Waterfall Asset Management, LLC — 13F Holdings & Portfolio
CIK 1570717 · latest 13F-HR filed 2026-05-08
Waterfall Asset Management, LLC manages $178.8M in 13F-reported U.S. long-equity assets across 20 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are PMT (34.46%), CPT (7.19%), AVB (6.87%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 6 new positions, exited 3, added to 6, and trimmed 5.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$178.8M
Long-equity book
20
Distinct positions
2026-03-31
Filed 2026-05-08
+6 / −3 / ↑6 / ↓5
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- MILLROSE PPTYS INC$6.0M +189.5%
- BRIGHTSPIRE CAPITAL INC$3.6M +77.4%
- PARK HOTELS & RESORTS INC$2.2M +57.5%
- RITHM CAPITAL CORP$2.1M +26.8%
- CAMDEN PPTY TR$1.1M +9.0%
Top Trims
- PENNYMAC CORP-$18.0M -22.6%
- REDWOOD TRUST INC-$6.0M -68.3%
- AMERICAN ASSETS TR INC-$2.6M -33.3%
- READY CAPITAL CORP-$2.1M -25.3%
- LINEAGE INC-$956.1K -25.9%
New Positions
- INVENTRUST PPTYS CORP$5.0M
- VORNADO RLTY TR$4.4M
- DIAMONDROCK HOSPITALITY CO$3.9M
- EMPIRE ST RLTY TR INC$3.7M
- RITHM PPTY TR INC$3.5M
Exited Positions
- NATIONAL STORAGE AFFILIATES$8.4M
- APOLLO COML REAL EST FIN INC$5.6M
- FRONTVIEW REIT INC$2.8M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | PENNYMAC CORP | PMT | 70932AAH6 | $61.6M | 34.46% | 59,319,000 | PRN |
| 2 | CAMDEN PPTY TR | CPT | 133131102 | $12.9M | 7.19% | 131,704 | SH |
| 3 | AVALONBAY CMNTYS INC | AVB | 053484101 | $12.3M | 6.87% | 75,150 | SH |
| 4 | APPLE HOSPITALITY REIT INC | APLE | 03784Y200 | $10.8M | 6.02% | 935,516 | SH |
| 5 | RITHM CAPITAL CORP | RITM | 64828T201 | $9.7M | 5.44% | 1,026,404 | SH |
| 6 | MILLROSE PPTYS INC | MRP | 601137102 | $9.1M | 5.09% | 325,046 | SH |
| 7 | BRIGHTSPIRE CAPITAL INC | BRSP | 10949T109 | $8.2M | 4.61% | 1,472,790 | SH |
| 8 | READY CAPITAL CORP | RC | 75574U101 | $6.3M | 3.54% | 3,908,983 | SH |
| 9 | PARK HOTELS & RESORTS INC | PK | 700517105 | $6.1M | 3.43% | 581,643 | SH |
| 10 | AMERICAN ASSETS TR INC | AAT | 024013104 | $5.1M | 2.88% | 279,323 | SH |
| 11 | INVENTRUST PPTYS CORP | IVT | 46124J201 | $5.0M | 2.81% | 164,962 | SH |
| 12 | VORNADO RLTY TR | VNO | 929042109 | $4.4M | 2.48% | 170,500 | SH |
| 13 | DIAMONDROCK HOSPITALITY CO | DRH | 252784301 | $3.9M | 2.19% | 417,789 | SH |
| 14 | DYNEX CAP INC | DX | 26817Q886 | $3.8M | 2.11% | 295,000 | SH |
| 15 | GLOBAL NET LEASE INC | GNL | 379378201 | $3.7M | 2.08% | 397,609 | SH |
| 16 | EMPIRE ST RLTY TR INC | ESRT | 292104106 | $3.7M | 2.08% | 714,535 | SH |
| 17 | RITHM PPTY TR INC | RPTPC | 38983D862 | $3.5M | 1.94% | 139,481 | PRN |
| 18 | KKR REAL ESTATE FIN TR INC | KREF | 48251K100 | $3.1M | 1.71% | 475,154 | SH |
| 19 | REDWOOD TRUST INC | RWT | 758075AF2 | $2.8M | 1.55% | 2,743,000 | PRN |
| 20 | LINEAGE INC | LINE | 53566V106 | $2.7M | 1.53% | 83,600 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-08 | $178.8M | 20 | 0001570717-26-000004 |
| 2025-12-31 | 2026-02-13 | $185.8M | 17 | 0001570717-26-000001 |