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<h2>Key Points</h2><ul><li>InvenTrust Properties sold 297,700 shares of NSA in the first quarter; the estimated transaction value was $10.06 million based on quarterly average pricing.</li><li>Meanwhile, the quarter-end position value decreased by $8.42 million, reflecting both trading activity and share price movements.</li><li>The move represents a 5.62% change in 13F reportable assets under management.</li><li>10 stocks we like better than National Storage Affiliates Trust ›</li></ul><p>On May 8, 2026, Waterfall Asset Management sold out its entire stake in <strong>National Storage Affiliates Trust</strong> <span class="ticker">(NYSE:NSA)</span>, unloading 297,700 shares in a transaction estimated at $10.06 million based on quarterly average pricing.</p><h2 id="what-happened">What happened</h2><p>According to a filing with the Securities and Exchange Commission dated May 8, 2026, Waterfall Asset Management reported a complete sale of its 297,700-share stake in National Storage Affiliates Trust. The estimated transaction value was $10.06 million, calculated using the average closing price for the quarter ended March 31, 2026. The quarter-end valuation of the position declined by $8.42 million, a figure that incorporates both the share sale and price changes over the period.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>Top holdings after the filing:<ul><li>NYSE: CPT: $12.86 million (11.2% of AUM)</li><li>NYSE: AVB: $12.28 million (10.7% of AUM)</li><li>NYSE: APLE: $10.77 million (9.4% of AUM)</li><li>NYSE: RITM: $9.73 million (8.5% of AUM)</li><li>NYSE: MRP: $9.10 million (8.0% of AUM)</li></ul></li><li>As of May 8, 2026, NSA shares were priced at $43.33, up 21% over the past year, compared to a roughly 30% gain for the S&amp;P 500.</li></ul><h2 id="company-overview">Company overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Revenue (TTM)</td><td>$752.9 million</td></tr><tr><td>Net Income (TTM)</td><td>$73.8 million</td></tr><tr><td>Dividend Yield</td><td>5%</td></tr><tr><td>Price (as of May 8)</td><td>$43.33</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><ul><li>National Storage Affiliates Trust operates self-storage properties across major U.S. metropolitan areas, generating revenue primarily from storage unit rentals and related services.</li><li>The firm functions as a real estate investment trust (REIT), earning income through property ownership, management, and acquisitions within the self-storage sector.</li><li>It serves individuals, families, and businesses seeking secure, flexible storage solutions in urban and suburban markets.</li></ul><p>National Storage Affiliates Trust is one of the largest publicly traded owners and operators of self-storage properties in the United States, with a diversified portfolio spanning major metropolitan regions. The company leverages its REIT structure to drive growth through property acquisitions.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>With National Storage Affiliates set to be acquired by Public Storage in a roughly $10.5 billion all-stock deal, some investors may simply be locking in gains and reallocating capital elsewhere rather than waiting for the transaction to close. Operationally, the business has still been fairly resilient despite a softer real estate backdrop. As the firm reported earlier this week, first-quarter net income climbed 41.8% year over year to $27.7 million, while core FFO rose 4.6% to $76.8 million. Same-store NOI increased 2%, helped by lower property operating expenses and slightly higher occupancy.<br/><br/>The company also continued recycling capital, selling three storage properties for $20.6 million while acquiring another property for $10.4 million during the quarter. NSA ended March with about $530.6 million available on its revolving credit facility.<br/><br/>Ultimately, the most important takeaway ere is that self-storage fundamentals still appear stable even after years of industry growth, but with the Public Storage acquisition likely capping near-term upside, some institutional investors may see limited reason to stick around through closing.</p><h2>Should you buy stock in National Storage Affiliates Trust right now?</h2>
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XLRE

<p>InvenTrust Properties sold 297,700 shares of National Storage Affiliates Trust (NSA) for approximately $10.06 million, reflecting a decline in position value by $8.42 million due to trading activity and price changes. This sale represents a 5.62% change in assets under management. The transaction comes as NSA is set to be acquired by Public Storage in a $10.5 billion all-stock deal, prompting some investors to lock in gains. Despite a softer real estate backdrop, NSA reported a 41.8% increase in net income year-over-year for Q1.</p>

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NVIDIA

RITHM CAPITAL CORP 7.125%FIX TO FLTG RATE CUM RED PFD SER B

RITHM CAPITAL CORP 7.50%FXD TO FLTG RATE CUM RED PRF SER A

RITHM CAPITAL CORP 6.375%FXD TO FLTG RATE CUM RED PFD SER C

RITHM CAPITAL CORP 8.75 SER F FIXED-RATE RST CUM PF STK

RITHM CAPITAL CORP FXD RATE CUM RED PFD SER E

RITHM CAPITAL CORP 7.00%FXD RATE RESET CUM RED PFD STK D

PUBLIC STORAGE 5.60% DEP SHS REP 1/1000 OF PFD SBI SR H

PUBLIC STORAGE 4.875% DEP SHS REP 1/1000 PFD SBI SER I

PUBLIC STORAGE 3.875% DEP SHS RP 1/1000 PF SH BEN INT N

PUBLIC STORAGE DEP 1/1000 3.950% CUM PFD SHS BEN INT Q

PUBLIC STORAGE 4.75% DP SHS ECH RP 1/1000TH CM PDF SR K

PUBLIC STORAGE 4% DEP SHS REP 1/1000TH PFD SHS BEN SR P

PUBLIC STORAGE DEP SHS REP 1/1000 CUM PFD SHS BEN SR S

PUBLIC STORAGE 4.7% DEP SHS REP 1/1000 CUM PFD SER J

PUBLIC STORAGE 4% DEP SHS REP 1/1000 PFD BEN INT SER R

PUBLIC STORAGE 5.15%DEP SHS REP 1/1000TH PFD SHS SER F

PUBLIC STORAGE 3.9% DEP SHS REP 1/1000 PFD BEN INT SR O

PUBLIC STORAGE 4.125% DEP SHS EA REP 1/1000 PF SHS SR M

PUBLIC STORAGE 5.05%DEP REP 1/1000TH CUM PFD BEN INT G

PUBLIC STORAGE 4.625% DEP SHS REP 1/1000 CUM PFD SER L

NVIDIA Corporation

Why One Fund’s $10 Million National Storage Exit May Be More About the Public Storage Deal Than Storage Demand