FM

Forward Management Portfolio holdings

AUM $907M
This Quarter Return
+1.65%
1 Year Return
+0.46%
3 Year Return
+36.86%
5 Year Return
+53.05%
10 Year Return
–
AUM
$657M
AUM Growth
+$657M
Cap. Flow
-$31.1M
Cap. Flow %
-4.74%
Top 10 Hldgs %
78.11%
Holding
52
New
4
Increased
3
Reduced
18
Closed
1

Top Buys

1
BIL icon
SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$99M
2
QQQ icon
Invesco QQQ Trust
QQQ
$20.4M
3
EQC
Equity Commonwealth
EQC
$1.63M
4
SRC
SPIRIT REALTY CAPITAL, INC.
SRC
$469K
5
NSA icon
National Storage Affiliates Trust
NSA
$50K

Top Sells

1
SPY icon
SPDR S&P 500 ETF Trust
SPY
$120M
2
GDX icon
VanEck Gold Miners ETF
GDX
$24M
3
BHR.PRB
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$4.26M
4
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$1.56M
5
BRX icon
Brixmor Property Group
BRX
$1.16M

Sector Composition

1 Real Estate 18.79%
2 Financials 1.49%
3 Consumer Discretionary 1.26%
4 Communication Services 0.15%
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
$244M 37.1% 2,660,295 +1,081,234 +68% +$99M
SPY icon
2
SPDR S&P 500 ETF Trust
SPY
$658B
$109M 16.54% 365,953 -403,389 -52% -$120M
QQQ icon
3
Invesco QQQ Trust
QQQ
$364B
$65.6M 9.99% 347,471 +108,233 +45% +$20.4M
LXP.PRC icon
4
LXP Industrial Trust 6.5% Series C Cumulative Convertible Preferred Stock
LXP.PRC
$90.1M
$16.9M 2.57% 293,564 -15,641 -5% -$899K
RLJ.PRA icon
5
RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares
RLJ.PRA
$313M
$15.5M 2.36% 574,912 -25,198 -4% -$680K
CLDT
6
Chatham Lodging
CLDT
$374M
$14M 2.13% 770,990 -500 -0.1% -$9.08K
SBRA icon
7
Sabra Healthcare REIT
SBRA
$4.58B
$12.1M 1.84% 525,000 – –
BHR.PRB
8
Braemar Hotels & Resorts Inc. 5.50% Series B Cumulative Convertible Preferred Stock
BHR.PRB
$59.1M
$12M 1.82% 574,403 -204,435 -26% -$4.26M
UBP.PRG.CL
9
DELISTED
Urstadt Biddle Properties Inc. 6.75% Series G Cumulative Redeemable Preferred Stock, liquidation pre
UBP.PRG.CL
$11.4M 1.74% 450,080 – –
EPR.PRE icon
10
EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares
EPR.PRE
$108M
$11.3M 1.71% 290,110 – –
JCAP
11
DELISTED
Jernigan Capital, Inc.
JCAP
$10.3M 1.57% 534,000 – –
DBRG icon
12
DigitalBridge
DBRG
$2.08B
$9.81M 1.49% 1,629,983 – –
CLPR
13
Clipper Realty
CLPR
$72.3M
$9.79M 1.49% 960,485 – –
APLE icon
14
Apple Hospitality REIT
APLE
$3.1B
$9.75M 1.48% 588,080 -3,000 -0.5% -$49.7K
ACR
15
ACRES Commercial Realty
ACR
$156M
$9.21M 1.4% 810,000 – –
VNO icon
16
Vornado Realty Trust
VNO
$7.3B
$9.11M 1.39% 143,000 – –
BPY
17
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$8.81M 1.34% 434,150 -76,700 -15% -$1.56M
DOC icon
18
Healthpeak Properties
DOC
$12.5B
$8.37M 1.27% 235,000 – –
EPR.PRC icon
19
EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares
EPR.PRC
$132M
$8.28M 1.26% 248,700 – –
STAY
20
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
$8.27M 1.26% 564,650 – –
BDN
21
Brandywine Realty Trust
BDN
$740M
$8.18M 1.25% 540,120 -4,000 -0.7% -$60.6K
QTS.PRB
22
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$7.72M 1.17% 63,500 – –
STAG icon
23
STAG Industrial
STAG
$6.88B
$6.19M 0.94% 210,000 – –
EQC
24
DELISTED
Equity Commonwealth
EQC
$1.63M 0.25% +47,472 New +$1.63M
PLD icon
25
Prologis
PLD
$106B
$1.11M 0.17% 13,040 -600 -4% -$51.1K
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