Why One Real Estate Fund Made a $5 Million Bet on InvenTrust Properties Despite the Stock Lagging the S&P 500

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Jonathan Ponciano, The Motley Fool

Sun, May 10, 2026 astatine 12:35 PM CDT 4 min read

On May 8, 2026, Waterfall Asset Management disclosed a caller presumption successful InvenTrust Properties (NYSE:IVT), acquiring 164,962 shares—an estimated $4.97 cardinal commercialized based connected quarterly mean pricing.

What happened

According to a SEC filing dated May 8, 2026, Waterfall Asset Management reported opening a caller presumption successful InvenTrust Properties (NYSE:IVT) by purchasing 164,962 shares. The estimated transaction worth was $4.97 million, based connected the mean unadjusted closing terms for the archetypal 4th of 2026. The position’s worth astatine quarter’s extremity was $5.02 million, reflecting some trading enactment and banal terms changes.

What other to cognize

This was a caller presumption for Waterfall Asset Management and represents 2.81% of the fund’s 13F reportable assets nether absorption arsenic of March 31, 2026.
Top holdings aft the quarter:
- NYSE:CPT: $12.86 cardinal (11.2% of AUM)
- NYSE:AVB: $12.28 cardinal (10.7% of AUM)
- NYSE:APLE: $10.77 cardinal (9.4% of AUM)
- NYSE:RITM: $9.73 cardinal (8.5% of AUM)
- NYSE:MRP: $9.10 cardinal (8.0% of AUM)
As of May 7, 2026, InvenTrust shares were priced astatine $31.66, up 13% implicit the past twelvemonth and underperforming the S&P 500, which is alternatively up 30%.

Company Overview

Metric

Value

Price (as of marketplace adjacent 2026-05-07)	$31.66
Market Capitalization	$2.47 billion
Revenue (TTM)	$308 million
Net Income (TTM)	$109.8 million

Company Snapshot

InvenTrust Properties owns, leases, redevelops, acquires, and manages grocery-anchored vicinity centers and prime powerfulness centers, with a absorption connected retail properties successful Sun Belt markets.
The steadfast operates arsenic a retail REIT focused connected multi-tenant retail centers.
It focuses connected grocery-anchored centers with indispensable retail arsenic tenants successful Sun Belt markets.

InvenTrust Properties Corp. is simply a starring retail REIT specializing successful grocery-anchored buying centers crossed high-growth Sun Belt markets. The institution leverages disciplined superior allocation and a focused concern strategy to heighten its portfolio of multi-tenant retail properties. Its accent connected indispensable retail tenants and favorable demographics supports unchangeable currency flows and positions the institution competitively wrong the retail REIT sector.

What this transaction means for investors

While plentifulness of REIT investors person chased information centers oregon AI-linked existent property plays, grocery-anchored retail centers proceed to nutrient reliable currency flow, particularly successful fast-growing Sun Belt markets wherever colonisation maturation remains strong.

InvenTrust’s latest results, released past week, are a testament to that story. First-quarter leased occupancy deed 96.4% (and adjacent stronger among anchor stores), portion blended lease spreads came successful astatine 10.5%, showing the institution inactive has pricing powerfulness with tenants. Same-property NOI climbed 2.6%, and halfway FFO accrued to $0.49 per diluted stock from $0.46 a twelvemonth earlier. The institution besides leaned further into expansion, spending astir $123 cardinal connected acquisitions during the quarter, including its introduction into Nashville with the acquisition of Nashville West.

Importantly, this doesn’t look similar a high-risk turnaround play. InvenTrust has nary indebtedness maturities successful 2026 and ended the 4th with astir $346 cardinal successful liquidity. And though the banal has lagged the broader market, that whitethorn beryllium precisely wherefore value-focused funds are starting to thin in.

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