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 7,710 411,000 SH   SOLE   411,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 10,089 83,000 SH   SOLE   83,000 0 0
AIR PRODS & CHEMS INC COM 009158106 16,989 73,000 SH   SOLE   73,000 0 0
ALBEMARLE CORP COM 012653101 17,982 68,000 SH   SOLE   68,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,072 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 17,581 78,000 SH   SOLE   78,000 0 0
APA CORPORATION COM 03743Q108 5,983 175,000 SH   SOLE   175,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 311 320,000 SH   SOLE   320,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 1,984 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 13,823 74,000 SH   SOLE   74,000 0 0
AVALONBAY CMNTYS INC COM 053484101 11,051 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 7,506 150,000 SH   SOLE   150,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 9,470 1,330,000 SH   SOLE   1,330,000 0 0
BOSTON PPTYS INC COM 101121101 4,498 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104 3,569 125,000 SH   SOLE   125,000 0 0
BROADCOM INC COM 11135F101 21,090 47,500 SH   SOLE   47,500 0 0
CAMECO CORP COM 13321L108 13,255 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 5,821 125,000 SH   SOLE   125,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 13,678 205,000 SH   SOLE   205,000 0 0
CENTERSPACE COM 15202L107 13,464 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 17,959 125,000 SH   SOLE   125,000 0 0
CONOCOPHILLIPS COM 20825C104 12,792 125,000 SH   SOLE   125,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 29,517 62,500 SH   SOLE   62,500 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 24,052 400,000 SH   SOLE   400,000 0 0
DIGITAL RLTY TR INC COM 253868103 7,438 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 7,546 80,000 SH   SOLE   80,000 0 0
DUKE RLTY CORP COM NEW 264411505 6,025 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 14,534 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102 10,914 125,000 SH   SOLE   125,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101 9,012 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 11,581 78,000 SH   SOLE   78,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 13,055 100,000 SH   SOLE   100,000 0 0
FLUOR CORP NEW COM NEW 343412102 4,530 182,000 SH   SOLE   182,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 2,367 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 65,045 2,380,000 SH   SOLE   2,380,000 0 0
HF SINCLAIR CORPORATION COM 403949100 14,268 265,000 SH   SOLE   265,000 0 0
HIGHWOODS PPTYS INC COM 431284108 4,044 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,994 83,000 SH   SOLE   83,000 0 0
INTEL CORP COM 458140100 6,829 265,000 SH   SOLE   265,000 0 0
IPG PHOTONICS CORP COM 44980X109 7,001 83,000 SH   SOLE   83,000 0 0
KEYCORP NEW COM 493267108 8,330 520,000 SH   SOLE   520,000 0 0
KIMCO RLTY CORP COM 49446R109 4,603 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 9,692 130,000 SH   SOLE   130,000 0 0
LOCKHEED MARTIN CORP COM 539830109 30,131 78,000 SH   SOLE   78,000 0 0
META PLATFORMS INC CL A 30303M102 26,458 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448 14,222 180,000 SH   SOLE   180,000 0 0
MURPHY OIL CORP COM 626717102 14,068 400,000 SH   SOLE   400,000 0 0
NUCOR CORP COM 670346105 14,872 139,000 SH   SOLE   139,000 0 0
NUTRIEN LTD COM 67077M108 10,839 130,000 SH   SOLE   130,000 0 0
NVIDIA CORP COM 67066G104 20,272 167,000 SH   SOLE   167,000 0 0
OCCIDENTAL PETE CORP COM 674599105 10,754 175,000 SH   SOLE   175,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 3,962 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 6,076 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102 8,510 185,000 SH   SOLE   185,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 10,894 1,340,000 SH   SOLE   1,340,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,112 83,000 SH   SOLE   83,000 0 0
PERSONALIS INC COM 71535D106 921 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104 6,458 80,000 SH   SOLE   80,000 0 0
PROLOGIS INC COM 74340W103 12,700 125,000 SH   SOLE   125,000 0 0
QUINCE THERAPEUTICS INC COM 22053A107 432 325,000 SH   SOLE   325,000 0 0
REGENCY CTRS CORP COM 758849103 6,731 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 8,259 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 6,039 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 12,937 180,000 SH   SOLE   180,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 8,975 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 5,910 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 5,169 85,000 SH   SOLE   85,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 97,748 55,000 SH   SOLE   55,000 0 0
TWILIO INC CL A 90138F102 13,759 199,000 SH   SOLE   199,000 0 0
UBER TECHNOLOGIES INC COM 90353T100 6,625 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104 5,214 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 4,038 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,156 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 7,755 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 2,664 200,000 SH   SOLE   200,000 0 0
VISA INC COM CL A 92826C839 9,415 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 2,316 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,195 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 4,284 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 7,660 65,000 SH   SOLE   65,000 0 0
WYNN RESORTS LTD COM 983134107 4,727 75,000 SH   SOLE   75,000 0 0