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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFFIRM HLDGS INC COM CL A 00827B106   6,700,050 315,000 SH   SOLE   315,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101   8,162,860 73,000 SH   SOLE   73,000 0 0
AIR PRODS & CHEMS INC COM 009158106   19,271,200 68,000 SH   SOLE   68,000 0 0
ALBEMARLE CORP COM 012653101   11,562,720 68,000 SH   SOLE   68,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104   2,091,250 125,000 SH   SOLE   125,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100   3,289,000 20,000 SH   SOLE   20,000 0 0
AMGEN INC COM 031162100   18,275,680 68,000 SH   SOLE   68,000 0 0
APA CORPORATION COM 03743Q108   6,987,000 170,000 SH   SOLE   170,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107   777,000 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106   14,276,790 69,000 SH   SOLE   69,000 0 0
AVALONBAY CMNTYS INC COM 053484101   10,304,400 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108   9,100,800 160,000 SH   SOLE   160,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103   11,460,000 2,000,000 SH   SOLE   2,000,000 0 0
BOSTON PPTYS INC COM 101121101   3,568,800 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104   5,614,400 145,000 SH   SOLE   145,000 0 0
BROADCOM INC COM 11135F101   26,578,560 32,000 SH   SOLE   32,000 0 0
CAMECO CORP COM 13321L108   19,820,000 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101   9,377,150 145,000 SH   SOLE   145,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   13,393,800 180,000 SH   SOLE   180,000 0 0
CENTERSPACE COM 15202L107   12,052,000 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100   23,606,800 140,000 SH   SOLE   140,000 0 0
CONOCOPHILLIPS COM 20825C104   16,772,000 140,000 SH   SOLE   140,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105   32,202,720 57,000 SH   SOLE   57,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103   14,310,000 300,000 SH   SOLE   300,000 0 0
DIGITAL RLTY TR INC COM 253868103   9,076,500 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106   5,673,500 70,000 SH   SOLE   70,000 0 0
ESSEX PPTY TR INC COM 297178105   12,725,400 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102   16,461,200 140,000 SH   SOLE   140,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101   9,063,000 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106   18,014,560 68,000 SH   SOLE   68,000 0 0
FLUOR CORP NEW COM NEW 343412102   6,679,400 182,000 SH   SOLE   182,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857   81,292,200 2,180,000 SH   SOLE   2,180,000 0 0
HF SINCLAIR CORPORATION COM 403949100   12,239,950 215,000 SH   SOLE   215,000 0 0
HIGHWOODS PPTYS INC COM 431284108   3,091,500 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109   16,812,630 73,000 SH   SOLE   73,000 0 0
INTEL CORP COM 458140100   7,643,250 215,000 SH   SOLE   215,000 0 0
IPG PHOTONICS CORP COM 44980X109   7,412,420 73,000 SH   SOLE   73,000 0 0
KIMCO RLTY CORP COM 49446R109   5,277,000 300,000 SH   SOLE   300,000 0 0
LENNAR CORP CL A 526057104   14,589,900 130,000 SH   SOLE   130,000 0 0
LOCKHEED MARTIN CORP COM 539830109   27,809,280 68,000 SH   SOLE   68,000 0 0
META PLATFORMS INC CL A 30303M102   54,037,800 180,000 SH   SOLE   180,000 0 0
MORGAN STANLEY COM NEW 617446448   15,108,950 185,000 SH   SOLE   185,000 0 0
MURPHY OIL CORP COM 626717102   15,872,500 350,000 SH   SOLE   350,000 0 0
NUCOR CORP COM 670346105   20,169,150 129,000 SH   SOLE   129,000 0 0
NUTRIEN LTD COM 67077M108   8,028,800 130,000 SH   SOLE   130,000 0 0
NVIDIA CORP COM 67066G104   56,113,710 129,000 SH   SOLE   129,000 0 0
OCCIDENTAL PETE CORP COM 674599105   11,029,600 170,000 SH   SOLE   170,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162   4,325,000 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106   4,040,000 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102   8,562,600 180,000 SH   SOLE   180,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108   24,640,000 1,540,000 SH   SOLE   1,540,000 0 0
PARKER HANNIFIN CORP COM 701094104   28,434,960 73,000 SH   SOLE   73,000 0 0
PERSONALIS INC COM 71535D106   375,100 310,000 SH   SOLE   310,000 0 0
PHILLIPS 66 COM 718546104   9,011,250 75,000 SH   SOLE   75,000 0 0
PROLOGIS INC COM 74340W103   16,831,500 150,000 SH   SOLE   150,000 0 0
REGENCY CTRS CORP COM 758849103   7,430,000 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100   10,182,400 160,000 SH   SOLE   160,000 0 0
RYDER SYS INC COM 783549108   8,556,000 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105   10,156,500 185,000 SH   SOLE   185,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109   10,803,000 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105   5,390,000 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103   3,682,800 55,000 SH   SOLE   55,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   100,295,800 55,000 SH   SOLE   55,000 0 0
TWILIO INC CL A 90138F102   11,706,000 200,000 SH   SOLE   200,000 0 0
UBER TECHNOLOGIES INC COM 90353T100   9,198,000 200,000 SH   SOLE   200,000 0 0
UDR INC COM 902653104   4,458,750 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103   3,505,000 250,000 SH   SOLE   250,000 0 0
VALE SA ADR 91912E105   2,680,000 200,000 SH   SOLE   200,000 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   4,182,000 150,000 SH   SOLE   150,000 0 0
VISA INC COM CL A 92826C839   12,190,530 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109   2,268,000 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104   4,599,000 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101   9,324,000 60,000 SH   SOLE   60,000 0 0
WYNN RESORTS LTD COM 983134107   6,468,700 70,000 SH   SOLE   70,000 0 0