In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Long Pond Capital, LP reported 28 stock positions worth $1.4 billion . Its top holding was Camden Property Trust (CPT) at 15.0% of the portfolio, followed by Independence Realty Trust (IRT, 14.6% ) and James Hardie Ind (JHX, 10.1% ). Compared with Q2 2025, it opened 11 new positions, sold out of 11, added to 6 and reduced 10. The biggest buy was a new position in James Hardie Ind (JHX) and the biggest sale an exit from Wyndham Hotels & Resorts (WH).
Location New York, NY
CIK 0001499066
Portfolio Value $1.4B (Q3 2025) Holdings 28 stocks · $1.4B 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 Q2 2025 CPT Camden Property Trust 1,945,698 $207.8M Add +90.2% IRT Independence Realty Trust Inc. 12,301,684 $201.6M Add +123.7% JHX James Hardie Ind PLC 7,247,811 $139.2M New NSA National Storage Affiliates 3,846,289 $116.2M Add +53.9% COLD Americold Realty Trust Inc. 7,756,293 $94.9M New TMHC Taylor Morrison Home Corp. 1,379,577 $91.1M Reduce -11.7% JBGS JBG Smith Properties 3,228,894 $71.8M Reduce -15.8% TRTX TPG Re Finance Trust Inc. 6,898,626 $59.1M Reduce -5.5% AMH American Homes 4 Rent- A 1,563,780 $52.0M New INN Summit Hotel Properties Inc. 9,400,000 $51.6M No change H Hyatt Hotels Corp. Class A 317,589 $45.1M Reduce -65.5% LXP LXP Industrial Trust 3,800,000 $34.0M Add +2433.3% MHO M/I Homes Inc. 227,597 $32.9M Add +86.3% HGV Hilton Grand Vacations Inc. 648,021 $27.1M Reduce -50.6% CZR Caesars Entertainment Inc. 959,175 $25.9M Add +956.7% ELS Equity Lifestyle Properties 354,911 $21.5M New KREF KKR Real Estate Finance Trus 2,321,672 $20.9M New NXRT Nexpoint Residential 544,089 $17.5M New CSR Centerspace 213,463 $12.6M New COMP Compass Inc. Class A 1,550,000 $12.4M New PLYM Plymouth Industrial REIT Inc. 492,468 $11.0M New MAA Mid-America Apartment Comm 67,543 $9.4M Reduce -28.5% SMRT Smartrent Inc. 6,066,093 $8.6M Reduce -39.7% FUN Six Flags Entertainment Corp. 290,000 $6.6M Reduce -91.2% SHO Sunstone Hotel Investors Inc. 485,237 $4.5M New MTH Meritage Homes Corp. 46,500 $3.4M Reduce -83.3% VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 20,037 $1.3M New PLD Prologis Inc. 3,316 $380K Reduce -90.4%
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −8.05 BRSL Brightstar Lottery PLC Sold out 0.00% −7.88 DHI D.R. Horton Inc. Sold out 0.00% −6.32 FUN Six Flags Entertainment Corp. Reduce -91.2% 0.48% −6.13 H Hyatt Hotels Corp. Class A Reduce -65.5% 3.27% −5.21 TOL Toll Brothers Inc. Sold out 0.00% −4.82 JLL Jones Lang Lasalle Inc. Sold out 0.00% −3.38 RRR Red Rock Resorts Inc. Class A Sold out 0.00% −3.09 SPG Simon Property Group Inc. Sold out 0.00% −2.21 KRC Kilroy Realty Corp. Sold out 0.00% −1.77 HGV Hilton Grand Vacations Inc. Reduce -50.6% 1.96% −1.62 MTH Meritage Homes Corp. Reduce -83.3% 0.24% −0.98 AIV Apartment Invt & Mgmt Co. Class A Sold out 0.00% −0.97 PGRE Paramount Group Inc. Sold out 0.00% −0.92 DBRG Digitalbridge Group Inc. Sold out 0.00% −0.91 MAA Mid-America Apartment Comm Reduce -28.5% 0.68% −0.24 PLD Prologis Inc. Reduce -90.4% 0.03% −0.21 SMRT Smartrent Inc. Reduce -39.7% 0.62% −0.04 TMHC Taylor Morrison Home Corp. Reduce -11.7% 6.60% +0.28 TRTX TPG Re Finance Trust Inc. Reduce -5.5% 4.28% +0.56 JBGS JBG Smith Properties Reduce -15.8% 5.20% +0.84
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ JHX James Hardie Ind PLC New 10.09% +10.09 IRT Independence Realty Trust Inc. Add +123.7% 14.61% +8.20 CPT Camden Property Trust Add +90.2% 15.05% +7.46 COLD Americold Realty Trust Inc. New 6.88% +6.88 AMH American Homes 4 Rent- A New 3.77% +3.77 NSA National Storage Affiliates Add +53.9% 8.42% +3.16 LXP LXP Industrial Trust Add +2433.3% 2.47% +2.38 CZR Caesars Entertainment Inc. Add +956.7% 1.88% +1.71 ELS Equity Lifestyle Properties New 1.56% +1.56 KREF KKR Real Estate Finance Trus New 1.51% +1.51 MHO M/I Homes Inc. Add +86.3% 2.38% +1.48 NXRT Nexpoint Residential New 1.27% +1.27 CSR Centerspace New 0.91% +0.91 COMP Compass Inc. Class A New 0.90% +0.90 PLYM Plymouth Industrial REIT Inc. New 0.80% +0.80 SHO Sunstone Hotel Investors Inc. New 0.33% +0.33 VMRK Vivmark Residential New 0.09% +0.09
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ BRSL Brightstar Lottery PLC call Sold out 2,000,000 $31.6Mbefore 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