The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFFIRM HLDGS INC COM CL A 00827B106 16,190 161,000 SH   SOLE   161,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 10,218 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,126 53,000 SH   SOLE   53,000 0 0
ALBEMARLE CORP COM 012653101 12,857 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 3,136 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 11,923 53,000 SH   SOLE   53,000 0 0
APA CORPORATION COM 03743Q108 5,647 210,000 SH   SOLE   210,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 4,054 290,000 SH   SOLE   290,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 8,274 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 17,996 64,000 SH   SOLE   64,000 0 0
AVALONBAY CMNTYS INC COM 053484101 17,681 70,000 SH   SOLE   70,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 9,053 150,000 SH   SOLE   150,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 5,508 1,080,000 SH   SOLE   1,080,000 0 0
BOSTON PPTYS INC COM 101121101 8,063 70,000 SH   SOLE   70,000 0 0
BP PLC SPONSORED ADR 055622104 3,595 135,000 SH   SOLE   135,000 0 0
BROADCOM INC COM 11135F101 28,613 43,000 SH   SOLE   43,000 0 0
CAMECO CORP COM 13321L108 10,905 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 5,704 135,000 SH   SOLE   135,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 15,010 208,652 SH   SOLE   208,652 0 0
CENTERSPACE COM 15202L107 22,180 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 15,842 135,000 SH   SOLE   135,000 0 0
CONOCOPHILLIPS COM 20825C104 9,744 135,000 SH   SOLE   135,000 0 0
CORTEXYME INC COM 22053A107 4,102 325,000 SH   SOLE   325,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 30,088 53,000 SH   SOLE   53,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 22,025 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 13,265 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 8,519 55,000 SH   SOLE   55,000 0 0
DUKE RLTY CORP COM NEW 264411505 8,205 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 24,656 70,000 SH   SOLE   70,000 0 0
EXXON MOBIL CORP COM 30231G102 8,261 135,000 SH   SOLE   135,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 13,632 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 16,294 63,000 SH   SOLE   63,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 14,456 70,000 SH   SOLE   70,000 0 0
FLUOR CORP NEW COM NEW 343412102 2,650 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 5,355 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 129,363 3,100,000 SH   SOLE   3,100,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,689 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 6,228 190,000 SH   SOLE   190,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,795 64,000 SH   SOLE   64,000 0 0
INTEL CORP COM 458140100 8,498 165,000 SH   SOLE   165,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,017 64,000 SH   SOLE   64,000 0 0
KEYCORP NEW COM 493267108 10,177 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 6,162 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 12,197 105,000 SH   SOLE   105,000 0 0
LOCKHEED MARTIN CORP COM 539830109 24,879 70,000 SH   SOLE   70,000 0 0
META PLATFORMS INC CL A 30303M102 57,179 170,000 SH   SOLE   170,000 0 0
MORGAN STANLEY COM NEW 617446448 15,706 160,000 SH   SOLE   160,000 0 0
MURPHY OIL CORP COM 626717102 13,055 500,000 SH   SOLE   500,000 0 0
NUCOR CORP COM 670346105 12,100 106,000 SH   SOLE   106,000 0 0
NUTRIEN LTD COM 67077M108 11,656 155,000 SH   SOLE   155,000 0 0
NVIDIA CORP COM 67066G104 47,646 162,000 SH   SOLE   162,000 0 0
OCCIDENTAL PETE CORP COM 674599105 6,088 210,000 SH   SOLE   210,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 1,261 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 13,410 500,000 SH   SOLE   500,000 0 0
OVINTIV INC COM 69047Q102 7,414 220,000 SH   SOLE   220,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 17,117 940,000 SH   SOLE   940,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,360 64,000 SH   SOLE   64,000 0 0
PERSONALIS INC COM 71535D106 4,424 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104 4,348 60,000 SH   SOLE   60,000 0 0
PROLOGIS INC COM 74340W103 21,045 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 9,419 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 10,041 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 5,358 65,000 SH   SOLE   65,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 9,668 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 13,456 160,000 SH   SOLE   160,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 15,977 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 7,332 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 6,510 70,000 SH   SOLE   70,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 81,177 65,000 SH   SOLE   65,000 0 0
TWILIO INC CL A 90138F102 45,821 174,000 SH   SOLE   174,000 0 0
UDR INC COM 902653104 7,499 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 6,832 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,832 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 10,650 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,505 250,000 SH   SOLE   250,000 0 0
VISA INC COM CL A 92826C839 10,402 48,000 SH   SOLE   48,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,186 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 3,231 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 6,177 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 9,302 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 4,677 55,000 SH   SOLE   55,000 0 0