Waterfall Asset Management, LLC
Waterfall Asset Management, LLC reported 16 US-listed holdings worth $118.3 million in its 13F for the quarter ended 30 June 2026, filed 12 August 2026. Its largest: Avalonbay Cmntys Inc. (11.0%), Camden Property Trust (10.8%) and Millrose Properties, Inc. (10.6%). Against the quarter before, it opened 3 positions, added to 7, trimmed 5 and sold out of 4.
The 14 largest of its 16 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -43.1% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 3
- Franklin BSP Realty Trust, Inc. FBRT$6.2 million
- Service Pptys Trust SVC$4.9 million
- PennyMac Mortgage Investment Trust PMT$2.3 million
Added to 7
- Brightspire Capital Inc. BRSP+603,796 shares · +41%
- Millrose Properties, Inc. MRP+92,315 shares · +28%
- Global Net Lease, Inc. GNL+172,420 shares · +43%
- Park Hotels & Resorts Inc. PK+107,973 shares · +19%
- Rithm Capital Corp. RITM+101,180 shares · +10%
- DiamondRock Hospitality Co. DRH+39,015 shares · +9%
- Dynex CAP INC COM (dx) DX+27,500 shares · +9%
Trimmed 5
- Apple Hospitality REIT, Inc. APLE-559,572 shares · -60%
- Vornado Realty Trust VNO-89,500 shares · -52%
- Camden Property Trust CPT-20,000 shares · -15%
- Avalonbay Cmntys Inc. AVB-6,500 shares · -9%
- Empire ST Rlty Trust Inc. ESRT-25,000 shares · -3%
Sold out of 4
- American Assets Trust, Inc. AAT$5.1 million last quarter
- InvenTrust Properties Corp. IVT$5.0 million last quarter
- KKR Real Estate Fin Trust Inc. KREF$3.1 million last quarter
- Lineage, Inc. LINE$2.7 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Avalonbay Cmntys Inc. AVB | 68.7K | $13.0 million | 10.95% | -6.5K |
| Camden Property Trust CPT | 111.7K | $12.8 million | 10.81% | -20.0K |
| Millrose Properties, Inc. MRP | 417.4K | $12.5 million | 10.61% | +92.3K |
| Brightspire Capital Inc. BRSP | 2.1M | $11.3 million | 9.57% | +603.8K |
| Rithm Capital Corp. RITM | 1.1M | $10.6 million | 8.95% | +101.2K |
| Park Hotels & Resorts Inc. PK | 689.6K | $9.8 million | 8.31% | +108.0K |
| Ready Capital Corp. RC | 3.9M | $6.8 million | 5.78% | no change |
| Apple Hospitality REIT, Inc. APLE | 375.9K | $6.3 million | 5.34% | -559.6K |
| Franklin BSP Realty Trust, Inc. FBRT | 758.0K | $6.2 million | 5.22% | new |
| DiamondRock Hospitality Co. DRH | 456.8K | $5.6 million | 4.70% | +39.0K |
| Global Net Lease, Inc. GNL | 570.0K | $5.1 million | 4.31% | +172.4K |
| Service Pptys Trust SVC | 2.9M | $4.9 million | 4.11% | new |
| Dynex CAP INC COM (dx) DX | 322.5K | $4.2 million | 3.58% | +27.5K |
| Empire ST Rlty Trust Inc. ESRT | 689.5K | $3.7 million | 3.15% | -25.0K |
| Vornado Realty Trust VNO | 81.0K | $3.2 million | 2.69% | -89.5K |
| PennyMac Mortgage Investment Trust PMT | 199.7K | $2.3 million | 1.90% | new |