| American Realty Investors Inc | Real Estate - Development | Real Estate | 1.02 | -4.76 | -10.84 | -31.00 | 2.67 | -18.75 | -32.68 | 47.18 |
| Amrep Corp | Real Estate - Development | Real Estate | -1.80 | 0.68 | -3.31 | 0.17 | 21.64 | 51.38 | 73.99 | 80.19 |
| Forestar Group Inc | Real Estate - Development | Real Estate | -1.43 | -1.15 | -4.90 | 8.32 | 10.87 | 74.56 | 120.32 | 48.59 |
| Xinyuan Real Estate Co Ltd ADR | Real Estate - Development | Real Estate | 3.50 | 8.64 | 7.41 | 2.38 | 0.58 | -24.70 | -74.59 | -88.19 |
| Lead Real Estate Co Ltd ADR | Real Estate - Development | Real Estate | 5.56 | 8.48 | 7.35 | -7.31 | -45.56 | -38.71 | -38.71 | -38.71 |
| Green Giant Inc | Real Estate - Development | Real Estate | 23.76 | 15.29 | 13.48 | -4.49 | -96.38 | -98.69 | -98.69 | -98.79 |
| Trinity Place Holdings Inc | Real Estate - Development | Real Estate | 1.96 | 6.53 | -3.84 | -22.11 | -41.58 | -71.96 | -88.02 | -92.30 |
| Five Point Holdings LLC Cl A | Real Estate - Development | Real Estate | -2.16 | 3.59 | 3.59 | -0.31 | 23.35 | 40.89 | -38.33 | -54.71 |
| Landsea Homes Corp | Real Estate - Development | Real Estate | -6.08 | 6.93 | -5.84 | -11.84 | 10.94 | 60.39 | 45.89 | 16.52 |
| Alset Inc | Real Estate - Development | Real Estate | 2.16 | 6.61 | -22.47 | -50.96 | -62.22 | -63.31 | -92.54 | -99.35 |
| Landsea Homes Corp Wt | Real Estate - Development | Real Estate | -8.30 | 0.59 | -12.00 | -22.81 | 23.94 | 28.50 | 4.76 | -21.43 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. ADR | Real Estate - Development | Real Estate | 0.14 | 0.55 | 5.82 | 1.85 | 1.71 | 16.56 | 16.56 | 16.56 |
| Safe & Green Development Corp | Real Estate - Development | Real Estate | 4.56 | -41.08 | -21.83 | -37.48 | -83.51 | -71.29 | -71.29 | -71.29 |
| Smith Douglas Homes Corp | Real Estate - Development | Real Estate | -2.12 | -2.82 | 7.24 | 1.96 | 19.17 | 19.17 | 19.17 | 19.17 |
| Murano Global Investments Plc | Real Estate - Development | Real Estate | -2.45 | 4.74 | 12.96 | 24.12 | 24.12 | 24.12 | 24.12 | 24.12 |
| Murano Global Investments Plc Wt | Real Estate - Development | Real Estate | 6.60 | 5.89 | 18.44 | 15.37 | 15.37 | 15.37 | 15.37 | 15.37 |
| Howard Hughes Holdings Inc | Real Estate - Diversified | Real Estate | -0.72 | 0.42 | 13.24 | -12.34 | -8.61 | -13.47 | 400.63 | 170.87 |
| Gaucho Group Holdings Inc | Real Estate - Diversified | Real Estate | -0.92 | -31.81 | -24.92 | -11.63 | -35.79 | -93.33 | -99.70 | -99.91 |
| Stratus Properties Inc | Real Estate - Diversified | Real Estate | 0.86 | 3.35 | 10.81 | 6.93 | -10.12 | 30.62 | -32.96 | 8.07 |
| Comstock Holding Cos. Inc Cl A | Real Estate - Diversified | Real Estate | 0.50 | 4.56 | 23.01 | 68.22 | 89.87 | 90.95 | 95.61 | 16.40 |
| St. Joe Co | Real Estate - Diversified | Real Estate | -0.56 | -1.12 | 4.77 | 8.39 | 11.03 | 39.02 | 22.45 | 36.00 |
| IRSA-Inversiones y Representaciones S.A. Gdr | Real Estate Services | Real Estate | -1.66 | 1.26 | 22.71 | 30.55 | 81.29 | 84.11 | 147.56 | 169.39 |
| Jones Lang LaSalle Inc | Real Estate Services | Real Estate | -0.16 | 7.04 | 19.19 | 9.84 | 34.89 | 50.72 | 7.94 | 2.28 |
| Gyrodyne LLC | Real Estate Services | Real Estate | -1.00 | 0.25 | 1.41 | -1.74 | -11.51 | -9.49 | -36.69 | -42.57 |