# EDGAR Filing Document

**Accession Number:** 0001520710
**File Stem:** 0001520710-25-000007
**Filing Date:** 2025-8
**Character Count:** 25209
**Document Hash:** 8df7366661baa339e269e1d6ccf5d768
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001520710-25-000007.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001520710-25-000007

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Uniplan Investment Counsel, Inc.
- **CENTRAL INDEX KEY:** 0001520710

**ORGANIZATION NAME:**
- **EIN:** 273053886
- **STATE OF INCORPORATION:** WI

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16961
- **FILM NUMBER:** 251215513

**BUSINESS ADDRESS:**
- **STREET 1:** 839 N JEFFERSON ST
- **STREET 2:** SUITE 502
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 262-534-3000

**MAIL ADDRESS:**
- **STREET 1:** 839 N JEFFERSON ST
- **STREET 2:** SUITE 502
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Uniplan Investment Counsel Inc.<br>**Address:** 839 N JEFFERSON ST<br>SUITE 502<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-16961

**CRD Number (if applicable):** 000154718

**SEC File Number (if applicable):** 801-71802

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Mary Beth Jacobson<br>**Title:** Chief Compliance Officer and Director of Financial Reporting<br>**Phone:** 2625343000

**Signature, Place, and Date of Signing:**

Mary Beth Jacobson  Milwaukee, WI  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 205

**Form 13F Information Table Value Total:** $988582942

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Agree Realty Corporation | COM | 008492100 |  | 9375438 | 128325 | SH |  | SOLE |  | 128325 | 0 | 0 |
| Apartment Investment  Management Co Class A | COM | 03748R747 |  | 7468676 | 863430 | SH |  | SOLE |  | 863430 | 0 | 0 |
| American Homes for Rent Class A | COM | 02665T306 |  | 21810562 | 604673 | SH |  | SOLE |  | 604673 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 55188389 | 249698 | SH |  | SOLE |  | 249698 | 0 | 0 |
| AvalonBay Communities Inc. | COM | 053484101 |  | 12992583 | 63845 | SH |  | SOLE |  | 63845 | 0 | 0 |
| Brixmor Property Group Inc. | COM | 11120U105 |  | 3275068 | 125770 | SH |  | SOLE |  | 125770 | 0 | 0 |
| BXP Inc | COM | 101121101 |  | 9654167 | 143088 | SH |  | SOLE |  | 143088 | 0 | 0 |
| Crown Castle Inc. | COM | 22822V101 |  | 25915484 | 252267 | SH |  | SOLE |  | 252267 | 0 | 0 |
| Camden Property Trust | COM | 133131102 |  | 10794423 | 95788 | SH |  | SOLE |  | 95788 | 0 | 0 |
| CareTrust REIT Inc. | COM | 14174T107 |  | 3458776 | 113031 | SH |  | SOLE |  | 113031 | 0 | 0 |
| Curbline Properties Corp. | COM | 23128Q101 |  | 3161042 | 138460 | SH |  | SOLE |  | 138460 | 0 | 0 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 11579932 | 66425 | SH |  | SOLE |  | 66425 | 0 | 0 |
| EastGroup Properties Inc. | COM | 277276101 |  | 30951615 | 185205 | SH |  | SOLE |  | 185205 | 0 | 0 |
| Equity LifeStyle Properties Inc. | COM | 29472R108 |  | 15558159 | 252280 | SH |  | SOLE |  | 252280 | 0 | 0 |
| EPR Properties | COM | 26884U109 |  | 7589037 | 130261 | SH |  | SOLE |  | 130261 | 0 | 0 |
| Equinix Inc. | COM | 29444U700 |  | 44704369 | 56198 | SH |  | SOLE |  | 56198 | 0 | 0 |
| Essex Property Trust Inc. | COM | 297178105 |  | 15380786 | 54272 | SH |  | SOLE |  | 54272 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 |  | 18548163 | 125801 | SH |  | SOLE |  | 125801 | 0 | 0 |
| Farmland Partners Inc | COM | 31154R109 |  | 5346533 | 464512 | SH |  | SOLE |  | 464512 | 0 | 0 |
| Gaming and Leisure Properties Inc. | COM | 36467J108 |  | 18839562 | 403589 | SH |  | SOLE |  | 403589 | 0 | 0 |
| Howard Hughes Holdings Inc. | COM | 44267T102 |  | 3148373 | 46642 | SH |  | SOLE |  | 46642 | 0 | 0 |
| Invitation Homes Inc. | COM | 46187W107 |  | 12067709 | 367917 | SH |  | SOLE |  | 367917 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 22710098 | 1002653 | SH |  | SOLE |  | 1002653 | 0 | 0 |
| Mid-America Apartment Communities Inc. | COM | 59522J103 |  | 11339212 | 76611 | SH |  | SOLE |  | 76611 | 0 | 0 |
| Realty Income Corporation | COM | 756109104 |  | 8095817 | 140527 | SH |  | SOLE |  | 140527 | 0 | 0 |
| OUTFRONT Media Inc. | COM | 69007J304 |  | 2951996 | 180882 | SH |  | SOLE |  | 180882 | 0 | 0 |
| PotlatchDeltic Corporation | COM | 737630103 |  | 2717610 | 70826 | SH |  | SOLE |  | 70826 | 0 | 0 |
| Prologis Inc. | COM | 74340W103 |  | 11681289 | 111123 | SH |  | SOLE |  | 111123 | 0 | 0 |
| Public Storage | COM | 74460D109 |  | 20797002 | 70877 | SH |  | SOLE |  | 70877 | 0 | 0 |
| Postal Realty Trust Inc. Class A | COM | 73757R102 |  | 1653371 | 112245 | SH |  | SOLE |  | 112245 | 0 | 0 |
| Regency Centers Corporation | COM | 758849103 |  | 11871331 | 166661 | SH |  | SOLE |  | 166661 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 |  | 2590914 | 116813 | SH |  | SOLE |  | 116813 | 0 | 0 |
| SBA Communications Corp. Class A | COM | 78410G104 |  | 10648723 | 45344 | SH |  | SOLE |  | 45344 | 0 | 0 |
| Sabra Health Care REIT Inc. | COM | 78573L106 |  | 3401763 | 184477 | SH |  | SOLE |  | 184477 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 |  | 31515408 | 196040 | SH |  | SOLE |  | 196040 | 0 | 0 |
| Sun Communities Inc. | COM | 866674104 |  | 5897657 | 46625 | SH |  | SOLE |  | 46625 | 0 | 0 |
| Terreno Realty Corporation | COM | 88146M101 |  | 25782454 | 459826 | SH |  | SOLE |  | 459826 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 18047718 | 553611 | SH |  | SOLE |  | 553611 | 0 | 0 |
| Ventas Inc. | COM | 92276F100 |  | 18592507 | 294418 | SH |  | SOLE |  | 294418 | 0 | 0 |
| Welltower Inc. | COM | 95040Q104 |  | 48302510 | 314203 | SH |  | SOLE |  | 314203 | 0 | 0 |
| Weyerhaeuser Company | COM | 962166104 |  | 8368211 | 325738 | SH |  | SOLE |  | 325738 | 0 | 0 |
| Alpha and Omega Semiconductor Limited | COM | G6331P104 |  | 4801739 | 187129 | SH |  | SOLE |  | 187129 | 0 | 0 |
| Aris Water Solutions Inc. Class A | COM | 04041L106 |  | 1210522 | 51184 | SH |  | SOLE |  | 51184 | 0 | 0 |
| Astec Industries Inc. | COM | 046224101 |  | 3151606 | 75596 | SH |  | SOLE |  | 75596 | 0 | 0 |
| Axogen Inc. | COM | 05463X106 |  | 2006919 | 184969 | SH |  | SOLE |  | 184969 | 0 | 0 |
| AZZ Inc. | COM | 002474104 |  | 6441254 | 68175 | SH |  | SOLE |  | 68175 | 0 | 0 |
| Build-A-Bear Workshop Inc. | COM | 120076104 |  | 6231005 | 120849 | SH |  | SOLE |  | 120849 | 0 | 0 |
| BK Technologies Corp. | COM | 05587G203 |  | 3693155 | 78361 | SH |  | SOLE |  | 78361 | 0 | 0 |
| Blade Air Mobility Inc. Class A | COM | 092667104 |  | 5491949 | 1362766 | SH |  | SOLE |  | 1362766 | 0 | 0 |
| BioLife Solutions Inc. | COM | 09062W204 |  | 4882441 | 226668 | SH |  | SOLE |  | 226668 | 0 | 0 |
| Banco Latinoamericano de Comercio Exterior S.A. Class E | COM | P16994132 |  | 6025004 | 149503 | SH |  | SOLE |  | 149503 | 0 | 0 |
| Cass Information Systems Inc. | COM | 14808P109 |  | 4245323 | 97705 | SH |  | SOLE |  | 97705 | 0 | 0 |
| CompoSecure Inc. Class A | COM | 20459V105 |  | 1051243 | 74609 | SH |  | SOLE |  | 74609 | 0 | 0 |
| Collegium Pharmaceutical Inc. | COM | 19459J104 |  | 3856682 | 130425 | SH |  | SOLE |  | 130425 | 0 | 0 |
| CSG Systems International Inc. | COM | 126349109 |  | 1609782 | 24648 | SH |  | SOLE |  | 24648 | 0 | 0 |
| Daktronics Inc. | COM | 234264109 |  | 2928615 | 193691 | SH |  | SOLE |  | 193691 | 0 | 0 |
| Dave Inc. Class A | COM | 23834J201 |  | 1340069 | 4992 | SH |  | SOLE |  | 4992 | 0 | 0 |
| Dynavax Technologies Corporation | COM | 268158201 |  | 1469616 | 148146 | SH |  | SOLE |  | 148146 | 0 | 0 |
| National Vision Holdings Inc. | COM | 63845R107 |  | 528807 | 22981 | SH |  | SOLE |  | 22981 | 0 | 0 |
| EZCORP Inc. Class A | COM | 302301106 |  | 2733232 | 196918 | SH |  | SOLE |  | 196918 | 0 | 0 |
| Farmland Partners Inc | COM | 31154R109 |  | 4160374 | 361457 | SH |  | SOLE |  | 361457 | 0 | 0 |
| GCM Grosvenor Inc. Class A | COM | 36831E108 |  | 1378296 | 119229 | SH |  | SOLE |  | 119229 | 0 | 0 |
| Genius Sports Limited | COM | G3934V109 |  | 535178 | 51459 | SH |  | SOLE |  | 51459 | 0 | 0 |
| Global Medical REIT Inc. | COM | 37954A204 |  | 1100088 | 158742 | SH |  | SOLE |  | 158742 | 0 | 0 |
| Gorman-Rupp Company | COM | 383082104 |  | 4914296 | 133831 | SH |  | SOLE |  | 133831 | 0 | 0 |
| Hawkins Inc. | COM | 420261109 |  | 4738027 | 33342 | SH |  | SOLE |  | 33342 | 0 | 0 |
| InterDigital Inc. | COM | 45867G101 |  | 3143111 | 14017 | SH |  | SOLE |  | 14017 | 0 | 0 |
| Innodata Inc. | COM | 457642205 |  | 2796944 | 54606 | SH |  | SOLE |  | 54606 | 0 | 0 |
| Innoviva Inc. | COM | 45781M101 |  | 4476809 | 222837 | SH |  | SOLE |  | 222837 | 0 | 0 |
| IRadimed Corp. | COM | 46266A109 |  | 4774131 | 79848 | SH |  | SOLE |  | 79848 | 0 | 0 |
| LifeMD Inc. | COM | 53216B104 |  | 3665547 | 269129 | SH |  | SOLE |  | 269129 | 0 | 0 |
| Ligand Pharmaceuticals Incorporated | COM | 53220K504 |  | 7122969 | 62658 | SH |  | SOLE |  | 62658 | 0 | 0 |
| Lincoln Educational Services Corporation | COM | 533535100 |  | 8308007 | 360434 | SH |  | SOLE |  | 360434 | 0 | 0 |
| Mama's Creations Inc. | COM | 56146T103 |  | 4903678 | 590804 | SH |  | SOLE |  | 590804 | 0 | 0 |
| Medallion Financial Corp. | COM | 583928106 |  | 2108857 | 221286 | SH |  | SOLE |  | 221286 | 0 | 0 |
| NPK International Inc. | COM | 651718504 |  | 5581146 | 655833 | SH |  | SOLE |  | 655833 | 0 | 0 |
| NAPCO Security Technologies Inc. | COM | 630402105 |  | 3650681 | 122959 | SH |  | SOLE |  | 122959 | 0 | 0 |
| NWPX Infrastructure Inc. | COM | 667746101 |  | 2665273 | 64990 | SH |  | SOLE |  | 64990 | 0 | 0 |
| OUTFRONT Media Inc. | COM | 69007J304 |  | 1399533 | 85755 | SH |  | SOLE |  | 85755 | 0 | 0 |
| Patria Investments Ltd. Class A | COM | G69451105 |  | 1078851 | 76731 | SH |  | SOLE |  | 76731 | 0 | 0 |
| Park Aerospace Corp. | COM | 70014A104 |  | 3340617 | 226175 | SH |  | SOLE |  | 226175 | 0 | 0 |
| Plymouth Industrial REIT Inc. | COM | 729640102 |  | 3769609 | 234720 | SH |  | SOLE |  | 234720 | 0 | 0 |
| Postal Realty Trust Inc. Class A | COM | 73757R102 |  | 2170445 | 147348 | SH |  | SOLE |  | 147348 | 0 | 0 |
| ProPetro Holding Corp. | COM | 74347M108 |  | 3130368 | 524349 | SH |  | SOLE |  | 524349 | 0 | 0 |
| Red Cat Holdings Inc | COM | 75644T100 |  | 539425 | 74096 | SH |  | SOLE |  | 74096 | 0 | 0 |
| Red Violet Inc. | COM | 75704L104 |  | 5464341 | 111063 | SH |  | SOLE |  | 111063 | 0 | 0 |
| Solaris Energy Infrastructure Inc. Class A | COM | 83418M103 |  | 6069602 | 214549 | SH |  | SOLE |  | 214549 | 0 | 0 |
| SIGA Technologies Inc | COM | 826917106 |  | 3009316 | 461551 | SH |  | SOLE |  | 461551 | 0 | 0 |
| Sprott Inc. | COM | 852066208 |  | 8628689 | 124890 | SH |  | SOLE |  | 124890 | 0 | 0 |
| Spok Holdings Inc. | COM | 84863T106 |  | 3327875 | 188228 | SH |  | SOLE |  | 188228 | 0 | 0 |
| Strawberry Fields REIT Inc | COM | 863182101 |  | 862231 | 81805 | SH |  | SOLE |  | 81805 | 0 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 4251695 | 17413 | SH |  | SOLE |  | 17413 | 0 | 0 |
| WisdomTree Floating Rate Treasury Fund | COM | 97717Y527 |  | 12950467 | 257413 | SH |  | SOLE |  | 257413 | 0 | 0 |
| Universal Technical Institute Inc. | COM | 913915104 |  | 7760086 | 228978 | SH |  | SOLE |  | 228978 | 0 | 0 |
| Venu Holding Corporation | COM | 92333E104 |  | 543673 | 46113 | SH |  | SOLE |  | 46113 | 0 | 0 |
| TeraWulf Inc. | COM | 88080T104 |  | 3716516 | 848519 | SH |  | SOLE |  | 848519 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 3344098 | 18015 | SH |  | SOLE |  | 18015 | 0 | 0 |
| American Healthcare REIT Inc. | COM | 398182303 |  | 1721782 | 46863 | SH |  | SOLE |  | 46863 | 0 | 0 |
| Air Lease Corporation Class A | COM | 00912X302 |  | 1594877 | 27267 | SH |  | SOLE |  | 27267 | 0 | 0 |
| Albemarle Corporation Depository Shs Repr Conv Pfd Registered Shs | PFD | 012653200 |  | 1503987 | 46853 | SH |  | SOLE |  | 46853 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 2299711 | 8236 | SH |  | SOLE |  | 8236 | 0 | 0 |
| Apollo Global Management Inc Mandatory Conv Pfd Registered Shs Series A | PFD | 03769M304 |  | 1745791 | 23323 | SH |  | SOLE |  | 23323 | 0 | 0 |
| Ares Capital Corporation | COM | 04010L103 |  | 3386972 | 154233 | SH |  | SOLE |  | 154233 | 0 | 0 |
| Ares Management Corporation Pfd Registered shs Series B | PFD | 03990B309 |  | 1636036 | 30868 | SH |  | SOLE |  | 30868 | 0 | 0 |
| Barrick Mining Corporation | COM | 06849F108 |  | 1471403 | 70672 | SH |  | SOLE |  | 70672 | 0 | 0 |
| Bank of America Corp Non Cum Perp Conv Pfd Registered Shs Series L | PFD | 060505682 |  | 2394031 | 1973 | SH |  | SOLE |  | 1973 | 0 | 0 |
| Boeing Company Pfd Registered shs Series A | PFD | 097023204 |  | 4865235 | 71547 | SH |  | SOLE |  | 71547 | 0 | 0 |
| Cogent Communications Holdings Inc | COM | 19239V302 |  | 1588018 | 32939 | SH |  | SOLE |  | 32939 | 0 | 0 |
| CMB.TECH NV | COM | B38564108 |  | 3361248 | 372643 | SH |  | SOLE |  | 372643 | 0 | 0 |
| Compass Diversified Holdings Cum Red Perp Pfd Registered Shs Series C | PFD | 20451Q401 |  | 2694143 | 142925 | SH |  | SOLE |  | 142925 | 0 | 0 |
| Copa Holdings S.A. Class A | COM | P31076105 |  | 886614 | 8062 | SH |  | SOLE |  | 8062 | 0 | 0 |
| CSG Systems International Inc. | COM | 126349109 |  | 1344499 | 20586 | SH |  | SOLE |  | 20586 | 0 | 0 |
| Clearway Energy Inc. Class C | COM | 18539C204 |  | 2673564 | 83548 | SH |  | SOLE |  | 83548 | 0 | 0 |
| DHT Holdings Inc. | COM | Y2065G121 |  | 823162 | 76148 | SH |  | SOLE |  | 76148 | 0 | 0 |
| Devon Energy Corporation | COM | 25179M103 |  | 1245033 | 39139 | SH |  | SOLE |  | 39139 | 0 | 0 |
| Ellington Financial Inc. | COM | 28852N109 |  | 2508931 | 193143 | SH |  | SOLE |  | 193143 | 0 | 0 |
| EPR Properties Cum Conv Pfd Shs Series C | PFD | 26884U208 |  | 2987395 | 119257 | SH |  | SOLE |  | 119257 | 0 | 0 |
| Equitable Holdings Inc. | COM | 29452E101 |  | 4361047 | 77737 | SH |  | SOLE |  | 77737 | 0 | 0 |
| Equinix Inc. | COM | 29444U700 |  | 4367907 | 5490 | SH |  | SOLE |  | 5490 | 0 | 0 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 4856660 | 35346 | SH |  | SOLE |  | 35346 | 0 | 0 |
| Farmland Partners Inc | COM | 31154R109 |  | 1493697 | 129773 | SH |  | SOLE |  | 129773 | 0 | 0 |
| Gaming and Leisure Properties Inc. | COM | 36467J108 |  | 4421070 | 94710 | SH |  | SOLE |  | 94710 | 0 | 0 |
| Chart Industries Inc. Shs Depository Shs Repr Pfd Shs Series B | PFD | 16115Q407 |  | 1035813 | 17149 | SH |  | SOLE |  | 17149 | 0 | 0 |
| Getty Realty Corp. | COM | 374297109 |  | 1128419 | 40825 | SH |  | SOLE |  | 40825 | 0 | 0 |
| Huntington Ingalls Industries Inc. | COM | 446413106 |  | 910623 | 3771 | SH |  | SOLE |  | 3771 | 0 | 0 |
| InterDigital Inc. | COM | 45867G101 |  | 4270157 | 19043 | SH |  | SOLE |  | 19043 | 0 | 0 |
| Kinder Morgan Inc Class P | COM | 49456B101 |  | 8252207 | 280687 | SH |  | SOLE |  | 280687 | 0 | 0 |
| Kinetik Holdings Inc. Class A | COM | 02215L209 |  | 694543 | 15767 | SH |  | SOLE |  | 15767 | 0 | 0 |
| Kite Realty Group Trust | COM | 49803T300 |  | 4079800 | 180123 | SH |  | SOLE |  | 180123 | 0 | 0 |
| LKQ Corporation | COM | 501889208 |  | 756280 | 20434 | SH |  | SOLE |  | 20434 | 0 | 0 |
| Medallion Bank Non-Cum Perp Pfd Registered Shs Series F | PFD | 58403B205 |  | 1471403 | 58879 | SH |  | SOLE |  | 58879 | 0 | 0 |
| MetLife Inc. | COM | 59156R108 |  | 3767684 | 46850 | SH |  | SOLE |  | 46850 | 0 | 0 |
| New York Mortgage Trust Inc. Cum Conv Red Pfd Registered Shs Series E | PFD | 649604873 |  | 1406236 | 57280 | SH |  | SOLE |  | 57280 | 0 | 0 |
| Omega Healthcare Investors Inc. | COM | 681936100 |  | 3584188 | 97795 | SH |  | SOLE |  | 97795 | 0 | 0 |
| ONEOK Inc. | COM | 682680103 |  | 3627061 | 44432 | SH |  | SOLE |  | 44432 | 0 | 0 |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR Class B | COM | 400501102 |  | 2498642 | 23683 | SH |  | SOLE |  | 23683 | 0 | 0 |
| OUTFRONT Media Inc. | COM | 69007J304 |  | 2273987 | 139337 | SH |  | SOLE |  | 139337 | 0 | 0 |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR Class B | COM | 400506101 |  | 2088775 | 9096 | SH |  | SOLE |  | 9096 | 0 | 0 |
| PG Corporation Pfd Shs A Non Voting | PFD | 69331C306 |  | 2464343 | 65541 | SH |  | SOLE |  | 65541 | 0 | 0 |
| PotlatchDeltic Corporation | COM | 737630103 |  | 1185011 | 30883 | SH |  | SOLE |  | 30883 | 0 | 0 |
| Public Storage Depositary Shs Repr Cum Red Pfd Registered Shs Series H | PFD | 74460W644 |  | 2196815 | 97984 | SH |  | SOLE |  | 97984 | 0 | 0 |
| RLJ Lodging Trust USD Cum Conv Pfd Registered Shs Series A | PFD | 74965L200 |  | 804298 | 33994 | SH |  | SOLE |  | 33994 | 0 | 0 |
| Royalty Pharma Plc Class A | COM | G7709Q104 |  | 2164232 | 60067 | SH |  | SOLE |  | 60067 | 0 | 0 |
| Redwood Trust Inc. Cum Red Pfd Registered Shs A Series A | PFD | 758075808 |  | 1485122 | 58677 | SH |  | SOLE |  | 58677 | 0 | 0 |
| Sabine Royalty Trust | COM | 785688102 |  | 857461 | 12859 | SH |  | SOLE |  | 12859 | 0 | 0 |
| Simon Property Group Inc. | COM | 828806109 |  | 5765569 | 35864 | SH |  | SOLE |  | 35864 | 0 | 0 |
| Sitio Royalties Corp. Class A | COM | 82983N108 |  | 848886 | 46185 | SH |  | SOLE |  | 46185 | 0 | 0 |
| AT Inc Depositary Shs Repr Red Perp Pfd Shs Series C | PFD | 00206R706 |  | 3299510 | 172749 | SH |  | SOLE |  | 172749 | 0 | 0 |
| Terreno Realty Corporation | COM | 88146M101 |  | 1953296 | 34836 | SH |  | SOLE |  | 34836 | 0 | 0 |
| Triton International Ltd. Conv Cum Red Perp Pfd Registered Shs Series B | PFD | G9078F131 |  | 1824677 | 74812 | SH |  | SOLE |  | 74812 | 0 | 0 |
| UDR Inc. | COM | 902653104 |  | 1198730 | 29359 | SH |  | SOLE |  | 29359 | 0 | 0 |
| WisdomTree Floating Rate Treasury Fund | COM | 97717Y527 |  | 18015261 | 358085 | SH |  | SOLE |  | 358085 | 0 | 0 |
| VICI Properties Inc | COM | 925652109 |  | 4738330 | 145347 | SH |  | SOLE |  | 145347 | 0 | 0 |
| Valero Energy Corporation | COM | 91913Y100 |  | 2721582 | 20246 | SH |  | SOLE |  | 20246 | 0 | 0 |
| Williams Companies Inc. | COM | 969457100 |  | 5388286 | 85787 | SH |  | SOLE |  | 85787 | 0 | 0 |
| Xenia Hotels  Resorts Inc. | COM | 984017103 |  | 1039243 | 82676 | SH |  | SOLE |  | 82676 | 0 | 0 |
| Global X S 500 Covered Call ETF | COM | 37954Y475 |  | 2212250 | 56811 | SH |  | SOLE |  | 56811 | 0 | 0 |
| American Tower Corporation | COM | 03027X100 |  | 36135 | 163 | SH |  | SOLE |  | 163 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 60555 | 276 | SH |  | SOLE |  | 276 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 25215 | 91 | SH |  | SOLE |  | 91 | 0 | 0 |
| Build-A-Bear Workshop Inc. | COM | 120076104 |  | 19245 | 373 | SH |  | SOLE |  | 373 | 0 | 0 |
| BK Technologies Corp. | COM | 05587G203 |  | 28395 | 602 | SH |  | SOLE |  | 602 | 0 | 0 |
| Cboe Global Markets Inc | COM | 12503M108 |  | 43320 | 185 | SH |  | SOLE |  | 185 | 0 | 0 |
| CME Group Inc. Class A | COM | 12572Q105 |  | 19020 | 69 | SH |  | SOLE |  | 69 | 0 | 0 |
| CompoSecure Inc. Class A | COM | 20459V105 |  | 19365 | 1374 | SH |  | SOLE |  | 1374 | 0 | 0 |
| Coinbase Global Inc. Class A | COM | 19260Q107 |  | 41010 | 117 | SH |  | SOLE |  | 117 | 0 | 0 |
| Global X MSCI Colombia ETF | COM | 37954Y327 |  | 17490 | 606 | SH |  | SOLE |  | 606 | 0 | 0 |
| Sprott Copper Miners ETF | COM | 85208P881 |  | 3750 | 161 | SH |  | SOLE |  | 161 | 0 | 0 |
| CrowdStrike Holdings Inc. Class A | COM | 22788C105 |  | 82500 | 161 | SH |  | SOLE |  | 161 | 0 | 0 |
| Airbus SE Unsponsored ADR | COM | 009279100 |  | 3915 | 75 | SH |  | SOLE |  | 75 | 0 | 0 |
| iShares MSCI Europe Financials ETF | COM | 464289180 |  | 17985 | 568 | SH |  | SOLE |  | 568 | 0 | 0 |
| iShares MSCI Brazil ETF | COM | 464286400 |  | 22485 | 779 | SH |  | SOLE |  | 779 | 0 | 0 |
| Sprott Active Gold  Silver Miners ETF | COM | 85208P865 |  | 31785 | 1253 | SH |  | SOLE |  | 1253 | 0 | 0 |
| Acushnet Holdings Corp. | COM | 005098108 |  | 22290 | 306 | SH |  | SOLE |  | 306 | 0 | 0 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 54015 | 304 | SH |  | SOLE |  | 304 | 0 | 0 |
| Robinhood Markets Inc. Class A | COM | 770700102 |  | 20640 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| iShares Bitcoin Trust ETF | COM | 46438F101 |  | 20385 | 333 | SH |  | SOLE |  | 333 | 0 | 0 |
| Innodata Inc. | COM | 457642205 |  | 17745 | 346 | SH |  | SOLE |  | 346 | 0 | 0 |
| IRadimed Corp. | COM | 46266A109 |  | 29865 | 499 | SH |  | SOLE |  | 499 | 0 | 0 |
| Kratos Defense  Security Solutions Inc. | COM | 50077B207 |  | 58950 | 1269 | SH |  | SOLE |  | 1269 | 0 | 0 |
| LandBridge Company LLC Class A | COM | 514952100 |  | 36555 | 540 | SH |  | SOLE |  | 540 | 0 | 0 |
| Ligand Pharmaceuticals Incorporated | COM | 53220K504 |  | 33585 | 295 | SH |  | SOLE |  | 295 | 0 | 0 |
| Lincoln Educational Services Corporation | COM | 533535100 |  | 50715 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 70860 | 96 | SH |  | SOLE |  | 96 | 0 | 0 |
| Nebius Group N.V. Class A | COM | 000980552 |  | 19095 | 345 | SH |  | SOLE |  | 345 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 17070 | 12 | SH |  | SOLE |  | 12 | 0 | 0 |
| Park Aerospace Corp. | COM | 70014A104 |  | 32175 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| Palantir Technologies Inc. Class A | COM | 69608A108 |  | 62985 | 462 | SH |  | SOLE |  | 462 | 0 | 0 |
| Red Cat Holdings Inc | COM | 75644T100 |  | 10395 | 1427 | SH |  | SOLE |  | 1427 | 0 | 0 |
| Reddit Inc. Class A | COM | 75734B100 |  | 54615 | 362 | SH |  | SOLE |  | 362 | 0 | 0 |
| Red Violet Inc. | COM | 75704L104 |  | 29070 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| Charles Schwab Corp | COM | 808513105 |  | 8895 | 97 | SH |  | SOLE |  | 97 | 0 | 0 |
| Serve Robotics Inc | COM | 81758H106 |  | 18735 | 1637 | SH |  | SOLE |  | 1637 | 0 | 0 |
| Sprott Inc. | COM | 852066208 |  | 34575 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Sprott Silver Miners  Physical Silver ETF | COM | 85208P873 |  | 13380 | 448 | SH |  | SOLE |  | 448 | 0 | 0 |
| Sprott Physical Platinum and Palladium Trust Trust Units | COM | 85207Q104 |  | 11040 | 941 | SH |  | SOLE |  | 941 | 0 | 0 |
| SWK Holdings Corporation | COM | 78501P203 |  | 17925 | 1216 | SH |  | SOLE |  | 1216 | 0 | 0 |
| Take-Two Interactive Software Inc. | COM | 874054109 |  | 58290 | 240 | SH |  | SOLE |  | 240 | 0 | 0 |
| Texas Instruments Incorporated | COM | 882508104 |  | 23985 | 115 | SH |  | SOLE |  | 115 | 0 | 0 |
| Uranium Energy Corp. | COM | 916896103 |  | 15285 | 2247 | SH |  | SOLE |  | 2247 | 0 | 0 |
| Sprott Uranium Miners ETF | COM | 85208P303 |  | 8190 | 170 | SH |  | SOLE |  | 170 | 0 | 0 |
| WisdomTree Floating Rate Treasury Fund | COM | 97717Y527 |  | 28755 | 571 | SH |  | SOLE |  | 571 | 0 | 0 |
| Universal Technical Institute Inc. | COM | 913915104 |  | 50700 | 1496 | SH |  | SOLE |  | 1496 | 0 | 0 |
| VeriSign Inc. | COM | 92343E102 |  | 14730 | 51 | SH |  | SOLE |  | 51 | 0 | 0 |
| TeraWulf Inc. | COM | 88080T104 |  | 69495 | 15866 | SH |  | SOLE |  | 15866 | 0 | 0 |

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