RUSH ISLAND MANAGEMENT, LP

NEW YORK, NY · CIK 1736465 · 13F filing filed 2023-08-14

SEC-registered investment adviser since 2018 · limited partnership

Assets managed$2.0bn
Staff7 · 5 in investment roles
Main clients (by assets)Private funds 77%, Charities 23%
Private funds2 (2 hedge) · $1.6bn gross assets
Websiterushisland.com
Form ADV · 2026-03-27SEC adviser record

Legal entityRUSH ISLAND MANAGEMENT, LP (US)

$979.4m reported value +19.9% vs Q1 2023

14positions

93.8%in top 10

2 new 11 added 1 reduced 0 sold out vs Q1 2023

Options: 0 call positions (— notional), 4 put positions ($78.1m notional) – listed below, not included above.

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	HEALTHCARE RLTY TR CL A COM HR	HR	7,659,895	$144.5m14.75%	14.75%	Added +2.7m	+2,719,953 55.1%
2	ESSEX PPTY TR INC COM ESS	ESS	548,925	$128.6m13.13%	13.13%	Added +30.6k	+30,647 5.9%
3	SPIRIT RLTY CAP INC NEW COM NEW SRC	SRC	2,739,417	$107.9m11.01%	11.01%	Added +261.4k	+261,370 10.6%
4	NNN REIT INC COM NNN	NNN	2,332,992	$99.8m10.19%	10.19%	Added +489.0k	+489,031 26.5%
5	APARTMENT INCOME REIT CORP COM AIRC	AIRC	2,590,783	$93.5m9.55%	9.55%	Added +325.3k	+325,339 14.4%
6	PARK HOTELS & RESORTS INC COM PK	PK	7,020,333	$90.0m9.19%	9.19%	Added +714.0k	+714,008 11.3%
7	FEDERAL RLTY INVT TR NEW SH BEN INT NEW FRT	FRT	814,402	$78.8m8.05%	8.05%	Reduced -161.3k	-161,286 -16.5%
8	SUNSTONE HOTEL INVS INC NEW COM SHO	SHO	7,354,153	$74.4m7.60%	7.60%	Added +943.7k	+943,686 14.7%
9	SIX FLAGS ENTMT CORP NEW COM SIX	SIX	2,799,136	$72.7m7.43%	7.43%	Added +300.4k	+300,359 12.0%
10	BLACK KNIGHT INC COM BKI	BKI	476,670	$28.5m2.91%	2.91%	Added +60.6k	+60,645 14.6%
11	CUSHMAN WAKEFIELD PLC SHS 9199067D	9199067D	3,436,777	$28.1m2.87%	2.87%	New
12	INVENTRUST PPTYS CORP COM NEW IVT	IVT	615,147	$14.2m1.45%	1.45%	Added +160.5k	+160,545 35.3%
13	DOUGLAS EMMETT INC COM DEI	DEI	1,118,141	$14.1m1.44%	1.44%	Added +116.5k	+116,541 11.6%
14	EPR PPTYS COM SH BEN INT EPR	EPR	91,407	$4.3m0.44%	0.44%	New

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
BLACKROCK TCP CAPITAL CORP TCPC · Put	TCPC	Put	1,016,000	$21.1m1.0m shares	New
HOST HOTELS & RESORTS INC HST · Put	HST	Put	1,241,700	$20.9m1.2m shares	Reduced
PULTE GROUP INC PHM · Put	PHM	Put	260,000	$20.2m260.0k shares	New
D R HORTON INC DHI · Put	DHI	Put	130,000	$15.8m130.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SITE CTRS CORP SITC · 13G · filed 2026-02-17	SITC	7.6%≈ $15.8m	+1.2 pts	13G	2026-02-17
NATIONAL HEALTHCARE PPTYS IN 13G · filed 2026-08-14		5.8%≈ $37.8m	new	13G	2026-08-14