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 15,550 336,000 SH   SOLE   336,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 9,792 74,000 SH   SOLE   74,000 0 0
AIR PRODS & CHEMS INC COM 009158106 14,495 58,000 SH   SOLE   58,000 0 0
ALBEMARLE CORP COM 012653101 13,269 60,000 SH   SOLE   60,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,899 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 15,235 63,000 SH   SOLE   63,000 0 0
APA CORPORATION COM 03743Q108 7,233 175,000 SH   SOLE   175,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 2,406 320,000 SH   SOLE   320,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 4,877 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 13,718 64,000 SH   SOLE   64,000 0 0
AVALONBAY CMNTYS INC COM 053484101 14,902 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,815 140,000 SH   SOLE   140,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 7,871 1,180,000 SH   SOLE   1,180,000 0 0
BOSTON PPTYS INC COM 101121101 7,728 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104 3,675 125,000 SH   SOLE   125,000 0 0
BROADCOM INC COM 11135F101 27,076 43,000 SH   SOLE   43,000 0 0
CAMECO CORP COM 13321L108 14,550 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 7,748 125,000 SH   SOLE   125,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 17,222 208,652 SH   SOLE   208,652 0 0
CENTERSPACE COM 15202L107 19,624 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 20,354 125,000 SH   SOLE   125,000 0 0
CONOCOPHILLIPS COM 20825C104 12,500 125,000 SH   SOLE   125,000 0 0
CORTEXYME INC COM 22053A107 2,012 325,000 SH   SOLE   325,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 30,520 53,000 SH   SOLE   53,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 23,652 400,000 SH   SOLE   400,000 0 0
DIGITAL RLTY TR INC COM 253868103 10,635 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 8,915 65,000 SH   SOLE   65,000 0 0
DUKE RLTY CORP COM NEW 264411505 7,257 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 20,729 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102 10,324 125,000 SH   SOLE   125,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101 12,207 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 15,735 68,000 SH   SOLE   68,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 14,589 90,000 SH   SOLE   90,000 0 0
FLUOR CORP NEW COM NEW 343412102 4,504 157,000 SH   SOLE   157,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 5,310 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 119,376 2,400,000 SH   SOLE   2,400,000 0 0
HF SINCLAIR CORPORATION COM 403949100 10,560 265,000 SH   SOLE   265,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,861 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,496 74,000 SH   SOLE   74,000 0 0
INTEL CORP COM 458140100 10,655 215,000 SH   SOLE   215,000 0 0
IPG PHOTONICS CORP COM 44980X109 8,122 74,000 SH   SOLE   74,000 0 0
KEYCORP NEW COM 493267108 12,085 540,000 SH   SOLE   540,000 0 0
KIMCO RLTY CORP COM 49446R109 6,175 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 8,523 105,000 SH   SOLE   105,000 0 0
LOCKHEED MARTIN CORP COM 539830109 35,312 80,000 SH   SOLE   80,000 0 0
META PLATFORMS INC CL A 30303M102 41,137 185,000 SH   SOLE   185,000 0 0
MORGAN STANLEY COM NEW 617446448 14,858 170,000 SH   SOLE   170,000 0 0
MURPHY OIL CORP COM 626717102 16,156 400,000 SH   SOLE   400,000 0 0
NUCOR CORP COM 670346105 19,473 131,000 SH   SOLE   131,000 0 0
NUTRIEN LTD COM 67077M108 13,519 130,000 SH   SOLE   130,000 0 0
NVIDIA CORP COM 67066G104 44,203 162,000 SH   SOLE   162,000 0 0
OCCIDENTAL PETE CORP COM 674599105 9,929 175,000 SH   SOLE   175,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 3,523 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 11,372 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102 10,003 185,000 SH   SOLE   185,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 17,712 1,290,000 SH   SOLE   1,290,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,998 74,000 SH   SOLE   74,000 0 0
PERSONALIS INC COM 71535D106 2,539 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104 6,911 80,000 SH   SOLE   80,000 0 0
PROLOGIS INC COM 74340W103 20,185 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 8,918 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 11,256 140,000 SH   SOLE   140,000 0 0
RYDER SYS INC COM 783549108 5,553 70,000 SH   SOLE   70,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 10,236 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 14,333 170,000 SH   SOLE   170,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,156 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 9,475 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 6,970 80,000 SH   SOLE   80,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 74,366 55,000 SH   SOLE   55,000 0 0
TWILIO INC CL A 90138F102 31,149 189,000 SH   SOLE   189,000 0 0
UBER TECHNOLOGIES INC COM 90353T100 1,784 50,000 SH   SOLE   50,000 0 0
UDR INC COM 902653104 7,171 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 6,148 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,472 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,405 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,998 200,000 SH   SOLE   200,000 0 0
VISA INC COM CL A 92826C839 11,754 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,532 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 3,187 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 5,685 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,975 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 5,183 65,000 SH   SOLE   65,000 0 0