WATERFALL ASSET MANAGEMENT, LLC

CIK 1570717 · View on SEC EDGAR ↗

Portfolio value
$163.4M
#7,120 of 9,443 by 13F value · top 75.4%
Positions
18
As of
June 30, 2026

Portfolio value QoQ: -8.6% 13F does not disclose cash

Top 10 holdings weight
80.18%
Top 25 holdings weight
100.00%
Positions above 1%
18
Effective number of positions
9.4

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 14.15% Est. buys $24,211,846 · sells $51,128,951

Median holding: 3.0 quarters Tracked Q4 2024–Q2 2026 · 60.0% still held

New positions
3
Increased
7
Decreased
6
Closed
4
On this page

Sector breakdown

Real Estate
72.4%
Other/Unmapped
27.6%

Full portfolio 18 positions

Type Streak 8Q trend
Unknown issuer (CUSIP: 70932AAH6) $41,690,232 25.51% 41,022,000 $-19,932,389 Down ×2
AVB AvalonBay Communities, Inc. Common Stock $12,953,569 7.93% 68,650 $677,816 Down ×1
CPT Camden Property Trust Common Stock $12,788,991 7.83% 111,704 $-73,222 Down ×1
MRP Millrose Properties, Inc. Class A Common Stock $12,541,698 7.67% 417,361 $3,440,410 Up ×2
BRSP BrightSpire Capital, Inc. Class A Common Stock $11,317,394 6.93% 2,076,586 $3,069,770 Up ×4
RITM Rithm Capital Corp. Common Stock $10,587,464 6.48% 1,127,584 $852,680 Up ×5
PK Park Hotels & Resorts Inc. Common Stock $9,827,028 6.01% 689,616 $3,702,327 Up ×4
RC Ready Capital Corporation Common Stock $6,840,720 4.19% 3,908,983 $508,168
APLE Apple Hospitality REIT, Inc. Common Shares $6,319,619 3.87% 375,944 $-4,448,170 Down ×1
FBRT Franklin BSP Realty Trust, Inc. Common Stock $6,170,120 3.78% 758,000 Up ×1
DRH Diamondrock Hospitality Company - Common Stock $5,563,873 3.40% 456,804 $1,649,190 Up ×1
GNL Global Net Lease, Inc. Common Stock $5,096,059 3.12% 570,029 $1,374,439 Up ×1
SVC Service Properties Trust - Shares of Beneficial Interest $4,858,750 2.97% 2,875,000 Up ×1
DX Dynex Capital, Inc. Common Stock $4,227,975 2.59% 322,500 $463,775 Up ×3
ESRT Empire State Realty Trust, Inc. Class A Common Stock $3,730,384 2.28% 689,535 $14,802 Down ×1
RPTPRC $3,475,652 2.13% 139,481 $14,059
VNO Vornado Realty Trust Common Stock $3,183,300 1.95% 81,000 $-1,247,995 Down ×1
PMT PennyMac Mortgage Investment Trust Common Shares of Beneficial Interest $2,252,413 1.38% 199,682 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
BRSP $11,317,394 6.93% up ×4
RITM $10,587,464 6.48% up ×5
PK $9,827,028 6.01% up ×4
DX $4,227,975 2.59% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
FBRT $6,170,120 758,000 3.78%
SVC $4,858,750 2,875,000 2.97%
PMT $2,252,413 199,682 1.38%

Top movers (QoQ)

Security Action Shares Δ Value Δ
— Trimmed -18.3M -$19.9M
APLE Trimmed -560K -$4.4M
PK Bought more +108K +$3.7M
MRP Bought more +92K +$3.4M
BRSP Bought more +604K +$3.1M
DRH Bought more +39K +$1.6M
GNL Bought more +172K +$1.4M
VNO Trimmed -90K -$1.2M
RITM Bought more +101K +$853K
AVB Trimmed -6K +$678K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
SPY Dec. 31, 2025 1,201,900 $800,681,742 No longer tracked
NSA March 31, 2026 297,700 $8,422,943 No longer tracked
ARI March 31, 2026 569,000 $5,557,451 -34.3%
RPTPRC Dec. 31, 2025 218,613 $5,513,351 No longer tracked
AAT June 30, 2026 279,323 $5,142,336 -7.5%
IVT June 30, 2026 164,962 $5,024,743 -6.4%
ELME Dec. 31, 2025 255,041 $4,299,991 -90.7%
KREF June 30, 2026 475,154 $3,052,794 10.7%
FVR March 31, 2026 184,197 $2,750,088 25.8%
LINE June 30, 2026 83,600 $2,738,736 -3.4%
UDR Dec. 31, 2025 62,000 $2,310,120 3.0%
FPAY Dec. 31, 2025 1,629,544 $1,044,538 No longer tracked