RUSH ISLAND MANAGEMENT, LP

Rush Island Management's $1.60B Q4 2025 13F is a dedicated real-estate investment trust portfolio that doubled its AUM from $754M in one quarter and expanded its holding count from 10 to 17 by adding nine new REIT names across every major property category. Essex Property Trust, NNN REIT, UDR, Federal Realty, Realty Income, Americold Realty, Acadia Realty Trust, National Storage Affiliates, and SmartStop Self Storage all entered at meaningful size — collectively representing $715M of new capital deployment. The two positions sold were Lineage Inc (a cold-storage logistics company) and Hut 8 (a crypto miner), both of which had been anomalous in a REIT-only framework. The portfolio'sprior core — SBA Communications, Healthcare REIT, Ventas, Kilroy Realty, and First Industrial — was held or increased, with SBA Communications receiving a $45.4M addition at the largest weight. The remaining holdings span apartments, industrial, net-lease retail, self-storage, healthcare facilities, and tower infrastructure.