Rush Island Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Rush Island Management, LP reported 17 stock positions worth $1.6 billion. Its top holding was SBA Communications (SBAC) at 14.2% of the portfolio, followed by Essex Property Trust (ESS, 10.4%) and Healthcare Realty Trust (HR, 9.5%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 8 and reduced 4. The biggest buy was a new position in Udr (UDR) and the biggest sale an exit from Hyatt Hotels Class A (H).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001736465
- Portfolio Value
- $1.6B (Q4 2025)
- SEC Filing
- 0001214659-26-001981 ↗ filed Feb 17, 2026
Holdings Value
Holdings 17 stocks · $1.6B
| SBAC SBA Communications Corp. | 14.23% | 1,177,595 | $227.8M | Add +24.8% |
| ESS Essex Property Trust Inc. | 10.42% | 637,211 | $166.7M | Add +7.3% |
| HR Healthcare Realty Trust Inc. | 9.54% | 9,007,902 | $152.7M | Add +15.4% |
| NNN NNN REIT Inc. | 9.49% | 3,833,086 | $151.9M | Add +24.9% |
| UDR Udr Inc. | 8.17% | 3,566,132 | $130.8M | New |
| FRT Federal Realty Invs Trust | 8.09% | 1,285,095 | $129.5M | Reduce -2.0% |
| VTR Ventas Inc. | 7.90% | 1,633,455 | $126.4M | Reduce -7.7% |
| FR First Industrial Realty TR | 7.44% | 2,079,542 | $119.1M | Add +1.3% |
| O Realty Income Corp. | 7.06% | 2,004,065 | $113.0M | Reduce -3.9% |
| KRC Kilroy Realty Corp. | 6.15% | 2,633,921 | $98.4M | Reduce -5.7% |
| COLD Americold Realty Trust Inc. | 2.35% | 2,928,659 | $37.7M | New |
| AKR Acadia Realty Trust | 2.21% | 1,718,816 | $35.3M | No change |
| NSA National Storage Affiliates | 2.11% | 1,197,716 | $33.8M | New |
| SITC Site Centers Corp. filed as SITE CTRS CORP | 1.60% | 3,989,634 | $25.6M | Add +19.8% |
| FUN Six Flags Entertainment Corp. | 1.13% | 1,181,229 | $18.1M | Add +142.5% |
| CURB Curbline Properties Corp. | 1.11% | 768,327 | $17.8M | Add +0.1% |
| SMA Smartstop Self Storage REIT | 0.98% | 505,613 | $15.6M | New |
Portfolio Sells Q3 2025 → Q4 2025
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −5.88 |
| SHO Sunstone Hotel Investors Inc. | Sold out | 0.00% | −2.38 |
| KRC Kilroy Realty Corp. | Reduce -5.7% | 6.15% | −1.94 |
| O Realty Income Corp. | Reduce -3.9% | 7.06% | −1.63 |
| LINE Lineage Inc. | Sold out | 0.00% | −1.36 |
| FRT Federal Realty Invs Trust | Reduce -2.0% | 8.09% | −1.01 |
| VTR Ventas Inc. | Reduce -7.7% | 7.90% | −0.59 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.38 |
Portfolio Buys Q3 2025 → Q4 2025
| UDR Udr Inc. | New | 8.17% | +8.17 |
| COLD Americold Realty Trust Inc. | New | 2.35% | +2.35 |
| NSA National Storage Affiliates | New | 2.11% | +2.11 |
| SBAC SBA Communications Corp. | Add +24.8% | 14.23% | +1.73 |
| SMA Smartstop Self Storage REIT | New | 0.98% | +0.98 |
| NNN NNN REIT Inc. | Add +24.9% | 9.49% | +0.53 |
| FUN Six Flags Entertainment Corp. | Add +142.5% | 1.13% | +0.37 |
| FR First Industrial Realty TR | Add +1.3% | 7.44% | +0.20 |
| CURB Curbline Properties Corp. | Add +0.1% | 1.11% | −0.06 |
| HR Healthcare Realty Trust Inc. | Add +15.4% | 9.54% | −0.10 |
| SITC Site Centers Corp. | Add +19.8% | 1.60% | −0.46 |
| ESS Essex Property Trust Inc. | Add +7.3% | 10.42% | −0.48 |
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 |