Land & Buildings Opens Major $36 Million Six Flags Entertainment Position: Should Investors Buy Too?

On Nov. 14, 2025, Land & Buildings Investment Management, LLC disclosed a new $36.02 million position in FUN, acquiring 1,585,580 shares, SEC filings show.

What happened

A Nov. 14, 2025, SEC filing shows Land & Buildings established a new position in Six Flags Entertainment (NYSE:FUN) during the fiscal third quarter ended Sept. 28, 2025.

The fund reported holding 1,585,580 shares, representing a $36.02 million stake.

The addition equals 6.61% of the fund’s $544.91 million in reportable U.S. equity assets across 22 positions.

What else to know

This is a new position for Land & Buildings. Six Flags now accounts for 6.61% of the firm's reportable assets.

Land & Buildings' top holdings after the filing:

1. American Healthcare REIT (NYSE:AHR): $48.39 million (8.9% of AUM)
2. Simon Property Group (NYSE:SPG): $38.70 million (7.1% of AUM)
3. First Industrial Realty (NYSE:FR): $36.57 million (6.7% of AUM)
4. Ventas (NYSE:VTR): $36.54 million (6.7% of AUM)
5. Six Flags Entertainment: $36.02 million (6.6% of AUM)

As of Nov. 14, 2025, shares were priced at $14.60. Over the past year, the stock declined 69% with a negative alpha of 81 percentage points versus the S&P 500.

Company Overview

Company Snapshot

Six Flags:

• Operates amusement and water parks, as well as resort properties, across 17 states in the U.S., Canada, and Mexico; generates revenue from park admissions, in-park spending, and licensing of intellectual property such as Looney Tunes, DC Comics, and PEANUTS.
• Has a business model centered on attracting guests to its parks and resorts, monetizing attendance through ticket sales, food and beverage, merchandise, and branded experiences.
• Serves families, thrill-seekers, and tourists seeking entertainment and leisure experiences in North America.

Six Flags Entertainment is a leading operator of regional amusement and water parks in North America, leveraging a diverse portfolio of branded attractions and intellectual property partnerships to drive guest engagement.

The company focuses on delivering unique entertainment experiences across its park network to maintain competitive differentiation and recurring attendance.

With a broad geographic footprint and established brand relationships, Six Flags targets a wide demographic of leisure consumers seeking high-value, memorable experiences.

Foolish take

Befitting its name, Land & Buildings' purchase of Six Flags Entertainment makes a lot of sense for the REIT-focused fund.

There have been numerous institutional investors piling into Six Flags' stock recently, despite (or perhaps because of) the fact that its share price has plummeted by over 75% since it acquired Cedar Fair in 2024.

Hampered by a shift from net profits to net losses, negative free cash flow (FCF), delayed merger synergies, and higher-than-expected capital expenditures needed to make the mega-merger work, Six Flags is under a lot of pressure.

Now home to a market cap of just $1.4 billion versus a debt load of $5 billion, the company was ripe for a shake-up, and that's precisely what it got when activist investment firm Jana Partners bought a significant stake in the company.

While there is certainly risk involved with an investment in Six Flags right now -- as another year or two of negative FCF could severely impact its financial longevity -- Jana Partners' (and Travis Kelce's) involvement should only help the stock, given the former's strong track record of success.

Trading at just 9 times EBITDA and 0.4 times sales, any type of return to profitability and positive FCF could be a massive win for investors over the next three to ten years. While I'm typically not a value stock investor, this is undoubtedly an intriguing stock, considering Six Flags' leadership position in its niche.

Glossary

Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
13F reportable assets: U.S. equity securities that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Position: The amount of a particular security or investment held by an individual or institutional investor.
Stake: The ownership interest or share an investor holds in a company or asset.
Alpha: A measure of an investment's performance compared to a benchmark, showing value added or lost by active management.
Negative alpha: Indicates an investment underperformed its benchmark by the stated percentage.
Intellectual property: Legal rights to creations like brands, characters, or logos used for business advantage.
Branded experiences: Entertainment or services that incorporate well-known brands or characters to enhance customer appeal.
Reportable assets: Investments that must be disclosed to regulators, often for transparency and compliance.
Quarter: A three-month period used by companies and investors to report and assess financial performance.
TTM: The 12 months ending with the most recent quarterly report.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Simon Property Group and Six Flags Entertainment. The Motley Fool has a disclosure policy.