The fund exited its entire 297,700-share position in National Storage Affiliates Trust, citing valuation shifts linked to sector consolidation.
Waterfall Asset Management sold its entire 297,700-share stake in National Storage Affiliates Trust (NSA) on May 8, 2026, for an estimated $10.06 million. The transaction reflects a quarter-end valuation decline of $8.42 million, driven by share sales and price movements during the period ending March 31, 2026.
NSA shares closed at $43.33 on May 8, up 21% year-over-year, underperforming the S&P 500’s 30% gain. The fund’s top holdings post-sale include Camden Property Trust (CPT) at $12.86 million and AvalonBay Communities (AVB) at $12.28 million, representing 11.2% and 10.7% of assets under management, respectively.
The exit follows speculation around Public Storage’s broader sector consolidation, though NSA’s operational focus remains on self-storage properties across U.S. metropolitan markets.