In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Vision Capital Corp reported 13 stock positions worth $210.2 million . Its top holding was Sun Communities (SUI) at 16.8% of the portfolio, followed by Equinix (EQIX, 12.8% ) and Americold Realty Trust (COLD, 12.6% ). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 3 and reduced 4. The biggest buy was CBRE Class A (CBRE, shares +489% ) and the biggest sale an exit from Vistra (VST).
Location TORONTO, A6
CIK 0001764403
Portfolio Value $210.2M (Q1 2025) Holdings 13 stocks · $210.2M 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 Q4 2024 SUI Sun Communities Inc. filed as SUN CMNTYS INC 274,860 $35.4M No change EQIX Equinix Inc. 33,075 $27.0M No change COLD Americold Realty Trust Inc. 1,237,320 $26.6M Add +3.6% PDM Piedmont Realty Trust Inc. 3,276,777 $24.1M Reduce -7.1% CBRE CBRE Group Inc. Class A 155,000 $20.3M Add +489.4% EGP Eastgroup Properties Inc. 78,000 $13.7M Reduce -20.4% ESRT Empire State Realty Trust-A 1,632,859 $12.8M Reduce -41.7% KRG Kite Realty Group Trust 550,000 $12.3M New SLG SL Green Realty Corp. 200,000 $11.5M New IVT Inventrust Properties Corp. 350,000 $10.3M Add +290.9% DLR Digital Realty Trust Inc. 58,969 $8.4M Reduce -50.4% SHO Sunstone Hotel Investors Inc. 600,000 $5.6M New AIV Apartment Invt & Mgmt Co. Class A 248,780 $2.2M New
Options reported separately and not counted above: ISHARES TR puts ($110.4M), ISHARES TR puts ($95.8M), VISTRA CORP calls ($20.6M).
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Sold out 0.00% −11.52 TMHC Taylor Morrison Home Corp. Sold out 0.00% −8.01 ESRT Empire State Realty Trust-A Reduce -41.7% 6.07% −4.96 NMRK Newmark Group Inc. Class A Sold out 0.00% −4.25 DLR Digital Realty Trust Inc. Reduce -50.4% 4.02% −4.03 MHO M/I Homes Inc. Sold out 0.00% −1.93 PDM Piedmont Realty Trust Inc. Reduce -7.1% 11.49% −0.82 EGP Eastgroup Properties Inc. Reduce -20.4% 6.54% +0.54
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ CBRE CBRE Group Inc. Class A Add +489.4% 9.64% +8.33 KRG Kite Realty Group Trust New 5.85% +5.85 SLG SL Green Realty Corp. New 5.49% +5.49 IVT Inventrust Properties Corp. Add +290.9% 4.89% +3.86 COLD Americold Realty Trust Inc. Add +3.6% 12.63% +2.88 SHO Sunstone Hotel Investors Inc. New 2.69% +2.69 AIV Apartment Invt & Mgmt Co. Class A New 1.04% +1.04
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ ISHARES TR put Sold out 1,950,000 $201.6Mbefore exit STATE STR SPDR S&P 500 ETF T put Sold out 190,000 $111.4Mbefore exit ISHARES TR put New 1,400,000 $110.4M ISHARES TR put New 1,000,000 $95.8M SUN CMNTYS INC call Sold out 175,000 $21.5Mbefore exit INVITATION HOMES INC call Sold out 670,000 $21.4Mbefore exit VISTRA CORP call New 175,000 $20.6M HOST HOTELS & RESORTS INC call Sold out 50,400 $883Kbefore 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 13 $216.8M DLR, BKD, CUBE, FR, EQIX Q1 2026 9 $183.2M SUI, EQIX, FR, IVT, CUBE Q4 2025 10 $181.3M SUI, EQIX, IVT, CUBE, FR Q3 2025 8 $171.7M SUI, EQIX, IVT, COLD, EGP Q2 2025 12 $223.7M SUI, COLD, UDR, IVT, EQIX Q1 2025 13 $210.2M SUI, EQIX, COLD, PDM, CBRE Q4 2024 13 $262.1M SUI, PDM, EQIX, VST, ESRT Q3 2024 18 $403.6M DLR, TMHC, SUI, ESRT, VST Q2 2024 12 $308.2M DLR, SUI, PLD, COLD, FR Q1 2024 15 $332.6M SUI, VTR, PLD, JLL, FR