FM

Forward Management Portfolio holdings

AUM $907M
This Quarter Return
+9.06%
1 Year Return
+0.46%
3 Year Return
+36.86%
5 Year Return
+53.05%
10 Year Return
–
AUM
$672M
AUM Growth
+$672M
Cap. Flow
+$314M
Cap. Flow %
46.64%
Top 10 Hldgs %
81.42%
Holding
51
New
5
Increased
4
Reduced
11
Closed
5

Top Buys

1
BIL icon
SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$214M
2
QQQ icon
Invesco QQQ Trust
QQQ
$91.4M
3
SPY icon
SPDR S&P 500 ETF Trust
SPY
$51.7M
4
BDN
Brandywine Realty Trust
BDN
$8.71M
5
STAY
Extended Stay America, Inc. Paired Share Unit
STAY
$6.99M

Top Sells

1
SDS icon
ProShares UltraShort S&P500
SDS
$39.5M
2
STAG icon
STAG Industrial
STAG
$5.93M
3
WHLRP
Wheeler Real Estate Investment Trust, Inc. Preferred Stock
WHLRP
$4.11M
4
JCAP
Jernigan Capital, Inc.
JCAP
$3.46M
5
LMRKN
Landmark Infrastructure Partners LP 7% Series C Fltg/Fxd Perpetual Conv Preferred Stock
LMRKN
$1.5M

Sector Composition

1 Real Estate 16.94%
2 Financials 1.29%
3 Consumer Discretionary 1.04%
4 Communication Services 0.14%
Name Market Value Portfolio Weight Shares or Principal Shares
Change % 		Capital Flow
BIL icon
1
SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$42.1B
$214M 31.87% +2,339,448 New +$214M
SPY icon
2
SPDR S&P 500 ETF Trust
SPY
$658B
$136M 20.26% 482,352 +182,949 +61% +$51.7M
QQQ icon
3
Invesco QQQ Trust
QQQ
$364B
$91.4M 13.6% +508,987 New +$91.4M
LXP.PRC icon
4
LXP Industrial Trust 6.5% Series C Cumulative Convertible Preferred Stock
LXP.PRC
$90.1M
$16.7M 2.48% 310,060 -6,455 -2% -$348K
BHR.PRB
5
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$59.1M
$16.3M 2.43% 816,982 -56,938 -7% -$1.14M
BPY
6
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$16M 2.39% 780,150 +80,500 +12% +$1.66M
RLJ.PRA icon
7
RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares
RLJ.PRA
$313M
$15.5M 2.3% 614,110 – –
CLDT
8
Chatham Lodging
CLDT
$374M
$14.8M 2.21% 771,490 – –
CLPR
9
Clipper Realty
CLPR
$72.3M
$12.9M 1.91% 960,485 +10,485 +1% +$140K
JCAP
10
DELISTED
Jernigan Capital, Inc.
JCAP
$12.8M 1.9% 606,108 -164,542 -21% -$3.46M
UBP.PRG.CL
11
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.6M 1.73% 450,080 – –
EPR.PRE icon
12
EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares
EPR.PRE
$108M
$11M 1.63% 290,110 – –
SBRA icon
13
Sabra Healthcare REIT
SBRA
$4.58B
$10.2M 1.52% 525,000 – –
BDN
14
Brandywine Realty Trust
BDN
$740M
$8.71M 1.3% +549,220 New +$8.71M
DBRG icon
15
DigitalBridge
DBRG
$2.08B
$8.67M 1.29% 1,629,983 – –
ACR
16
ACRES Commercial Realty
ACR
$156M
$8.61M 1.28% 810,000 – –
EPR.PRC icon
17
EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares
EPR.PRC
$132M
$7.82M 1.16% 248,700 – –
APLE icon
18
Apple Hospitality REIT
APLE
$3.1B
$7.58M 1.13% 465,180 – –
STAY
19
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$6.99M 1.04% +389,620 New +$6.99M
QTS.PRB
20
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$6.9M 1.03% 63,500 – –
STAG icon
21
STAG Industrial
STAG
$6.88B
$6.23M 0.93% 210,000 -200,000 -49% -$5.93M
ARE icon
22
Alexandria Real Estate Equities
ARE
$14.1B
$1.06M 0.16% 7,415 – –
MAA icon
23
Mid-America Apartment Communities
MAA
$17.1B
$1.04M 0.15% 9,500 -20 -0.2% -$2.19K
FRT icon
24
Federal Realty Investment Trust
FRT
$8.67B
$1.02M 0.15% 7,420 – –
PLD icon
25
Prologis
PLD
$106B
$1.02M 0.15% 14,140 – –
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