Masterton Capital Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Masterton Capital Management, LP reported 22 stock positions worth $176.5 million. Its top holding was Federal Realty Invs Trust (FRT) at 9.9% of the portfolio, followed by Vici Properties (VICI, 9.2%) and Rexford Industrial Realty (REXR, 8.5%). Compared with Q3 2024, it opened 6 new positions, sold out of 5, added to 10 and reduced 3. The biggest buy was American Homes 4 Rent- A (AMH, shares +311%) and the biggest sale an exit from Nike Class B (NKE).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001817145
- Portfolio Value
- $176.5M (Q4 2024)
- SEC Filing
- 0001892688-25-000095 ↗ filed Feb 14, 2025
Holdings Value
Holdings 22 stocks · $176.5M
| FRT Federal Realty Invs Trust | 9.89% | 155,953 | $17.5M | Add +23.9% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 9.22% | 557,225 | $16.3M | Add +33.5% |
| REXR Rexford Industrial Realty Inc. | 8.54% | 389,880 | $15.1M | Add +15.2% |
| NNN NNN REIT Inc. | 7.44% | 321,452 | $13.1M | Add +23.3% |
| AMH American Homes 4 Rent- A | 6.83% | 321,982 | $12.0M | Add +310.5% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.46% | 134,300 | $9.6M | Reduce -4.7% |
| BXP BXP Inc. | 5.10% | 121,000 | $9.0M | Add +40.7% |
| INVH Invitation Homes Inc. | 4.88% | 269,479 | $8.6M | Add +10.0% |
| ROST Ross Stores Inc. | 4.84% | 56,484 | $8.5M | Add +90.8% |
| REG Regency Centers Corp. | 4.60% | 109,857 | $8.1M | No change |
| PFGC Performance Food Group Co. | 4.10% | 85,586 | $7.2M | Add +58.2% |
| SHW The Sherwin-Williams Co. | 3.97% | 20,600 | $7.0M | New |
| APLE Apple Hospitality REIT Inc. | 3.50% | 402,026 | $6.2M | No change |
| KIM Kimco Realty Corp. | 3.04% | 228,613 | $5.4M | New |
| TREX Trex Company Inc. | 2.86% | 73,083 | $5.0M | Reduce -26.3% |
| PLD Prologis Inc. | 2.46% | 41,151 | $4.3M | Add +89.6% |
| ESS Essex Property Trust Inc. | 2.38% | 14,700 | $4.2M | New |
| WMT Walmart Inc. | 2.34% | 45,722 | $4.1M | Reduce -61.9% |
| DKS Dick's Sporting Goods Inc. | 2.33% | 18,000 | $4.1M | New |
| AZEK The Azek Co. Inc. | 2.27% | 84,493 | $4.0M | New |
| LPX Louisiana-Pacific Corp. | 2.20% | 37,517 | $3.9M | New |
| RLJ RLJ Lodging Trust | 1.74% | 301,338 | $3.1M | No change |
Portfolio Sells Q3 2024 → Q4 2024
| NKE Nike Inc. Class B | Sold out | 0.00% | −4.41 |
| WMT Walmart Inc. | Reduce -61.9% | 2.34% | −4.12 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −2.53 |
| WD Walker & Dunlop Inc. | Sold out | 0.00% | −1.87 |
| KRC Kilroy Realty Corp. | Sold out | 0.00% | −1.77 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −1.77 |
| TREX Trex Company Inc. | Reduce -26.3% | 2.86% | −1.54 |
| VMRK Vivmark Residential | Reduce -4.7% | 5.46% | −1.53 |
Portfolio Buys Q3 2024 → Q4 2024
| AMH American Homes 4 Rent- A | Add +310.5% | 6.83% | +4.82 |
| SHW The Sherwin-Williams Co. | New | 3.97% | +3.97 |
| KIM Kimco Realty Corp. | New | 3.04% | +3.04 |
| ESS Essex Property Trust Inc. | New | 2.38% | +2.38 |
| DKS Dick's Sporting Goods Inc. | New | 2.33% | +2.33 |
| AZEK The Azek Co. Inc. | New | 2.27% | +2.27 |
| LPX Louisiana-Pacific Corp. | New | 2.20% | +2.20 |
| ROST Ross Stores Inc. | Add +90.8% | 4.84% | +1.87 |
| PFGC Performance Food Group Co. | Add +58.2% | 4.10% | +1.27 |
| PLD Prologis Inc. | Add +89.6% | 2.46% | +0.64 |
| BXP BXP Inc. | Add +40.7% | 5.10% | +0.49 |
| FRT Federal Realty Invs Trust | Add +23.9% | 9.89% | +0.25 |
| VICI Vici Properties Inc. | Add +33.5% | 9.22% | −0.04 |
| INVH Invitation Homes Inc. | Add +10.0% | 4.88% | −0.88 |
| NNN NNN REIT Inc. | Add +23.3% | 7.44% | −0.98 |
| REXR Rexford Industrial Realty Inc. | Add +15.2% | 8.54% | −2.81 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $118.1M | PLD, CBRE, FRT, ADC, SYY |
| Q1 2026 | 19 | $109.8M | FRT, PFGC, KIM, PLD, APLE |
| Q4 2025 | 22 | $143.5M | VMRK, FRT, PSA, AMH, INVH |
| Q3 2025 | 21 | $182.4M | FRT, VMRK, PSA, INVH, AMH |
| Q2 2025 | 20 | $165.4M | AMH, APLE, AZEK, BXP, DKS |
| Q1 2025 | 21 | $146.5M | KIM, PLD, ESS, ROST, APLE |
| Q4 2024 | 22 | $176.5M | FRT, VICI, REXR, NNN, AMH |
| Q3 2024 | 21 | $150.0M | REXR, FRT, VICI, NNN, VMRK |
| Q2 2024 | 19 | $140.1M | PLD, ADC, REXR, AMH, REG |
| Q1 2024 | 14 | $127.6M | NNN, FRT, ADC, AVB, VMRK |