# HGI Capital Management, LLC

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1595907. Source: https://holderbook.com/funds/1595907-hgi-capital-management-llc/

- Reported value: $36.4M
- Positions: 21
- Weight of the ten largest: 55.7%
- Filed: 2025-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $2.4M | 3,053 | 6.6% | 2 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $2.3M | 14,632 | 6.3% | 9 |
| FIRST INDL RLTY TR INC | [FR](https://holderbook.com/stocks/FR/) | $2.0M | 39,373 | 5.6% | 11 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $2.0M | 11,661 | 5.5% | 2 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $2.0M | 4,944 | 5.5% | 1 |
| EXTRA SPACE STORAGE INC | [EXR](https://holderbook.com/stocks/EXR/) | $2.0M | 14,110 | 5.5% | 3 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $1.9M | 6,654 | 5.3% | 3 |
| ALEXANDRIA REAL ESTATE EQ IN | [ARE](https://holderbook.com/stocks/ARE/) | $1.9M | 22,773 | 5.2% | 1 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $1.9M | 16,330 | 5.1% | 2 |
| ESSEX PPTY TR INC | [ESS](https://holderbook.com/stocks/ESS/) | $1.9M | 6,930 | 5.1% | 3 |
| VENTAS INC | [VTR](https://holderbook.com/stocks/VTR/) | $1.8M | 25,138 | 4.8% | 4 |
| UDR INC | [UDR](https://holderbook.com/stocks/UDR/) | $1.7M | 45,536 | 4.7% | 3 |
| EQUITY RESIDENTIAL | [EQR](https://holderbook.com/stocks/EQR/) | $1.6M | 25,128 | 4.5% | 13 |
| PHILLIPS EDISON & CO INC | [PECO](https://holderbook.com/stocks/PECO/) | $1.6M | 47,268 | 4.5% | 1 |
| VERIS RESIDENTIAL INC | [VRE](https://holderbook.com/stocks/VRE/) | $1.6M | 105,494 | 4.4% | 6 |
| OMEGA HEALTHCARE INVS INC | [OHI](https://holderbook.com/stocks/OHI/) | $1.6M | 36,722 | 4.3% | 1 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $1.5M | 46,931 | 4.2% | 3 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $1.4M | 79,502 | 3.7% | 2 |
| NEWMARK GROUP INC | [NMRK](https://holderbook.com/stocks/NMRK/) | $1.3M | 70,688 | 3.6% | 9 |
| BROADSTONE NET LEASE INC | [BNL](https://holderbook.com/stocks/BNL/) | $1.2M | 68,558 | 3.4% | 1 |
| BRIXMOR PPTY GROUP INC | [BRX](https://holderbook.com/stocks/BRX/) | $831.8K | 30,050 | 2.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +2.4% | +7.8% | -5.5% | 100% |
| Q2 2025 | -5.7% | +10.5% | -16.2% | 100% |
| Q1 2025 | +3.8% | -4.6% | +8.4% | 100% |
| Q4 2024 | -10.5% | +2.1% | -12.7% | 100% |
| Q3 2024 | +15.3% | +5.4% | +9.9% | 100% |
| Q2 2024 | +3.6% | +4.0% | -0.4% | 100% |
| Q1 2024 | -1.2% | +10.0% | -11.3% | 100% |
| Q4 2023 | +11.7% | +11.2% | +0.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $36.4M | 21 |
| Q2 2025 | $73.8M | 23 |
| Q1 2025 | $80.2M | 22 |
| Q4 2024 | $97.2M | 18 |
| Q3 2024 | $114.6M | 17 |
| Q2 2024 | $106.5M | 19 |
| Q1 2024 | $92.8M | 43 |
| Q4 2023 | $88.0M | 40 |
| Q3 2023 | $88.0M | 41 |
| Q2 2023 | $208.1M | 38 |
| Q1 2023 | $151.3M | 27 |
| Q4 2022 | $350.1M | 31 |