FM

Forward Management Portfolio holdings

AUM $907M
This Quarter Return
-5.62%
1 Year Return
+0.46%
3 Year Return
+36.86%
5 Year Return
+53.05%
10 Year Return
–
AUM
$325M
AUM Growth
+$325M
Cap. Flow
-$211M
Cap. Flow %
-64.89%
Top 10 Hldgs %
69.81%
Holding
160
New
4
Increased
8
Reduced
21
Closed
113

Top Buys

1
SDS icon
ProShares UltraShort S&P500
SDS
$39.5M
2
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$11.3M
3
DBRG icon
DigitalBridge
DBRG
$2.85M
4
NSA icon
National Storage Affiliates Trust
NSA
$498K
5
SBRA icon
Sabra Healthcare REIT
SBRA
$410K

Top Sells

1
SPY icon
SPDR S&P 500 ETF Trust
SPY
$91.2M
2
BHR.PRB
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$27.6M
3
RPT.PRD
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$13.2M
4
ACWX icon
iShares MSCI ACWI ex US ETF
ACWX
$9.58M
5
SITC icon
SITE Centers
SITC
$9.06M

Sector Composition

1 Real Estate 30.83%
2 Financials 2.35%
3 Communication Services 0.23%
4 Energy 0%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Shares
Change % 		Capital Flow
SPY icon
1
SPDR S&P 500 ETF Trust
SPY
$658B
$74.8M 23.04%
299,403
-364,922
-55% -$91.2M
SDS icon
2
ProShares UltraShort S&P500
SDS
$445M
$39.5M 12.17%
+921,222
New +$39.5M
LXP.PRC icon
3
LXP Industrial Trust 6.5% Series C Cumulative Convertible Preferred Stock
LXP.PRC
$90.1M
$15.6M 4.8%
316,515
– –
JCAP
4
DELISTED
Jernigan Capital, Inc.
JCAP
$15.3M 4.7%
770,650
-181,500
-19% -$3.6M
RLJ.PRA icon
5
RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares
RLJ.PRA
$313M
$15.2M 4.69%
614,110
-90,000
-13% -$2.23M
BHR.PRB
6
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$59.1M
$15M 4.62%
873,920
-1,607,395
-65% -$27.6M
CLDT
7
Chatham Lodging
CLDT
$374M
$13.6M 4.2%
771,490
– –
CLPR
8
Clipper Realty
CLPR
$72.3M
$12.4M 3.82%
950,000
-110
-0% -$1.44K
BPY
9
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$11.3M 3.47%
+699,650
New +$11.3M
UBP.PRG.CL
10
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.1M 3.41%
450,080
– –
STAG icon
11
STAG Industrial
STAG
$6.88B
$10.2M 3.14%
410,000
– –
EPR.PRE icon
12
EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares
EPR.PRE
$108M
$9.86M 3.04%
290,110
-140,230
-33% -$4.77M
SBRA icon
13
Sabra Healthcare REIT
SBRA
$4.58B
$8.65M 2.66%
525,000
+24,850
+5% +$410K
ACR
14
ACRES Commercial Realty
ACR
$156M
$8.12M 2.5%
810,000
-130
-0% -$1.3K
DBRG icon
15
DigitalBridge
DBRG
$2.08B
$7.63M 2.35%
1,629,983
+608,283
+60% +$2.85M
EPR.PRC icon
16
EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares
EPR.PRC
$132M
$6.7M 2.06%
248,700
– –
APLE icon
17
Apple Hospitality REIT
APLE
$3.1B
$6.63M 2.04%
465,180
+80
+0% +$1.14K
QTS.PRB
18
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$5.99M 1.84%
63,500
-6,500
-9% -$613K
WHLRP
19
Wheeler Real Estate Investment Trust, Inc. Preferred Stock
WHLRP
$3.62M
$2.93M 0.9%
376,919
-11,200
-3% -$87.2K
LMRKN
20
DELISTED
Landmark Infrastructure Partners LP 7% Series C Fltg/Fxd Perpetual Conv Preferred Stock
LMRKN
$1.5M 0.46%
72,844
-36,491
-33% -$751K
AAT
21
American Assets Trust
AAT
$1.28B
$990K 0.3%
24,650
-50
-0.2% -$2.01K
MAA icon
22
Mid-America Apartment Communities
MAA
$17.1B
$911K 0.28%
9,520
+20
+0.2% +$1.91K
FRT icon
23
Federal Realty Investment Trust
FRT
$8.67B
$875K 0.27%
7,420
+20
+0.3% +$2.36K
VRE
24
Veris Residential
VRE
$1.47B
$862K 0.27%
44,000
-3,000
-6% -$58.8K
ARE icon
25
Alexandria Real Estate Equities
ARE
$14.1B
$855K 0.26%
7,415
– –
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