| Amrep Corp | Real Estate - Development | Real Estate | -1.00 | -2.93 | 6.70 | 2.61 | -31.66 | 13.42 | 15.11 | 92.53 |
| Forestar Group Inc | Real Estate - Development | Real Estate | 1.21 | 3.39 | 3.17 | -7.53 | -21.60 | -36.13 | -6.24 | 42.50 |
| Xinyuan Real Estate Co Ltd ADR | Real Estate - Development | Real Estate | 0.28 | -10.66 | -34.33 | -34.08 | -33.58 | -34.33 | -49.57 | -78.00 |
| Lead Real Estate Co Ltd ADR | Real Estate - Development | Real Estate | -4.06 | 6.29 | 29.39 | 46.96 | -9.37 | -22.53 | -71.20 | -71.20 |
| Century Communities Inc | Real Estate - Development | Real Estate | 0.88 | 5.65 | 1.94 | -18.44 | -23.09 | -28.79 | -22.51 | 28.95 |
| Five Point Holdings LLC Cl A | Real Estate - Development | Real Estate | -0.71 | 1.09 | -0.54 | 2.58 | 55.31 | 87.21 | 87.84 | 44.42 |
| Landsea Homes Corp | Real Estate - Development | Real Estate | 0.00 | 0.18 | 0.27 | 59.30 | 30.15 | 23.88 | 32.44 | 48.04 |
| Alset Inc | Real Estate - Development | Real Estate | -0.01 | 0.71 | 17.50 | -4.81 | 11.89 | -52.28 | -39.35 | -85.31 |
| Landsea Homes Corp | Real Estate - Development | Real Estate | 0.00 | 7.56 | 16.48 | 192.44 | 72.56 | 7.89 | -12.62 | -17.80 |
| Belpointe PREP LLC | Real Estate - Development | Real Estate | 0.03 | -1.42 | 1.76 | 1.68 | -14.38 | 12.49 | -25.16 | -34.25 |
| Safe & Green Development Corp | Real Estate - Development | Real Estate | -5.73 | -12.42 | -7.44 | -41.44 | -68.15 | -89.55 | -97.50 | -97.50 |
| Smith Douglas Homes Corp | Real Estate - Development | Real Estate | 6.56 | 6.79 | 8.33 | -4.79 | -27.08 | -15.55 | -18.75 | -18.75 |
| Murano Global Investments Plc | Real Estate - Development | Real Estate | 3.07 | -0.10 | -6.23 | -4.35 | -1.18 | 6.11 | 4.78 | 4.78 |
| Murano Global Investments Plc Wt | Real Estate - Development | Real Estate | 25.11 | 41.70 | 11.06 | -28.62 | -4.86 | 21.24 | 44.15 | 44.15 |
| Logistic Properties of the Americas | Real Estate - Development | Real Estate | -2.43 | 1.94 | -13.65 | -27.07 | -33.24 | -50.51 | -57.31 | -57.31 |
| JFB Construction Holdings Cl A | Real Estate - Development | Real Estate | 2.40 | 20.53 | 22.37 | 56.86 | 82.86 | 82.86 | 82.86 | 82.86 |
| Corp Inmobiliaria Vesta S.A.B. de C.V. ADR | Real Estate - Diversified | Real Estate | 0.59 | 1.45 | -6.67 | 17.97 | 5.58 | -6.79 | -11.62 | -11.62 |
| Howard Hughes Holdings Inc | Real Estate - Diversified | Real Estate | 0.85 | -2.08 | -0.59 | -10.15 | -11.53 | 9.22 | -8.99 | 454.03 |
| Stratus Properties Inc | Real Estate - Diversified | Real Estate | -2.16 | -5.16 | 5.04 | 1.31 | -6.55 | -26.21 | -31.17 | -32.50 |
| St. Joe Co | Real Estate - Diversified | Real Estate | -0.30 | 4.91 | 11.60 | 4.99 | 10.43 | -7.58 | 9.15 | 26.81 |
| IRSA-Inversiones y Representaciones S.A. Gdr | Real Estate Services | Real Estate | -0.07 | 1.80 | -9.19 | 4.67 | -8.48 | 58.60 | 75.64 | 300.35 |
| Jones Lang LaSalle Inc | Real Estate Services | Real Estate | 1.34 | 7.76 | 15.51 | 2.57 | 1.92 | 25.68 | 69.04 | 45.44 |
| Gyrodyne LLC | Real Estate Services | Real Estate | -5.70 | -1.37 | 0.85 | -0.63 | -12.02 | 1.85 | -24.82 | -31.14 |
| New England Realty Associates LP | Real Estate Services | Real Estate | 0.00 | -1.99 | -2.64 | -9.99 | -0.67 | 9.85 | 11.06 | 8.31 |