Sophron Capital Management L.P. Diversified Active

CIK: 0002027142 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $311,065 (100.0% shares, 0.0% debt)

Holdings (39)

New Positions (4)

REXR REXFORD INDL RLTY INC 2.3%

Value ($000) $7,200 Shares 185,944 Est. Cost $38.72 Unrealized —

REG REGENCY CTRS CORP 1.7%

Value ($000) $5,235 Shares 75,834 Est. Cost $69.47 Unrealized 0.0%

KIM KIMCO RLTY CORP 1.3%

Value ($000) $4,190 Shares 206,723 Est. Cost $20.57 Unrealized 0.0%

NTST NETSTREIT CORP 0.2%

Value ($000) $532 Shares 30,135 Est. Cost $17.64 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
REXR	REXFORD INDL RLTY INC	185,944	$7,200	2.3%	$38.72	—	COM	76169C100
REG	REGENCY CTRS CORP	75,834	$5,235	1.7%	$69.47	0.0%	COM	758849103
KIM	KIMCO RLTY CORP	206,723	$4,190	1.3%	$20.57	0.0%	COM	49446R109
NTST	NETSTREIT CORP	30,135	$532	0.2%	$17.64	—	COM	64119V303

Increased Positions (16)

EQR EQUITY RESIDENTIAL 5.8%

Value ($000) $18,144 (+139.6%) Shares 287,825 (+146.1%) Est. Cost $64.17 Unrealized -5.5%

INVH INVITATION HOMES INC 3.1%

Value ($000) $9,764 (+180.7%) Shares 351,366 (+196.3%) Est. Cost $28.51 Unrealized -3.0%

EGP EASTGROUP PPTYS INC 2.2%

Value ($000) $6,789 (+290.0%) Shares 38,110 (+270.6%) Est. Cost $175.74 Unrealized —

AMT AMERICAN TOWER CORP NEW 3.6%

Value ($000) $11,290 (+68.0%) Shares 64,305 (+84.0%) Est. Cost $193.44 Unrealized -6.8%

VICI VICI PPTYS INC 2.9%

Value ($000) $8,905 (+96.0%) Shares 316,683 (+127.3%) Est. Cost $30.52 Unrealized -4.0%

DLR DIGITAL RLTY TR INC 2.0%

Value ($000) $6,301 (+195.9%) Shares 40,726 (+230.7%) Est. Cost $163.06 Unrealized +0.0%

ESS ESSEX PPTY TR INC 6.5%

Value ($000) $20,173 (+22.5%) Shares 77,089 (+25.3%) Est. Cost $276.63 Unrealized -7.4%

UDR UDR INC 4.2%

Value ($000) $12,951 (+21.0%) Shares 353,090 (+22.9%) Est. Cost $38.29 Unrealized -7.2%

CHH CHOICE HOTELS INTL INC 4.6%

Value ($000) $14,174 (+15.1%) Shares 148,795 (+29.2%) Est. Cost $119.66 Unrealized -20.7%

NHI NATIONAL HEALTH INVS INC 1.1%

Value ($000) $3,270 (+120.1%) Shares 42,815 (+129.1%) Est. Cost $74.58 Unrealized —

EXR EXTRA SPACE STORAGE INC 1.1%

Value ($000) $3,281 (+55.9%) Shares 25,197 (+68.7%) Est. Cost $141.29 Unrealized -4.5%

CUBE CUBESMART 2.1%

Value ($000) $6,445 (-7.9%) Shares 178,792 (+3.9%) Est. Cost $42.25 Unrealized —

FCPT FOUR CORNERS PPTY TR INC 5.0%

Value ($000) $15,526 (-3.4%) Shares 673,305 (+2.3%) Est. Cost $25.54 Unrealized —

SILA SILA REALTY TRUST INC 0.3%

Value ($000) $1,045 (+77.0%) Shares 44,832 (+90.6%) Est. Cost $23.50 Unrealized —

BNL BROADSTONE NET LEASE INC 2.3%

Value ($000) $7,154 (+5.5%) Shares 411,855 (+8.6%) Est. Cost $16.11 Unrealized —

CCI CROWN CASTLE INC 0.8%

Value ($000) $2,419 (+12.9%) Shares 27,223 (+22.6%) Est. Cost $96.78 Unrealized -5.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQR	EQUITY RESIDENTIAL	287,825 (+146.1%)	$18,144 (+139.6%)	5.8%	$64.17	-5.5%	SH BEN INT	29476L107
INVH	INVITATION HOMES INC	351,366 (+196.3%)	$9,764 (+180.7%)	3.1%	$28.51	-3.0%	COM	46187W107
EGP	EASTGROUP PPTYS INC	38,110 (+270.6%)	$6,789 (+290.0%)	2.2%	$175.74	—	COM	277276101
AMT	AMERICAN TOWER CORP NEW	64,305 (+84.0%)	$11,290 (+68.0%)	3.6%	$193.44	-6.8%	COM	03027X100
VICI	VICI PPTYS INC	316,683 (+127.3%)	$8,905 (+96.0%)	2.9%	$30.52	-4.0%	COM	925652109
DLR	DIGITAL RLTY TR INC	40,726 (+230.7%)	$6,301 (+195.9%)	2.0%	$163.06	+0.0%	COM	253868103
ESS	ESSEX PPTY TR INC	77,089 (+25.3%)	$20,173 (+22.5%)	6.5%	$276.63	-7.4%	COM	297178105
UDR	UDR INC	353,090 (+22.9%)	$12,951 (+21.0%)	4.2%	$38.29	-7.2%	COM	902653104
CHH	CHOICE HOTELS INTL INC	148,795 (+29.2%)	$14,174 (+15.1%)	4.6%	$119.66	-20.7%	COM	169905106
NHI	NATIONAL HEALTH INVS INC	42,815 (+129.1%)	$3,270 (+120.1%)	1.1%	$74.58	—	COM	63633D104
EXR	EXTRA SPACE STORAGE INC	25,197 (+68.7%)	$3,281 (+55.9%)	1.1%	$141.29	-4.5%	COM	30225T102
CUBE	CUBESMART	178,792 (+3.9%)	$6,445 (-7.9%)	2.1%	$42.25	—	COM	229663109
FCPT	FOUR CORNERS PPTY TR INC	673,305 (+2.3%)	$15,526 (-3.4%)	5.0%	$25.54	—	COM	35086T109
SILA	SILA REALTY TRUST INC	44,832 (+90.6%)	$1,045 (+77.0%)	0.3%	$23.50	—	COMMON STOCK	146280508
BNL	BROADSTONE NET LEASE INC	411,855 (+8.6%)	$7,154 (+5.5%)	2.3%	$16.11	—	COM	11135E203
CCI	CROWN CASTLE INC	27,223 (+22.6%)	$2,419 (+12.9%)	0.8%	$96.78	-5.9%	COM	22822V101

Exited Positions (4)

IRT INDEPENDENCE RLTY TR INC 1.8%

Value ($000) $5,695 Shares 347,461 Est. Cost $17.69 Unrealized —

FRT FEDERAL RLTY INVT TR NEW 1.7%

Value ($000) $5,264 Shares 51,956 Est. Cost $102.87 Unrealized -5.3%

PLD PROLOGIS INC. 0.7%

Value ($000) $2,075 Shares 18,120 Est. Cost $107.60 Unrealized +15.1%

ELME ELME COMMUNITIES 0.1%

Value ($000) $180 Shares 10,696 Est. Cost $16.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRT	INDEPENDENCE RLTY TR INC	347,461	$5,695	1.8%	$17.69	—	—	45378A106
FRT	FEDERAL RLTY INVT TR NEW	51,956	$5,264	1.7%	$102.87	-5.3%	—	313745101
PLD	PROLOGIS INC.	18,120	$2,075	0.7%	$107.60	+15.1%	—	74340W103
ELME	ELME COMMUNITIES	10,696	$180	0.1%	$16.86	—	—	939653101

Decreased Positions (18)

AVB AVALONBAY CMNTYS INC 3.4%

Value ($000) $10,580 (-41.1%) Shares 58,352 (-37.2%) Est. Cost $212.74 Unrealized -15.5%

PECO PHILLIPS EDISON & CO INC 4.2%

Value ($000) $13,214 (-32.9%) Shares 371,486 (-35.2%) Est. Cost $35.79 Unrealized —

LEN LENNAR CORP 1.2%

Value ($000) $3,643 (-61.9%) Shares 35,436 (-53.3%) Est. Cost $107.30 Unrealized +12.5%

FR FIRST INDL RLTY TR INC 0.6%

Value ($000) $1,775 (-75.8%) Shares 31,000 (-78.3%) Est. Cost $48.37 Unrealized —

AMH AMERICAN HOMES 4 RENT 1.1%

Value ($000) $3,402 (-61.9%) Shares 105,996 (-60.6%) Est. Cost $37.17 Unrealized —

ELS EQUITY LIFESTYLE PPTYS INC 2.6%

Value ($000) $8,097 (-38.5%) Shares 133,592 (-38.4%) Est. Cost $64.07 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 2.7%

Value ($000) $8,507 (-35.4%) Shares 949,477 (-42.6%) Est. Cost $8.49 Unrealized —

SBAC SBA COMMUNICATIONS CORP NEW 0.9%

Value ($000) $2,770 (-60.8%) Shares 14,318 (-60.9%) Est. Cost $214.69 Unrealized -10.3%

MTH MERITAGE HOMES CORP 5.1%

Value ($000) $15,998 (-20.5%) Shares 243,124 (-12.5%) Est. Cost $66.70 Unrealized +3.8%

GLPI GAMING & LEISURE PPTYS INC 2.7%

Value ($000) $8,299 (-27.2%) Shares 185,694 (-24.0%) Est. Cost $46.87 Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 3.1%

Value ($000) $9,658 (-22.9%) Shares 127,814 (-18.5%) Est. Cost $89.65 Unrealized -15.9%

TPH TRI POINTE HOMES INC 3.4%

Value ($000) $10,537 (-16.9%) Shares 334,828 (-10.3%) Est. Cost $34.04 Unrealized -4.5%

DOC HEALTHPEAK PROPERTIES INC 0.9%

Value ($000) $2,786 (-33.4%) Shares 173,245 (-20.6%) Est. Cost $19.94 Unrealized -12.4%

EQIX EQUINIX INC 0.8%

Value ($000) $2,636 (-33.3%) Shares 3,441 (-31.8%) Est. Cost $835.67 Unrealized -6.5%

ADC AGREE RLTY CORP 7.0%

Value ($000) $21,737 (-4.1%) Shares 301,782 (-5.4%) Est. Cost $71.74 Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 1.9%

Value ($000) $5,980 (-9.3%) Shares 63,196 (-14.1%) Est. Cost $89.59 Unrealized —

NNN NNN REIT INC 1.8%

Value ($000) $5,619 (-7.9%) Shares 141,783 (-1.1%) Est. Cost $41.76 Unrealized —

SUI SUN CMNTYS INC 0.5%

Value ($000) $1,547 (-23.1%) Shares 12,482 (-19.9%) Est. Cost $123.39 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVB	AVALONBAY CMNTYS INC	58,352 (-37.2%)	$10,580 (-41.1%)	3.4%	$212.74	-15.5%	COM	053484101
PECO	PHILLIPS EDISON & CO INC	371,486 (-35.2%)	$13,214 (-32.9%)	4.2%	$35.79	—	COMMON STOCK	71844V201
LEN	LENNAR CORP	35,436 (-53.3%)	$3,643 (-61.9%)	1.2%	$107.30	+12.5%	CL A	526057104
FR	FIRST INDL RLTY TR INC	31,000 (-78.3%)	$1,775 (-75.8%)	0.6%	$48.37	—	COM	32054K103
AMH	AMERICAN HOMES 4 RENT	105,996 (-60.6%)	$3,402 (-61.9%)	1.1%	$37.17	—	CL A	02665T306
ELS	EQUITY LIFESTYLE PPTYS INC	133,592 (-38.4%)	$8,097 (-38.5%)	2.6%	$64.07	—	COM	29472R108
DRH	DIAMONDROCK HOSPITALITY CO	949,477 (-42.6%)	$8,507 (-35.4%)	2.7%	$8.49	—	COM	252784301
SBAC	SBA COMMUNICATIONS CORP NEW	14,318 (-60.9%)	$2,770 (-60.8%)	0.9%	$214.69	-10.3%	CL A	78410G104
MTH	MERITAGE HOMES CORP	243,124 (-12.5%)	$15,998 (-20.5%)	5.1%	$66.70	+3.8%	COM	59001A102
GLPI	GAMING & LEISURE PPTYS INC	185,694 (-24.0%)	$8,299 (-27.2%)	2.7%	$46.87	—	COM	36467J108
WH	WYNDHAM HOTELS & RESORTS INC	127,814 (-18.5%)	$9,658 (-22.9%)	3.1%	$89.65	-15.9%	COM	98311A105
TPH	TRI POINTE HOMES INC	334,828 (-10.3%)	$10,537 (-16.9%)	3.4%	$34.04	-4.5%	COM	87265H109
DOC	HEALTHPEAK PROPERTIES INC	173,245 (-20.6%)	$2,786 (-33.4%)	0.9%	$19.94	-12.4%	COM	42250P103
EQIX	EQUINIX INC	3,441 (-31.8%)	$2,636 (-33.3%)	0.8%	$835.67	-6.5%	COM	29444U700
ADC	AGREE RLTY CORP	301,782 (-5.4%)	$21,737 (-4.1%)	7.0%	$71.74	—	COM	008492100
RHP	RYMAN HOSPITALITY PPTYS INC	63,196 (-14.1%)	$5,980 (-9.3%)	1.9%	$89.59	—	COM	78377T107
NNN	NNN REIT INC	141,783 (-1.1%)	$5,619 (-7.9%)	1.8%	$41.76	—	COM	637417106
SUI	SUN CMNTYS INC	12,482 (-19.9%)	$1,547 (-23.1%)	0.5%	$123.39	—	COM	866674104

Unchanged Positions (1)

PSA PUBLIC STORAGE OPER CO 3.1%

Value ($000) $9,492 Shares 36,578 Est. Cost $307.76 Unrealized -9.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSA	PUBLIC STORAGE OPER CO	36,578	$9,492	3.1%	$307.76	-9.9%	COM	74460D109