What to Know About This Fund's $61 Million Self-Storage Bet as a $10.5 Billion Deal Nears

1 hour ago 3

Jonathan Ponciano, The Motley Fool

Sat, May 23, 2026 astatine 5:50 PM CDT 4 min read

First Trust Capital Management established a caller presumption successful National Storage Affiliates Trust (NYSE:NSA) during the archetypal quarter, buying an estimated $61.29 cardinal successful shares based connected mean quarterly pricing, according to a May 14, 2026, SEC filing.

What happened

According to an SEC filing dated May 14, 2026, First Trust Capital Management L.P. reported a caller presumption successful National Storage Affiliates Trust, acquiring 1,814,200 shares. The estimated transaction worth was $61.29 million, calculated utilizing the mean closing terms for the 4th ending March 31, 2026. The stake’s quarter-end worth was $68.47 million, a fig that incorporates some trading enactment and changes successful the stock’s price.

What other to cognize

This was a caller presumption for the fund, representing 3.6% of its 13F assets nether absorption aft the trade.
Top holdings post-filing:
- NYSE:GTLS: $130.63 cardinal (6.9% of AUM)
- NASDAQ:HOLX: $100.38 cardinal (5.3% of AUM)
- NYSE:SEE: $98.23 cardinal (5.2% of AUM)
- NASDAQ:MASI: $85.27 cardinal (4.5% of AUM)
- NASDAQ:EA: $82.77 cardinal (4.3% of AUM)
As of Friday, NSA shares were priced astatine $42.71, up astir 26% implicit the past year, which is astir successful enactment with the S&P 500’s astir 28% summation successful the aforesaid period.

Company overview

Metric

Value

Revenue (TTM)	$749.98 million
Net Income (TTM)	$78.57 million
Dividend Yield	5%
Price (as of Friday)	$42.71

Company snapshot

NSA operates and acquires self-storage properties crossed large U.S. metropolitan areas, generating gross from rental income and related services.
The steadfast employs a existent property concern spot (REIT) model, aggregating and managing a diversified portfolio of retention assets to thrust recurring currency travel and standard efficiencies.
It serves individuals, tiny businesses, and commercialized clients seeking secure, flexible retention solutions successful cardinal maturation markets.

National Storage Affiliates Trust is simply a starring aforesaid retention REIT with a important footprint successful the United States, focusing connected ownership and cognition of properties successful high-demand metropolitan areas.

What this transaction means for investors

First Trust appears to beryllium buying into a self-storage REIT that already has a defined catalyst connected the horizon: its planned acquisition by Public Storage successful a transaction valued astatine astir $10.5 billion. The acquisition was announced successful mid-March, truthful it’s not wide whether First Trust bought successful earlier oregon after, but holding onto the presumption astatine quarter’s extremity suggests condemnation done astatine slightest then.

Meanwhile, National Storage Affiliates has been producing respectable operating results. First-quarter nett income climbed 42% twelvemonth implicit twelvemonth to $27.7 million, portion Core FFO per stock accrued 5.6% to $0.57. Same-store NOI roseate 2.0%, helped by little operating expenses and improving occupancy, which reached 84.5% astatine 4th extremity and 84.9% by April 30.

In the net release, absorption highlighted the pending Public Storage merger arsenic the crushed it would discontinue ceremonial guidance due to the fact that of the transaction.

For semipermanent investors, the takeaway is straightforward. This is little a stake connected explosive maturation and much a wager that a high-quality portfolio of 1,061 retention properties crossed 37 states volition successfully marque it crossed the decorativeness enactment of a large manufacture consolidation deal.

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