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HGI Capital Management, LLC

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13F filer, CIK 1595907, NEW YORK, NY

HGI Capital Management, LLC reported $73,797,414 across 23 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-12. Its ten largest share positions make up 53.14% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001595907-25-000004

Period
2025-06-30
Reported value
$73.8M
Holdings
23
Top 10 weight
53.14%
New
10
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DLRnew+24,179$4.22M
ESRTnew+494,696$4M
INVHnew+110,106$3.61M
HSTnew+224,577$3.45M
KRGnew+150,618$3.41M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
WDexited-49,817-$4.25M
WSRexited-264,334-$3.85M
SAFEexited-196,746-$3.68M
SLGexited-62,406-$3.6M
VICIreduced-105,566-$3.44M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001595907-25-000004, largest first. % of portfolio is the value over $73,797,414, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 117,992 shares; 2024Q1: 103,607 shares; 2024Q2: 64,850 shares; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 67,409 shares; 2025Q2: 107,355 shares 107,355$4.38M5.94%+39,946Timeline
DLRDIGITAL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 13,331 shares; 2024Q1: 4,850 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,179 shares 24,179$4.22M5.71%newTimeline
ESRTEMPIRE ST RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 494,696 shares 494,696$4M5.42%newTimeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 57,499 shares; 2024Q1: 71,927 shares; 2024Q2: 71,927 shares; 2024Q3: 108,886 shares; 2024Q4: 102,725 shares; 2025Q1: 96,699 shares; 2025Q2: 59,254 shares 59,254$4M5.42%-37,445Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,572 shares; 2025Q2: 13,557 shares 13,557$3.98M5.39%+2,985Timeline
EXREXTRA SPACE STORAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 12,028 shares; 2025Q2: 26,977 shares 26,977$3.98M5.39%+14,949Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 56,313 shares; 2024Q1: 44,611 shares; 2024Q2: 60,546 shares; 2024Q3: 47,312 shares; 2024Q4: 28,634 shares; 2025Q1: 30,186 shares; 2025Q2: 26,754 shares 26,754$3.75M5.08%-3,432Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 2,109 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 13,078 shares; 2025Q2: 13,207 shares 13,207$3.74M5.07%+129Timeline
INVHINVITATION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 116,755 shares; 2024Q1: 120,238 shares; 2024Q2: 99,252 shares; 2024Q3: 102,914 shares; 2024Q4: 203,391 shares; 2025Q1: not reported; 2025Q2: 110,106 shares 110,106$3.61M4.89%newTimeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 7,240 shares; 2024Q1: 38,799 shares; 2024Q2: 43,427 shares; 2024Q3: 47,838 shares; 2024Q4: 45,131 shares; 2025Q1: 27,792 shares; 2025Q2: 31,590 shares 31,590$3.56M4.82%+3,798Timeline
NMRKNEWMARK GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 497,620 shares; 2024Q1: 404,591 shares; 2024Q2: 497,894 shares; 2024Q3: 431,122 shares; 2024Q4: 248,792 shares; 2025Q1: 348,841 shares; 2025Q2: 292,757 shares 292,757$3.56M4.82%-56,084Timeline
HSTHOST HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 258,887 shares; 2025Q1: not reported; 2025Q2: 224,577 shares 224,577$3.45M4.67%newTimeline
KRGKITE REALTY GROUP TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 28,083 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 150,618 shares 150,618$3.41M4.62%newTimeline
VNOVORNADO RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,997 shares; 2025Q2: 88,686 shares 88,686$3.39M4.6%+1,689Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 80,265 shares; 2024Q1: 98,507 shares; 2024Q2: 82,561 shares; 2024Q3: 31,450 shares; 2024Q4: 36,680 shares; 2025Q1: 123,928 shares; 2025Q2: 66,835 shares 66,835$3.22M4.36%-57,093Timeline
VTRVENTAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 87,209 shares; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 97,133 shares; 2025Q1: 88,337 shares; 2025Q2: 49,265 shares 49,265$3.11M4.22%-39,072Timeline
ELSEQUITY LIFESTYLE PROPERTIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 47,474 shares 47,474$2.93M3.97%newTimeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 54,321 shares; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: 100,554 shares; 2024Q4: not reported; 2025Q1: 187,878 shares; 2025Q2: 82,312 shares 82,312$2.68M3.64%-105,566Timeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 22,655 shares; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 21,953 shares 21,953$2.31M3.13%newTimeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: 2,151 shares; 2024Q1: 1,474 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,762 shares 2,762$2.2M2.98%newTimeline
ADCAGREE RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 26,176 shares 26,176$1.91M2.59%newTimeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: 219,631 shares; 2024Q3: 266,707 shares; 2024Q4: 266,707 shares; 2025Q1: 254,905 shares; 2025Q2: 105,494 shares 105,494$1.57M2.13%-149,411Timeline
RLJRLJ LODGING TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 115,818 shares 115,818$843K1.14%newTimeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
WDWALKER & DUNLOP INC49,817$4.25Mshares
WSRWHITESTONE REIT264,334$3.85Mshares
SAFESAFEHOLD INC196,746$3.68Mshares
SLGSL GREEN RLTY CORP62,406$3.6Mshares
SUISUN CMNTYS INC22,990$2.96Mshares
PEBPEBBLEBROOK HOTEL TR198,041$2.01Mshares
AHRTAH RLTY TR INC225,072$1.69Mshares
DRHDIAMONDROCK HOSPITALITY CO117,754$909Kshares
IYRISHARES TR2,751$263Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001595907-25-000004 base2025-08-12acceptance time not in the bulk data set