WATERFALL ASSET MANAGEMENT, LLC

Registered adviser

CIK

1570717

Location

NEW YORK, NY

Portfolio Value

Small $118,259,904

Diversification

Diversified

Filing Date

Global Rank

#8,060 / 8,827 ▼ 152

Top Industry

REIT - Mortgage 35.0%

Period ended 4 months ago

Filed Aug 12, 2026 · 3mo

11 quarters · since Dec 2023

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 137746

Roster of Nov 1, 2026

Regulatory AUM

$22,037,665,812

Main clients

Pooled investment vehicles (55% of AUM)

Private funds

31 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$11,593,818,682 gross assets

Private funds on Schedule D 7.B.(1)

As filed Nov 5, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$15,155,216,310 gross assets in 27 funds Hedge funds $15,061,578,877 (22) Private equity funds $91,462,389 (4) Real estate funds $2,175,044 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Aug 2026 to Nov 2026	$22,037,665,812	Pooled investment vehicles (55%)
Apr 2026 to Jul 2026	$22,037,665,812	Pooled investment vehicles (55%)
Dec 2025 to Mar 2026	$25,280,598,586	Diversified
Apr 2025 to Sep 2025	$25,280,598,586	Diversified
Dec 2024 to Mar 2025	$18,607,370,885	Pooled investment vehicles (80%)
Jun 2024 to Nov 2024	$18,607,370,885	Pooled investment vehicles (80%)

10 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 80.3% of the book (60%+)

Turnover

Medium turnover

53.2% over the last four quarters (30% to under 100%)

Horizon

Medium horizon

Value-weighted holding period 4.3 quarters (4 to under 12)

Closest benchmark: the S&P SmallCap 600 as of 2026-06-30, active share 98.9%; sector active share 97.8% against the combined 13F book's sector weights.

Over time 11 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

16 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

11.0%

−0.7 pts

Top 5

50.9%

+1.5 pts

Top 10

80.3%

+3.0 pts

HHI

771

Diversified+38

Portfolio Trend

11 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Real Estate	100.0%	$118,259,904	16

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

7 positions

Ticker	Company	Δ Shares	Shares	Value
BRSP	BrightSpire Capital, Inc.	+603,796	2,076,586	$11,317,393
GNL	Global Net Lease, Inc.	+172,420	570,029	$5,096,059
PK	Park Hotels & Resorts Inc.	+107,973	689,616	$9,827,028
RITM	Rithm Capital Corp.	+101,180	1,127,584	$10,588,013
MRP	Millrose Properties, Inc.	+92,315	417,361	$12,541,698
DRH	DiamondRock Hospitality Co	+39,015	456,804	$5,563,872
DX	Dynex Capital Inc	+27,500	322,500	$4,227,975
No positions match the current search.

Trimmed

Positions the filer reduced

5 positions

Ticker	Company	Δ Shares	Shares	Value
APLE	Apple Hospitality REIT, Inc.	−559,572	375,944	$6,319,618
VNO	Vornado Realty Trust	−89,500	81,000	$3,183,300
ESRT	Empire State Realty Trust, Inc.	−25,000	689,535	$3,730,384
CPT	Camden Property Trust	−20,000	111,704	$12,788,990
—		−6,500	68,650	$12,953,572
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
FBRT	Franklin BSP Realty Trust, Inc.	758,000	$6,170,120
SVC	Service Properties Trust	2,875,000	$4,858,750
PMT	PennyMac Mortgage Investment Trust	199,682	$2,252,412
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
AAT	American Assets Trust, Inc.	279,323	$5,142,336
IVT	InvenTrust Properties Corp.	164,962	$5,024,742
KREF	KKR Real Estate Finance Trust Inc.	475,154	$2,907,942
LINE	Lineage, Inc.	83,600	$2,738,736
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

16 tracked positions · $118,259,904 total · filing declares 18 positions · $163,425,241 · as of Jun 30, 2026

All sectors Real Estate

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
		Reduced	68,650	-6,500	$12,953,572	+5.5%	3	$180.45	10.95%
CPT	Camden Property Trust Real Estate	Reduced	111,704	-20,000	$12,788,990	−0.6%	4	$105.74	10.81%
MRP	Millrose Properties, Inc. Real Estate	Added	417,361	+92,315	$12,541,698	+37.8%	3	$30.17	10.61%
BRSP	BrightSpire Capital, Inc. Real Estate	Added	2,076,586	+603,796	$11,317,393	+37.2%	5	$5.60	9.57%
RITM	Rithm Capital Corp. Real Estate	Added	1,127,584	+101,180	$10,588,013	+8.8%	8	$10.97	8.95%
PK	Park Hotels & Resorts Inc. Real Estate	Added	689,616	+107,973	$9,827,028	+60.4%	5	$10.98	8.31%
RC	Ready Capital Corp Real Estate	Held	3,908,983	0	$6,840,720	+8.0%	11	before history	5.78%
APLE	Apple Hospitality REIT, Inc. Real Estate	Reduced	375,944	-559,572	$6,319,618	−41.3%	5	$11.97	5.34%
FBRT	Franklin BSP Realty Trust, Inc. Real Estate	NEW	758,000	NEW	$6,170,120	NEW	1	$8.69	5.22%
DRH	DiamondRock Hospitality Co Real Estate	Added	456,804	+39,015	$5,563,872	+42.1%	2	$9.65	4.70%
GNL	Global Net Lease, Inc. Real Estate	Added	570,029	+172,420	$5,096,059	+36.9%	5	$8.19	4.31%
SVC	Service Properties Trust Real Estate	NEW	2,875,000	NEW	$4,858,750	NEW	1	$1.57	4.11%
DX	Dynex Capital Inc Real Estate	Added	322,500	+27,500	$4,227,975	+12.3%	4	$13.03	3.58%
ESRT	Empire State Realty Trust, Inc. Real Estate	Reduced	689,535	-25,000	$3,730,384	+0.4%	2	$6.00	3.15%
VNO	Vornado Realty Trust Real Estate	Reduced	81,000	-89,500	$3,183,300	−28.2%	2	$29.61	2.69%
PMT	PennyMac Mortgage Investment Trust Real Estate	NEW	199,682	NEW	$2,252,412	NEW	1	$11.02	1.90%

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.