What's Behind This New $4 Million Bet on a Beaten-Down Mall Owner Lagging the Broader Market?

California-based Triad Investment Management initiated a new stake in Macerich (NYSE:MAC) during the latest quarter, buying 206,916 shares in a trade estimated at $3.82 million based on quarterly average pricing, according to a Thursday SEC filing.

What happened

According to an SEC filing released Thursday, Triad Investment Management disclosed a new position in Macerich, acquiring 206,916 shares during the quarter. The estimated transaction value for the purchase is $3.82 million, calculated using the quarter’s average share price.

What else to know

The new position for Triad now accounts for 3.87% of the fund’s 13F reportable assets under management.

Top holdings after the filing:

• NASDAQ:WBD: $9.38 million (9.5% of AUM)
• NASDAQ:GOOGL: $6.48 million (6.6% of AUM)
• NASDAQ:ROP: $5.41 million (5.5% of AUM)
• NYSE:WTM: $5.29 million (5.4% of AUM)
• NASDAQ:VGSH: $5.16 million (5.2% of AUM)

As of Thursday, Macerich shares were priced at $18.32, down 2.8% over the past year and well underperforming the S&P 500 by about 19.53 percentage points.

Company Overview

Company snapshot

• Macerich owns, leases, manages, and redevelops regional shopping centers, with a portfolio of 37 regional retail centers totaling 39 million square feet.
• It operates as a fully integrated real estate investment trust (REIT), generating revenue primarily from rental income, tenant leases, and property management fees.
• The firm serves national and regional retailers, with a focus on densely populated U.S. metropolitan markets such as the West Coast, Arizona, Chicago, and the Northeast corridor.

Macerich is a leading retail REIT specializing in high-quality regional malls across major U.S. markets. The company leverages a fully integrated platform to acquire, lease, and manage retail real estate, emphasizing properties in attractive, high-density locations. Macerich's strategic focus on sustainability and operational excellence supports its competitive position in the retail property sector.

What this transaction means for investors

Buying into a retail REIT after a prolonged stretch of volatility and underperformance suggests a willingness to lean into Macerich’s fundamentals even while sentiment remains skeptical. That stands out in a market still dominated by growth-heavy allocations and short-duration trades.

Macerich owns a concentrated portfolio of high-quality regional malls in dense coastal and Sun Belt markets, a profile that continues to matter as retailers prioritize fewer, more productive locations. Recent results showed steady leasing momentum and improving tenant sales trends, even as higher interest rates kept pressure on REIT valuations. Management has remained focused on balance sheet discipline and asset quality, which helps explain why the stock has held up operationally despite lagging the broader market. The firm posted a net loss of $87.4 million in the third quarter, paring back losses from $108.2 million a year earlier.

The Macerich position also fits cleanly within Triad’s broader portfolio, which blends media, technology, industrials, and short-duration fixed income exposure. At under 4% of reported assets, this is not a swing-for-the-fences bet. It looks more like a selective allocation to a misunderstood asset class with embedded optionality if rates stabilize and capital markets reopen.