Masterton Capital Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Masterton Capital Management, LP reported 20 stock positions worth $165.4 million. Its top holding was American Homes 4 Rent- A (AMH) at 12.5% of the portfolio, followed by Apple Hospitality REIT (APLE, 11.1%) and Azek (AZEK, 9.9%). Compared with Q1 2025, it sold out of 1, added to 10 and reduced 10. The biggest buy was American Homes 4 Rent- A (AMH, shares +50%) and the biggest sale Kimco Realty (KIM, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001817145
- Portfolio Value
- $165.4M (Q2 2025)
- SEC Filing
- 0001892688-25-000154 ↗ filed Aug 14, 2025
Holdings Value
Holdings 20 stocks · $165.4M
| AMH American Homes 4 Rent- A | 12.52% | 306,824 | $20.7M | Add +49.9% |
| APLE Apple Hospitality REIT Inc. | 11.14% | 194,046 | $18.4M | Reduce -72.2% |
| AZEK The Azek Co. Inc. | 9.90% | 57,800 | $16.4M | Add +113.5% |
| BXP BXP Inc. | 7.20% | 219,017 | $11.9M | Add +265.0% |
| DKS Dick's Sporting Goods Inc. | 7.12% | 40,142 | $11.8M | Reduce -28.9% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 6.44% | 121,787 | $10.7M | Add +482.0% |
| ESS Essex Property Trust Inc. | 6.01% | 42,771 | $10.0M | Reduce -74.2% |
| FRT Federal Realty Invs Trust | 5.05% | 397,513 | $8.4M | Add +1285.1% |
| INVH Invitation Homes Inc. | 4.90% | 247,279 | $8.1M | Add +975.1% |
| KIM Kimco Realty Corp. | 4.40% | 56,463 | $7.3M | Reduce -65.7% |
| LPX Louisiana-Pacific Corp. | 4.16% | 46,700 | $6.9M | Reduce -52.8% |
| NNN NNN REIT Inc. | 3.29% | 80,600 | $5.4M | Reduce -66.4% |
| PFGC Performance Food Group Co. | 3.03% | 430,200 | $5.0M | Add +65.2% |
| PLD Prologis Inc. | 2.97% | 160,600 | $4.9M | Reduce -6.9% |
| REG Regency Centers Corp. | 2.75% | 35,684 | $4.6M | Add +24.1% |
| REXR Rexford Industrial Realty Inc. | 2.52% | 33,700 | $4.2M | Add +21.4% |
| RLJ RLJ Lodging Trust | 1.73% | 106,300 | $2.9M | Reduce -77.4% |
| ROST Ross Stores Inc. | 1.66% | 48,900 | $2.7M | Reduce -46.3% |
| SHW The Sherwin-Williams Co. | 1.62% | 74,415 | $2.7M | Add +892.2% |
| TREX Trex Company Inc. | 1.59% | 80,817 | $2.6M | Reduce -43.5% |
Portfolio Sells Q1 2025 → Q2 2025
| KIM Kimco Realty Corp. | Reduce -65.7% | 4.40% | −6.58 |
| PLD Prologis Inc. | Reduce -6.9% | 2.97% | −6.29 |
| ROST Ross Stores Inc. | Reduce -46.3% | 1.66% | −6.29 |
| TREX Trex Company Inc. | Reduce -43.5% | 1.59% | −4.08 |
| NNN NNN REIT Inc. | Reduce -66.4% | 3.29% | −2.42 |
| ESS Essex Property Trust Inc. | Reduce -74.2% | 6.01% | −2.08 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −1.33 |
| RLJ RLJ Lodging Trust | Reduce -77.4% | 1.73% | −0.81 |
| DKS Dick's Sporting Goods Inc. | Reduce -28.9% | 7.12% | +2.22 |
| LPX Louisiana-Pacific Corp. | Reduce -52.8% | 4.16% | +3.20 |
| APLE Apple Hospitality REIT Inc. | Reduce -72.2% | 11.14% | +4.99 |
Portfolio Buys Q1 2025 → Q2 2025
| AMH American Homes 4 Rent- A | Add +49.9% | 12.52% | +7.23 |
| AZEK The Azek Co. Inc. | Add +113.5% | 9.90% | +5.50 |
| BXP BXP Inc. | Add +265.0% | 7.20% | +4.45 |
| VMRK Vivmark Residential | Add +482.0% | 6.44% | +3.56 |
| INVH Invitation Homes Inc. | Add +975.1% | 4.90% | +2.57 |
| REXR Rexford Industrial Realty Inc. | Add +21.4% | 2.52% | +1.12 |
| SHW The Sherwin-Williams Co. | Add +892.2% | 1.62% | −0.17 |
| PFGC Performance Food Group Co. | Add +65.2% | 3.03% | −0.74 |
| FRT Federal Realty Invs Trust | Add +1285.1% | 5.05% | −0.95 |
| REG Regency Centers Corp. | Add +24.1% | 2.75% | −3.12 |
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 |