Vanguard Capital Management Establishes 5.25% Stake in Innovative Industrial Properties Inc

Vanguard Capital Management LLC filed a Schedule 13G on April 30, 2026, reporting a new 5.25% ownership stake in Innovative Industrial Properties Inc (IIPR). As of the event date on March 31, 2026, Vanguard beneficially owns 1,477,522 shares of common stock. The filing indicates that Vanguard holds sole dispositive power over all 1,477,522 shares, while maintaining sole voting power over 235,360 shares. This position was previously unreported (0.0% ownership), marking a significant new institutional entry into the real estate investment trust. The filing includes holdings from various affiliates, including Vanguard Asset Management Limited and Vanguard Global Advisers, LLC. Vanguard certified that the shares were acquired in the ordinary course of business and not for the purpose of influencing or changing the control of the issuer. The total value of the position is estimated at approximately $80.5 million based on the reported share count.