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NYSE: MAC·Real Estate / Regional Malls & Mixed-Use REIT·CIK 0000912242

The Macerich Company (MAC)

Starboard Value LP acquired a 9.5% stake in regional mall REIT Macerich, advocating for balance sheet deleveraging, joint venture asset sales, and board refreshment following years of NAV discount persistence.

Active Setup Verdict
ACT75/100
Filer 90d win rate: 68%
Market Cap: $3.8B
Activist Stake
9.5%

Starboard Value LP

Conviction Score
75/100

HIGH CONVICTION CATALYST

Insider Alignment
1 Buys

Code-P open-market buy

Short Days-to-Cover
11.2 DTC

Elevated squeeze risk

Dilution Risk
Moderate

Active ATM shelf program

Quantitative 5-Pillar Decision Engine

Primary Activist Setup & Scoring for MAC

Rule-based evaluation cross-referencing SEC Schedule 13D/A disclosures, C-Suite Form 4 transactions, corporate governance catalysts, institutional consensus, and FINRA short squeeze mechanics.

$MACSCHEDULE 13D·Feb 7, 2026·9.5% stake

The Macerich Company

Filer: Starboard Value LP(CIK: 0001517981)

Setup Verdict
ACT75/100
HIGH CONVICTION CATALYST

5-Pillar Decision Model Breakdown

Total Points: 75/100
Pillar 0121 / 25
Filer Track Record

Historical 90d Win Rate & Alpha vs SPY

68% 90d win rate across 22 campaigns · +8.4% vs SPY

Pillar 0210 / 25
Insider Alignment

Verified Open-Market C-Suite vs PIPE Check

1 verified Form 4 open-market Code-P buy in ±30d

Pillar 0317 / 20
Corporate Catalyst

8-K Governance / Board Seats / Agreement

Active intent: Strategic Portfolio Review & Deleveraging (9.5% stake)

Pillar 0412 / 15
Institutional Accumulation

Monthly NPORT-P / 13F Consensus Holders

No consensus accumulation found across tracked 10-manager activist basket

Pillar 0515 / 15
Squeeze & DTC Context

FINRA Days-to-Cover (DTC) & Borrow Pressure

Heavy short days-to-cover (11.2 DTC) in retail REIT sector

Setup Expectation
Historical Edge & Benchmark

Composite Backtested 90d Edge

90d SPY Alpha:+8.4%
Campaign Win Rate:68%
Engine Verdict: HIGH CONVICTION CATALYST

Action Drivers & Confluence Signals

Premier REIT activist Starboard Value with 68% win rate
Heavy short days-to-cover (11.2 DTC) in retail REIT sector
Management agreed to divest non-core assets to pay down maturing mortgage debt
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SEC EDGAR Ownership Stream

Recent Schedule 13D & 13G Filings for MAC

View all MAC EDGAR filings
DateFormFiler NameSharesStake %EDGAR
Feb 8, 2026SCHEDULE 13DStarboard Value LP21,200,0009.5%Filing
Form 4 Insider Cross-Reference

Form 4 Insider Transactions on MAC

Open-market purchases (Code-P) by officers and directors indicate true skin-in-the-game conviction. Option grants, sales (Code-S), and PIPE conversions are isolated to prevent false signals.

DateInsiderTitle / RoleActionSharesPriceTotal Value
Mar 1, 2026Silvers JackChief Executive OfficerBUY (Code-P)20,000$15.30$306K
Governance & Capital Structure

Dilution Risk & Governance Timeline for MAC

Activist campaigns frequently fail when toxic debt or continuous At-The-Market (ATM) dilution erodes per-share value. We assess financing traps before entering positions.

1. Shelf & ATM Facility Status
Active ATM Equity Facility for Debt Retirement

ATM facility is utilized conservatively to de-lever debt maturities rather than for dilutive acquisitions.

Risk Assessment:MODERATE DILUTION
2. Board Representation & Proxy Battle
2 Independent Directors Nominated by Starboard

Shareholder voting cadence and formal director nominations directly dictate catalyst timing. Timeline: Cooperation Agreement Executed.

Catalyst Horizon:ACTIVE MONITOR
3. Defense & Poison Pill Status
None

Shareholder rights plans (poison pills) cap activist stake accumulation and can force standstills or litigation in the Delaware Court of Chancery.

Defense Posture:DISCLOSED IN 8-K
Answers & Intelligence

Frequently Asked Questions About MAC

Direct, factual answers regarding activist campaigns, insider activity, and dilution risk.

Who is the activist investor targeting Macerich (MAC)?

Jeffrey Smith’s Starboard Value LP holds a 9.5% activist stake in Macerich, pushing for asset sales and operational discipline.

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