LDR Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), LDR Capital Management LLC reported 26 stock positions worth $36.7 million. Its top holding was Vici Properties (VICI) at 14.0% of the portfolio, followed by Equinix (EQIX, 10.6%) and American Tower (AMT, 10.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 5, added to 3 and reduced 13. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale Starwood Property Trust (STWD, shares −80%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001566089
Portfolio Value
$36.7M (Q3 2025)
SEC Filing
0001172661-25-004486 ↗ filed Oct 29, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $121.8M Q1 2024 Q2 2024: $82.6M Q2 2024 Q3 2024: $60.5M Q3 2024 Q4 2024: $52.2M Q4 2024 Q1 2025: $50.5M Q1 2025 Q2 2025: $43.8M Q2 2025 Q3 2025: $36.7M $36.7M Q3 2025 Q4 2025: $46.0M Q4 2025 Q1 2026: $51.2M Q1 2026 Q2 2026: $62.7M Q2 2026

Holdings 26 stocks · $36.7M
VICI Vici Properties Inc. filed as VICI PPTYS INC 14.01% 157,704 $5.1M Reduce -17.0%
EQIX Equinix Inc. 10.55% 4,945 $3.9M Add +2.0%
AMT American Tower Corp. 10.14% 19,351 $3.7M Add +29.4%
ELS Equity Lifestyle Properties 7.57% 45,755 $2.8M Reduce -0.1%
DHC Diversified Healthcare Trust 5.63% 468,214 $2.1M Reduce -34.5%
BRX Brixmor Property Group Inc. 4.66% 61,771 $1.7M Reduce -31.1%
CHCT Community Healthcare Trust I 4.37% 104,882 $1.6M Reduce -27.2%
UMH Umh Properties Inc. filed as UMH PPTYS INC 4.08% 100,697 $1.5M Reduce -27.1%
VRT Vertiv Holdings Co. Class A 3.85% 9,369 $1.4M Reduce -6.5%
CZR Caesars Entertainment Inc. 3.19% 43,371 $1.2M New
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 3.10% 69,766 $1.1M Add +1.7%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 3.08% 11,073 $1.1M New
FTAI Ftai Aviation Ltd. 3.00% 6,606 $1.1M New
CCI Crown Castle Inc. 2.97% 11,285 $1.1M Reduce -34.7%
ARR Armour Residential REIT Inc. 2.42% 59,407 $888K New
PLD Prologis Inc. 2.27% 7,275 $833K New
SPG Simon Property Group Inc. 2.26% 4,419 $829K New
O Realty Income Corp. 2.23% 13,460 $818K New
ESS Essex Property Trust Inc. 1.93% 2,651 $710K New
FIP Ftai Infrastructure Inc. 1.76% 148,216 $646K New
KRG Kite Realty Group Trust 1.40% 23,047 $514K Reduce -79.1%
XRN Chiron Real Estate Inc. filed as GLOBAL MED REIT INC 1.36% 14,846 $500K Reduce -57.6%
STWD Starwood Property Trust Inc. 1.35% 25,667 $497K Reduce -79.6%
DLR Digital Realty Trust Inc. 1.30% 2,768 $479K Reduce -58.3%
DOC Healthpeak Properties Inc. 1.30% 24,987 $479K Reduce -80.5%
CDZI Cadiz Inc. 0.19% 15,113 $71K New
Other holdings (8): bonds, preferreds, convertibles and warrants · $31.4M (not counted above)
SecurityClassShares / PrincipalValueChange
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 279,569$8.8MReduce -0.0%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 300,732$7.6MReduce -2.7%
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 185,539$3.7MReduce -5.3%
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 179,745$3.6MReduce -5.6%
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C 102,975$2.6MAdd +0.9%
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 134,177$2.2MReduce -0.0%
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C 39,469$1.9MReduce -15.2%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 36,397$926KReduce -78.2%

Total filed on the 13F, all lines: $68.1M.

Portfolio Sells Q2 2025 → Q3 2025
STWD Starwood Property Trust Inc. Reduce -79.6% 1.35% −4.41
KRG Kite Realty Group Trust Reduce -79.1% 1.40% −4.31
DOC Healthpeak Properties Inc. Reduce -80.5% 1.30% −3.81
ELME Elme Communities Sold out 0.00% −2.91
COLD Americold Realty Trust Inc. Sold out 0.00% −2.52
ARE Alexandria Real Estate Equit Sold out 0.00% −2.14
XRN Chiron Real Estate Inc. Reduce -57.6% 1.36% −1.41
DLR Digital Realty Trust Inc. Reduce -58.3% 1.30% −1.34
UMH Umh Properties Inc. Reduce -27.1% 4.08% −1.22
CHCT Community Healthcare Trust I Reduce -27.2% 4.37% −1.10
PECO Phillips Edison & Company Inc. Sold out 0.00% −1.09
CCI Crown Castle Inc. Reduce -34.7% 2.97% −1.08
AHRT Ah Realty Trust Inc. Sold out 0.00% −0.78
BRX Brixmor Property Group Inc. Reduce -31.1% 4.66% −0.67
DHC Diversified Healthcare Trust Reduce -34.5% 5.63% −0.22
VICI Vici Properties Inc. Reduce -17.0% 14.01% −0.12
VRT Vertiv Holdings Co. Class A Reduce -6.5% 3.85% +0.92
ELS Equity Lifestyle Properties Reduce -0.1% 7.57% +1.12

Portfolio Buys Q2 2025 → Q3 2025
CZR Caesars Entertainment Inc. New 3.19% +3.19
IRM Iron Mountain Inc. New 3.08% +3.08
FTAI Ftai Aviation Ltd. New 3.00% +3.00
AMT American Tower Corp. Add +29.4% 10.14% +2.60
ARR Armour Residential REIT Inc. New 2.42% +2.42
PLD Prologis Inc. New 2.27% +2.27
SPG Simon Property Group Inc. New 2.26% +2.26
O Realty Income Corp. New 2.23% +2.23
ESS Essex Property Trust Inc. New 1.93% +1.93
FIP Ftai Infrastructure Inc. New 1.76% +1.76
EQIX Equinix Inc. Add +2.0% 10.55% +1.75
CTO Cto Realty Growth Inc. Add +1.7% 3.10% +0.40
CDZI Cadiz Inc. New 0.19% +0.19

Notes & Other Activity Q2 2025 → Q3 2025
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Reduce -0.0% 279,569 $8.8M
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Reduce -2.7% 300,732 $7.6M
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E Reduce -5.3% 185,539 $3.7M
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F Reduce -5.6% 179,745 $3.6M
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C Add +0.9% 102,975 $2.6M
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B Reduce -0.0% 134,177 $2.2M
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C Reduce -15.2% 39,469 $1.9M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -78.2% 36,397 $926K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 38$62.7MEQIX, DLR, CCI, SPG, SLG
Q1 2026 37$51.2MEQIX, AMT, PLD, ELS, WELL
Q4 2025 34$46.0MCCI, DLR, PLD, AMT, SUI
Q3 2025 26$36.7MVICI, EQIX, AMT, ELS, DHC
Q2 2025 21$43.8MVICI, EQIX, AMT, ELS, DHC
Q1 2025 21$50.5MAMT, REXR, EQIX, VICI, ELS
Q4 2024 27$52.2MEQIX, STWD, KRG, AMT, VICI
Q3 2024 27$60.5MHR, DOC, KRG, UMH, KW
Q2 2024 34$82.6MSLG, SBRA, HR, DOC, UE
Q1 2024 33$121.8MBXMT, SLG, SBRA, DOC, HR