SEC 13F Intelligence

Managers / Q1 2025 · view latest →

HGI Capital Management, LLC

CIK 0001595907 · 51 WEST 52ND STREET, 19TH FLOOR, NEW YORK, NY, 10019 · 212-644-0515

Reported Value
$80M
Q1 2025
Positions
22
Filings on Record
28
2019–present window
Filed
May 14, 2025
original filing

Summary

Hgi Capital Management, LLC reported $80M in U.S.-listed holdings across 22 positions for Q1 2025.

Its largest position, EQR, represents 8.6% of the portfolio.

Compared with Q4 2024, the fund opened 12 new positions and exited 8.

Portfolio Metrics

Turnover
+49.9%
vs prior filed quarter
Top-10 Concentration
+62.9%
share of reported value
Largest Position
+8.6%
Equity Residential
New / Exited
12 / 8
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: $190MQ1 ’19Q2 ’19: $220MQ3 ’19: $182MQ4 ’19: $207MQ1 ’20: $106MQ1 ’20Q2 ’20: $162MQ3 ’20: $170MQ4 ’20: $214MQ1 ’21: $235MQ1 ’21Q2 ’21: $287MQ3 ’21: $248MQ4 ’21: $279MQ1 ’22: $324MQ1 ’22Q2 ’22: $239MQ3 ’22: $314MQ4 ’22: $350MQ1 ’23: $151MQ1 ’23Q2 ’23: $208MQ3 ’23: $88MQ4 ’23: $88MQ1 ’24: $93MQ1 ’24Q2 ’24: $107MQ3 ’24: $115MQ4 ’24: $97MQ1 ’25: $80MQ1 ’25Q2 ’25: $74MQ3 ’25: $36Mfilingsflow.com

Portfolio Composition

By security type
REIT: 78.8%Common Stock: 15.5%Other: 5.4%ETP: 0.3%
  • REIT · 78.8% · $63M
  • Common Stock · 15.5% · $12M
  • Other · 5.4% · $4M
  • ETP · 0.3% · $263,408

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VICIVICI Properties IncNEW+187.9K187.9K+$6M$6M
WDWalker & Dunlop IncNEW+49.8K49.8K+$4M$4M
ESSEssex Property Trust IncNEW+13.1K13.1K+$4M$4M
SAFESafehold IncNEW+196.7K196.7K+$4M$4M
SLGSL Green Realty CorpNEW+62.4K62.4K+$4M$4M
VNOVornado Realty TrustNEW+87.0K87.0K+$3M$3M
PSAPublic StorageNEW+10.6K10.6K+$3M$3M
UDRUDR IncNEW+67.4K67.4K+$3M$3M

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

Holdings — Q1 2025

22 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EQREquity Residentialhistory →SH BEN INT8.64%$7M96.7K
2FRFirst Industrial Realty Trust Inchistory →COM8.34%$7M123.9K
3VICIVICI Properties Inchistory →COM7.65%$6M187.9K
4VTRVentas Inchistory →COM7.58%$6M88.3K
5Veris Residential IncCOM5.38%$4M254.9K
6WDWalker & Dunlop Inchistory →COM5.31%$4M49.8K
7NMRKNewmark Group Inchistory →CL A5.30%$4M348.8K
8ESSEssex Property Trust Inchistory →COM5.00%$4M13.1K
9CBRECBRE Group Inchistory →CL A4.93%$4M30.2K
10WSRWhitestone REIThistory →COM4.80%$4M264.3K
11SAFESafehold Inchistory →COM4.60%$4M196.7K
12SLGSL Green Realty Corphistory →COM4.49%$4M62.4K
13CPTCamden Property Trusthistory →SH BEN INT4.24%$3M27.8K
14VNOVornado Realty Trusthistory →SH BEN INT4.01%$3M87.0K
15PSAPublic Storagehistory →COM3.95%$3M10.6K
16UDRUDR Inchistory →COM3.80%$3M67.4K
17SUISun Communities Inchistory →COM3.69%$3M23.0K
18PEBPebblebrook Hotel Trusthistory →COM2.50%$2M198.0K
19EXRExtra Space Storage Inchistory →COM2.23%$2M12.0K
20AHRTArmada Hoffler Properties Inchistory →COM2.11%$2M225.1K
21DRHDiamondrock Hospitality Cohistory →COM1.13%$909,061117.8K
22IYRiShares Trust - iShares U.S. Real Estate ETFU.S. REAL ES ETF0.33%$263,4082.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$36M21Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$74M23Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$80M22May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$97M18Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$115M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$107M19Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$93M43May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$88M40Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$88M41Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$208M38Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$151M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$350M31Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$314M35Feb 22, 2023RESTATEMENTchanges · EDGAR ↗
Q2 2022$239M33Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$324M66May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$279M70Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$248M64Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$287M72Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$235M59May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$214M58Feb 4, 202113F-HRchanges · EDGAR ↗
Q3 2020$170M54Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$162M52Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$106M51May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$207M63Feb 5, 202013F-HRchanges · EDGAR ↗
Q3 2019$182M60Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$220M67Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$190M58May 10, 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 ↗.