# WATERFALL ASSET MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1570717. Source: https://holderbook.com/funds/1570717-waterfall-asset-management-llc/

- Reported value: $163.4M
- Positions: 18
- Weight of the ten largest: 80.2%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PENNYMAC CORP | - | $41.7M | 41,022,000 | 25.5% | 5 |
| AVALONBAY CMNTYS INC | [AVB](https://holderbook.com/stocks/AVB/) | $13.0M | 68,650 | 7.9% | 3 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $12.8M | 111,704 | 7.8% | 4 |
| MILLROSE PPTYS INC | [MRP](https://holderbook.com/stocks/MRP/) | $12.5M | 417,361 | 7.7% | 3 |
| BRIGHTSPIRE CAPITAL INC | [BRSP](https://holderbook.com/stocks/BRSP/) | $11.3M | 2,076,586 | 6.9% | 5 |
| RITHM CAPITAL CORP | [RITM](https://holderbook.com/stocks/RITM/) | $10.6M | 1,127,584 | 6.5% | 8 |
| PARK HOTELS & RESORTS INC | [PK](https://holderbook.com/stocks/PK/) | $9.8M | 689,616 | 6.0% | 5 |
| READY CAPITAL CORP | [RC](https://holderbook.com/stocks/RC/) | $6.8M | 3,908,983 | 4.2% | 11 |
| APPLE HOSPITALITY REIT INC | [APLE](https://holderbook.com/stocks/APLE/) | $6.3M | 375,944 | 3.9% | 5 |
| FRANKLIN BSP RLTY TR INC | [FBRT](https://holderbook.com/stocks/FBRT/) | $6.2M | 758,000 | 3.8% | 1 |
| DIAMONDROCK HOSPITALITY CO | [DRH](https://holderbook.com/stocks/DRH/) | $5.6M | 456,804 | 3.4% | 2 |
| GLOBAL NET LEASE INC | [GNL](https://holderbook.com/stocks/GNL/) | $5.1M | 570,029 | 3.1% | 5 |
| SERVICE PPTYS TR | [SVC](https://holderbook.com/stocks/SVC/) | $4.9M | 2,875,000 | 3.0% | 1 |
| DYNEX CAP INC | [DX](https://holderbook.com/stocks/DX/) | $4.2M | 322,500 | 2.6% | 4 |
| EMPIRE ST RLTY TR INC | [ESRT](https://holderbook.com/stocks/ESRT/) | $3.7M | 689,535 | 2.3% | 2 |
| RITHM PPTY TR INC | [RPTPRC](https://holderbook.com/stocks/RPTPRC/) | $3.5M | 139,481 | 2.1% | 2 |
| VORNADO RLTY TR | [VNO](https://holderbook.com/stocks/VNO/) | $3.2M | 81,000 | 1.9% | 2 |
| PENNYMAC MTG INVT TR | [PMT](https://holderbook.com/stocks/PMT/) | $2.3M | 199,682 | 1.4% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +17.0% | +14.8% | +2.2% | 64% |
| Q4 2025 | -11.3% | +2.4% | -13.6% | 62% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $163.4M | 18 |
| Q1 2026 | $178.8M | 20 |
| Q4 2025 | $185.8M | 17 |
| Q3 2025 | $902.6M | 18 |
| Q2 2025 | $225.5M | 12 |
| Q1 2025 | $189.4M | 6 |
| Q4 2024 | $662.0M | 5 |
| Q3 2024 | $881.3M | 6 |
| Q2 2024 | $116.3M | 5 |
| Q1 2024 | $145.7M | 5 |
| Q4 2023 | $176.7M | 7 |