Rush Island Management, LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Rush Island Management, LP reported 17 stock positions worth $1.5 billion . Its top holding was SBA Communications (SBAC) at 12.5% of the portfolio, followed by Essex Property Trust (ESS, 10.9% ) and Healthcare Realty Trust (HR, 9.6% ). Compared with Q2 2025, it opened 6 new positions, sold out of 6, added to 4 and reduced 7. The biggest buy was a new position in Essex Property Trust (ESS) and the biggest sale Six Flags Entertainment (FUN, shares −87% ).
Location NEW YORK, NY
CIK 0001736465
Portfolio Value $1.5B (Q3 2025) Holdings 17 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 Q2 2025 SBAC SBA Communications Corp. 943,523 $182.4M Add +161.6% ESS Essex Property Trust Inc. 594,108 $159.0M New HR Healthcare Realty Trust Inc. 7,803,351 $140.7M Reduce -45.3% FRT Federal Realty Invs Trust 1,311,488 $132.9M Reduce -18.3% NNN NNN REIT Inc. 3,069,753 $130.7M Reduce -7.0% O Realty Income Corp. 2,085,394 $126.8M Reduce -12.2% VTR Ventas Inc. 1,770,189 $123.9M Reduce -31.3% KRC Kilroy Realty Corp. 2,791,863 $118.0M Reduce -31.1% FR First Industrial Realty TR 2,053,829 $105.7M Add +23.7% H Hyatt Hotels Corp. Class A 604,500 $85.8M Add +21.5% SHO Sunstone Hotel Investors Inc. 3,708,130 $34.7M New AKR Acadia Realty Trust 1,718,816 $34.6M New SITC Site Centers Corp. filed as SITE CTRS CORP 3,330,365 $30.0M Add +21.1% LINE Lineage Inc. 513,900 $19.9M New CURB Curbline Properties Corp. 767,641 $17.1M New FUN Six Flags Entertainment Corp. 487,121 $11.1M Reduce -87.2% HUT Hut 8 Corp. 158,627 $5.5M New
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 ▲ FUN Six Flags Entertainment Corp. Reduce -87.2% 0.76% −6.76 HR Healthcare Realty Trust Inc. Reduce -45.3% 9.64% −5.08 HST Host Hotels & Resorts Inc. Sold out 0.00% −4.38 EQIX Equinix Inc. Sold out 0.00% −2.70 AIV Apartment Invt & Mgmt Co. Class A Sold out 0.00% −2.69 VTR Ventas Inc. Reduce -31.3% 8.49% −2.10 CORZ Core Scientific Inc. Sold out 0.00% −1.35 KRC Kilroy Realty Corp. Reduce -31.1% 8.09% −0.96 FRT Federal Realty Invs Trust Reduce -18.3% 9.11% −0.82 HUDSON PAC PPTYS INC Sold out 0.00% −0.81 PGRE Paramount Group Inc. Sold out 0.00% −0.80 NNN NNN REIT Inc. Reduce -7.0% 8.96% −0.32 O Realty Income Corp. Reduce -12.2% 8.69% −0.22
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 ▼ ESS Essex Property Trust Inc. New 10.90% +10.90 SBAC SBA Communications Corp. Add +161.6% 12.51% +6.99 SHO Sunstone Hotel Investors Inc. New 2.38% +2.38 AKR Acadia Realty Trust New 2.37% +2.37 FR First Industrial Realty TR Add +23.7% 7.25% +2.04 LINE Lineage Inc. New 1.36% +1.36 H Hyatt Hotels Corp. Class A Add +21.5% 5.88% +1.36 CURB Curbline Properties Corp. New 1.17% +1.17 HUT Hut 8 Corp. New 0.38% +0.38 SITC Site Centers Corp. Add +21.1% 2.06% +0.03
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CORZ Core Scientific Inc. call Sold out 810,800 $13.8Mbefore 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 22 $1.5B INVH, ESS, NNN, KRC, HR Q1 2026 22 $1.5B ESS, SBAC, KRC, NNN, HR Q4 2025 17 $1.6B SBAC, ESS, HR, NNN, UDR Q3 2025 17 $1.5B SBAC, ESS, HR, FRT, NNN Q2 2025 17 $1.5B HR, VTR, FRT, NNN, KRC Q1 2025 14 $1.6B HR, VTR, O, KRC, NNN Q4 2024 14 $1.5B HR, VTR, O, FRT, REXR Q3 2024 18 $1.3B HR, O, NNN, FRT, SHO Q2 2024 13 $1.2B HR, O, FRT, NNN, SHO Q1 2024 15 $1.1B HR, O, FRT, NNN, SHO