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WAM

Waterfall Asset Management Portfolio holdings

AUM $163M
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
Cap. Flow
-$67.8M
Cap. Flow %
-41.48%
Top 10 Hldgs %
80.18%
Holding
22
New
3
Increased
7
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
FBRT
Franklin BSP Realty Trust
FBRT
+$6.59M
2
SVC
Service Properties Trust
SVC
+$4.52M
3
BRSP
BrightSpire Capital
BRSP
+$3.46M
4
MRP
Millrose Properties Inc
MRP
+$2.67M
5
PMT
PennyMac Mortgage Investment
PMT
+$2.2M

Top Sells

Rank Stock Value
1
APLE icon
Apple Hospitality REIT
APLE
+$8M
2
AAT
American Assets Trust
AAT
+$5.14M
3
IVT icon
InvenTrust Properties
IVT
+$5.02M
4
KREF
KKR Real Estate Finance Trust
KREF
+$3.05M
5
VNO icon
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
AVB
1
DELISTED
AvalonBay Communities
AVB
$13M 7.93%
68,650
-6,500
-9% -$1.17M
CPT icon
2
Camden Property Trust
CPT
$12.2B
$12.8M 7.83%
111,704
-20,000
-15% -$2.13M
MRP
3
Millrose Properties Inc
MRP
$5.19B
$12.5M 7.67%
417,361
+92,315
+28% +$2.67M
BRSP
4
BrightSpire Capital
BRSP
$587M
$11.3M 6.93%
2,076,586
+603,796
+41% +$3.46M
RITM icon
5
Rithm Capital
RITM
$5.6B
$10.6M 6.48%
1,127,584
+101,180
+10% +$964K
PK icon
6
Park Hotels & Resorts
PK
$3.07B
$9.83M 6.01%
689,616
+107,973
+19% +$1.32M
RC
7
Ready Capital
RC
$284M
$6.84M 4.19%
3,908,983
– –
APLE icon
8
Apple Hospitality REIT
APLE
$3.66B
$6.32M 3.87%
375,944
-559,572
-60% -$8M
FBRT
9
Franklin BSP Realty Trust
FBRT
$688M
$6.17M 3.78%
+758,000
New +$6.59M
DRH icon
10
Diamondrock Hospitality Co
DRH
$2.48B
$5.56M 3.4%
456,804
+39,015
+9% +$425K
GNL icon
11
Global Net Lease
GNL
$2.11B
$5.1M 3.12%
570,029
+172,420
+43% +$1.61M
SVC
12
Service Properties Trust
SVC
$967M
$4.86M 2.97%
+575,000
New +$4.52M
DX
13
Dynex Capital
DX
$3.22B
$4.23M 2.59%
322,500
+27,500
+9% +$362K
ESRT icon
14
Empire State Realty Trust
ESRT
$765M
$3.73M 2.28%
689,535
-25,000
-3% -$136K
RPT.PRC
15
Rithm Property Trust 9.875% Series C Preferred Stock
RPT.PRC
$52.3M
– –
0
– –
VNO icon
16
Vornado Realty Trust
VNO
$6.65B
$3.18M 1.95%
81,000
-89,500
-52% -$2.89M
PMT
17
PennyMac Mortgage Investment
PMT
$840M
$2.25M 1.38%
+199,682
New +$2.2M
AAT
18
American Assets Trust
AAT
$1.34B
– –
-279,323
Closed -$5.14M
IVT icon
19
InvenTrust Properties
IVT
$2.54B
– –
-164,962
Closed -$5.02M
KREF
20
KKR Real Estate Finance Trust
KREF
$485M
– –
-475,154
Closed -$3.05M
LINE
21
Lineage Inc
LINE
$8.61B
– –
-83,600
Closed -$2.74M

Similar funds

TPM
Totem Point Management New York $163M AUM 123.44% 1-Year Est. Return
TNAM
Terra Nova Asset Management New York $163M AUM 43.09% 1-Year Est. Return
PFW
Petros Family Wealth Bloomington, Minnesota $164M AUM 36.78% 1-Year Est. Return
CC
Climber Capital Nyon, Switzerland $164M AUM
AIM
Aurora Investment Managers Naples, Florida $164M AUM 14.98% 1-Year Est. Return
RC
Rexford Capital Bellaire, Texas $163M AUM 48.03% 1-Year Est. Return
AWA
Arbor Wealth Advisors Troy, Michigan $164M AUM 27.68% 1-Year Est. Return
YMRC
Yorktown Management & Research Company Forest, Virginia $163M AUM 68.53% 1-Year Est. Return

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.