Ventas, Inc.

**Signal Note: Deerfield initiates $27.4M position in Ventas (VTR)** Deerfield's entry into VTR, a ~$10B market-cap REIT specializing in senior housing and medical office, suggests conviction in the sector's recovery as post-pandemic demand stabilizes and occupancy rates normalize. This adds credibility to the thesis that healthcare real estate valuations have bottomed, though the position size (~0.3% of VTR's market cap) indicates a modest conviction level rather than a concentrated bet.