NORTHWOOD LIQUID MANAGEMENT LP

Hedge Fund • Sector

NORTHWOOD LIQUID MANAGEMENT LP is a Sector-focused Hedge Fund based in New York, NY led by Stephen Lewis Millham, reporting $2.0B in AUM as of Q3 2025 with 90% Real Estate concentration and 90% concentrated in top 10 holdings.

CIOStephen Lewis Millham

Portfolio Value: $1.5B
Positions: 17
Top Holding: SBAC at 12.51%
Last Reported: Q3 2025

Address34 East 51st Street, 14th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in NORTHWOOD LIQUID MANAGEMENT LP's portfolio (89.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 SBA Communications SBAC	REIT - Specialty Real Estate	$182.4M	12.51%	+$112.7M Bought	0.88% 943.5K shares	Q3 2024 Held for 1y 2m
2 Essex Property Trust ESS	REIT - Residential Real Estate	$159.0M	10.90%	+$159.0M Bought	0.92% 594.1K shares	Q3 2025 Held for 2 months
3 Healthcare Realty Trust HR	REIT - Healthcare Facilities Real Estate	$140.7M	9.64%	-$116.4M Sold	— 7.8M shares	Q1 2023 Held for 2y 8m
4 Federal Realty FRT	REIT - Retail Real Estate	$132.9M	9.11%	-$29.8M Sold	1.52% 1.3M shares	Q2 2021 Held for 4y 5m
5 NNN REIT NNN	REIT - Retail Real Estate	$130.7M	8.96%	-$9.8M Sold	1.63% 3.1M shares	Q3 2021 Held for 4y 2m
6 Realty Income O	REIT - Retail Real Estate	$126.8M	8.69%	-$17.6M Sold	0.23% 2.1M shares	Q4 2023 Held for 1y 11m
7 Ventas VTR	REIT - Healthcare Facilities Real Estate	$123.9M	8.49%	-$56.4M Sold	0.39% 1.8M shares	Q3 2023 Held for 2y 2m
8 Kilroy Realty KRC	REIT - Office Real Estate	$118.0M	8.09%	-$53.2M Sold	2.36% 2.8M shares	Q4 2024 Held for 11 months
9 First Industrial Realty Trust FR	REIT - Industrial Real Estate	$105.7M	7.25%	+$20.3M Bought	1.55% 2.1M shares	Q3 2024 Held for 1y 2m
10 Hyatt Hotels H	Travel Lodging Consumer Cyclical	$85.8M	5.88%	+$15.2M Bought	0.63% 604.5K shares	Q1 2025 Held for 8 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in NORTHWOOD LIQUID MANAGEMENT LP's latest filing

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Market Value

$1.5B

Prior: $1.5B

Q/Q Change

-5.02%

-$77.0M

Net Flows % of MV

-22.17%

Turnover Ratio

33.53%

New Purchases

4 stocks

$77.1M

Added To

4 stocks

+$153.4M

Sold Out Of

6 stocks

$195.5M

Reduced Holdings

7 stocks

-$358.3M

Increased Positions

Position	Shares Δ	Change
1 Acadia Realty Trust AKR	New	0 → 1.7M +$34.6M
2 Lineage, Inc. LINE	New	0 → 513.9K +$19.9M
3 Curbline Properties CURB	New	0 → 767.6K +$17.1M
4 Hut 8 Mining Corp. HUT	New	0 → 158.6K +$5.5M
5 SBA Communications SBAC	+161.61%	360.7K → 943.5K +$112.7M

Decreased Positions

Position	Shares Δ	Change
1 Host Hotels & Resorts HST	Sold	4.4M → 0 −$67.2M
2 Equinix, Inc. EQIX	Sold	52.1K → 0 −$41.5M
3 Apartment Investment and Management AIV	Sold	4.8M → 0 −$41.3M
4 Core Scientific, Inc. CORZ	Sold	1.2M → 0 −$20.8M
5 Hudson Pacific Properties HPP	Sold	4.5M → 0 −$12.4M