Fund Sheds 107,000 Shares of TREX Worth $4.3 Million, According to Recent SEC Filing
Key Points
Sold 107,400 shares of Trex; estimated trade value ~$4.34 million based on quarterly average price
Quarter-end position value dropped by $6.34 million, reflecting both sales and stock price movement
Transaction represented 3.03% of 13F AUM as of December 31, 2025
Post-sale, Masterton held 47,811 shares valued at $1.68 million
Stake now represents 1.17% of AUM, placing it outside the fund's top five holdings
- 10 stocks we like better than Trex ›
On February 17, 2026, Masterton Capital Management, LP disclosed in an SEC filing that it sold 107,400 shares of Trex (NYSE:TREX) in the fourth quarter, an estimated $4.34 million transaction based on quarterly average pricing.
What Happened
According to a SEC filing dated February 17, 2026, Masterton Capital Management, LP reduced its position in Trex by 107,400 shares during the fourth quarter of 2025. The estimated value of the shares sold was approximately $4.34 million, calculated using the average closing price over the quarter. The fund's Trex holding at quarter-end was valued at $1.68 million, with 47,811 shares remaining.
What Else to Know
Masterton’s Trex position now accounts for 1.17% of 13F AUM, down from 4.4% in the prior quarter.
Top holdings after the filing:
- NYSE:EQR: $21.19 million (14.8% of AUM)
- NYSE:FRT: $17.49 million (12.2% of AUM)
- NYSE:PSA: $13.49 million (9.4% of AUM)
- NYSE:AMH: $11.26 million (7.8% of AUM)
- NYSE:INVH: $10.51 million (7.3% of AUM)
As of February 17, 2026, shares were priced at $42.35, down 36.6% over the past year, underperforming the S&P 500 by 49 percentage points.
The fund reported $143.45 million in U.S. equity holdings across 22 positions at year-end 2025.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.18 billion |
| Net income (TTM) | $197.88 million |
| Price (as of market close February 17, 2026) | $42.35 |
| One-year price change | (36.62%) |
Company Snapshot
- Manufactures and distributes decking, railing, fencing, and outdoor living products, including Trex Transcend, Trex Select, and Trex Enhance, as well as architectural and aluminum railing systems.
- Generates revenue through wholesale distributors, retail lumber dealers, and major home improvement retailers, supplemented by licensing agreements for branded outdoor products.
- Serves residential and commercial markets in the United States, targeting homeowners, builders, contractors, and commercial venue operators.
Trex is a leading provider of wood-alternative decking and outdoor living solutions, operating at scale with over $1.18 billion in trailing twelve months revenue. The company leverages a multi-channel distribution model and strong brand partnerships to maintain a broad presence across residential and commercial construction markets. Its focus on product innovation and durable, low-maintenance materials supports a competitive position in the outdoor building products industry.
What This Transaction Means for Investors
Masterton Capital Management, a New York-based hedge fund, recently sold more than 107,000 shares of Trex stock, valued at around $4.3 million. Here’s what it means for average investors.
First off, let’s recap Trex’s performance. Shares have declined by 33% over the last year. However, year-to-date, they are up about 18%.
What’s more, the company just released fourth-quarter (the three months ending on Dec. 31, 2025) earnings results that soundly beat analyst expectations. In addition, company management raised guidance, pointing to robust sales of new products, which are helping to diversify the company’s offerings beyond basic decking.
On the flip side, concerns remain regarding the overall macro environment. Homeowners, who are facing increased prices for everything from utilities to insurance, may find it difficult to invest in repair and remodel projects this year. At any rate, Trex’s year-to-date performance and bullish earnings report indicate that the company is doing well navigating the challenging macro environment.
As for Masterton, this sale is a significant one. Trex now represents only 1.1% of total AUM, down from 4.4% at the end of the third quarter (the three months ending on Sep. 30, 2025). While Masterton might be taking a step back from Trex, average investors may want to give the stock a closer look, given its better-than-expected earnings results and positive guidance.
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Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Invitation Homes and Trex. The Motley Fool has a disclosure policy.
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