WATERFALL ASSET MANAGEMENT, LLC

CIK

1570717

Location

NEW YORK, NY

Portfolio Value

Small $110,803,361

Diversification

Diversified

Filing Date

Global Rank

#5,493 / 8,623 ▲ 461 · as of Mar 2026

Top Industry

REIT - Residential 30.9%

3Y Alpha vs SPY

-44.2%

Period ended 4 months ago

Filed May 8, 2026 · 3mo

10 quarters · since Dec 2023

Clone Performance

Feb 2024–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of WATERFALL ASSET MANAGEMENT, LLC's reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 55% that is ordinary stock — as little as 4% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

-50.9%

SPY

+50.3%

Annualised alpha

-43.2%

Max drawdown

−64.7%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 55% of reported value on average across 10 quarters. Past performance does not predict future results.

Portfolio Concentration

17 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.6%

−0.5 pts

Top 5

49.4%

−2.9 pts

Top 10

77.3%

−5.2 pts

HHI

733

Diversified−82

Portfolio Trend

10 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Real Estate	100.0%	$110,803,361	17

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
BRSP	BrightSpire Capital, Inc.	+649,980	1,472,790	$8,247,624
RITM	Rithm Capital Corp.	+325,979	1,026,404	$9,730,309
MRP	Millrose Properties, Inc.	+219,984	325,046	$9,101,288
PK	Park Hotels & Resorts Inc.	+213,959	581,643	$6,124,700
APLE	Apple Hospitality REIT, Inc.	+53,389	935,516	$10,767,789
CPT	Camden Property Trust	+24,704	131,704	$12,862,212
DX	Dynex Capital Inc	+17,700	295,000	$3,764,200
AVB	Avalonbay Communities Inc	+11,350	75,150	$12,275,752
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
AAT	American Assets Trust, Inc.	−126,710	279,323	$5,142,336
GNL	Global Net Lease, Inc.	−24,618	397,609	$3,721,620
LINE	Lineage, Inc.	−21,400	83,600	$2,738,736
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
IVT	InvenTrust Properties Corp.	164,962	$5,024,742
VNO	Vornado Realty Trust	170,500	$4,431,295
DRH	DiamondRock Hospitality Co	417,789	$3,914,682
ESRT	Empire State Realty Trust, Inc.	714,535	$3,715,582
KREF	KKR Real Estate Finance Trust Inc.	475,154	$2,907,942
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
NSA	National Storage Affiliates Trust	297,700	$8,398,117
ARI	Apollo Commercial Real Estate Finance, Inc.	569,000	$5,507,920
FVR	FrontView REIT, Inc.	184,197	$2,718,747
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

17 tracked positions · $110,803,361 total · filing declares 20 positions · $178,814,295 · as of Mar 31, 2026

All sectors Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CPT	Camden Property Trust Real Estate	Added	131,704	+24,704	$12,862,212	+9.2%	11.61%
AVB	Avalonbay Communities Inc Real Estate	Added	75,150	+11,350	$12,275,752	+6.1%	11.08%
APLE	Apple Hospitality REIT, Inc. Real Estate	Added	935,516	+53,389	$10,767,789	+3.0%	9.72%
RITM	Rithm Capital Corp. Real Estate	Added	1,026,404	+325,979	$9,730,309	+27.4%	8.78%
MRP	Millrose Properties, Inc. Real Estate	Added	325,046	+219,984	$9,101,288	+190.0%	8.21%
BRSP	BrightSpire Capital, Inc. Real Estate	Added	1,472,790	+649,980	$8,247,624	+79.0%	7.44%
RC	Ready Capital Corp Real Estate	Held	3,908,983	0	$6,332,552	−25.7%	5.72%
PK	Park Hotels & Resorts Inc. Real Estate	Added	581,643	+213,959	$6,124,700	+59.2%	5.53%
AAT	American Assets Trust, Inc. Real Estate	Reduced	279,323	-126,710	$5,142,336	−33.1%	4.64%
IVT	InvenTrust Properties Corp. Real Estate	NEW	164,962	NEW	$5,024,742	NEW	4.53%
VNO	Vornado Realty Trust Real Estate	NEW	170,500	NEW	$4,431,295	NEW	4.00%
DRH	DiamondRock Hospitality Co Real Estate	NEW	417,789	NEW	$3,914,682	NEW	3.53%
DX	Dynex Capital Inc Real Estate	Added	295,000	+17,700	$3,764,200	−3.1%	3.40%
GNL	Global Net Lease, Inc. Real Estate	Reduced	397,609	-24,618	$3,721,620	+2.5%	3.36%
ESRT	Empire State Realty Trust, Inc. Real Estate	NEW	714,535	NEW	$3,715,582	NEW	3.35%
KREF	KKR Real Estate Finance Trust Inc. Real Estate	NEW	475,154	NEW	$2,907,942	NEW	2.62%
LINE	Lineage, Inc. Real Estate	Reduced	83,600	-21,400	$2,738,736	−25.5%	2.47%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.