Vision Capital Corp

TORONTO, A6 · CIK 1764403 · 13F filing filed 2025-02-13

Exempt reporting adviser since 2018 · corporation

$262.1m reported value -35.1% vs Q3 2024

13positions

95.7%in top 10

3 new 2 added 4 reduced 8 sold out vs Q3 2024

Options: 3 call positions ($43.8m notional), 2 put positions ($313.0m notional) – listed below, not included above.

Holdings, Q4 2024

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	SUN CMNTYS INC COM SUI	SUI	274,860	$33.8m12.90%	12.90%	Unchanged
2	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	3,526,777	$32.3m12.31%	12.31%	Added +1.4m	+1,389,477 65.0%
3	EQUINIX INC COM EQIX	EQIX	33,075	$31.2m11.90%	11.90%	New
4	VISTRA CORP COM VST	VST	219,000	$30.2m11.52%	11.52%	Unchanged
5	EMPIRE ST RLTY TR INC CL A ESRT	ESRT	2,802,948	$28.9m11.04%	11.04%	Unchanged
6	AMERICOLD REALTY TRUST INC COM COLD	COLD	1,194,720	$25.6m9.75%	9.75%	Added +365.0k	+365,000 44.0%
7	DIGITAL RLTY TR INC COM DLR	DLR	118,969	$21.1m8.05%	8.05%	Reduced -260.5k	-260,500 -68.7%
8	TAYLOR MORRISON HOME CORP COM TMHC	TMHC	343,150	$21.0m8.01%	8.01%	Reduced -200.2k	-200,166 -36.8%
9	EASTGROUP PPTYS INC COM EGP	EGP	98,000	$15.7m6.00%	6.00%	Unchanged
10	NEWMARK GROUP INC CL A NMRK	NMRK	869,168	$11.1m4.25%	4.25%	Reduced -238.5k	-238,546 -21.5%
11	M/I HOMES INC COM MHO	MHO	37,999	$5.1m1.93%	1.93%	Reduced -34.5k	-34,501 -47.6%
12	CBRE GROUP INC CL A CBRE	CBRE	26,300	$3.5m1.32%	1.32%	New
13	INVENTRUST PPTYS CORP COM NEW IVT	IVT	89,543	$2.7m1.03%	1.03%	New

Security	Ticker	Shares held before	Value then
PULTE GROUP INC PHM	PHM	155,700	$22.3m155.7k shares
VENTAS INC VTR	VTR	255,153	$16.4m255.2k shares
PROLOGIS INC. PLD	PLD	121,800	$15.4m121.8k shares
MERITAGE HOMES CORP MTH	MTH	67,750	$13.9m67.8k shares
FIRST INDL RLTY TR INC FR	FR	227,760	$12.8m227.8k shares
BROOKDALE SR LIVING INC BKD	BKD	1,838,440	$12.5m1.8m shares
ARMADA HOFFLER PPTYS INC AHRT	AHRT	1,100,000	$11.9m1.1m shares
LINEAGE INC LINE	LINE	150,000	$11.8m150.0k shares

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR Put		Put	1,950,000	$201.6m1.9m shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	190,000	$111.4m190.0k shares	Reduced
SUN CMNTYS INC SUI · Call	SUI	Call	175,000	$21.5m175.0k shares	New
INVITATION HOMES INC INVH · Call	INVH	Call	670,000	$21.4m670.0k shares	Unchanged
HOST HOTELS & RESORTS INC HST · Call	HST	Call	50,400	$883.0k50.4k shares	New