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<h2>Key Points</h2><ul><li>First Trust Capital Management bought 1,814,200 shares of National Storage Affiliates last quarter; the estimated trade size was $61.29 million based on quarterly average pricing.</li><li>Meanwhile, the quarter-end position value was $68.47 million, representing a new holding.</li><li>NSA now represents 3.6% of the fund’s AUM, placing it outside the top five holdings.</li><li>10 stocks we like better than National Storage Affiliates Trust ›</li></ul><p>First Trust Capital Management established a new position in <strong>National Storage Affiliates Trust</strong> <span class="ticker">(NYSE:NSA)</span> during the first quarter, buying an estimated $61.29 million in shares based on average quarterly pricing, according to a May 14, 2026, SEC filing.</p><h2 id="what-happened">What happened</h2><p>According to an SEC filing dated May 14, 2026, First Trust Capital Management L.P. reported a new position in National Storage Affiliates Trust, acquiring 1,814,200 shares. The estimated transaction value was $61.29 million, calculated using the average closing price for the quarter ending March 31, 2026. The stake’s quarter-end value was $68.47 million, a figure that incorporates both trading activity and changes in the stock’s price.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>This was a new position for the fund, representing 3.6% of its 13F assets under management after the trade.</li><li>Top holdings post-filing:<ul><li>NYSE:GTLS: $130.63 million (6.9% of AUM)</li><li>NASDAQ:HOLX: $100.38 million (5.3% of AUM)</li><li>NYSE:SEE: $98.23 million (5.2% of AUM)</li><li>NASDAQ:MASI: $85.27 million (4.5% of AUM)</li><li>NASDAQ:EA: $82.77 million (4.3% of AUM)</li></ul></li><li>As of Friday, NSA shares were priced at $42.71, up about 26% over the past year, which is roughly in line with the S&amp;P 500’s roughly 28% gain in the same period.</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>$749.98 million</td></tr><tr><td>Net Income (TTM)</td><td>$78.57 million</td></tr><tr><td>Dividend Yield</td><td>5%</td></tr><tr><td>Price (as of Friday)</td><td>$42.71</td></tr></tbody></table></section><h2 id="company-snapshot">Company snapshot</h2><ul><li>NSA operates and acquires self-storage properties across major U.S. metropolitan areas, generating revenue from rental income and related services.</li><li>The firm employs a real estate investment trust (REIT) model, aggregating and managing a diversified portfolio of storage assets to drive recurring cash flow and scale efficiencies.</li><li>It serves individuals, small businesses, and commercial clients seeking secure, flexible storage solutions in key growth markets.</li></ul><p>National Storage Affiliates Trust is a leading self storage REIT with a substantial footprint in the United States, focusing on ownership and operation of properties in high-demand metropolitan areas.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>First Trust appears to be buying into a self-storage REIT that already has a defined catalyst on the horizon: its planned acquisition by Public Storage in a transaction valued at roughly $10.5 billion. The acquisition was announced in mid-March, so it’s not clear whether First Trust bought in before or after, but holding onto the position at quarter’s end suggests conviction through at least then.<br/><br/>Meanwhile, National Storage Affiliates has been producing respectable operating results. First-quarter net income climbed 42% year over year to $27.7 million, while Core FFO per share increased 5.6% to $0.57. Same-store NOI rose 2.0%, helped by lower operating expenses and improving occupancy, which reached 84.5% at quarter end and 84.9% by April 30.<br/><br/>In the earnings release, management highlighted the pending Public Storage merger as the reason it would discontinue formal guidance because of the transaction.<br/><br/>For long-term investors, the takeaway is straightforward. This is less a bet on explosive growth and more a wager that a high-quality portfolio of 1,061 storage properties across 37 states will successfully make it across the finish line of a major industry consolidation deal.<br/></p><h2>Should you buy stock in National Storage Affiliates Trust right now?</h2>
<p>Before you buy stock in National Storage Affiliates Trust, consider this:</p>
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<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
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<p>First Trust Capital Management acquired 1,814,200 shares of National Storage Affiliates Trust for approximately $61.29 million, representing 3.6% of its assets under management. The investment coincides with NSA's planned $10.5 billion acquisition by Public Storage. NSA's first-quarter net income rose 42% year-over-year, and its stock price has increased by 26% over the past year. However, it was not listed among the top 10 stocks recommended by The Motley Fool.</p>

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NVIDIA

CHART INDUSTRIES INC DEPOSITARY SHS REPSTG 1/20TH PFD CONV SE

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

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