HGI Capital Management, LLC — 13F Holdings & Portfolio
CIK 1595907 · latest 13F-HR filed 2025-11-14
HGI Capital Management, LLC manages $36.4M in 13F-reported U.S. long-equity assets across 21 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are EQIX (6.57%), CBRE (6.33%), FR (5.57%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 6 new positions and exited 8; 1 existing position rose in reported value and 13 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$36.4M
Long-equity book
Holdings
21
Distinct positions
Period
2025-09-30
Filed 2025-11-14
Q/Q Activity
+6 / −8 / ↑1 / ↓13
vs 2025-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 25Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 25 → Q3 25Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 55.7%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 27, 2026.
Assets Under Management
$41.6M
Discretionary
$41.6M
Employees
12
Accounts
7
Address
51 WEST 52ND STREET
19TH FLOOR
NEW YORK, NY 10019
19TH FLOOR
NEW YORK, NY 10019
Phone
(212) 644-0515
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| GRUSZCZYNSKI, CHRISTOPHER, ROGER Control | CHIEF LEGAL OFFICER/ CHIEF COMPLIANCE OFFICER since Apr 2022 | Less than 5% | Individual |
| HGI RES, LLC Control | SOLE MEMBER/MANAGER since Jul 2013 | 75% or more | Domestic Entity |
| LITTON, JR., THOMAS, RICHARD Control | PRESIDENT since Jul 2013 | Less than 5% | Individual |
| LUBETSKI, SAUL, (NMN) Control | VICE CHAIRMAN since Jul 2013 | Less than 5% | Individual |
| SLONE, JORDAN, ERIC Control | CHAIRMAN/CHIEF EXECUTIVE OFFICER since Jul 2013 | Less than 5% | Individual |
| STONER, CARLA, RAMEY Control | CHIEF FINANCIAL OFFICER since Oct 2024 | Less than 5% | Individual |
| HARBOR CAPITAL II, LLC Control Indirect owner via HGI RES HOLDINGS, LLC | MEMBER since Jul 2013 | 25–50% | Domestic Entity |
| HGI RES HOLDINGS, LLC Control Indirect owner via HGI RES, LLC | MANAGING MEMBER since Jul 2013 | 50–75% | Domestic Entity |
| SLONE, JORDAN, ERIC Control Indirect owner via HARBOR CAPITAL II, LLC | MEMBER since Jan 2013 | 25–50% | Individual |
Ownership & leadership changes · 14 filings with changes since Sep 25, 2013
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Oct 31, 2024 filing
- Listed againSTONER, CARLA, RAMEY · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Jul 24, 2024 filing
- No longer listedGEFFNER, ROBYN, TOBY · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Jan 2016
Jul 28, 2023 filing
- No longer listedKASSIAN, NATASHA, MARIA · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2023
- ChangedGRUSZCZYNSKI, CHRISTOPHER, ROGER · title CHIEF LEGAL OFFICER → CHIEF LEGAL OFFICER/ CHIEF COMPLIANCE OFFICER
Mar 30, 2023 filing
- ChangedHARBOR CAPITAL II, LLC · indirect via HGI RES HOLDINGS, LLC: ownership 50–75% → 25–50%
- ChangedSLONE, JORDAN, ERIC · indirect via HARBOR CAPITAL II, LLC: ownership 50–75% → 25–50%
Jan 24, 2023 filing
- AddedKASSIAN, NATASHA, MARIA · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedGRUSZCZYNSKI, CHRISTOPHER, ROGER · title CHIEF COMPLIANCE OFFICER / CHIEF LEGAL OFFICER → CHIEF LEGAL OFFICER
Jul 25, 2022 filing
- No longer listedButler, Geoffrey, Louis · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2022
- AddedGRUSZCZYNSKI, CHRISTOPHER, ROGER · CHIEF COMPLIANCE OFFICER / CHIEF LEGAL OFFICER · Less than 5% · control person
Jan 7, 2022 filing
- No longer listedKLEVECZ, LUCINDA, WARD · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jul 2013
- AddedButler, Geoffrey, Louis · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 29, 2020 filing
- No longer listedDEKEL OF VIRGINIA, LLC · MEMBER · 25–50% · indirect via HGI RES HOLDINGS, LLC · control person · listed since Jul 2013
- No longer listedKAMEZ ASSOCIATES, LLC · MEMBER · 75% or more · indirect via DEKEL OF VIRGINIA, LLC · control person · listed since Jul 2007
- ChangedHGI RES HOLDINGS, LLC · indirect via HGI RES, LLC: ownership 75% or more → 50–75%
Mar 26, 2019 filing
- ChangedGEFFNER, ROBYN, TOBY · title CHIEF FINANCIAL OFFICER - HGI CAPITAL MANAGEMENT, LLC → CHIEF FINANCIAL OFFICER
Mar 29, 2018 filing
- No longer listedBO-DA INCORPORATED · MEMBER · 25–50% · indirect via DEKEL OF VIRGINIA, LLC · control person · listed since Jul 2007
- No longer listedHARBOR GROUP ISRAEL (H.G.I.) LTD. · SHAREHOLDER · 75% or more · indirect via BO-DA INCORPORATED · control person · listed since Feb 1997
- No longer listedKATZ, SURA, FRANCIS · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person · listed since Oct 2015
- No longer listedMENDLOVIC, PINCHAS, (NMN) · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person · listed since Dec 1981
- No longer listedZWIEBEL, DAVID, JOEL · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) · control person · listed since Dec 1981
- ChangedKAMEZ ASSOCIATES, LLC · indirect via DEKEL OF VIRGINIA, LLC: ownership 50–75% → 75% or more
Older changes (5 more filings)
Mar 24, 2017 filing
- No longer listedDEKEL OF VIRGINIA, LLC · MEMBER · 25–50% · indirect via HGI HOLDINGS, LLC · control person · listed since Jul 2007
- No longer listedHARBOR GROUP CAPITAL CORP. · MEMBER · 50–75% · indirect via HGI HOLDINGS, LLC · control person · listed since Aug 1998
- No longer listedHARBOR GROUP INTERNATIONAL, LLC · SOLE MEMBER/MANAGER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) · 75% or more · control person · listed since Jun 2015
- No longer listedHGI HOLDINGS, LLC · MEMBER · 75% or more · indirect via HARBOR GROUP INTERNATIONAL, LLC · control person · listed since Jul 2007
- No longer listedSLONE, JORDAN, ERIC · SHAREHOLDER · 50–75% · indirect via HARBOR GROUP CAPITAL CORP. · control person · listed since Feb 1993
- No longer listedSTONER, CARLA, RAMEY · CHIEF FINANCIAL OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) · Less than 5% · control person · listed since Jun 2015
- ChangedLITTON, JR., THOMAS, RICHARD · title PRESIDENT / PRESIDENT - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) → PRESIDENT
- ChangedLUBETSKI, SAUL, (NMN) · title VICE CHAIRMAN / VICE CHAIRMAN - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) → VICE CHAIRMAN
- ChangedSLONE, JORDAN, ERIC · title CHAIRMAN/CHIEF EXECUTIVE OFFICER / CHAIRMAN/CHIEF EXECUTIVE OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) → CHAIRMAN/CHIEF EXECUTIVE OFFICER
Mar 30, 2016 filing
- No longer listedESTATE OF KATZ, DAVID, SAMUEL · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person · listed since Dec 1981
- AddedGEFFNER, ROBYN, TOBY · CHIEF FINANCIAL OFFICER - HGI CAPITAL MANAGEMENT, LLC · Less than 5% · control person
- AddedKATZ, SURA, FRANCIS · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person
- ChangedSTONER, CARLA, RAMEY · title CHIEF FINANCIAL OFFICER / CHIEF FINANCIAL OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) → CHIEF FINANCIAL OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER)
Nov 10, 2015 filing
- No longer listedREICH, DANIEL, ZECHARIAH · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jul 2013
Jun 24, 2015 filing
- AddedDEKEL OF VIRGINIA, LLC · MEMBER · 25–50% · indirect via HGI HOLDINGS, LLC · control person
- AddedHARBOR GROUP CAPITAL CORP. · MEMBER · 50–75% · indirect via HGI HOLDINGS, LLC · control person
- AddedHARBOR GROUP INTERNATIONAL, LLC · SOLE MEMBER/MANAGER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER) · 75% or more · control person
- AddedHGI HOLDINGS, LLC · MEMBER · 75% or more · indirect via HARBOR GROUP INTERNATIONAL, LLC · control person
- AddedSLONE, JORDAN, ERIC · SHAREHOLDER · 50–75% · indirect via HARBOR GROUP CAPITAL CORP. · control person
- ChangedLITTON, JR., THOMAS, RICHARD · title PRESIDENT → PRESIDENT / PRESIDENT - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER)
- ChangedLUBETSKI, SAUL, (NMN) · title VICE CHAIRMAN → VICE CHAIRMAN / VICE CHAIRMAN - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER)
- ChangedSLONE, JORDAN, ERIC · title CHAIRMAN/CHIEF EXECUTIVE OFFICER → CHAIRMAN/CHIEF EXECUTIVE OFFICER / CHAIRMAN/CHIEF EXECUTIVE OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER)
- ChangedSTONER, CARLA, RAMEY · title CHIEF FINANCIAL OFFICER → CHIEF FINANCIAL OFFICER / CHIEF FINANCIAL OFFICER - HGI PRIVATE CAPITAL ADVISERS, LLC (RELYING ADVISER)
Sep 25, 2013 filing (earliest on record)
- ListedBO-DA INCORPORATED · MEMBER · 25–50% · indirect via DEKEL OF VIRGINIA, LLC · control person
- ListedDEKEL OF VIRGINIA, LLC · MEMBER · 25–50% · indirect via HGI RES HOLDINGS, LLC · control person
- ListedESTATE OF KATZ, DAVID, SAMUEL · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person
- ListedHARBOR CAPITAL II, LLC · MEMBER · 50–75% · indirect via HGI RES HOLDINGS, LLC · control person
- ListedHARBOR GROUP ISRAEL (H.G.I.) LTD. · SHAREHOLDER · 75% or more · indirect via BO-DA INCORPORATED · control person
- ListedHGI RES HOLDINGS, LLC · MANAGING MEMBER · 75% or more · indirect via HGI RES, LLC · control person
- ListedHGI RES, LLC · SOLE MEMBER/MANAGER · 75% or more · control person
- ListedKAMEZ ASSOCIATES, LLC · MEMBER · 50–75% · indirect via DEKEL OF VIRGINIA, LLC · control person
- ListedKLEVECZ, LUCINDA, WARD · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedLITTON, JR., THOMAS, RICHARD · PRESIDENT · Less than 5% · control person
- ListedLUBETSKI, SAUL, (NMN) · VICE CHAIRMAN · Less than 5% · control person
- ListedMENDLOVIC, PINCHAS, (NMN) · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) LTD. · control person
- ListedREICH, DANIEL, ZECHARIAH · CHIEF OPERATING OFFICER · Less than 5% · control person
- ListedSLONE, JORDAN, ERIC · MEMBER · 50–75% · indirect via HARBOR CAPITAL II, LLC · control person
- ListedSLONE, JORDAN, ERIC · CHAIRMAN/CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- ListedSTONER, CARLA, RAMEY · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ListedZWIEBEL, DAVID, JOEL · SHAREHOLDER · 25–50% · indirect via HARBOR GROUP ISREAL (H.G.I.) · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Trims
- UDR Inc-$2.7M -61.3%
- Equity Residential-$2.4M -59.3%
- Newmark Group Inc-$2.2M -62.9%
- Digital Realty Trust Inc-$2.2M -52.2%
- Host Hotels & Resorts Inc-$2.1M -60.8%
New Positions
- Home Depot$2.0M
- Alexandria Real Estate Equities Inc$1.9M
- Phillips Edison & Co Inc$1.6M
- Omega Healthcare Investors Inc$1.6M
- Broadstone Net Lease Inc$1.2M
Exited Positions
- Empire State Realty Trust Inc$4.0M
- Invitation Homes Inc$3.6M
- Camden Property Trust$3.6M
- Kite Realty Group Trust$3.4M
- Vornado Realty Trust$3.4M
HGI Capital Management, LLC Holdings (2025-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Equinix Inc | EQIX | 29444U700 | $2.4M | 6.57% | 3,053 | SH |
| 2 | CBRE Group Inc | CBRE | 12504L109 | $2.3M | 6.33% | 14,632 | SH |
| 3 | First Industrial Realty Trust Inc | FR | 32054K103 | $2.0M | 5.57% | 39,373 | SH |
| 4 | Digital Realty Trust Inc | DLR | 253868103 | $2.0M | 5.54% | 11,661 | SH |
| 5 | Home Depot | HD | 437076102 | $2.0M | 5.50% | 4,944 | SH |
| 6 | Extra Space Storage Inc | EXR | 30225T102 | $2.0M | 5.46% | 14,110 | SH |
| 7 | Public Storage | PSA | 74460D109 | $1.9M | 5.28% | 6,654 | SH |
| 8 | Alexandria Real Estate Equities Inc | ARE | 015271109 | $1.9M | 5.21% | 22,773 | SH |
| 9 | Prologis Inc | PLD | 74340W103 | $1.9M | 5.14% | 16,330 | SH |
| 10 | Essex Property Trust Inc | ESS | 297178105 | $1.9M | 5.10% | 6,930 | SH |
| 11 | Ventas Inc | VTR | 92276F100 | $1.8M | 4.83% | 25,138 | SH |
| 12 | UDR Inc | UDR | 902653104 | $1.7M | 4.66% | 45,536 | SH |
| 13 | Equity Residential | VMRK | 29476L107 | $1.6M | 4.47% | 25,128 | SH |
| 14 | Phillips Edison & Co Inc | PECO | 71844V201 | $1.6M | 4.46% | 47,268 | SH |
| 15 | Veris Residential Inc | VRE | 554489104 | $1.6M | 4.41% | 105,494 | SH |
| 16 | Omega Healthcare Investors Inc | OHI | 681936100 | $1.6M | 4.26% | 36,722 | SH |
| 17 | VICI Properties Inc | VICI | 925652109 | $1.5M | 4.21% | 46,931 | SH |
| 18 | Host Hotels & Resorts Inc | HST | 44107P104 | $1.4M | 3.72% | 79,502 | SH |
| 19 | Newmark Group Inc | NMRK | 65158N102 | $1.3M | 3.62% | 70,688 | SH |
| 20 | Broadstone Net Lease Inc | BNL | 11135E203 | $1.2M | 3.37% | 68,558 | SH |
| 21 | Brixmor Property Group Inc | BRX | 11120U105 | $831.8K | 2.29% | 30,050 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-09-30 | 2025-11-14 | $36.4M | 21 | 0001595907-25-000005 |
| 2025-06-30 | 2025-08-12 | $73.8M | 23 | 0001595907-25-000004 |