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 7,423 411,000 SH   SOLE   411,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 9,858 83,000 SH   SOLE   83,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,555 73,000 SH   SOLE   73,000 0 0
ALBEMARLE CORP COM 012653101 14,211 68,000 SH   SOLE   68,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,244 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 18,977 78,000 SH   SOLE   78,000 0 0
APA CORPORATION COM 03743Q108 6,107 175,000 SH   SOLE   175,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 931 320,000 SH   SOLE   320,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 4,090 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 12,725 74,000 SH   SOLE   74,000 0 0
AVALONBAY CMNTYS INC COM 053484101 11,655 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 8,427 150,000 SH   SOLE   150,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 9,031 1,330,000 SH   SOLE   1,330,000 0 0
BOSTON PPTYS INC COM 101121101 5,339 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104 3,544 125,000 SH   SOLE   125,000 0 0
BROADCOM INC COM 11135F101 23,319 48,000 SH   SOLE   48,000 0 0
CAMECO CORP COM 13321L108 10,510 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 6,710 125,000 SH   SOLE   125,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 14,317 205,000 SH   SOLE   205,000 0 0
CENTERSPACE COM 15202L107 16,310 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 18,097 125,000 SH   SOLE   125,000 0 0
CONOCOPHILLIPS COM 20825C104 11,226 125,000 SH   SOLE   125,000 0 0
CORTEXYME INC COM 22053A107 721 325,000 SH   SOLE   325,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 29,955 62,500 SH   SOLE   62,500 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 22,044 400,000 SH   SOLE   400,000 0 0
DIGITAL RLTY TR INC COM 253868103 9,737 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 7,552 80,000 SH   SOLE   80,000 0 0
DUKE RLTY CORP COM NEW 264411505 6,869 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 15,691 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102 10,705 125,000 SH   SOLE   125,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101 9,574 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 17,683 78,000 SH   SOLE   78,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 14,420 100,000 SH   SOLE   100,000 0 0
FLUOR CORP NEW COM NEW 343412102 4,430 182,000 SH   SOLE   182,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 3,753 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 69,639 2,380,000 SH   SOLE   2,380,000 0 0
HF SINCLAIR CORPORATION COM 403949100 11,967 265,000 SH   SOLE   265,000 0 0
HIGHWOODS PPTYS INC COM 431284108 5,128 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 15,127 83,000 SH   SOLE   83,000 0 0
INTEL CORP COM 458140100 9,914 265,000 SH   SOLE   265,000 0 0
IPG PHOTONICS CORP COM 44980X109 7,813 83,000 SH   SOLE   83,000 0 0
KEYCORP NEW COM 493267108 9,304 540,000 SH   SOLE   540,000 0 0
KIMCO RLTY CORP COM 49446R109 4,943 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 9,174 130,000 SH   SOLE   130,000 0 0
LOCKHEED MARTIN CORP COM 539830109 33,537 78,000 SH   SOLE   78,000 0 0
META PLATFORMS INC CL A 30303M102 31,444 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448 13,691 180,000 SH   SOLE   180,000 0 0
MURPHY OIL CORP COM 626717102 12,076 400,000 SH   SOLE   400,000 0 0
NUCOR CORP COM 670346105 14,513 139,000 SH   SOLE   139,000 0 0
NUTRIEN LTD COM 67077M108 10,360 130,000 SH   SOLE   130,000 0 0
NVIDIA CORP COM 67066G104 25,316 167,000 SH   SOLE   167,000 0 0
OCCIDENTAL PETE CORP COM 674599105 10,304 175,000 SH   SOLE   175,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 3,697 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 6,780 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102 8,175 185,000 SH   SOLE   185,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 12,154 1,340,000 SH   SOLE   1,340,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,422 83,000 SH   SOLE   83,000 0 0
PERSONALIS INC COM 71535D106 1,069 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104 6,559 80,000 SH   SOLE   80,000 0 0
PROLOGIS INC COM 74340W103 14,706 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 7,414 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 9,150 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 5,685 80,000 SH   SOLE   80,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 12,536 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 11,372 180,000 SH   SOLE   180,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 9,492 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 6,755 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 5,240 85,000 SH   SOLE   85,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 81,841 55,000 SH   SOLE   55,000 0 0
TWILIO INC CL A 90138F102 16,678 199,000 SH   SOLE   199,000 0 0
UBER TECHNOLOGIES INC COM 90353T100 5,115 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 5,755 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 4,415 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,466 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 8,100 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 2,926 200,000 SH   SOLE   200,000 0 0
VISA INC COM CL A 92826C839 10,435 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,859 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,664 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 4,968 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,212 65,000 SH   SOLE   65,000 0 0
WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308 1,169 54,210 SH   SOLE   54,210 0 0
WYNN RESORTS LTD COM 983134107 4,273 75,000 SH   SOLE   75,000 0 0