Vision Capital Corp

TORONTO, A6 · CIK 1764403 · 13F filing filed 2025-05-13

Exempt reporting adviser since 2018 · corporation

$210.2m reported value -19.8% vs Q4 2024

13positions

92.3%in top 10

4 new 3 added 4 reduced 4 sold out vs Q4 2024

Options: 1 call positions ($20.6m notional), 2 put positions ($206.2m notional) – listed below, not included above.

Holdings, Q1 2025

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	$35.4m16.82%	16.82%	Unchanged
2	EQUINIX INC COM EQIX	EQIX	33,075	$27.0m12.83%	12.83%	Unchanged
3	AMERICOLD REALTY TRUST INC COM COLD	COLD	1,237,320	$26.6m12.63%	12.63%	Added +42.6k	+42,600 3.6%
4	PIEDMONT OFFICE REALTY TR IN COM CL A PDM	PDM	3,276,777	$24.1m11.49%	11.49%	Reduced -250.0k	-250,000 -7.1%
5	CBRE GROUP INC CL A CBRE	CBRE	155,000	$20.3m9.64%	9.64%	Added +128.7k	+128,700 489.4%
6	EASTGROUP PPTYS INC COM EGP	EGP	78,000	$13.7m6.54%	6.54%	Reduced -20.0k	-20,000 -20.4%
7	EMPIRE ST RLTY TR INC CL A ESRT	ESRT	1,632,859	$12.8m6.07%	6.07%	Reduced -1.2m	-1,170,089 -41.7%
8	KITE RLTY GROUP TR COM NEW KRG	KRG	550,000	$12.3m5.85%	5.85%	New
9	SL GREEN RLTY CORP COM SLG	SLG	200,000	$11.5m5.49%	5.49%	New
10	INVENTRUST PPTYS CORP COM NEW IVT	IVT	350,000	$10.3m4.89%	4.89%	Added +260.5k	+260,457 290.9%
11	DIGITAL RLTY TR INC COM DLR	DLR	58,969	$8.4m4.02%	4.02%	Reduced -60.0k	-60,000 -50.4%
12	SUNSTONE HOTEL INVS INC NEW COM SHO	SHO	600,000	$5.6m2.69%	2.69%	New
13	APARTMENT INVT & MGMT CO CL A AIV	AIV	248,780	$2.2m1.04%	1.04%	New

Security	Ticker	Shares held before	Value then
VISTRA CORP VST	VST	219,000	$30.2m219.0k shares
TAYLOR MORRISON HOME CORP TMHC	TMHC	343,150	$21.0m343.1k shares
NEWMARK GROUP INC NMRK	NMRK	869,168	$11.1m869.2k shares
M/I HOMES INC MHO	MHO	37,999	$5.1m38.0k shares

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR Put		Put	1,400,000	$110.4m1.4m shares	New
ISHARES TR Put		Put	1,000,000	$95.8m1.0m shares	New
VISTRA CORP VST · Call	VST	Call	175,000	$20.6m175.0k shares	New