In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Long Pond Capital, LP reported 34 stock positions worth $1.7 billion . Its top holding was Independence Realty Trust (IRT) at 9.7% of the portfolio, followed by Agree Realty (ADC, 9.4% ) and Camden Property Trust (CPT, 9.2% ). Compared with Q4 2023, it opened 13 new positions, sold out of 10, added to 10 and reduced 10. The biggest buy was Agree Realty (ADC, shares +490% ) and the biggest sale Mid-America Apartment Comm (MAA, shares −88% ).
Location New York, NY
CIK 0001499066
Portfolio Value $1.7B (Q1 2024) Holdings 34 stocks · $1.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 IRT Independence Realty Trust Inc. 10,414,483 $168.0M Add +204.7% ADC Agree Realty Corp. 2,868,640 $163.9M Add +489.8% CPT Camden Property Trust 1,616,402 $159.1M Reduce -19.6% NNN NNN REIT Inc. 2,644,477 $113.0M New JBGS JBG Smith Properties 6,975,351 $112.0M Reduce -0.8% NTST Netstreit Corp. 5,967,437 $109.6M Add +235.3% DHI D.R. Horton Inc. 659,761 $108.6M Add +438.6% COLD Americold Realty Trust Inc. 4,261,867 $106.2M New SITC Site Centers Corp. filed as SITE CTRS CORP 5,794,224 $84.9M Add +403.8% LXP LXP Industrial Trust 7,447,513 $67.2M Add +139.3% AIRC Apartment Income REIT Co. 2,027,211 $65.8M Add +42.9% RITM Rithm Capital Corp. 4,751,356 $53.0M New REXR Rexford Industrial Realty Inc. 1,030,215 $51.8M Add +137.8% SAFE Safehold Inc. 2,316,918 $47.7M Reduce -7.0% VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 1,051,091 $41.2M Add +112.7% PLYA Playa Hotels & Resorts NV 3,472,960 $33.7M Reduce -18.8% MTH Meritage Homes Corp. 184,102 $32.3M New AIV Apartment Invt & Mgmt Co. Class A 3,728,106 $30.5M Reduce -10.2% TNL Travel + Leisure Co. 426,941 $20.9M Reduce -30.3% NLOP Net Lease Office Property 861,601 $20.5M Reduce -20.7% HGV Hilton Grand Vacations Inc. 377,692 $17.8M Reduce -52.0% TRTX TPG Re Finance Trust Inc. 2,155,158 $16.6M New VAC Marriott Vacations World 141,943 $15.3M New PGRE Paramount Group Inc. 3,241,726 $15.2M New CDP Copt Defense Properties 565,737 $13.7M New MAA Mid-America Apartment Comm 99,404 $13.1M Reduce -88.4% SDHC Smith Douglas Homes Corp. 417,112 $12.4M New SMRT Smartrent Inc. 3,995,946 $10.7M Add +26.1% ESS Essex Property Trust Inc. 34,250 $8.4M New FPH Five Point Holdings LLC Class A 2,383,681 $7.5M No change FRT Federal Realty Invs Trust 60,000 $6.1M New MLCO Melco Resorts & Entert-ADR 799,121 $5.8M Reduce -77.3% JLL Jones Lang Lasalle Inc. 21,000 $4.1M New CZR Caesars Entertainment Inc. 27,331 $1.2M New
Options reported separately and not counted above: MPT puts ($9.4M).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ MAA Mid-America Apartment Comm Reduce -88.4% 0.75% −8.53 CPT Camden Property Trust Reduce -19.6% 9.15% −6.89 WPC WP Carey Inc. Sold out 0.00% −5.04 VICI Vici Properties Inc. Sold out 0.00% −4.37 JBGS JBG Smith Properties Reduce -0.8% 6.44% −3.17 CBRE CBRE Group Inc. Class A Sold out 0.00% −2.60 FOR Forestar Group Inc. Sold out 0.00% −2.39 MLCO Melco Resorts & Entert-ADR Reduce -77.3% 0.33% −2.18 MSGS Madison Square Garden Sports Sold out 0.00% −1.97 SAFE Safehold Inc. Reduce -7.0% 2.75% −1.94 EPRT Essential Properties Realty Sold out 0.00% −1.76 HGV Hilton Grand Vacations Inc. Reduce -52.0% 1.03% −1.51 VMRK Vivmark Residential Sold out 0.00% −1.33 SPHR Sphere Entertainment Co. Sold out 0.00% −1.23 FR First Industrial Realty TR Sold out 0.00% −1.18 PLYA Playa Hotels & Resorts NV Reduce -18.8% 1.94% −1.03 UDR Udr Inc. Sold out 0.00% −0.98 AIV Apartment Invt & Mgmt Co. Class A Reduce -10.2% 1.76% −0.86 TNL Travel + Leisure Co. Reduce -30.3% 1.20% −0.72 NLOP Net Lease Office Property Reduce -20.7% 1.18% −0.43
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ ADC Agree Realty Corp. Add +489.8% 9.43% +6.97 NNN NNN REIT Inc. New 6.50% +6.50 COLD Americold Realty Trust Inc. New 6.11% +6.11 IRT Independence Realty Trust Inc. Add +204.7% 9.67% +5.46 DHI D.R. Horton Inc. Add +438.6% 6.25% +4.75 NTST Netstreit Corp. Add +235.3% 6.31% +3.75 SITC Site Centers Corp. Add +403.8% 4.88% +3.62 RITM Rithm Capital Corp. New 3.05% +3.05 MTH Meritage Homes Corp. New 1.86% +1.86 LXP LXP Industrial Trust Add +139.3% 3.87% +1.38 REXR Rexford Industrial Realty Inc. Add +137.8% 2.98% +1.03 TRTX TPG Re Finance Trust Inc. New 0.96% +0.96 VAC Marriott Vacations World New 0.88% +0.88 PGRE Paramount Group Inc. New 0.87% +0.87 VTMX Corp. Inmobiliaria Vesta-ADR Add +112.7% 2.37% +0.80 CDP Copt Defense Properties New 0.79% +0.79 SDHC Smith Douglas Homes Corp. New 0.71% +0.71 ESS Essex Property Trust Inc. New 0.48% +0.48 FRT Federal Realty Invs Trust New 0.35% +0.35 JLL Jones Lang Lasalle Inc. New 0.24% +0.24 CZR Caesars Entertainment Inc. New 0.07% +0.07 AIRC Apartment Income REIT Co. Add +42.9% 3.79% −0.17 SMRT Smartrent Inc. Add +26.1% 0.62% −0.20
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ MPT Medical Properties Trust Inc. put New 2,000,000 $9.4M
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 30 $953.9M SBAC, IRT, JAN, HGV, JBGS Q1 2026 32 $978.1M IRT, JAN, JBGS, WH, TRTX Q4 2025 30 $851.2M COLD, NSA, JBGS, TRTX, COMP Q3 2025 28 $1.4B CPT, IRT, JHX, NSA, COLD Q2 2025 28 $1.5B H, WH, BRSL, CPT, FUN Q1 2025 33 $1.5B H, TOL, DHI, HLT, MTH Q4 2024 26 $1.9B ADC, IRT, DHI, CPT, LEN Q3 2024 38 $2.2B ADC, DHI, IRT, CPT, LEN Q2 2024 35 $1.8B DHI, IRT, ADC, COLD, CPT Q1 2024 34 $1.7B IRT, ADC, CPT, NNN, JBGS