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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFFIRM HLDGS INC COM CL A 00827B106   4,828,950 315,000 SH   SOLE   315,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101   9,980,750 83,000 SH   SOLE   83,000 0 0
AIR PRODS & CHEMS INC COM 009158106   21,865,690 73,000 SH   SOLE   73,000 0 0
ALBEMARLE CORP COM 012653101   17,401,020 78,000 SH   SOLE   78,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104   2,322,500 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100   17,317,560 78,000 SH   SOLE   78,000 0 0
APA CORPORATION COM 03743Q108   5,808,900 170,000 SH   SOLE   170,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107   845,250 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106   15,141,140 74,000 SH   SOLE   74,000 0 0
AVALONBAY CMNTYS INC COM 053484101   11,356,200 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108   9,547,200 160,000 SH   SOLE   160,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103   10,591,000 1,780,000 SH   SOLE   1,780,000 0 0
BOSTON PPTYS INC COM 101121101   3,455,400 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104   5,117,050 145,000 SH   SOLE   145,000 0 0
BROADCOM INC COM 11135F101   40,769,210 47,000 SH   SOLE   47,000 0 0
CAMECO CORP COM 13321L108   15,665,000 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101   8,157,700 145,000 SH   SOLE   145,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   16,557,850 205,000 SH   SOLE   205,000 0 0
CENTERSPACE COM 15202L107   12,272,000 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100   22,029,000 140,000 SH   SOLE   140,000 0 0
CONOCOPHILLIPS COM 20825C104   14,505,400 140,000 SH   SOLE   140,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105   33,648,750 62,500 SH   SOLE   62,500 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103   14,502,000 300,000 SH   SOLE   300,000 0 0
DIGITAL RLTY TR INC COM 253868103   8,540,250 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106   7,142,400 80,000 SH   SOLE   80,000 0 0
ESSEX PPTY TR INC COM 297178105   14,058,000 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102   15,015,000 140,000 SH   SOLE   140,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101   9,677,000 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106   19,336,200 78,000 SH   SOLE   78,000 0 0
FLUOR CORP NEW COM NEW 343412102   5,387,200 182,000 SH   SOLE   182,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857   87,200,000 2,180,000 SH   SOLE   2,180,000 0 0
HF SINCLAIR CORPORATION COM 403949100   11,821,650 265,000 SH   SOLE   265,000 0 0
HIGHWOODS PPTYS INC COM 431284108   3,586,500 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109   20,763,280 83,000 SH   SOLE   83,000 0 0
INTEL CORP COM 458140100   8,861,600 265,000 SH   SOLE   265,000 0 0
IPG PHOTONICS CORP COM 44980X109   11,273,060 83,000 SH   SOLE   83,000 0 0
KEYCORP NEW COM 493267108   4,804,800 520,000 SH   SOLE   520,000 0 0
KIMCO RLTY CORP COM 49446R109   4,930,000 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104   16,290,300 130,000 SH   SOLE   130,000 0 0
LOCKHEED MARTIN CORP COM 539830109   35,909,640 78,000 SH   SOLE   78,000 0 0
META PLATFORMS INC CL A 30303M102   55,961,100 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448   16,226,000 190,000 SH   SOLE   190,000 0 0
MURPHY OIL CORP COM 626717102   13,405,000 350,000 SH   SOLE   350,000 0 0
NUCOR CORP COM 670346105   22,793,220 139,000 SH   SOLE   139,000 0 0
NUTRIEN LTD COM 67077M108   7,676,500 130,000 SH   SOLE   130,000 0 0
NVIDIA CORP COM 67066G104   69,798,300 165,000 SH   SOLE   165,000 0 0
OCCIDENTAL PETE CORP COM 674599105   9,996,000 170,000 SH   SOLE   170,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162   3,732,000 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106   6,288,000 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102   6,852,600 180,000 SH   SOLE   180,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108   23,608,200 1,540,000 SH   SOLE   1,540,000 0 0
PARKER HANNIFIN CORP COM 701094104   32,373,320 83,000 SH   SOLE   83,000 0 0
PERSONALIS INC COM 71535D106   582,800 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104   8,107,300 85,000 SH   SOLE   85,000 0 0
PROLOGIS INC COM 74340W103   18,394,500 150,000 SH   SOLE   150,000 0 0
REGENCY CTRS CORP COM 758849103   7,721,250 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100   10,214,400 160,000 SH   SOLE   160,000 0 0
RYDER SYS INC COM 783549108   6,783,200 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105   11,902,800 210,000 SH   SOLE   210,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109   11,548,000 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105   6,280,000 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103   6,952,100 95,000 SH   SOLE   95,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   72,407,500 55,000 SH   SOLE   55,000 0 0
TWILIO INC CL A 90138F102   12,660,380 199,000 SH   SOLE   199,000 0 0
UBER TECHNOLOGIES INC COM 90353T100   10,792,500 250,000 SH   SOLE   250,000 0 0
UDR INC COM 902653104   5,370,000 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103   3,995,000 250,000 SH   SOLE   250,000 0 0
VALE SA ADR 91912E105   2,684,000 200,000 SH   SOLE   200,000 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   1,341,500 50,000 SH   SOLE   50,000 0 0
VISA INC COM CL A 92826C839   12,586,440 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109   1,814,000 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104   5,026,500 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101   8,134,100 65,000 SH   SOLE   65,000 0 0
WYNN RESORTS LTD COM 983134107   7,920,750 75,000 SH   SOLE   75,000 0 0