Q1 2026 · 13F-HR
Waterfall Asset Management, LLCholdings as filed
Filed 2026-05-08 · accession 0001570717-26-000004
$178.8M
Reported value
20
Positions
2026-03-31
Period end
The Brief · Waterfall Asset Management, LLC · Q1 2026
AI · grounded in 13F
Waterfall Asset Management, LLC closed its position in National Storage Affiliates NSA, reducing exposure by $8.4M. The fund established several new positions, including Inventrust Properties Corp IVT for $5.0M and Vornado Realty Trust VNO for $4.4M. Additionally, the fund increased its holdings in Millrose Properties Inc MRP by 209.4% and Brightspire Capital Inc BRSP by 79%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 70932AAH6 | PMT 8.5 06/01/29 | PENNYMAC CORP | $61.6M | 34.5% | 59,319,000 | Common | SOLE |
| 133131102 | CPT | CAMDEN PPTY TR | $12.9M | 7.19% | 131,704 | Common | SOLE |
| 053484101 | AVB | AVALONBAY CMNTYS INC | $12.3M | 6.87% | 75,150 | Common | SOLE |
| 03784Y200 | APLE | APPLE HOSPITALITY REIT INC | $10.8M | 6.02% | 935,516 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $9.7M | 5.44% | 1,026,404 | Common | SOLE |
| 601137102 | MRP | MILLROSE PPTYS INC | $9.1M | 5.09% | 325,046 | Common | SOLE |
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $8.2M | 4.61% | 1,472,790 | Common | SOLE |
| 75574U101 | RC | READY CAPITAL CORP | $6.3M | 3.54% | 3,908,983 | Common | SOLE |
| 700517105 | PK | PARK HOTELS & RESORTS INC | $6.1M | 3.43% | 581,643 | Common | SOLE |
| 024013104 | AAT | AMERICAN ASSETS TR INC | $5.1M | 2.88% | 279,323 | Common | SOLE |
| 46124J201 | IVT | INVENTRUST PPTYS CORP | $5.0M | 2.81% | 164,962 | Common | SOLE |
| 929042109 | VNO | VORNADO RLTY TR | $4.4M | 2.48% | 170,500 | Common | SOLE |
| 252784301 | DRH | DIAMONDROCK HOSPITALITY CO | $3.9M | 2.19% | 417,789 | Common | SOLE |
| 26817Q886 | DX | DYNEX CAP INC | $3.8M | 2.11% | 295,000 | Common | SOLE |
| 379378201 | GNL | GLOBAL NET LEASE INC | $3.7M | 2.08% | 397,609 | Common | SOLE |
| 292104106 | ESRT | EMPIRE ST RLTY TR INC | $3.7M | 2.08% | 714,535 | Common | SOLE |
| 38983D862 | RPT V9.875 PERP | RITHM PPTY TR INC | $3.5M | 1.94% | 139,481 | Common | SOLE |
| 48251K100 | KREF | KKR REAL ESTATE FIN TR INC | $3.1M | 1.71% | 475,154 | Common | SOLE |
| 758075AF2 | RWT 7.75 06/15/27 | REDWOOD TRUST INC | $2.8M | 1.55% | 2,743,000 | Common | SOLE |
| 53566V106 | LINE | LINEAGE INC | $2.7M | 1.53% | 83,600 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.