In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Long Pond Capital, LP reported 26 stock positions worth $1.9 billion . Its top holding was Agree Realty (ADC) at 11.3% of the portfolio, followed by Independence Realty Trust (IRT, 8.9% ) and D.R. Horton (DHI, 8.6% ). Compared with Q3 2024, it opened 3 new positions, sold out of 15, added to 12 and reduced 7. The biggest buy was a new position in Healthpeak Properties (DOC) and the biggest sale an exit from National Storage Affiliates (NSA).
Location New York, NY
CIK 0001499066
Portfolio Value $1.9B (Q4 2024) Holdings 26 stocks · $1.9B 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 Q3 2024 ADC Agree Realty Corp. 3,029,301 $213.4M No change IRT Independence Realty Trust Inc. 8,505,173 $168.7M Add +0.1% DHI D.R. Horton Inc. 1,169,024 $163.5M Add +3.1% CPT Camden Property Trust 1,144,520 $132.8M Add +12.3% LEN Lennar Corp. Class A 920,282 $125.5M Add +47.5% MAA Mid-America Apartment Comm 685,611 $106.0M Reduce -4.4% PLYA Playa Hotels & Resorts NV 7,941,444 $100.5M Add +16.2% JBGS JBG Smith Properties 6,335,832 $97.4M Reduce -1.1% DOC Healthpeak Properties Inc. 4,286,388 $86.9M New VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 2,663,169 $68.2M Add +1.1% RRR Red Rock Resorts Inc. Class A 1,474,153 $68.2M Add +142.5% WYNN WYNN Resorts Ltd. 761,897 $65.6M Add +89.5% TRTX TPG Re Finance Trust Inc. 7,303,626 $62.1M Add +117.1% NNN NNN REIT Inc. 1,483,845 $60.6M Reduce -17.3% REXR Rexford Industrial Realty Inc. 1,515,651 $58.6M New BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG 3,103,069 $54.8M Add +16.8% HGV Hilton Grand Vacations Inc. 1,385,255 $54.0M Reduce -48.1% PGRE Paramount Group Inc. 10,053,335 $49.7M Add +12.5% COLD Americold Realty Trust Inc. 2,071,821 $44.3M No change NLOP Net Lease Office Property 861,601 $26.9M No change MTH Meritage Homes Corp. 162,557 $25.0M Add +67.1% SMRT Smartrent Inc. 10,066,093 $17.6M No change SUI Sun Communities Inc. filed as SUN CMNTYS INC 123,994 $15.2M Reduce -74.2% CZR Caesars Entertainment Inc. 442,295 $14.8M New SAFE Safehold Inc. 765,465 $14.1M Reduce -55.9% FPH Five Point Holdings LLC Class A 195,162 $738K Reduce -90.9%
Options reported separately and not counted above: LEN calls ($40.9M), BRSL calls ($35.3M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ NSA National Storage Affiliates Sold out 0.00% −4.46 FUN Six Flags Entertainment Corp. Sold out 0.00% −2.62 STWD Starwood Property Trust Inc. Sold out 0.00% −2.34 SUI Sun Communities Inc. Reduce -74.2% 0.80% −2.11 HGV Hilton Grand Vacations Inc. Reduce -48.1% 2.85% −1.50 HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −1.33 SAFE Safehold Inc. Reduce -55.9% 0.75% −1.30 NTST Netstreit Corp. Sold out 0.00% −1.25 TNL Travel + Leisure Co. Sold out 0.00% −1.07 WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −0.95 UDR Udr Inc. Sold out 0.00% −0.83 NNN NNN REIT Inc. Reduce -17.3% 3.20% −0.70 NXRT Nexpoint Residential Sold out 0.00% −0.56 KRG Kite Realty Group Trust Sold out 0.00% −0.43 XHR Xenia Hotels & Resorts Inc. Sold out 0.00% −0.41 BYD Boyd Gaming Corp. Sold out 0.00% −0.39 FOR Forestar Group Inc. Sold out 0.00% −0.38 FPH Five Point Holdings LLC Class A Reduce -90.9% 0.04% −0.36 SITC Site Centers Corp. Sold out 0.00% −0.29 CLDT Chatham Lodging Trust Sold out 0.00% −0.25 JBGS JBG Smith Properties Reduce -1.1% 5.14% +0.11 MAA Mid-America Apartment Comm Reduce -4.4% 5.59% +0.48
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ DOC Healthpeak Properties Inc. New 4.58% +4.58 REXR Rexford Industrial Realty Inc. New 3.09% +3.09 PLYA Playa Hotels & Resorts NV Add +16.2% 5.30% +2.93 RRR Red Rock Resorts Inc. Class A Add +142.5% 3.60% +2.11 TRTX TPG Re Finance Trust Inc. Add +117.1% 3.28% +1.99 WYNN WYNN Resorts Ltd. Add +89.5% 3.46% +1.73 LEN Lennar Corp. Class A Add +47.5% 6.62% +1.38 CPT Camden Property Trust Add +12.3% 7.01% +1.36 IRT Independence Realty Trust Inc. Add +0.1% 8.90% +1.09 CZR Caesars Entertainment Inc. New 0.78% +0.78 PGRE Paramount Group Inc. Add +12.5% 2.62% +0.65 MTH Meritage Homes Corp. Add +67.1% 1.32% +0.42 VTMX Corp. Inmobiliaria Vesta-ADR Add +1.1% 3.60% +0.42 BRSL Brightstar Lottery PLC Add +16.8% 2.89% +0.35 DHI D.R. Horton Inc. Add +3.1% 8.63% −1.08
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ LEN Lennar Corp. Class A call New 300,000 $40.9M BRSL Brightstar Lottery PLC call New 2,000,000 $35.3M
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