Q2 2026 13F · SEC CIK 1570717
Waterfall Asset Management, LLC
Hedge fundFiled 2026-08-12 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $118.3M
- Reported positions
- 16
- Holdings vs S&P 500, 3 yrs
- —
- Assets under management
- $22.0B
Waterfall Asset Management, LLC is a hedge fund that reported 16 positions worth $118.3M in its Q2 2026 13F, filed 2026-08-12. Its largest holdings were AvalonBay Communities Inc (AVB, 11.0%), Camden Property Trust (CPT, 10.8%), Millrose Properties Inc (MRP, 10.6%).
Waterfall Asset Management, LLC holdings all 16 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| AVBAvalonBay Communities Inc | 11.0% | -8.6% | $13.0M |
| CPTCamden Property Trust | 10.8% | -15.2% | $12.8M |
| MRPMillrose Properties Inc | 10.6% | +28.4% | $12.5M |
| BRSPBrightspire Capital Inc | 9.6% | +41.0% | $11.3M |
| RITMRithm Capital Corp | 9.0% | +9.9% | $10.6M |
| PKPark Hotels & Resorts Inc | 8.3% | +18.6% | $9.8M |
| RCReady Capital Corp | 5.8% | +0.0% | $6.8M |
| APLEApple Hospitality REIT Inc | 5.3% | -59.8% | $6.3M |
| FBRTFranklin Bsp Rlty Tr Inc | 5.2% | — | $6.2M |
| DRHDiamondrock Hospitality Co | 4.7% | +9.3% | $5.6M |
| GNLGlobal Net Lease Inc | 4.3% | +43.4% | $5.1M |
| 81761L102Service Pptys Tr | 4.1% | — | $4.9M |
| DXDynex Capital Inc | 3.6% | +9.3% | $4.2M |
| ESRTEmpire St Rlty Tr Inc | 3.2% | -3.5% | $3.7M |
| VNOVornado Rlty Tr | 2.7% | -52.5% | $3.2M |
| PMTPennyMac Mortgage Investment Trust | 1.9% | — | $2.3M |
What Waterfall Asset Management, LLC bought and sold in Q2 2026, against Q1 2026.
New positions
- FBRT Franklin Bsp Rlty Tr Inc5.2% of 13F
- Service Pptys Tr4.1% of 13F
- PMT PennyMac Mortgage Investment Trust1.9% of 13F
Added to
- GNL Global Net Lease Inc+43.4% shares
- BRSP Brightspire Capital Inc+41.0% shares
- MRP Millrose Properties Inc+28.4% shares
- PK Park Hotels & Resorts Inc+18.6% shares
- RITM Rithm Capital Corp+9.9% shares
- DRH Diamondrock Hospitality Co+9.3% shares
- DX Dynex Capital Inc+9.3% shares
Reduced
- APLE Apple Hospitality REIT Inc-59.8% shares
- VNO Vornado Rlty Tr-52.5% shares
- CPT Camden Property Trust-15.2% shares
- AVB AvalonBay Communities Inc-8.6% shares
Sold out
- AAT American Assets Tr Incwas 4.6%
- Inventrust Pptys Corpwas 4.5%
- KREF Kkr Real Estate Fin Tr Incwas 2.8%
- LINE Lineage Inc REITwas 2.5%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- -23.9% /yr
- S&P 500 +20.1%
- 3 years
- —
- 5 years
- —
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q2 2026 | $118.3M | 16 |
| Q1 2026 | $111.0M | 17 |
| Q4 2025 | $97.4M | 15 |
| Q3 2025 | $63.7M | 14 |
| Q2 2025 | $31.4M | 8 |
| Q2 2024 | $60.1M | 17 |
Questions about Waterfall Asset Management, LLC's portfolio
What stocks does Waterfall Asset Management, LLC own?
Waterfall Asset Management, LLC's latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 16 positions worth $118.3M. The largest are AvalonBay Communities Inc (AVB) at 11.0%, Camden Property Trust (CPT) at 10.8%, Millrose Properties Inc (MRP) at 10.6%, Brightspire Capital Inc (BRSP) at 9.6% and Rithm Capital Corp (RITM) at 9.0%.
What did Waterfall Asset Management, LLC buy last quarter?
In Q2 2026, Waterfall Asset Management, LLC added a new position in Franklin Bsp Rlty Tr Inc (FBRT), a new position in Service Pptys Tr, a new position in PennyMac Mortgage Investment Trust (PMT), Global Net Lease Inc (GNL) (+43.4% shares), Brightspire Capital Inc (BRSP) (+41.0% shares) and Millrose Properties Inc (MRP) (+28.4% shares), compared with its Q1 2026 filing.
What did Waterfall Asset Management, LLC sell last quarter?
In Q2 2026, Waterfall Asset Management, LLC sold all of American Assets Tr Inc (AAT), sold all of Inventrust Pptys Corp, sold all of Kkr Real Estate Fin Tr Inc (KREF), sold all of Lineage Inc REIT (LINE), Apple Hospitality REIT Inc (APLE) (-59.8% shares), Vornado Rlty Tr (VNO) (-52.5% shares) and Camden Property Trust (CPT) (-15.2% shares), compared with its Q1 2026 filing.
When is Waterfall Asset Management, LLC's next 13F filing due?
13F filings are due 45 days after each quarter ends. Waterfall Asset Management, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does Waterfall Asset Management, LLC manage?
Waterfall Asset Management, LLC reported $22.0B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $118.3M.