| Position | Start | Q1 | Q2 | Q3 | Q4 |
|---| ---:|---:|---:|---:|---:|
| Price | 0 | –140 | –140 | –140 | –140|
| Real estate index, total return | 0 | 0 | –100 | 300 | 500|
| Long (net) | 0 | –140 | –240 | 160 | 360|
| Short (net) | 0 | 140| 240 | –160| –360|