Landmark Investment Partners, L.P. In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Landmark Investment Partners, L.P. reported 22 stock positions worth $319.5 million . Its top holding was Essex Property Trust (ESS) at 12.5% of the portfolio, followed by Douglas Emmett (DEI, 7.9% ) and First Industrial Realty TR (FR, 7.1% ). Compared with Q4 2024, it opened 10 new positions, sold out of 6, added to 9 and reduced 3. The biggest buy was Douglas Emmett (DEI, shares +726% ) and the biggest sale an exit from American Homes 4 Rent- A (AMH).
Location WEST PALM BEACH, FL
CIK 0002023551
Portfolio Value $319.5M (Q1 2025) Holdings 22 stocks · $319.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ESS Essex Property Trust Inc. 129,848 $39.8M Add +46.8% DEI Douglas Emmett Inc. 1,576,062 $25.2M Add +725.6% FR First Industrial Realty TR 420,215 $22.7M Add +27.8% CSGP Costar Group Inc. 282,966 $22.4M Add +650.2% VTR Ventas Inc. 323,596 $22.3M Add +74.9% CPT Camden Property Trust 168,488 $20.6M Reduce -22.5% AIV Apartment Invt & Mgmt Co. Class A 2,048,316 $18.0M Add +49.6% HLT Hilton Worldwide Holdings Inc. 78,585 $17.9M New CHDN Churchill Downs Inc. 159,926 $17.8M Add +60.4% CNS Cohen & Steers Inc. 197,657 $15.9M New CBRE CBRE Group Inc. Class A 117,550 $15.4M New BKD Brookdale Senior Living Inc. 2,082,092 $13.0M Add +42.0% MUSA Murphy USA Inc. 25,490 $12.0M New NXRT Nexpoint Residential 292,415 $11.6M New AVB Avalonbay Communities Inc. 51,525 $11.1M New PLD Prologis Inc. 90,408 $10.1M Reduce -12.5% H Hyatt Hotels Corp. Class A 53,074 $6.5M Reduce -29.2% BX Blackstone Inc. 43,803 $6.1M New HUDSON PAC PPTYS INC 1,558,637 $4.6M New BAM Brookfield Asset Mgmt-A 76,460 $3.7M New CLDT Chatham Lodging Trust 353,237 $2.5M Add +292.5% GDEN Golden Entertainment Inc. 15,564 $411K New
Options reported separately and not counted above: SPY puts ($10.6M), VNQ puts ($8.5M), HYG puts ($7.4M), TLT puts ($5.1M), CBRE calls ($4.9M), HLT calls ($4.8M), H calls ($4.2M), CSGP calls ($3.3M), PLD calls ($3.2M), BAM calls ($1.8M), EXPE calls ($1.7M), BX calls ($1.7M), and 2 more.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ AMH American Homes 4 Rent- A Sold out 0.00% −10.91 KRC Kilroy Realty Corp. Sold out 0.00% −10.07 PK Park Hotels & Resorts Inc. Sold out 0.00% −8.63 PEB Pebblebrook Hotel Trust Sold out 0.00% −5.29 CUZ Cousins Properties Inc. Sold out 0.00% −4.85 CPT Camden Property Trust Reduce -22.5% 6.45% −3.75 VICI Vici Properties Inc. Sold out 0.00% −3.36 H Hyatt Hotels Corp. Class A Reduce -29.2% 2.04% −2.72 PLD Prologis Inc. Reduce -12.5% 3.16% −1.25
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ DEI Douglas Emmett Inc. Add +725.6% 7.89% +6.46 CSGP Costar Group Inc. Add +650.2% 7.02% +5.93 HLT Hilton Worldwide Holdings Inc. New 5.60% +5.60 CNS Cohen & Steers Inc. New 4.97% +4.97 CBRE CBRE Group Inc. Class A New 4.81% +4.81 MUSA Murphy USA Inc. New 3.75% +3.75 NXRT Nexpoint Residential New 3.62% +3.62 AVB Avalonbay Communities Inc. New 3.46% +3.46 VTR Ventas Inc. Add +74.9% 6.96% +2.56 ESS Essex Property Trust Inc. Add +46.8% 12.46% +2.26 BX Blackstone Inc. New 1.92% +1.92 HUDSON PAC PPTYS INC New 1.44% +1.44 BAM Brookfield Asset Mgmt-A New 1.16% +1.16 BKD Brookdale Senior Living Inc. Add +42.0% 4.08% +1.10 AIV Apartment Invt & Mgmt Co. Class A Add +49.6% 5.64% +0.61 CLDT Chatham Lodging Trust Add +292.5% 0.79% +0.46 FR First Industrial Realty TR Add +27.8% 7.10% +0.44 CHDN Churchill Downs Inc. Add +60.4% 5.56% +0.18 GDEN Golden Entertainment Inc. New 0.13% +0.13
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 19,000 $10.6M VNQ Vanguard Real Estate ETF put New 93,600 $8.5M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 94,000 $7.4M TLT iShares 20+ Year Treasury BD put New 56,000 $5.1M CBRE CBRE Group Inc. Class A call New 37,500 $4.9M HLT Hilton Worldwide Holdings Inc. call New 21,100 $4.8M H Hyatt Hotels Corp. Class A call New 34,300 $4.2M CSGP Costar Group Inc. call New 42,200 $3.3M PLD Prologis Inc. call New 28,600 $3.2M BAM Brookfield Asset Mgmt-A call New 37,500 $1.8M EXPE Expedia Group Inc. call New 10,000 $1.7M BX Blackstone Inc. call New 12,000 $1.7M DEI Douglas Emmett Inc. call New 103,300 $1.7M BYD Boyd Gaming Corp. call New 24,000 $1.6M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $108.1M DEI, CNS, NXRT, COMP, UDR Q1 2026 20 $96.8M HLT, AIV, CNS, CBRE, DEI Q4 2025 17 $116.8M AIV, DEI, HLT, CSGP, CNS Q3 2025 16 $122.1M CSGP, HHH, DEI, HUDSON PAC PPTYS INC, CNS Q2 2025 18 $223.1M ESS, CSGP, DEI, AIV, HUDSON PAC PPTYS INC Q1 2025 22 $319.5M ESS, DEI, FR, CSGP, VTR Q4 2024 18 $247.4M AMH, ESS, CPT, KRC, PK