Masterton Capital Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Masterton Capital Management, LP reported 21 stock positions worth $182.4 million. Its top holding was Federal Realty Invs Trust (FRT) at 13.6% of the portfolio, followed by Vivmark Residential (VMRK, 10.9%) and Public Storage (PSA, 8.7%). Compared with Q2 2025, it opened 10 new positions, sold out of 9, added to 6 and reduced 5. The biggest buy was a new position in Public Storage (PSA) and the biggest sale an exit from Azek (AZEK).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001817145
- Portfolio Value
- $182.4M (Q3 2025)
- SEC Filing
- 0001892688-25-000200 ↗ filed Nov 14, 2025
Holdings Value
Holdings 21 stocks · $182.4M
| FRT Federal Realty Invs Trust | 13.64% | 245,646 | $24.9M | Reduce -38.2% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 10.89% | 306,824 | $19.9M | Add +151.9% |
| PSA Public Storage | 8.68% | 54,842 | $15.8M | New |
| INVH Invitation Homes Inc. | 7.00% | 435,579 | $12.8M | Add +76.2% |
| AMH American Homes 4 Rent- A | 6.72% | 368,415 | $12.2M | Add +20.1% |
| BURL Burlington Stores Inc. | 6.60% | 47,282 | $12.0M | New |
| PFGC Performance Food Group Co. | 5.22% | 91,587 | $9.5M | Reduce -78.7% |
| TREX Trex Company Inc. | 4.40% | 155,211 | $8.0M | Add +92.0% |
| PLD Prologis Inc. | 4.28% | 68,100 | $7.8M | Reduce -57.6% |
| EXR Extra Space Storage Inc. | 4.26% | 55,100 | $7.8M | New |
| MCD McDonald's Corp. | 4.05% | 24,300 | $7.4M | New |
| TRNO Terreno Realty Corp. | 3.91% | 125,800 | $7.1M | New |
| KIM Kimco Realty Corp. | 3.42% | 285,213 | $6.2M | Add +405.1% |
| SKT Tanger Inc. | 2.98% | 160,600 | $5.4M | New |
| BXP BXP Inc. | 2.95% | 72,500 | $5.4M | Reduce -66.9% |
| APLE Apple Hospitality REIT Inc. | 2.84% | 431,200 | $5.2M | Add +122.2% |
| ROST Ross Stores Inc. | 2.32% | 27,732 | $4.2M | Reduce -43.3% |
| CHEF The Chefs' Warehouse Inc. | 2.24% | 69,900 | $4.1M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.44% | 80,817 | $2.6M | New |
| AVB Avalonbay Communities Inc. | 1.33% | 12,600 | $2.4M | New |
| DHI D.R. Horton Inc. | 0.83% | 8,963 | $1.5M | New |
Portfolio Sells Q2 2025 → Q3 2025
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −9.90 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −7.12 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −6.01 |
| BXP BXP Inc. | Reduce -66.9% | 2.95% | −4.24 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −4.16 |
| NNN NNN REIT Inc. | Sold out | 0.00% | −3.29 |
| REG Regency Centers Corp. | Sold out | 0.00% | −2.75 |
| REXR Rexford Industrial Realty Inc. | Sold out | 0.00% | −2.52 |
| RLJ RLJ Lodging Trust | Sold out | 0.00% | −1.73 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −1.62 |
| ROST Ross Stores Inc. | Reduce -43.3% | 2.32% | +0.66 |
| PLD Prologis Inc. | Reduce -57.6% | 4.28% | +1.31 |
| PFGC Performance Food Group Co. | Reduce -78.7% | 5.22% | +2.19 |
| FRT Federal Realty Invs Trust | Reduce -38.2% | 13.64% | +8.59 |
Portfolio Buys Q2 2025 → Q3 2025
| PSA Public Storage | New | 8.68% | +8.68 |
| BURL Burlington Stores Inc. | New | 6.60% | +6.60 |
| VMRK Vivmark Residential | Add +151.9% | 10.89% | +4.45 |
| EXR Extra Space Storage Inc. | New | 4.26% | +4.26 |
| MCD McDonald's Corp. | New | 4.05% | +4.05 |
| TRNO Terreno Realty Corp. | New | 3.91% | +3.91 |
| SKT Tanger Inc. | New | 2.98% | +2.98 |
| TREX Trex Company Inc. | Add +92.0% | 4.40% | +2.80 |
| CHEF The Chefs' Warehouse Inc. | New | 2.24% | +2.24 |
| INVH Invitation Homes Inc. | Add +76.2% | 7.00% | +2.10 |
| VICI Vici Properties Inc. | New | 1.44% | +1.44 |
| AVB Avalonbay Communities Inc. | New | 1.33% | +1.33 |
| DHI D.R. Horton Inc. | New | 0.83% | +0.83 |
| KIM Kimco Realty Corp. | Add +405.1% | 3.42% | −0.98 |
| AMH American Homes 4 Rent- A | Add +20.1% | 6.72% | −5.80 |
| APLE Apple Hospitality REIT Inc. | Add +122.2% | 2.84% | −8.30 |
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 |