Rush Island Management

Established in 2018, Rush Island (formerly Northwood Liquid) is a New York-based hedge fund manager managed by Steve Millham and Raleigh Nuckols. The firm is investing in publicly traded real estate and related securities. It also makes investments in corporate credit, preferred securities, options, CMBS, and derivatives. It believes there is a lack of opportunistic capital investing in real estate in the public markets and seeks to extract excess returns via its concentrated approach to portfolio construction. Real estate securities in the public markets often exhibit greater volatility than the underlying private market real estate values, and in the firm's view, its access to private equity relationships gives it a competitive advantage to exploit the excess volatility in identifying, underwriting, and monitoring public investments. The firm is LGBTQ-owned, and the two founders have a combined 45+ years of experience in executing both public and private real estate investments.