SEC 13F Intelligence

Managers / Q4 2022 · view latest →

LDR Capital Management LLC

CIK 0001566089 · 300 PARK AVENUE, SUITE 520, NEW YORK, NY, 10022 · 646-927-5800

Reported Value
$183M
Q4 2022
Positions
39
Filings on Record
29
2019–present window
Filed
Feb 7, 2023
original filing

Summary

Ldr Capital Management LLC reported $183M in U.S.-listed holdings across 39 positions for Q4 2022.

The portfolio is heavily concentrated: BXMT alone accounts for 22.9% of reported value.

Compared with Q3 2022, the fund opened 2 new positions and exited 13.

Portfolio Metrics

Turnover
+13.2%
vs prior filed quarter
Top-10 Concentration
+70.3%
share of reported value
Largest Position
+22.9%
Blackstone Mtg Tr
New / Exited
2 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $123MQ1 ’19Q2 ’19: $146MQ3 ’19: $131MQ4 ’19: $167MQ1 ’20: $58MQ1 ’20Q2 ’20: $86MQ3 ’20: $101MQ4 ’20: $130MQ1 ’21: $132MQ1 ’21Q2 ’21: $159MQ3 ’21: $177MQ4 ’21: $219MQ1 ’22: $318MQ1 ’22Q2 ’22: $239MQ3 ’22: $198MQ4 ’22: $183MQ1 ’23: $152MQ1 ’23Q2 ’23: $161MQ3 ’23: $165MQ4 ’23: $179MQ1 ’24: $149MQ1 ’24Q2 ’24: $110MQ3 ’24: $90MQ4 ’24: $74MQ1 ’25: $83MQ1 ’25Q2 ’25: $77MQ3 ’25: $68MQ4 ’25: $72MQ1 ’26: $74MQ1 ’26filingsflow.com

Portfolio Composition

By security type
REIT: 71.5%PUBLIC: 20.5%Other: 3.5%ETP: 1.7%Common Stock: 1.6%PRIVATE: 1.2%
  • REIT · 71.5% · $130M
  • PUBLIC · 20.5% · $37M
  • Other · 3.5% · $6M
  • ETP · 1.7% · $3M
  • Common Stock · 1.6% · $3M
  • PRIVATE · 1.2% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMTAMERICAN TOWER CORP NEWNEW+24.5K24.5K+$5M$5M
GNLGLOBAL NET LEASE INCNEW+103.5K103.5K+$1M$1M
SPIRIT RLTY CAP INC NEWADDED+84.0K121.9K+$3M$5M
Granite Pt Mtg Tr IncSOLD OUT−6.04M0−$6M$0
CCICrown Castle Inc ComSOLD OUT−33.8K0−$5M$0
PLYMPlymouth INDL REIT IncSOLD OUT−269.6K0−$5M$0
Apollo Coml Real Estate FinSOLD OUT−3.59M0−$3M$0
LADRLadder Cap Corp Cl ASOLD OUT−388.4K0−$3M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

38 positions (from 39 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BXMTBLACKSTONE MTG TR INChistory →COM CL A22.86%$42M1.97M
2SLGSL GREEN RLTY CORPhistory →COM12.03%$22M651.3K
3RPT REALTY7.25 PFD D CONV8.44%$15M308.5K
4EPR PPTYSCONV PFD 9% SR E · PFD C CV 5.75%7.67%$14M642.3K
5GLPIGAMING & LEISURE PPTYS INChistory →COM5.65%$10M197.9K
6RLJ LODGING TRCUM CONV PFD A3.85%$7M295.8K
7AMTAMERICAN TOWER CORP NEWhistory →COM2.85%$5M24.5K
8SPIRIT RLTY CAP INC NEWCOM NEW2.67%$5M121.9K
9HRHEALTHCARE RLTY TRhistory →CL A COM2.17%$4M205.9K
10DOCHEALTHPEAK PROPERTIES INChistory →COM2.15%$4M156.2K
11KENNEDY-WILSON HOLDINGS INCCOM1.99%$4M231.5K
12BRXBRIXMOR PPTY GROUP INChistory →COM1.89%$3M152.1K
13STAGSTAG INDL INChistory →COM1.88%$3M106.2K
14UMHUMH PPTYS INChistory →COM1.88%$3M213.0K
15APARTMENT INCOME REIT CORPCOM1.80%$3M96.0K
16UEURBAN EDGE PPTYShistory →COM1.80%$3M232.8K
17XLRESELECT SECTOR SPDR TRhistory →RL EST SEL SEC1.73%$3M85.6K
18ALEXALEXANDER & BALDWIN INC NEWhistory →COM1.54%$3M150.0K
19VERIS RESIDENTIAL INCCOM1.53%$3M175.5K
20PECOPHILLIPS EDISON & CO INChistory →COMMON STOCK1.41%$3M80.9K
21BDNBRANDYWINE RLTY TRhistory →SH BEN INT NEW1.27%$2M376.7K
22BRAEMAR HOTELS & RESORTS INC5.5 CUM CV PFD B1.16%$2M135.9K
23PDMPIEDMONT OFFICE REALTY TR INCOM CL A0.95%$2M189.8K
24IVTINVENTRUST PPTYS CORPCOM NEW0.93%$2M71.9K
25HOWARD HUGHES CORPCOM0.87%$2M20.8K
26KRGKITE RLTY GROUP TRCOM NEW0.83%$2M72.0K
27PHYSICIANS RLTY TRCOM0.80%$1M101.2K
28HTEURHERSHA HOSPITALITY TRPR SHS BEN INT0.71%$1M153.2K
29GNLGLOBAL NET LEASE INCCOM NEW0.71%$1M103.5K
30RHPRYMAN HOSPITALITY PPTYS INCCOM0.70%$1M15.7K
31ALXALEXANDERS INCCOM0.64%$1M5.3K
32IRTINDEPENDENCE RLTY TR INCCOM0.58%$1M63.3K
33CCSCENTURY CMNTYS INCCOM0.56%$1M20.3K
34LXP INDUSTRIAL TRUSTPFD CONV SER C0.55%$1M21.3K
35VNOVORNADO RLTY TRSH BEN INT0.48%$878,45342.2K
36STWDSTARWOOD PPTY TR INCCOM0.23%$424,02823.1K
37ALCOALICO INCCOM0.17%$307,20712.9K
38DRHDIAMONDROCK HOSPITALITY COCOM0.05%$85,63510.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$74M44May 11, 202613F-HRchanges · EDGAR ↗
Q4 2025$72M41Jan 22, 202613F-HRchanges · EDGAR ↗
Q3 2025$68M34Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$77M29Jul 22, 202513F-HRchanges · EDGAR ↗
Q1 2025$83M29Apr 21, 202513F-HRchanges · EDGAR ↗
Q4 2024$74M32Feb 3, 202513F-HRchanges · EDGAR ↗
Q3 2024$90M33Oct 21, 202413F-HRchanges · EDGAR ↗
Q2 2024$110M40Jul 26, 202413F-HRchanges · EDGAR ↗
Q1 2024$149M39May 1, 202413F-HRchanges · EDGAR ↗
Q4 2023$179M42Jan 24, 202413F-HRchanges · EDGAR ↗
Q3 2023$165M43Oct 30, 202313F-HRchanges · EDGAR ↗
Q2 2023$161M34Aug 7, 202313F-HRchanges · EDGAR ↗
Q1 2023$152M36May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$183M39Feb 7, 202313F-HRchanges · EDGAR ↗
Q3 2022$198M50Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$239M68Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$318M67May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$219M43Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$177M37Oct 26, 202113F-HRchanges · EDGAR ↗
Q2 2021$159M36Aug 3, 202113F-HRchanges · EDGAR ↗
Q1 2021$132M36May 5, 202113F-HRchanges · EDGAR ↗
Q4 2020$130M17Feb 3, 202113F-HRchanges · EDGAR ↗
Q3 2020$101M15Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$86M14Jul 22, 202013F-HRchanges · EDGAR ↗
Q1 2020$58M11Apr 28, 202013F-HRchanges · EDGAR ↗
Q4 2019$167M19Feb 5, 202013F-HRchanges · EDGAR ↗
Q3 2019$131M23Nov 6, 201913F-HRchanges · EDGAR ↗
Q2 2019$146M33Jul 31, 201913F-HRchanges · EDGAR ↗
Q1 2019$123M26Apr 26, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.