SEC 13F Intelligence

Managers / Q3 2025

HGI Capital Management, LLC

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

Reported Value
$36M
Q3 2025
Positions
21
Filings on Record
28
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Hgi Capital Management, LLC reported $36M in U.S.-listed holdings across 21 positions for Q3 2025.

Its largest position, EQIX, represents 6.6% of the portfolio.

Compared with Q2 2025, the fund opened 6 new positions and exited 8.

Portfolio Metrics

Turnover
+17.0%
vs prior filed quarter
Top-10 Concentration
+55.7%
share of reported value
Largest Position
+6.6%
Equinix
New / Exited
6 / 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: 80.1%Common Stock: 15.5%Other: 4.4%
  • REIT · 80.1% · $29M
  • Common Stock · 15.5% · $6M
  • Other · 4.4% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HDHome DepotNEW+4.9K4.9K+$2M$2M
AREAlexandria Real Estate Equities IncNEW+22.8K22.8K+$2M$2M
PECOPhillips Edison & Co IncNEW+47.3K47.3K+$2M$2M
OHIOmega Healthcare Investors IncNEW+36.7K36.7K+$2M$2M
BNLBroadstone Net Lease IncNEW+68.6K68.6K+$1M$1M
BRXBrixmor Property Group IncNEW+30.1K30.1K+$831,784$831,784
ESRTEmpire State Realty Trust IncSOLD OUT−494.7K0−$4M$0
INVHInvitation Homes IncSOLD OUT−110.1K0−$4M$0

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

Holdings — Q3 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EQIXEquinix Inchistory →COM6.57%$2M3.1K
2CBRECBRE Group Inchistory →CL A6.33%$2M14.6K
3FRFirst Industrial Realty Trust Inchistory →COM5.57%$2M39.4K
4DLRDigital Realty Trust Inchistory →COM5.54%$2M11.7K
5HDHome Depothistory →COM5.50%$2M4.9K
6EXRExtra Space Storage Inchistory →COM5.46%$2M14.1K
7PSAPublic Storagehistory →COM5.28%$2M6.7K
8AREAlexandria Real Estate Equities Inchistory →COM5.21%$2M22.8K
9PLDPrologis Inchistory →COM5.14%$2M16.3K
10ESSEssex Property Trust Inchistory →COM5.10%$2M6.9K
11VTRVentas Inchistory →COM4.83%$2M25.1K
12UDRUDR Inchistory →COM4.66%$2M45.5K
13EQREquity Residentialhistory →SH BEN INT4.47%$2M25.1K
14PECOPhillips Edison & Co Inchistory →Common Stock4.46%$2M47.3K
15Veris Residential IncCOM4.41%$2M105.5K
16OHIOmega Healthcare Investors Inchistory →COM4.26%$2M36.7K
17VICIVICI Properties Inchistory →COM4.21%$2M46.9K
18HSTHost Hotels & Resorts Inchistory →COM3.72%$1M79.5K
19NMRKNewmark Group Inchistory →CL A3.62%$1M70.7K
20BNLBroadstone Net Lease Inchistory →COM3.37%$1M68.6K
21BRXBrixmor Property Group Inchistory →COM2.29%$831,78430.1K

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 ↗.