Waterfall Asset Management, LLC — 13F Holdings & Portfolio
CIK 1570717 · latest 13F-HR filed 2026-08-12
Waterfall Asset Management, LLC manages $163.4M in 13F-reported U.S. long-equity assets across 18 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are PMT (25.51%), AVB (7.93%), CPT (7.83%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions, exited 5, added to 9, and trimmed 3.
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.
NEW YORK, NY 10020
$163.4M
Long-equity book
18
Distinct positions
2026-06-30
Filed 2026-08-12
+3 / −5 / ↑9 / ↓3
vs 2026-03-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- PARK HOTELS & RESORTS INC$3.7M +60.4%
- MILLROSE PPTYS INC$3.4M +37.8%
- BRIGHTSPIRE CAPITAL INC$3.1M +37.2%
- DIAMONDROCK HOSPITALITY CO$1.6M +42.1%
- GLOBAL NET LEASE INC$1.4M +36.9%
Top Trims
- PENNYMAC CORP-$19.9M -32.3%
- APPLE HOSPITALITY REIT INC-$4.4M -41.3%
- VORNADO RLTY TR-$1.2M -28.2%
New Positions
- FRANKLIN BSP RLTY TR INC$6.2M
- SERVICE PPTYS TR$4.9M
- PENNYMAC MTG INVT TR$2.3M
Exited Positions
- AMERICAN ASSETS TR INC$5.1M
- INVENTRUST PPTYS CORP$5.0M
- KKR REAL ESTATE FIN TR INC$3.1M
- REDWOOD TRUST INC$2.8M
- LINEAGE INC$2.7M
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 | $41.7M | 25.51% | 41,022,000 | PRN |
| 2 | AVALONBAY CMNTYS INC | AVB | 053484101 | $13.0M | 7.93% | 68,650 | SH |
| 3 | CAMDEN PPTY TR | CPT | 133131102 | $12.8M | 7.83% | 111,704 | SH |
| 4 | MILLROSE PPTYS INC | MRP | 601137102 | $12.5M | 7.67% | 417,361 | SH |
| 5 | BRIGHTSPIRE CAPITAL INC | BRSP | 10949T109 | $11.3M | 6.93% | 2,076,586 | SH |
| 6 | RITHM CAPITAL CORP | RITM | 64828T201 | $10.6M | 6.48% | 1,127,584 | SH |
| 7 | PARK HOTELS & RESORTS INC | PK | 700517105 | $9.8M | 6.01% | 689,616 | SH |
| 8 | READY CAPITAL CORP | RC | 75574U101 | $6.8M | 4.19% | 3,908,983 | SH |
| 9 | APPLE HOSPITALITY REIT INC | APLE | 03784Y200 | $6.3M | 3.87% | 375,944 | SH |
| 10 | FRANKLIN BSP RLTY TR INC | FBRT | 35243J101 | $6.2M | 3.78% | 758,000 | SH |
| 11 | DIAMONDROCK HOSPITALITY CO | DRH | 252784301 | $5.6M | 3.40% | 456,804 | SH |
| 12 | GLOBAL NET LEASE INC | GNL | 379378201 | $5.1M | 3.12% | 570,029 | SH |
| 13 | SERVICE PPTYS TR | SVC | 81761L102 | $4.9M | 2.97% | 2,875,000 | SH |
| 14 | DYNEX CAP INC | DX | 26817Q886 | $4.2M | 2.59% | 322,500 | SH |
| 15 | EMPIRE ST RLTY TR INC | ESRT | 292104106 | $3.7M | 2.28% | 689,535 | SH |
| 16 | RITHM PPTY TR INC | RPTPC | 38983D862 | $3.5M | 2.13% | 139,481 | PRN |
| 17 | VORNADO RLTY TR | VNO | 929042109 | $3.2M | 1.95% | 81,000 | SH |
| 18 | PENNYMAC MTG INVT TR | PMT | 70931T103 | $2.3M | 1.38% | 199,682 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | $163.4M | 18 | 0001570717-26-000005 |
| 2026-03-31 | 2026-05-08 | $178.8M | 20 | 0001570717-26-000004 |
| 2025-12-31 | 2026-02-13 | $185.8M | 17 | 0001570717-26-000001 |