Landmark Investment Partners, L.P. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Landmark Investment Partners, L.P. reported 17 stock positions worth $116.8 million . Its top holding was Apartment Invt & Mgmt Class A (AIV) at 11.3% of the portfolio, followed by Douglas Emmett (DEI, 9.9% ) and Hilton Worldwide (HLT, 9.6% ). Compared with Q3 2025, it opened 4 new positions, sold out of 3, added to 7 and reduced 6. The biggest buy was a new position in Mid-America Apartment Comm (MAA) and the biggest sale Hudson Pacific Properties (HPP, shares −68% ).
Location WEST PALM BEACH, FL
CIK 0002023551
Portfolio Value $116.8M (Q4 2025) Holdings 17 stocks · $116.8M 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 Q3 2025 AIV Apartment Invt & Mgmt Co. Class A 2,220,778 $13.2M Add +157.2% DEI Douglas Emmett Inc. 1,047,713 $11.5M Add +48.4% HLT Hilton Worldwide Holdings Inc. 39,151 $11.2M Add +21.5% CSGP Costar Group Inc. 154,480 $10.4M Add +3.4% CNS Cohen & Steers Inc. 159,623 $10.0M Add +7.8% HHH Howard Hughes Holdings Inc. 117,619 $9.4M Reduce -22.5% MAA Mid-America Apartment Comm 64,228 $8.9M New HGV Hilton Grand Vacations Inc. 175,810 $7.9M Add +6.2% ESS Essex Property Trust Inc. 28,329 $7.4M Reduce -10.8% BKD Brookdale Senior Living Inc. 643,076 $6.9M Reduce -31.8% BYD Boyd Gaming Corp. 69,644 $5.9M New REG Regency Centers Corp. 84,873 $5.9M New BHR Braemar Hotels & Resorts Inc. 1,083,493 $3.1M Add +40.2% HPP Hudson Pacific Properties Inc. 180,709 $2.0M Reduce -67.7% BX Blackstone Inc. 6,759 $1.0M Reduce -85.2% NXRT Nexpoint Residential 33,172 $998K Reduce -86.7% CPT Camden Property Trust 8,978 $988K New
Options reported separately and not counted above: CSGP calls ($13.8M), VAC calls ($11.4M), ESS calls ($10.3M), VTR calls ($6.1M), DEI calls ($5.3M), HHH calls ($4.9M), HPP calls ($4.3M), MAA calls ($4.1M), DOC calls ($4.0M), EXR calls ($3.3M), CNS calls ($3.0M), CHH calls ($3.0M), and 15 more.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ HPP Hudson Pacific Properties Inc. Reduce -67.7% 1.68% −7.17 NXRT Nexpoint Residential Reduce -86.7% 0.85% −5.71 BX Blackstone Inc. Reduce -85.2% 0.89% −5.50 UHAL U-Haul Holding Co. Sold out 0.00% −5.35 HHH Howard Hughes Holdings Inc. Reduce -22.5% 8.03% −2.17 VMRK Vivmark Residential Sold out 0.00% −1.78 ESS Essex Property Trust Inc. Reduce -10.8% 6.35% −0.62 BKD Brookdale Senior Living Inc. Reduce -31.8% 5.94% −0.60 AVB Avalonbay Communities Inc. Sold out 0.00% −0.22
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ MAA Mid-America Apartment Comm New 7.64% +7.64 AIV Apartment Invt & Mgmt Co. Class A Add +157.2% 11.30% +5.69 BYD Boyd Gaming Corp. New 5.08% +5.08 REG Regency Centers Corp. New 5.02% +5.02 HLT Hilton Worldwide Holdings Inc. Add +21.5% 9.63% +2.78 HGV Hilton Grand Vacations Inc. Add +6.2% 6.74% +1.07 BHR Braemar Hotels & Resorts Inc. Add +40.2% 2.66% +0.93 DEI Douglas Emmett Inc. Add +48.4% 9.86% +0.86 CPT Camden Property Trust New 0.85% +0.85 CNS Cohen & Steers Inc. Add +7.8% 8.58% +0.62 CSGP Costar Group Inc. Add +3.4% 8.90% −1.43
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CSGP Costar Group Inc. call New 205,500 $13.8M IWM iShares Russell 2000 ETF put Sold out 50,000 $12.1Mbefore exit VAC Marriott Vacations World call New 198,400 $11.4M ESS Essex Property Trust Inc. call Reduce -59.6% 39,500 $10.3M ARE Alexandria Real Estate Equit call Sold out 117,400 $9.8Mbefore exit UDR Udr Inc. call Sold out 164,200 $6.1Mbefore exit IRT Independence Realty Trust Inc. call Sold out 366,000 $6.0Mbefore exit DEI Douglas Emmett Inc. call Reduce -17.2% 480,000 $5.3M SKY Champion Homes Inc. call Sold out 66,300 $5.1Mbefore exit CTRE Caretrust REIT Inc. call Sold out 140,000 $4.9Mbefore exit INVH Invitation Homes Inc. call Sold out 153,200 $4.5Mbefore exit HPP Hudson Pacific Properties Inc. call Add +48.6% 400,000 $4.3M MAA Mid-America Apartment Comm call New 29,700 $4.1M AIV Apartment Invt & Mgmt Co. Class A call Sold out 518,200 $4.1Mbefore exit DOC Healthpeak Properties Inc. call Add +6.7% 246,100 $4.0M TMHC Taylor Morrison Home Corp. call Sold out 54,500 $3.6Mbefore exit EPR Epr Properties call Sold out 57,100 $3.3Mbefore exit EXR Extra Space Storage Inc. call New 25,000 $3.3M NXRT Nexpoint Residential call Sold out 100,000 $3.2Mbefore exit MTH Meritage Homes Corp. call Sold out 42,000 $3.0Mbefore exit CNS Cohen & Steers Inc. call Reduce -13.8% 48,000 $3.0M CHH Choice Hotels Intl Inc. call Add +210.0% 31,000 $3.0M SUI Sun Communities Inc. call New 23,500 $2.9M AKR Acadia Realty Trust call Sold out 142,800 $2.9Mbefore exit AMT American Tower Corp. call Sold out 14,300 $2.8Mbefore exit WY Weyerhaeuser Co. call Sold out 105,800 $2.6Mbefore exit HR Healthcare Realty Trust Inc. call Sold out 127,800 $2.3Mbefore exit SBAC SBA Communications Corp. call Sold out 11,500 $2.2Mbefore exit PSA Public Storage call Sold out 7,500 $2.2Mbefore exit WSC Willscot Holdings Corp. call Sold out 100,000 $2.1Mbefore exit EQIX Equinix Inc. call Reduce -20.6% 2,700 $2.1M WH Wyndham Hotels & Resorts Inc. call Sold out 25,700 $2.1Mbefore exit VMRK Vivmark Residential call Reduce -74.4% 31,300 $2.0M WPC WP Carey Inc. call Reduce -55.6% 30,000 $1.9M RHP Ryman Hospitality Properties call Reduce -8.6% 20,100 $1.9M O Realty Income Corp. call New 33,600 $1.9M SHO Sunstone Hotel Investors Inc. call Sold out 195,500 $1.8Mbefore exit CUZ Cousins Properties Inc. call Sold out 60,000 $1.7Mbefore exit BKD Brookdale Senior Living Inc. put Sold out 200,000 $1.7Mbefore exit CCI Crown Castle Inc. call Sold out 16,900 $1.6Mbefore exit BX Blackstone Inc. call New 10,500 $1.6M GLPI Gaming and Leisure Propertie call New 34,800 $1.6M AVB Avalonbay Communities Inc. call Reduce -71.1% 8,100 $1.5M DLR Digital Realty Trust Inc. call Reduce -68.3% 9,300 $1.4M NNN NNN REIT Inc. call New 36,200 $1.4M REXR Rexford Industrial Realty Inc. call Reduce -68.2% 35,700 $1.4M BN Brookfield Corp. call Sold out 27,000 $1.2Mbefore exit KRC Kilroy Realty Corp. call Reduce -85.0% 33,000 $1.2M MAC The Macerich Co. call Sold out 66,500 $1.2Mbefore exit UHAL U-Haul Holding Co. call Sold out 19,500 $1.1Mbefore exit
Showing the first 50 of 60.
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