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 PENNYMAC CORP (25.51%), AVB (7.93%), CPT (7.83%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 3 new positions and exited 5; 9 existing positions rose in reported value and 3 fell.
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.
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AUM
$163.4M
Long-equity book
Holdings
18
Distinct positions
Period
2026-06-30
Filed 2026-08-12
Q/Q Activity
+3 / −5 / ↑9 / ↓3
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 80.2%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Jul 23, 2026.
Assets Under Management
$22.04B
Discretionary
$22.04B
Employees
133
Accounts
68
Address
1251 AVENUE OF THE AMERICAS
50TH FLOOR
NEW YORK, NY 10020
50TH FLOOR
NEW YORK, NY 10020
Phone
(212) 257-4600
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BREAKSTONE, BRIAN Control | CHIEF FINANCIAL OFFICER since Aug 2024 | Less than 5% | Individual |
| CAPASSE, THOMAS, EDWARD Control | MANAGER since Jan 2005 | Less than 5% | Individual |
| ROSS, JACK, JAY Control | MANAGER since Jan 2005 | Less than 5% | Individual |
| WATERFALL PARTNERS HOLDINGS, LP Control | MEMBER since Jan 2016 | 75% or more | Domestic Entity |
| NICK, KENNETH, ADAM | GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER since Oct 2011 | Less than 5% | Individual |
| CAPASSE, THOMAS, EDWARD Control Indirect owner via WATERFALL PARTNERS HOLDINGS, LP | LIMITED PARTNER since Jan 2016 | 25–50% | Individual |
| ROSS, JACK, JAY Control Indirect owner via WATERFALL PARTNERS HOLDINGS, LP | LIMITED PARTNER since Jan 2016 | 25–50% | Individual |
| WATERFALL PARTNERS GP, LLC Control Indirect owner via WATERFALL PARTNERS HOLDINGS, LP | GENERAL PARTNER since Jan 2016 | General partner, trustee or manager | Domestic Entity |
Ownership & leadership changes · 14 filings with changes since Nov 16, 2011
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Nov 5, 2024 filing
- Listed againBREAKSTONE, BRIAN · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Jun 24, 2024 filing
- No longer listedHADDAD, LAURENCE, GERMAINE, AYALA · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Sep 2021
- ChangedNICK, KENNETH, ADAM · title GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER → GENERAL COUNSEL, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER
Mar 28, 2024 filing
- AddedHADDAD, LAURENCE, GERMAINE, AYALA · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Feb 27, 2024 filing
- No longer listedBUTTACAVOLI, THOMAS, V. · MANAGER · Less than 5% · listed since Apr 2011
Jul 2, 2021 filing
- No longer listedBREAKSTONE, BRIAN · CHIEF FINANCIAL OFFICER · Less than 5% · listed since Apr 2008
Mar 30, 2020 filing
- No longer listedDYAL CAPITAL PARTNERS (A) LP · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person · listed since Jan 2016
- No longer listedDYAL OFFSHORE INVESTORS II LP · MEMBER · 25–50% · indirect via DYAL U.S. LLC · control person · listed since Apr 2012
- No longer listedDYAL OFFSHORE INVESTORS LP · MEMBER · 50–75% · indirect via DYAL U.S. LLC · control person · listed since Feb 2010
- No longer listedDYAL U.S. LLC · LIMITED PARTNER · 50–75% · indirect via DYAL CAPITAL PARTNERS (A) LP · control person · listed since Feb 2010
- No longer listedNB ALTERNATIVES GP HOLDINGS LLC · MANAGING MEMBER · 75% or more · indirect via NB DYAL GP HOLDINGS LLC · control person · listed since Feb 2010
- No longer listedNB ALTERNATIVES HOLDINGS LLC · MANAGING MEMBER · 75% or more · indirect via NB ALTERNATIVES GP HOLDINGS LLC · control person · listed since May 2009
- No longer listedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL CAPITAL PARTNERS (A) LP · control person · listed since Apr 2010
- No longer listedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL OFFSHORE INVESTORS LP · listed since Apr 2010
- No longer listedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL OFFSHORE INVESTORS II LP · listed since Apr 2010
- No longer listedNB DYAL GP HOLDINGS LLC · GENERAL PARTNER · 75% or more · indirect via NB DYAL ASSOCIATES LP · control person · listed since Feb 2010
- No longer listedNBSH ACQUISITION, LLC · MEMBER · 75% or more · indirect via NEUBERGER BERMAN GROUP LLC · control person · listed since May 2009
- No longer listedNEUBERGER BERMAN GROUP LLC · MANAGING MEMBER · 75% or more · indirect via NB ALTERNATIVES HOLDINGS LLC · control person · listed since May 2009
Mar 26, 2019 filing
- No longer listedNB DYAL ASSOCIATES, LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL CAPITAL PARTNERS (A), LP, DYAL OFFSHORE INVESTORS LP, DYAL OFFSHORE INVESTORS II LP · control person · listed since Apr 2010
- AddedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL CAPITAL PARTNERS (A) LP · control person
- AddedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL OFFSHORE INVESTORS LP
- AddedNB DYAL ASSOCIATES LP · GENERAL PARTNER · General partner, trustee or manager · indirect via DYAL OFFSHORE INVESTORS II LP
Aug 14, 2018 filing
- No longer listedDYAL CAPITAL (A), LP · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person · listed since Jan 2016
- AddedDYAL CAPITAL PARTNERS (A) LP · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person
Mar 30, 2018 filing
- No longer listedDYAL CAPITAL PARTNERS (A), LP · MEMBER · 25–50% · control person · listed since Aug 2013
- AddedCAPASSE, THOMAS, EDWARD · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person
- AddedDYAL CAPITAL (A), LP · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person
- AddedROSS, JACK, JAY · LIMITED PARTNER · 25–50% · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person
- AddedWATERFALL PARTNERS GP, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via WATERFALL PARTNERS HOLDINGS, LP · control person
- AddedWATERFALL PARTNERS HOLDINGS, LP · MEMBER · 75% or more · control person
- ChangedBUTTACAVOLI, THOMAS, V. · title MEMBER → MANAGER; ownership 5–10% → Less than 5%
- ChangedCAPASSE, THOMAS, EDWARD · title MEMBER/MANAGER → MANAGER; ownership 25–50% → Less than 5%
- ChangedROSS, JACK, JAY · title MEMBER/MANAGER → MANAGER; ownership 25–50% → Less than 5%
Mar 27, 2015 filing
- No longer listedLEHMAN BROTHERS HOLDINGS INC. · MEMBER · 25–50% · indirect via NEUBERGER BERMAN GROUP LLC · control person · listed since Feb 2009
- ChangedNBSH ACQUISITION, LLC · indirect via NEUBERGER BERMAN GROUP LLC: ownership 50–75% → 75% or more
Older changes (5 more filings)
Sep 10, 2013 filing
- No longer listedDARKE, STEPHEN, JON · MANAGER · Less than 5% · listed since Apr 2012
- No longer listedLAMLE, HUGH, ROY · MANAGER · Less than 5% · control person · listed since Jan 2005
- No longer listedM.D. SASS FINANCIAL HOLDINGS, LLC · MEMBER · 25–50% · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES GP, LLC · control person · listed since Feb 2009
- No longer listedM.D. SASS FINANCIAL STRATEGIES GP, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES, L.P. · control person · listed since Feb 2009
- No longer listedM.D. SASS FINANCIAL STRATEGIES INVESTMENT VEHICLE, LLC · MEMBER · General partner, trustee or manager · indirect via M.D. SASS FINSTRAT WATERFALL HOLDINGS, LLC · listed since Mar 2005
- No longer listedM.D. SASS- MACQUARIE FINANCIAL STRATEGIES, L.P. · MEMBER · 75% or more · indirect via M.D. SASS FINSTRAT WATERFALL HOLDINGS, LLC · control person · listed since Mar 2005
- No longer listedM.D. SASS- MACQUARIE FINSTRAT WATERFALL HOLDINGS, LLC · LIMITED LIABILITY COMPANY · 25–50% · listed since Mar 2005
- No longer listedMACQUARIE AMERICAS HOLDINGS PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE FUNDING HOLDINGS INC. · control person · listed since Feb 2009
- No longer listedMACQUARIE B.H. PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE BANK LIMITED · control person · listed since Feb 2009
- No longer listedMACQUARIE BANK LIMITED · OWNER · 75% or more · indirect via MACQUARIE AMERICAS HOLDINGS PTY LIMITED · control person · listed since Feb 2009
- No longer listedMACQUARIE CAPITAL GROUP PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE CAPITAL INTERNATIONAL HOLDINGS PTY LTD. · control person · listed since Nov 2007
- No longer listedMACQUARIE CAPITAL INTERNATIONAL HOLDINGS PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE GROUP (US) HOLDINGS NO. 1 PTY LTD. · control person · listed since Nov 2007
- No longer listedMACQUARIE EQUITIES (US) HOLDINGS PTY LIMITED · OWNER · 75% or more · indirect via MACQUARIE HOLDINGS (USA) INC. · control person · listed since Aug 1994
- No longer listedMACQUARIE FINANCIAL HOLDINGS LIMITED · OWNER · 75% or more · indirect via MACQUARIE CAPITAL GROUP PTY LTD. · control person · listed since Nov 2007
- No longer listedMACQUARIE FUNDING HOLDINGS INC. · OWNER · 75% or more · indirect via MACQUARIE AMERICAS CORP. · control person · listed since Feb 2009
- No longer listedMACQUARIE GROUP (US) HOLDINGS NO. 1 PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE EQUITIES (US) HOLDINGS PTY LTD. · control person · listed since Apr 2007
- No longer listedMACQUARIE GROUP LIMITED · OWNER · 75% or more · indirect via MACQUARIE FINANCIAL HOLDINGS LIMITED · control person · listed since Nov 2007
- No longer listedMACQUARIE GROUP LIMITED · OWNER · 75% or more · indirect via MACQUARIE B.H. PTY LTD. · control person · listed since Feb 2009
- No longer listedMACQUARIE HOLDINGS (USA), INC. · MANAGING MEMBER · General partner, trustee or manager · indirect via M.D. SASS-FINANCIAL STRATEGIES INVESTMENT VEHICLE, LLC · control person · listed since Feb 2009
- No longer listedMACQUARIE HOLDINGS (USA), INC. · MEMBER · 25–50% · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES GP, LLC · control person · listed since Feb 2009
- No longer listedSIVIN, PHILIP, MATTHEW · MANAGER · Less than 5% · listed since Oct 2009
- AddedDYAL CAPITAL PARTNERS (A), LP · MEMBER · 25–50% · control person
- AddedDYAL OFFSHORE INVESTORS II LP · MEMBER · 25–50% · indirect via DYAL U.S. LLC · control person
- AddedDYAL OFFSHORE INVESTORS LP · MEMBER · 50–75% · indirect via DYAL U.S. LLC · control person
- AddedDYAL U.S. LLC · LIMITED PARTNER · 50–75% · indirect via DYAL CAPITAL PARTNERS (A) LP · control person
- and 9 more
Apr 5, 2013 filing
- ChangedCAPASSE, THOMAS, EDWARD · ownership 25–50% → 10–25%
- ChangedROSS, JACK, JAY · ownership 25–50% → 10–25%
Jan 17, 2013 filing
- AddedBUTTACAVOLI, THOMAS, V. · MEMBER · 5–10%
Apr 30, 2012 filing
- No longer listedSASS, MARTIN, DOUGLAS · MANAGER · Less than 5% · control person · listed since Jan 2005
- AddedDARKE, STEPHEN, JON · MANAGER · Less than 5%
- AddedM.D. SASS FINANCIAL HOLDINGS, LLC · MEMBER · 25–50% · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES GP, LLC · control person
- AddedM.D. SASS FINANCIAL STRATEGIES GP, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES, L.P. · control person
- AddedMACQUARIE AMERICAS HOLDINGS PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE FUNDING HOLDINGS INC. · control person
- AddedMACQUARIE B.H. PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE BANK LIMITED · control person
- AddedMACQUARIE BANK LIMITED · OWNER · 75% or more · indirect via MACQUARIE AMERICAS HOLDINGS PTY LIMITED · control person
- AddedMACQUARIE CAPITAL GROUP PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE CAPITAL INTERNATIONAL HOLDINGS PTY LTD. · control person
- AddedMACQUARIE CAPITAL INTERNATIONAL HOLDINGS PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE GROUP (US) HOLDINGS NO. 1 PTY LTD. · control person
- AddedMACQUARIE EQUITIES (US) HOLDINGS PTY LIMITED · OWNER · 75% or more · indirect via MACQUARIE HOLDINGS (USA) INC. · control person
- AddedMACQUARIE FINANCIAL HOLDINGS LIMITED · OWNER · 75% or more · indirect via MACQUARIE CAPITAL GROUP PTY LTD. · control person
- AddedMACQUARIE FUNDING HOLDINGS INC. · OWNER · 75% or more · indirect via MACQUARIE AMERICAS CORP. · control person
- AddedMACQUARIE GROUP (US) HOLDINGS NO. 1 PTY LTD. · OWNER · 75% or more · indirect via MACQUARIE EQUITIES (US) HOLDINGS PTY LTD. · control person
- AddedMACQUARIE GROUP LIMITED · OWNER · 75% or more · indirect via MACQUARIE FINANCIAL HOLDINGS LIMITED · control person
- AddedMACQUARIE GROUP LIMITED · OWNER · 75% or more · indirect via MACQUARIE B.H. PTY LTD. · control person
- AddedMACQUARIE HOLDINGS (USA), INC. · MANAGING MEMBER · General partner, trustee or manager · indirect via M.D. SASS-FINANCIAL STRATEGIES INVESTMENT VEHICLE, LLC · control person
- AddedMACQUARIE HOLDINGS (USA), INC. · MEMBER · 25–50% · indirect via M.D. SASS MACQUARIE FINANCIAL STRATEGIES GP, LLC · control person
Nov 16, 2011 filing (earliest on record)
- ListedBREAKSTONE, BRIAN · CHIEF FINANCIAL OFFICER · Less than 5%
- ListedCAPASSE, THOMAS, EDWARD · MEMBER/MANAGER · 25–50% · control person
- ListedLAMLE, HUGH, ROY · MANAGER · Less than 5% · control person
- ListedM.D. SASS FINANCIAL STRATEGIES INVESTMENT VEHICLE, LLC · MEMBER · General partner, trustee or manager · indirect via M.D. SASS FINSTRAT WATERFALL HOLDINGS, LLC
- ListedM.D. SASS- MACQUARIE FINANCIAL STRATEGIES, L.P. · MEMBER · 75% or more · indirect via M.D. SASS FINSTRAT WATERFALL HOLDINGS, LLC · control person
- ListedM.D. SASS- MACQUARIE FINSTRAT WATERFALL HOLDINGS, LLC · LIMITED LIABILITY COMPANY · 25–50%
- ListedNICK, KENNETH, ADAM · GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedROSS, JACK, JAY · MEMBER/MANAGER · 25–50% · control person
- ListedSASS, MARTIN, DOUGLAS · MANAGER · Less than 5% · control person
- ListedSIVIN, PHILIP, MATTHEW · MANAGER · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
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
Waterfall Asset Management, LLC Holdings (2026-06-30)
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 | — | 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 |
Filing History
| 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 |
Filer Information
Address
1251 AVENUE OF THE AMERICAS, 50TH FLOORNEW YORK, NY 10020
Phone
(212) 257-4600
Filing Manager
WATERFALL ASSET MANAGEMENT, LLC
NEW YORK, NY
Signatory
Kenneth Nick
General Counsel and Chief Compliance Officer