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Waterfall Asset Management Portfolio holdings
AUM
$163M
Turnover
31.82%
1-Year Est. Return
0.31%
This Fund
S&P 500
This Quarter Est. Return
+9.72%
1 Year Est. Return
-0.31%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$163M
AUM Growth
-$15.4M
(-8.6%)
Cap. Flow
-$67.8M
Cap. Flow % of AUM
Cap. Flow %
-41.48%
Top 10 Holdings %
Top 10 Hldgs %
80.18%
Holding
22
New
3
Increased
7
Reduced
5
Closed
4
Avg Time Held
0.7
years
Top 10 Avg Time Held
0.8
years
Top 20 Avg Time Held
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Franklin BSP Realty Trust
FBRT
|
+$6.59M |
| 2 |
SVC
Service Properties Trust
SVC
|
+$4.52M |
| 3 |
BrightSpire Capital
BRSP
|
+$3.46M |
| 4 |
Millrose Properties Inc
MRP
|
+$2.67M |
| 5 |
PennyMac Mortgage Investment
PMT
|
+$2.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple Hospitality REIT
APLE
|
+$8M |
| 2 |
American Assets Trust
AAT
|
+$5.14M |
| 3 |
InvenTrust Properties
IVT
|
+$5.02M |
| 4 |
KKR Real Estate Finance Trust
KREF
|
+$3.05M |
| 5 |
Vornado Realty Trust
VNO
|
+$2.89M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 72.36% |
| 2 | Miscellaneous | 27.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
AvalonBay Communities
AVB
| $13M | 7.93% |
68,650
-6,500
| -9% | -$1.17M |
2025 Q4
2 quarters
|
|
2
Camden Property Trust
CPT
$11.9B
| $12.8M | 7.83% |
111,704
-20,000
| -15% | -$2.13M |
2025 Q3
3 quarters
|
|
|
3
Millrose Properties Inc
MRP
$3.98B
| $12.5M | 7.67% |
417,361
+92,315
| +28% | +$2.67M |
2025 Q4
2 quarters
|
|
|
4
BrightSpire Capital
BRSP
$462M
| $11.3M | 6.93% |
2,076,586
+603,796
| +41% | +$3.46M |
2025 Q2
4 quarters
|
|
5
Rithm Capital
RITM
$4.85B
| $10.6M | 6.48% |
1,127,584
+101,180
| +10% | +$964K |
2024 Q3
7 quarters
|
|
6
Park Hotels & Resorts
PK
$3.35B
| $9.8M | 6.01% |
689,616
+107,973
| +19% | +$1.32M |
2025 Q2
4 quarters
|
|
7
Ready Capital
RC
$167M
| $6.84M | 4.19% |
3,908,983
| – | – |
2023 Q4
10 quarters
|
|
|
8
Apple Hospitality REIT
APLE
$4.29B
| $6.32M | 3.87% |
375,944
-559,572
| -60% | -$8M |
2025 Q2
4 quarters
|
|
|
9
Franklin BSP Realty Trust
FBRT
$519M
| $6.17M | 3.78% |
+758,000
| New | +$6.59M |
2026 Q2
0 quarters
|
|
10
Diamondrock Hospitality Co
DRH
$2.84B
| $5.56M | 3.4% |
456,804
+39,015
| +9% | +$425K |
2026 Q1
1 quarter
|
|
11
Global Net Lease
GNL
$1.68B
| $5.1M | 3.12% |
570,029
+172,420
| +43% | +$1.61M |
2025 Q2
4 quarters
|
|
|
SVC
12
Service Properties Trust
SVC
$806M
| $4.86M | 2.97% |
+575,000
| New | +$4.52M |
2026 Q2
0 quarters
|
|
13
Dynex Capital
DX
$2.74B
| $4.23M | 2.59% |
322,500
+27,500
| +9% | +$362K |
2025 Q3
3 quarters
|
|
14
Empire State Realty Trust
ESRT
$854M
| $3.73M | 2.28% |
689,535
-25,000
| -3% | -$136K |
2026 Q1
1 quarter
|
|
15
Rithm Property Trust 9.875% Series C Preferred Stock
RPT.PRC
$51.1M
| – | – |
0
| – | – |
2026 Q1
1 quarter
|
|
|
16
Vornado Realty Trust
VNO
$6.41B
| $3.18M | 1.95% |
81,000
-89,500
| -52% | -$2.89M |
2026 Q1
1 quarter
|
|
|
17
PennyMac Mortgage Investment
PMT
$611M
| $2.25M | 1.38% |
+199,682
| New | +$2.2M |
2026 Q2
0 quarters
|
|
|
18
American Assets Trust
AAT
$1.31B
| – | – |
-279,323
| Closed | -$5.14M | – |
|
|
19
InvenTrust Properties
IVT
$2.35B
| – | – |
-164,962
| Closed | -$5.02M | – |
|
|
20
KKR Real Estate Finance Trust
KREF
$335M
| – | – |
-475,154
| Closed | -$3.05M | – |
|
21
Lineage Inc
LINE
$7.99B
| – | – |
-83,600
| Closed | -$2.74M | – |
|
Similar funds
GIA
Waterfall Asset Management's Q2 2026 Portfolio in Review
As of Q2 2026, Waterfall Asset Management held 22 positions worth $163M, down 8.6% from $179M the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Waterfall Asset Management withdrew a net $67.8M in Q2 2026, closing 4 positions and reducing 5 holdings. Its most notable exit was American Assets Trust, an estimated $5.14M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 72% of assets, up from 62% a quarter earlier, followed by Miscellaneous.
Against the trend, Waterfall Asset Management opened a new position in Franklin BSP Realty Trust worth $6.17M.
- Waterfall Asset Management's largest Q2 2026 buy was Franklin BSP Realty Trust: 758,000 shares worth $6.17M.
- Waterfall Asset Management added most to BrightSpire Capital in Q2 2026, an estimated $3.46M increase.
- Waterfall Asset Management's biggest Q2 2026 reduction was Apple Hospitality REIT, cutting an estimated $8M.
- Waterfall Asset Management fully exited American Assets Trust in Q2 2026, selling an estimated $5.14M.
- Waterfall Asset Management's ten largest holdings make up 80% of its $163M portfolio in Q2 2026.
- Waterfall Asset Management opened 3 new positions and closed 4 in Q2 2026.
- Waterfall Asset Management's portfolio value fell 8.6% quarter-over-quarter to $163M.
Based on Waterfall Asset Management's 13F filing for Q2 2026, filed 12 Aug 2026.