Waterfall Asset Management, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Waterfall Asset Management, LLC reported 15 stock positions worth $97.4 million . Its top holding was Camden Property Trust (CPT) at 12.1% of the portfolio, followed by Avalonbay Communities (AVB, 12.0% ) and Apple Hospitality REIT (APLE, 10.8% ). Compared with Q3 2025, it opened 4 new positions, sold out of 3, added to 8 and reduced 2. The biggest buy was a new position in Avalonbay Communities (AVB) and the biggest sale an exit from Elme Communities (ELME).
Location NEW YORK, NY
CIK 0001570717
Portfolio Value $97.4M (Q4 2025) Holdings 15 stocks · $97.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 CPT Camden Property Trust 107,000 $11.8M Add +250.8% AVB Avalonbay Communities Inc. 63,800 $11.7M New APLE Apple Hospitality REIT Inc. 882,127 $10.5M Add +20.8% RC Ready Capital Corp. 3,908,983 $8.5M No change NSA National Storage Affiliates 297,700 $8.4M New AAT American Assets Trust Inc. 406,033 $7.7M Add +29.1% RITM Rithm Capital Corp. 700,425 $7.7M Add +94.3% ARI Apollo Commercial Real Estat 569,000 $5.6M New BRSP Brightspire Capital Inc. 822,810 $4.7M Add +27.7% PK Park Hotels & Resorts Inc. 367,684 $3.9M Add +201.0% DX Dynex Capital Inc. 277,300 $3.9M Add +84.9% LINE Lineage Inc. 105,000 $3.7M Reduce -35.4% GNL Global Net Lease Inc. 422,227 $3.6M Add +23.4% MRP Millrose Properties 105,062 $3.1M New FVR Frontview REIT Inc. 184,197 $2.8M Reduce -5.5%
Other holdings (2): bonds, preferreds, convertibles and warrants · $88.4M (not counted above) Total filed on the 13F, all lines: $185.8M.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ ELME Elme Communities Sold out 0.00% −6.75 LINE Lineage Inc. Reduce -35.4% 3.79% −6.05 UDR Udr Inc. Sold out 0.00% −3.62 FPAYQ Flexshopper Inc. Sold out 0.00% −1.64 FVR Frontview REIT Inc. Reduce -5.5% 2.82% −1.37
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ AVB Avalonbay Communities Inc. New 11.96% +11.96 NSA National Storage Affiliates New 8.65% +8.65 CPT Camden Property Trust Add +250.8% 12.11% +7.01 ARI Apollo Commercial Real Estat New 5.70% +5.70 MRP Millrose Properties New 3.23% +3.23 PK Park Hotels & Resorts Inc. Add +201.0% 3.99% +1.87 RITM Rithm Capital Corp. Add +94.3% 7.88% +1.43 DX Dynex Capital Inc. Add +84.9% 3.98% +1.09 GNL Global Net Lease Inc. Add +23.4% 3.73% −0.64 BRSP Brightspire Capital Inc. Add +27.7% 4.77% −0.71 AAT American Assets Trust Inc. Add +29.1% 7.91% −2.12 APLE Apple Hospitality REIT Inc. Add +20.8% 10.77% −2.99
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 1,201,900 $800.7Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $118.3M AVB, CPT, MRP, BRSP, RITM Q1 2026 17 $111.0M CPT, AVB, APLE, RITM, MRP Q4 2025 15 $97.4M CPT, AVB, APLE, RC, NSA Q3 2025 14 $63.7M RC, APLE, AAT, LINE, ELME Q2 2025 8 $31.4M RC, APLE, ELME, FPAYQ, GNL Q1 2025 3 $22.6M RC, FPAYQ, RITM Q4 2024 3 $30.0M RC, FPAYQ, RITM Q3 2024 4 $33.3M RC, FPAYQ, CRMT, RITM Q2 2024 Amended 1 $32.0M RC Q1 2024 2 $38.1M RC, FPAYQ