Alpha Wave Global Initiates COPT Defense Properties Position, According to Recent SEC Filing
Key Points
Alpha Wave Global, LP added 415,118 shares of COPT Defense Properties; estimated transaction value of $12.91 million based on quarterly average price.
The position's quarter-end value increased by $12.70 million, reflecting both the new holding and price movement during the quarter.
This trade represented a 1.63% change in the fund's reportable U.S. equity assets under management.
Post-trade, the fund holds 415,118 shares valued at $12.70 million as of March 31, 2026.
COPT Defense Properties now accounts for 1.61% of the fund's 13F AUM, which places it outside the fund's top five holdings.
- 10 stocks we like better than COPT Defense Properties ›
What happened
According to the SEC filing dated May 14, 2026, Alpha Wave Global, LP reported a new position in COPT Defense Properties (NYSE:CDP), acquiring 415,118 shares during the first quarter. As of March 31, 2026, the stake was valued at $12.70 million, reflecting both the initial purchase and subsequent price moves within the period.
What else to know
This was a new position; COPT Defense Properties accounted for 1.61% of Alpha Wave Global, LP’s reportable assets under management after the trade.
Top holdings after the filing:
- NYSE:QXO: $473.66 million (59.9% of AUM)
- NYSE:ANRO: $83.35 million (10.5% of AUM)
- NASDAQ:WWD: $34.62 million (4.4% of AUM)
- NASDAQ:LENZ: $33.05 million (4.2% of AUM)
- NYSE:BA: $32.92 million (4.2% of AUM)
As of May 13, 2026, shares of COPT Defense Properties were priced at $31.70, up 22.4% over the past year, underperforming the S&P 500 by 4.02 percentage points on a price basis.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-05-13) | $31.70 |
| Market capitalization | $3.73 billion |
| Revenue (TTM) | $780.55 million |
| Net income (TTM) | $155.53 million |
Company Snapshot
COPT Defense Properties is a leading office and data center REIT with a portfolio concentrated in high-security, mission-critical locations serving the U.S. government and its contractors. It operates as a real estate investment trust (REIT), generating revenue primarily from leasing space in its portfolio of Class-A office and data center assets.
The company leverages long-term leases and high occupancy rates to deliver stable cash flows and consistent returns. Its strategic focus on defense and IT tenants provides a durable competitive advantage in the office REIT sector.
COPT Defense Properties targets government agencies and defense contractors, with 90% of core portfolio rental revenue derived from Defense/IT locations as of June 2023.
What this transaction means for investors
COPT Defense Properties owns office and data center properties built for U.S. defense, intelligence, and national security missions. That gives the REIT a different demand profile from conventional office landlords, because many tenants need to be close to secure government facilities or defense contractor clusters. The company’s portfolio is therefore less tied to broad corporate-office trends and more tied to mission-driven government and contractor demand.
COPT’s first-quarter results showed that its defense-focused portfolio is generating returns above high occupancy. Its Defense/IT portfolio was 95.6% occupied and 96.4% leased at quarter-end, while same-property cash NOI rose 5.4% from a year earlier. Adjusted FFO per share also increased by 6.2%, providing evidence that the portfolio is supporting both tenant retention and property-level income growth.
For investors, the key question is whether this specialized tenant base will continue to support lease renewals, pre-leased development, and FFO growth. At quarter-end, COPT’s development pipeline was 73% leased, distinguishing these projects from more speculative office construction. The main indicator going forward is whether the company can sustain property income growth from defense and IT demand while managing expansion responsibly.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing and QXO. The Motley Fool has a disclosure policy.
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