Waterfall Asset Management
NEW YORK, NYfiles as WATERFALL ASSET MANAGEMENT, LLC
$118m in 16 US stocks at the end of 30 June 2026. The top 10 are 80.3% of the money. It changed about 21.1% of the portfolio this quarter.
Value
$118m
Stocks
16
Top 10 share
80.3%
Turnover
21.1%
What changed this quarter
New
Bought for the first time this quarter.
- Franklin BSP Realty TrustFBRT5.2% of the fund
- Service Properties TrustSVC4.1% of the fund
- PennyMac Mortgage Investment TrustPMT1.9% of the fund
Added
Bought more of a stock they already held.
- Millrose PropertiesMRP10.6% of the fund+28%
- BrightSpire CapitalBRSP9.6% of the fund+41%
- Rithm CapitalRITM9.0% of the fund+10%
- Park Hotels & ResortsPK8.3% of the fund+19%
- DiamondRock HospitalityDRH4.7% of the fund+9%
- Global Net LeaseGNL4.3% of the fund+43%
- Dynex CapitalDX3.6% of the fund+9%
Cut
Sold some of their stake.
- Avalonbay CommunitiesAVB11.0% of the fund-9%
- Camden Property TrustCPT10.8% of the fund-15%
- Apple Hospitality REITAPLE5.3% of the fund-60%
- Empire State Realty TrustESRT3.2% of the fund-4%
- Vornado Realty TrustVNO2.7% of the fund-52%
Sold out
Sold their entire stake.
Holdings
- Avalonbay CommunitiesAVB
- Share
- 11.0%
- Value
- $13m
- Shares
- 68,650
-9%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Avalonbay CommunitiesAVB | 11.0% | $13m | 68,650 | -9% |
| Camden Property TrustCPT | 10.8% | $13m | 111,704 | -15% |
| Millrose PropertiesMRP | 10.6% | $13m | 417,361 | +28% |
| BrightSpire CapitalBRSP | 9.6% | $11m | 2,076,586 | +41% |
| Rithm CapitalRITM | 9.0% | $11m | 1,127,584 | +10% |
| Park Hotels & ResortsPK | 8.3% | $10m | 689,616 | +19% |
| Ready CapitalRC | 5.8% | $7m | 3,908,983 | Held |
| Apple Hospitality REITAPLE | 5.3% | $6m | 375,944 | -60% |
| Franklin BSP Realty TrustFBRT | 5.2% | $6m | 758,000 | New |
| DiamondRock HospitalityDRH | 4.7% | $6m | 456,804 | +9% |
| Global Net LeaseGNL | 4.3% | $5m | 570,029 | +43% |
| Service Properties TrustSVC | 4.1% | $5m | 2,875,000 | New |
| Dynex CapitalDX | 3.6% | $4m | 322,500 | +9% |
| Empire State Realty TrustESRT | 3.2% | $4m | 689,535 | -4% |
| Vornado Realty TrustVNO | 2.7% | $3m | 81,000 | -52% |
| PennyMac Mortgage Investment TrustPMT | 1.9% | $2m | 199,682 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 276.2% since 30 June 2025.
Where the money is
Real estate100.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.