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HGI Capital Management, LLC

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13F filer, CIK 1595907, NEW YORK, NY

HGI Capital Management, LLC reported $36,393,987 across 21 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 55.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001595907-25-000005

Period
2025-09-30
Reported value
$36.4M
Holdings
21
Top 10 weight
55.71%
New
6
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HDnew+4,944$2M
AREnew+22,773$1.9M
PECOnew+47,268$1.62M
OHInew+36,722$1.55M
BNLnew+68,558$1.23M

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
NMRKreduced-222,069-$4.14M
ESRTexited-494,696-$4M
INVHexited-110,106-$3.61M
CPTexited-31,590-$3.56M
KRGexited-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.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001595907-25-000005, largest first. % of portfolio is the value over $36,393,987, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 2,151 shares; 2024Q1: 1,474 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,762 shares; 2025Q3: 3,053 shares 3,053$2.39M6.57%+291Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 14,632 shares 14,632$2.31M6.33%-12,122Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 39,373 shares 39,373$2.03M5.57%-27,462Timeline
DLRDIGITAL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 13,331 shares; 2024Q1: 4,850 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,179 shares; 2025Q3: 11,661 shares 11,661$2.02M5.54%-12,518Timeline
HDHOME DEPOT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,944 shares 4,944$2M5.5%newTimeline
EXREXTRA SPACE STORAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 12,028 shares; 2025Q2: 26,977 shares; 2025Q3: 14,110 shares 14,110$1.99M5.46%-12,867Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,572 shares; 2025Q2: 13,557 shares; 2025Q3: 6,654 shares 6,654$1.92M5.28%-6,903Timeline
AREALEXANDRIA REAL ESTATE EQ INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 18,203 shares; 2024Q1: 32,439 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 22,773 shares 22,773$1.9M5.21%newTimeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 22,655 shares; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 21,953 shares; 2025Q3: 16,330 shares 16,330$1.87M5.14%-5,623Timeline
ESSESSEX PPTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: 2,109 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 13,078 shares; 2025Q2: 13,207 shares; 2025Q3: 6,930 shares 6,930$1.85M5.1%-6,277Timeline
VTRVENTAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 25,138 shares 25,138$1.76M4.83%-24,127Timeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 45,536 shares 45,536$1.7M4.66%-61,819Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 25,128 shares 25,128$1.63M4.47%-34,126Timeline
PECOPHILLIPS EDISON & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 20,600 shares; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 47,268 shares 47,268$1.62M4.46%newTimeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 105,494 shares 105,494$1.6M4.41%0Timeline
OHIOMEGA HEALTHCARE INVS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: 107,401 shares; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 36,722 shares 36,722$1.55M4.26%newTimeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 46,931 shares 46,931$1.53M4.21%-35,381Timeline
HSTHOST HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: 258,887 shares; 2025Q1: not reported; 2025Q2: 224,577 shares; 2025Q3: 79,502 shares 79,502$1.35M3.72%-145,075Timeline
NMRKNEWMARK GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 70,688 shares 70,688$1.32M3.62%-222,069Timeline
BNLBROADSTONE NET LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 43,238 shares; 2024Q1: 19,649 shares; 2024Q2: not reported; 2024Q3: 215,154 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 68,558 shares 68,558$1.23M3.37%newTimeline
BRXBRIXMOR PPTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,050 shares 30,050$832K2.29%newTimeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ESRTEMPIRE ST RLTY TR INC494,696$4Mshares
INVHINVITATION HOMES INC110,106$3.61Mshares
CPTCAMDEN PPTY TR31,590$3.56Mshares
KRGKITE REALTY GROUP TRUST150,618$3.41Mshares
VNOVORNADO RLTY TR88,686$3.39Mshares
ELSEQUITY LIFESTYLE PROPERTIES47,474$2.93Mshares
ADCAGREE RLTY CORP26,176$1.91Mshares
RLJRLJ LODGING TR115,818$843Kshares

How Q3 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 0001595907-25-000005 base2025-11-14acceptance time not in the bulk data set