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   11,736,900 315,000 SH   SOLE   315,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101   9,312,640 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106   14,051,660 58,000 SH   SOLE   58,000 0 0
ALBEMARLE CORP COM 012653101   7,904,400 60,000 SH   SOLE   60,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104   2,058,750 125,000 SH   SOLE   125,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100   3,951,800 20,000 SH   SOLE   20,000 0 0
AMGEN INC COM 031162100   16,490,560 58,000 SH   SOLE   58,000 0 0
APA CORPORATION COM 03743Q108   6,188,400 180,000 SH   SOLE   180,000 0 0
AUTODESK INC COM 052769106   15,104,360 58,000 SH   SOLE   58,000 0 0
AVALONBAY CMNTYS INC COM 053484101   11,133,600 60,000 SH   SOLE   60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108   9,230,400 160,000 SH   SOLE   160,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103   8,295,000 2,100,000 SH   SOLE   2,100,000 0 0
BOSTON PPTYS INC COM 101121101   3,918,600 60,000 SH   SOLE   60,000 0 0
BP PLC SPONSORED ADR 055622104   6,028,800 160,000 SH   SOLE   160,000 0 0
BROADCOM INC COM 11135F101   29,159,020 22,000 SH   SOLE   22,000 0 0
CAMECO CORP COM 13321L108   21,660,000 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101   12,211,200 160,000 SH   SOLE   160,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   14,548,050 165,000 SH   SOLE   165,000 0 0
CENTERSPACE COM 15202L107   11,428,000 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100   23,661,000 150,000 SH   SOLE   150,000 0 0
CONOCOPHILLIPS COM 20825C104   19,092,000 150,000 SH   SOLE   150,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105   41,759,910 57,000 SH   SOLE   57,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103   17,563,000 350,000 SH   SOLE   350,000 0 0
DIGITAL RLTY TR INC COM 253868103   10,803,000 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106   8,565,200 70,000 SH   SOLE   70,000 0 0
ESSEX PPTY TR INC COM 297178105   14,688,600 60,000 SH   SOLE   60,000 0 0
EXXON MOBIL CORP COM 30231G102   17,436,000 150,000 SH   SOLE   150,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101   10,212,000 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106   16,804,920 58,000 SH   SOLE   58,000 0 0
FLUOR CORP NEW COM NEW 343412102   7,821,800 185,000 SH   SOLE   185,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857   102,268,500 2,175,000 SH   SOLE   2,175,000 0 0
HF SINCLAIR CORPORATION COM 403949100   12,979,550 215,000 SH   SOLE   215,000 0 0
HIGHWOODS PPTYS INC COM 431284108   3,927,000 150,000 SH   SOLE   150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109   16,904,790 63,000 SH   SOLE   63,000 0 0
INTEL CORP COM 458140100   9,275,700 210,000 SH   SOLE   210,000 0 0
IPG PHOTONICS CORP COM 44980X109   5,804,160 64,000 SH   SOLE   64,000 0 0
KIMCO RLTY CORP COM 49446R109   5,883,000 300,000 SH   SOLE   300,000 0 0
LENNAR CORP CL A 526057104   22,357,400 130,000 SH   SOLE   130,000 0 0
LOCKHEED MARTIN CORP COM 539830109   26,382,460 58,000 SH   SOLE   58,000 0 0
META PLATFORMS INC CL A 30303M102   75,264,900 155,000 SH   SOLE   155,000 0 0
MORGAN STANLEY COM NEW 617446448   17,419,600 185,000 SH   SOLE   185,000 0 0
MURPHY OIL CORP COM 626717102   15,995,000 350,000 SH   SOLE   350,000 0 0
NUCOR CORP COM 670346105   20,383,700 103,000 SH   SOLE   103,000 0 0
NUTRIEN LTD COM 67077M108   7,874,950 145,000 SH   SOLE   145,000 0 0
NVIDIA CORP COM 67066G104   86,741,760 96,000 SH   SOLE   96,000 0 0
OCCIDENTAL PETE CORP COM 674599105   11,698,200 180,000 SH   SOLE   180,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162   4,310,000 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106   6,716,000 400,000 SH   SOLE   400,000 0 0
OVINTIV INC COM 69047Q102   9,861,000 190,000 SH   SOLE   190,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108   36,240,750 1,575,000 SH   SOLE   1,575,000 0 0
PARKER HANNIFIN CORP COM 701094104   35,014,770 63,000 SH   SOLE   63,000 0 0
PHILLIPS 66 COM 718546104   12,250,500 75,000 SH   SOLE   75,000 0 0
PROLOGIS INC COM 74340W103   19,533,000 150,000 SH   SOLE   150,000 0 0
REGENCY CTRS CORP COM 758849103   7,570,000 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100   10,198,400 160,000 SH   SOLE   160,000 0 0
RYDER SYS INC COM 783549108   9,615,200 80,000 SH   SOLE   80,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105   13,382,900 185,000 SH   SOLE   185,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109   15,649,000 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105   4,855,000 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103   4,252,600 55,000 SH   SOLE   55,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102   95,454,150 165,000 SH   SOLE   165,000 0 0
TWILIO INC CL A 90138F102   11,312,750 185,000 SH   SOLE   185,000 0 0
UBER TECHNOLOGIES INC COM 90353T100   14,243,150 185,000 SH   SOLE   185,000 0 0
UDR INC COM 902653104   4,676,250 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103   4,060,000 250,000 SH   SOLE   250,000 0 0
VALE SA ADR 91912E105   2,438,000 200,000 SH   SOLE   200,000 0 0
VIPER ENERGY INC CL A 927959106   6,730,500 175,000 SH   SOLE   175,000 0 0
VISA INC COM CL A 92826C839   14,791,240 53,000 SH   SOLE   53,000 0 0
VORNADO RLTY TR SH BEN INT 929042109   2,877,000 100,000 SH   SOLE   100,000 0 0
WEYERHAEUSER CO COM 962166104   5,386,500 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101   19,051,800 60,000 SH   SOLE   60,000 0 0
WYNN RESORTS LTD COM 983134107   7,156,100 70,000 SH   SOLE   70,000 0 0