CIK: 0001736465
Total reported value
$1.5B
Reporting period: 2026-03-31 · Number of holdings: 22
RUSH ISLAND MANAGEMENT, LP disclosed 22 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.5B and a quarterly turnover rate of 58.2%.
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Rush Island Management, LP's disclosed holdings carry a Herfindahl concentration index of 0.076 — mathematically equivalent to about 13 equally-sized positions, well below its 22 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.84), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.7 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim FRT
-50.3% -$61.7M
Add KRC
+84.5% $38.7M
Trim SBAC
-16.9% -$59.4M
Add ESS
+26.8% $28.8M
Trim HR
-19.8% -$29.9M
Trim NNN
-19.1% -$21.6M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ESS | Essex Property Trust INC | Stock-Real Estate | 13.12% | +2.70% | +26.79% | |
| 2 | SBAC | Sba Communications CORP | Stock-Real Estate | 11.30% | -2.93% | -16.92% | |
| 3 | KRC | Kilroy Realty CORP | Stock-Real Estate | 9.20% | +3.05% | +84.54% | |
| 4 | NNN | Nnn Reit INC | Stock-Real Estate | 8.74% | -0.75% | -19.14% | |
| 5 | HR | Healthcare Realty Trust INC | Stock-Real Estate | 8.24% | -1.30% | -19.79% | |
| 6 | VTR | Ventas INC | Stock-Real Estate | 7.70% | -0.20% | -14.13% | |
| 7 | INVH | Invitation Homes INC | Stock-Real Estate | 7.06% | +7.06% | NEW | |
| 8 | FR | First Industrial Realty Tr | Stock-Real Estate | 6.81% | -0.63% | -15.64% | |
| 9 | FRT | Federal Realty Invs Trust | Stock-Real Estate | 4.55% | -3.54% | -50.31% | |
| 10 | IRT | Independence Realty Trust In | Stock-Real Estate | 3.45% | +3.45% | NEW | |
| 11 | ADC | Agree Realty CORP | Stock-Real Estate | 3.43% | +3.43% | NEW | |
| 12 | EPRT | Essential Properties Realty | Stock-Real Estate | 2.54% | +2.54% | NEW | |
| 13 | COLD | Americold Realty Trust INC | Stock-Real Estate | 2.38% | +0.03% | +5.76% | |
| 14 | AKR | Acadia Realty Trust | Stock-Other | 2.17% | -0.04% | -1.72% | |
| 15 | SBRA | Sabra Health Care Reit INC | Stock-Real Estate | 2.06% | +2.06% | NEW | |
| 16 | SITC | Site Centers CORP | Stock-Other | 1.61% | +0.01% | +11.43% | |
| 17 | CSGP | Costar Group INC | Stock-Real Estate | 1.31% | +1.31% | NEW | |
| 18 | APLE | Apple Hospitality Reit INC | Stock-Real Estate | 1.15% | +1.15% | NEW | |
| 19 | CURB | Curbline Properties CORP | Stock-Other | 1.15% | +0.04% | -13.51% | |
| 20 | FUN | Six Flags Entertainment CORP | Stock-Other | 1.10% | -0.03% | -21.45% | |
| 21 | JAN | Janus Living INC Cl-a-1 | Stock-Other | 0.47% | +0.47% | NEW | |
| 22 | SNDA | Sonida Senior Living INC | Stock-Other | 0.47% | +0.47% | NEW |
Performance for Q3 2026
+6.7%
Performance Last 4 Quarters
+19.8%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 22 | $1.5B | 58 | |
| 2025-12-31 | 17 | $1.6B | 34 | |
| 2025-09-30 | 17 | $1.5B | 73 | |
| 2025-06-30 | 18 | $1.5B | 0 | |
| 2025-03-31 | 14 | $1.6B | 100 | |
| 2024-12-31 | 14 | $1.5B | 0 | |
| 2024-09-30 | 18 | $1.3B | 0 | |
| 2024-06-30 | 13 | $1.2B | 0 | |
| 2024-03-31 | 16 | $1.2B | 0 | |
| 2023-12-31 | 16 | $1.3B | 0 | |
| 2023-09-30 | 22 | $1.2B | 0 | |
| 2023-06-30 | 18 | $1.1B | 0 | |
| 2023-03-31 | 14 | $883.6M | 0 | |
| 2022-12-31 | 15 | $606.7M | 0 | |
| 2022-09-30 | 13 | $466.2M | 0 | |
| 2022-06-30 | 17 | $457.2M | 0 | |
| 2022-03-31 | 15 | $481.1M | 0 | |
| 2021-12-31 | 19 | $545.1M | 0 | |
| 2021-09-30 | 22 | $506.4M | 0 | |
| 2021-06-30 | 24 | $455.6M | 92 | |
| 2021-03-31 | 19 | $300.1M | 73 | |
| 2020-12-31 | 19 | $258.7M | 90 | |
| 2020-09-30 | 22 | $203.2M | 48 | |
| 2020-06-30 | 18 | $192.6M | 84 | |
| 2020-03-31 | 24 | $169.8M | 70 | |
| 2019-12-31 | 12 | $139.0M | 100 | |
| 2019-09-30 | 14 | $189.8M | 57 | |
| 2019-06-30 | 18 | $200.9M | 50 | |
| 2019-03-31 | 19 | $168.5M | 78 | |
| 2018-12-31 | 15 | $147.9M | 0 |
Rush Island Management, LP's most significant position changes for 2026-03-31: Sold out: Udr INC (UDR); Sold out: Realty Income CORP (O); New buy: Invitation Homes INC (INVH); New buy: Independence Realty Trust In (IRT); New buy: Agree Realty CORP (ADC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KRC | Kilroy Realty CORP | +3.1% | +84.54% | Add |
| 2 | ESS | Essex Property Trust INC | +2.7% | +26.79% | Add |
| 3 | CURB | Curbline Properties CORP | 0% | -13.51% | Trim |
| 4 | COLD | Americold Realty Trust INC | 0% | +5.76% | Add |
| 5 | SITC | Site Centers CORP | 0% | +11.43% | Add |
| 6 | FUN | Six Flags Entertainment CORP | 0% | -21.45% | Trim |
| 7 | AKR | Acadia Realty Trust | 0% | -1.72% | Trim |
| 8 | VTR | Ventas INC | -0.2% | -14.13% | Trim |
| 9 | FR | First Industrial Realty Tr | -0.6% | -15.64% | Trim |
| 10 | NNN | Nnn Reit INC | -0.8% | -19.14% | Trim |
| 11 | HR | Healthcare Realty Trust INC | -1.3% | -19.79% | Trim |
| 12 | SBAC | Sba Communications CORP | -2.9% | -16.92% | Trim |
| 13 | FRT | Federal Realty Invs Trust | -3.5% | -50.31% | Trim |
| 14 | UDR | Udr INC | — | EXIT | Sold out |
| 15 | O | Realty Income CORP | — | EXIT | Sold out |
| 16 | INVH | Invitation Homes INC | — | NEW | New buy |
| 17 | IRT | Independence Realty Trust In | — | NEW | New buy |
| 18 | ADC | Agree Realty CORP | — | NEW | New buy |
| 19 | EPRT | Essential Properties Realty | — | NEW | New buy |
| 20 | NSA | National Storage Affiliates | — | EXIT | Sold out |
| 21 | SBRA | Sabra Health Care Reit INC | — | NEW | New buy |
| 22 | CSGP | Costar Group INC | — | NEW | New buy |
| 23 | APLE | Apple Hospitality Reit INC | — | NEW | New buy |
| 24 | SMA | Smartstop Self Storage Reit | — | EXIT | Sold out |
| 25 | JAN | Janus Living INC Cl-a-1 | — | NEW | New buy |
| 26 | SNDA | Sonida Senior Living INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
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