LANDMARK INVESTMENT PARTNERS, L.P.

Hedge Fund • Long/Short

LANDMARK INVESTMENT PARTNERS, L.P. is a Long/Short Hedge Fund based in West Palm Beach, FL led by Steven Louis Frankel, reporting $511.0M in AUM as of Q3 2025 with 61% Real Estate concentration and 80% concentrated in top 10 holdings.

Managing PartnerSteven Louis Frankel

Portfolio Value: $122.1M
Positions: 16
Top Holding: CSGP at 10.32%
Last Reported: Q3 2025

Address515 North Flagler Drive, Suite 260, West Palm Beach, FL, 33401, United States

Top Holdings

Largest long holdings in LANDMARK INVESTMENT PARTNERS, L.P.'s portfolio (79.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 CoStar Group CSGP	Real Estate - Services Real Estate	$12.6M	10.32%	-$10.7M Sold	0.04% 149.4K shares	Q4 2024 Held for 11 months
2 Howard Hughes HHH	Real Estate - Diversified Real Estate	$12.5M	10.21%	-$4.9M Sold	— 151.7K shares	Q2 2025 Held for 5 months
3 Douglas Emmett DEI	REIT - Office Real Estate	$11.0M	9.00%	-$10.3M Sold	0.42% 706.2K shares	Q4 2024 Held for 11 months
4 Hudson Pacific Properties HPP	REIT - Office Real Estate	$10.8M	8.85%	-$5.2M Sold	1.03% 3.9M shares	Q1 2025 Held for 8 months
5 Cohen & Steers CNS	Asset Management Financial Services	$9.7M	7.96%	-$3.2M Sold	0.29% 148.1K shares	Q1 2025 Held for 8 months
6 Essex Property Trust ESS	REIT - Residential Real Estate	$8.5M	6.97%	-$16.5M Sold	0.05% 31.8K shares	Q4 2024 Held for 11 months
7 Hilton Worldwide HLT	Travel Lodging Consumer Cyclical	$8.4M	6.85%	-$5.0M Sold	0.01% 32.2K shares	Q1 2025 Held for 8 months
8 NexPoint Residential Trust NXRT	REIT - Residential Real Estate	$8.0M	6.57%	-$6.5M Sold	0.98% 248.9K shares	Q1 2025 Held for 8 months
9 Brookdale Senior Living BKD	Medical - Care Facilities Healthcare	$8.0M	6.54%	-$5.2M Sold	0.40% 942.8K shares	Q4 2024 Held for 11 months
10 Blackstone BX	Asset Management Financial Services	$7.8M	6.39%	-$4.2M Sold	0.01% 45.7K shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in LANDMARK INVESTMENT PARTNERS, L.P.'s latest filing

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Market Value

$122.1M

Prior: $223.1M

Q/Q Change

-45.26%

-$101.0M

Net Flows % of MV

-85.56%

Turnover Ratio

57.42%

New Purchases

4 stocks

$17.7M

Added To

0 stocks

Sold Out Of

7 stocks

$42.0M

Reduced Holdings

11 stocks

-$80.2M

Increased Positions

Position	Shares Δ	Change
1 Hilton Grand Vacations HGV	New	0 → 165.5K +$6.9M
2 U-Haul Holding UHAL	New	0 → 114.4K +$6.5M
3 Equity Residential EQR	New	0 → 33.6K +$2.2M
4 Braemar Hotels & Resorts BHR	New	0 → 773.0K +$2.1M

Decreased Positions

Position	Shares Δ	Change
1 Travel + Leisure TNL	Sold	294.9K → 0 −$15.2M
2 CBRE Group CBRE	Sold	64.3K → 0 −$9.0M
3 Hyatt Hotels H	Sold	56.3K → 0 −$7.9M
4 Equinix, Inc. EQIX	Sold	5.2K → 0 −$4.1M
5 Brookfield Asset Management BAM	Sold	53.7K → 0 −$3.0M