In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Long Pond Capital, LP reported 33 stock positions worth $1.5 billion . Its top holding was Hyatt Hotels Class A (H) at 12.8% of the portfolio, followed by Toll Brothers (TOL, 7.8% ) and D.R. Horton (DHI, 7.0% ). Compared with Q4 2024, it opened 16 new positions, sold out of 9, added to 5 and reduced 10. The biggest buy was a new position in Hyatt Hotels Class A (H) and the biggest sale an exit from Agree Realty (ADC).
Location New York, NY
CIK 0001499066
Portfolio Value $1.5B (Q1 2025) Holdings 33 stocks · $1.5B 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 2024 H Hyatt Hotels Corp. Class A 1,566,714 $191.9M New TOL Toll Brothers Inc. 1,116,300 $117.9M New DHI D.R. Horton Inc. 829,067 $105.4M Reduce -29.1% HLT Hilton Worldwide Holdings Inc. 355,961 $81.0M New MTH Meritage Homes Corp. 1,125,995 $79.8M Add +246.3% FUN Six Flags Entertainment Corp. 2,124,559 $75.8M New HGV Hilton Grand Vacations Inc. 1,829,495 $68.4M Add +32.1% KRG Kite Realty Group Trust 2,709,697 $60.6M New TRTX TPG Re Finance Trust Inc. 7,303,626 $59.5M No change JBGS JBG Smith Properties 3,603,883 $58.1M Reduce -43.1% RRR Red Rock Resorts Inc. Class A 1,213,291 $52.6M Reduce -17.7% BRSL Brightstar Lottery PLC filed as INTERNATIONAL GAME TECHNOLOG 3,223,980 $52.4M Add +3.9% PGRE Paramount Group Inc. 11,737,433 $50.5M Add +16.8% PLYA Playa Hotels & Resorts NV 3,757,576 $50.1M Reduce -52.7% CUBE Cubesmart 1,108,821 $47.4M New WYNN WYNN Resorts Ltd. 539,200 $45.0M Reduce -29.2% CPT Camden Property Trust 330,330 $40.4M Reduce -71.1% TMHC Taylor Morrison Home Corp. 671,970 $40.3M New KRC Kilroy Realty Corp. 738,200 $24.2M New VTMX Corp. Inmobiliaria Vesta-ADR filed as VESTA REAL ESTATE CORP 949,940 $21.7M Reduce -64.3% WH Wyndham Hotels & Resorts Inc. 233,153 $21.1M New REXR Rexford Industrial Realty Inc. 528,584 $20.7M Reduce -65.1% IRT Independence Realty Trust Inc. 827,812 $17.6M Reduce -90.3% CZR Caesars Entertainment Inc. 681,189 $17.0M Add +54.0% MAA Mid-America Apartment Comm 93,529 $15.7M Reduce -86.4% PHM Pultegroup Inc. 137,655 $14.2M New MSGE Madison Square Garden Entert 416,312 $13.6M New SMRT Smartrent Inc. 10,066,093 $12.2M No change VAC Marriott Vacations World 180,091 $11.6M New GDEN Golden Entertainment Inc. 434,767 $11.5M New UHAL.B U-Haul Holding Co.-Non Voting 188,407 $11.1M New DEI Douglas Emmett Inc. 589,420 $9.4M New VNO Vornado Realty Trust 178,753 $6.6M New
Options reported separately and not counted above: BRSL calls ($32.5M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ ADC Agree Realty Corp. Sold out 0.00% −11.26 IRT Independence Realty Trust Inc. Reduce -90.3% 1.17% −7.74 LEN Lennar Corp. Class A Sold out 0.00% −6.62 DOC Healthpeak Properties Inc. Sold out 0.00% −4.58 MAA Mid-America Apartment Comm Reduce -86.4% 1.04% −4.55 CPT Camden Property Trust Reduce -71.1% 2.68% −4.32 NNN NNN REIT Inc. Sold out 0.00% −3.20 COLD Americold Realty Trust Inc. Sold out 0.00% −2.34 VTMX Corp. Inmobiliaria Vesta-ADR Reduce -64.3% 1.44% −2.16 PLYA Playa Hotels & Resorts NV Reduce -52.7% 3.33% −1.97 REXR Rexford Industrial Realty Inc. Reduce -65.1% 1.37% −1.72 DHI D.R. Horton Inc. Reduce -29.1% 7.00% −1.62 NLOP Net Lease Office Property Sold out 0.00% −1.42 JBGS JBG Smith Properties Reduce -43.1% 3.86% −1.28 SUI Sun Communities Inc. Sold out 0.00% −0.80 SAFE Safehold Inc. Sold out 0.00% −0.75 WYNN WYNN Resorts Ltd. Reduce -29.2% 2.99% −0.47 RRR Red Rock Resorts Inc. Class A Reduce -17.7% 3.50% −0.10 FPH Five Point Holdings LLC Class A Sold out 0.00% −0.04
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ H Hyatt Hotels Corp. Class A New 12.75% +12.75 TOL Toll Brothers Inc. New 7.83% +7.83 HLT Hilton Worldwide Holdings Inc. New 5.38% +5.38 FUN Six Flags Entertainment Corp. New 5.03% +5.03 KRG Kite Realty Group Trust New 4.03% +4.03 MTH Meritage Homes Corp. Add +246.3% 5.30% +3.98 CUBE Cubesmart New 3.15% +3.15 TMHC Taylor Morrison Home Corp. New 2.68% +2.68 HGV Hilton Grand Vacations Inc. Add +32.1% 4.55% +1.70 KRC Kilroy Realty Corp. New 1.61% +1.61 WH Wyndham Hotels & Resorts Inc. New 1.40% +1.40 PHM Pultegroup Inc. New 0.94% +0.94 MSGE Madison Square Garden Entert New 0.91% +0.91 VAC Marriott Vacations World New 0.77% +0.77 GDEN Golden Entertainment Inc. New 0.76% +0.76 UHAL.B U-Haul Holding Co.-Non Voting New 0.74% +0.74 PGRE Paramount Group Inc. Add +16.8% 3.35% +0.73 DEI Douglas Emmett Inc. New 0.63% +0.63 BRSL Brightstar Lottery PLC Add +3.9% 3.48% +0.59 VNO Vornado Realty Trust New 0.44% +0.44 CZR Caesars Entertainment Inc. Add +54.0% 1.13% +0.35
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ LEN Lennar Corp. Class A call Sold out 300,000 $40.9Mbefore exit
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