Barry Sternlicht Q1 2026 Portfolio — New JAN Buy, Full VRE Exit

Barry Sternlicht's Q1 2026 13F filing revealed a new $12M position in JAN, alongside the full exit of a $6M stake in VRE. Starwood Capital Group's total assets under management (AUM) stood at $188M across 6 holdings.

Top 5 Holdings — As of Q1 2026

• CPT: $68M (36.2%)
• FR: $34M (17.9%)
• MAA: $27M (14.3%)
• NXRT: $25M (13.2%)
• EQR: $23M (12.2%)

Key Trading Highlights This Quarter

Starwood Capital Group's Q1 portfolio showed an extremely concentrated structure, with three holdings — CPT (36.2%), FR (17.9%), and MAA (14.3%) — accounting for 68.4% of the total allocation. Notably, the largest holding, CPT, alone represents more than a third of the portfolio at $68M, a bet widely seen as reflecting Barry Sternlicht's expertise in real estate.

• JAN: New buy of $12M (6.3% weight) — added as the portfolio's sixth holding
• VRE: Full exit of $6M → $0 — existing stake fully liquidated
• CPT: Remains top holding at $68M (36.2%) — accounts for more than a third of the total portfolio

The most notable change this quarter was the addition of new holding JAN ($12M, 6.3% weight) alongside the full exit of existing holding VRE ($6M). Positions in NXRT (13.2%) and EQR (12.2%) were left unchanged, meaning the portfolio's core holdings structure remained largely intact. Replacing VRE with JAN suggests a selective rebalancing within the residential and industrial real estate sectors, driven by individual stock selection.

Outlook

This quarter's activity — limited to a new addition and a full exit, with no position increases or trims — shows Starwood Capital Group continuing a selective rebalancing strategy: keeping its core positions in residential and industrial REITs (CPT, FR, MAA, NXRT, EQR) intact while rotating only peripheral holdings. Key things to watch next quarter include whether the JAN position gets built up further and whether the weightings of the core five holdings shift.