Waterfall Asset Management, LLC

Name: WATERFALL ASSET MANAGEMENT, LLC 13F holdings, Q1 2026
Creator: WATERFALL ASSET MANAGEMENT, LLC
Published: 2026-05-08

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Waterfall Asset Management, LLC reported 17 stock positions worth $111.0 million. Its top holding was Camden Property Trust (CPT) at 11.6% of the portfolio, followed by Avalonbay Communities (AVB, 11.1%) and Apple Hospitality REIT (APLE, 9.7%). Compared with Q4 2025, it opened 5 new positions, sold out of 3, added to 8 and reduced 3. The biggest buy was Millrose Properties (MRP, shares +209%) and the biggest sale an exit from National Storage Affiliates (NSA).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001570717
Portfolio Value: $111.0M (Q1 2026)
SEC Filing: 0001570717-26-000004 ↗ filed May 8, 2026

Holdings Value

Holdings 17 stocks · $111.0M


CPT Camden Property Trust	11.59%	131,704	$12.9M	Add +23.1%
AVB Avalonbay Communities Inc.	11.06%	75,150	$12.3M	Add +17.8%
APLE Apple Hospitality REIT Inc.	9.70%	935,516	$10.8M	Add +6.0%
RITM Rithm Capital Corp.	8.77%	1,026,404	$9.7M	Add +46.5%
MRP Millrose Properties	8.20%	325,046	$9.1M	Add +209.4%
BRSP Brightspire Capital Inc.	7.43%	1,472,790	$8.2M	Add +79.0%
RC Ready Capital Corp.	5.71%	3,908,983	$6.3M	No change
PK Park Hotels & Resorts Inc.	5.52%	581,643	$6.1M	Add +58.2%
AAT American Assets Trust Inc.	4.63%	279,323	$5.1M	Reduce -31.2%
IVT Inventrust Properties Corp.	4.53%	164,962	$5.0M	New
VNO Vornado Realty Trust	3.99%	170,500	$4.4M	New
DRH Diamondrock Hospitality Co.	3.53%	417,789	$3.9M	New
DX Dynex Capital Inc.	3.39%	295,000	$3.8M	Add +6.4%
GNL Global Net Lease Inc.	3.35%	397,609	$3.7M	Reduce -5.8%
ESRT Empire State Realty Trust-A	3.35%	714,535	$3.7M	New
KREF KKR Real Estate Finance Trus	2.75%	475,154	$3.1M	New
LINE Lineage Inc.	2.47%	83,600	$2.7M	Reduce -20.4%

Other holdings (3): bonds, preferreds, convertibles and warrants · $67.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	59,319,000	$61.6M	Reduce -25.0%
RITHM PROPERTY TRUST (RPT V9.875 PERP)	9.875 FXD-FLT C · principal	139,481	$3.5M	New
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	2,743,000	$2.8M	Reduce -68.6%

Total filed on the 13F, all lines: $178.8M.

Portfolio Sells Q4 2025 → Q1 2026


NSA National Storage Affiliates	Sold out	0.00%	−8.65
ARI Apollo Commercial Real Estat	Sold out	0.00%	−5.70
AAT American Assets Trust Inc.	Reduce -31.2%	4.63%	−3.27
FVR Frontview REIT Inc.	Sold out	0.00%	−2.82
LINE Lineage Inc.	Reduce -20.4%	2.47%	−1.32
GNL Global Net Lease Inc.	Reduce -5.8%	3.35%	−0.37

Portfolio Buys Q4 2025 → Q1 2026


MRP Millrose Properties	Add +209.4%	8.20%	+4.98
IVT Inventrust Properties Corp.	New	4.53%	+4.53
VNO Vornado Realty Trust	New	3.99%	+3.99
DRH Diamondrock Hospitality Co.	New	3.53%	+3.53
ESRT Empire State Realty Trust-A	New	3.35%	+3.35
KREF KKR Real Estate Finance Trus	New	2.75%	+2.75
BRSP Brightspire Capital Inc.	Add +79.0%	7.43%	+2.66
PK Park Hotels & Resorts Inc.	Add +58.2%	5.52%	+1.53
RITM Rithm Capital Corp.	Add +46.5%	8.77%	+0.89
CPT Camden Property Trust	Add +23.1%	11.59%	−0.52
DX Dynex Capital Inc.	Add +6.4%	3.39%	−0.59
AVB Avalonbay Communities Inc.	Add +17.8%	11.06%	−0.90
APLE Apple Hospitality REIT Inc.	Add +6.0%	9.70%	−1.06

Notes & Other Activity Q4 2025 → Q1 2026


PENNYMAC CORP (PMT 8.5 06/01/29)	NOTE 8.500% 6/0 · principal	Reduce -25.0%	59,319,000	$61.6M
RITHM PROPERTY TRUST (RPT V9.875 PERP)	9.875 FXD-FLT C · principal	New	139,481	$3.5M
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	Reduce -68.6%	2,743,000	$2.8M

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 2024Amended	1	$32.0M	RC
Q1 2024	2	$38.1M	RC, FPAYQ