6,667,115 | N/A | N/A | N/A |
| Plymouth Industrial REIT Inc. (PLYM) | Equity | +8.87% | 260,102 | 0.01% | $16.06 | $21.93 | $4,177,238 | $5,704,037 | +$1,526,799 | +36.55% |
| Stag Industrial Inc. (STAG) | Equity | +3.26% | 14,460 | 0.00% | $36.28 | $35.32 | $524,609 | $510,727 | -$13,882 | -2.65% |
| Welltower Inc. (WELL) | Equity | -8.25% | 340,696 | 0.06% | $153.73 | $169.05 | $52,375,196 | $57,594,659 | +$5,219,463 | +9.97% |
| Par Pacific Holdings Inc. (PARR) | Equity | 0% | 61,069 | 0.00% | $26.53 | $36.17 | $1,620,161 | $2,208,866 | +$588,705 | +36.34% |
| Brookfield Renewable Corp. (BEPC) | Equity | 0% | 10,094,152 | 0.40% | $32.78 | $33.90 | $330,886,303 | $342,191,753 | +$11,305,450 | +3.42% |
| Nabors Industries Ltd. (NBR) | Equity | +100% | 77,438 | 0.00% | $28.02 | N/A | $2,169,812 | N/A | N/A | N/A |
| Dt Midstream Inc. (DTM) | Equity | +3.44% | 356,484 | 0.05% | $109.91 | $105.27 | $39,181,176 | $37,527,071 | -$1,654,105 | -4.22% |
| Essex Property Trust Inc. (ESS) | Equity | +100% | 8,105 | 0.00% | $283.40 | $267.51 | $2,296,957 | $2,168,193 | -$128,764 | -5.61% |
| Omega Healthcare Investors Inc. (OHI) | Equity | +100% | 299,595 | 0.01% | $36.65 | N/A | $10,980,157 | N/A | N/A | N/A |
| Republic Services Inc. (RSG) | Equity | -15.99% | 17,243 | 0.01% | $246.61 | $228.65 | $4,252,296 | $3,942,612 | -$309,684 | -7.28% |
| The Williams Companies Inc. (WMB) | Equity | +190.29% | 12,028,186 | 0.92% | $62.81 | $57.78 | $755,490,388 | $694,988,587 | -$60,501,801 | -8.01% |
| Brookfield Asset Management Ltd. (BAM) | Equity | +100% | 1,193,021,145 | 80.25% | $55.28 | $53.93 | $65,950,208,896 | $64,339,630,350 | -$1,610,578,546 | -2.44% |