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WAM

Waterfall Asset Management Portfolio holdings

AUM $179M
1-Year Est. Return 12.99%
This Fund
S&P 500
This Quarter Est. Return
-4.88%
1 Year Est. Return
-12.99%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$179M
AUM Growth
-$7.03M
Cap. Flow
-$65.1M
Cap. Flow %
-36.42%
Top 10 Hldgs %
79.53%
Holding
23
New
5
Increased
8
Reduced
3
Closed
3

Top Buys

Rank Stock Value
1
MRP
Millrose Properties Inc
MRP
+$6.62M
2
VNO icon
Vornado Realty Trust
VNO
+$5.05M
3
IVT icon
InvenTrust Properties
IVT
+$4.97M
4
ESRT icon
Empire State Realty Trust
ESRT
+$4.29M
5
DRH icon
Diamondrock Hospitality Co
DRH
+$3.98M

Top Sells

Rank Stock Value
1
NSA
National Storage Affiliates Trust
NSA
+$8.42M
2
ARI
Apollo Commercial Real Estate
ARI
+$5.56M
3
FVR
FrontView REIT
FVR
+$2.75M
4
AAT
American Assets Trust
AAT
+$2.37M
5
LINE
Lineage Inc
LINE
+$793K

Sector Composition

Rank Sector Weight
1 Real Estate 62.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CPT icon
1
Camden Property Trust
CPT
$11.3B
$12.9M 7.19%
131,704
+24,704
+23% +$2.62M
AVB icon
2
AvalonBay Communities
AVB
$27.1B
$12.3M 6.87%
75,150
+11,350
+18% +$1.98M
APLE icon
3
Apple Hospitality REIT
APLE
$3.96B
$10.8M 6.02%
935,516
+53,389
+6% +$646K
RITM icon
4
Rithm Capital
RITM
$5.09B
$9.73M 5.44%
1,026,404
+325,979
+47% +$3.41M
MRP
5
Millrose Properties Inc
MRP
$4.74B
$9.1M 5.09%
325,046
+219,984
+209% +$6.62M
BRSP
6
BrightSpire Capital
BRSP
$681M
$8.25M 4.61%
1,472,790
+649,980
+79% +$3.76M
RC
7
Ready Capital
RC
$265M
$6.33M 3.54%
3,908,983
– –
PK icon
8
Park Hotels & Resorts
PK
$2.97B
$6.12M 3.43%
581,643
+213,959
+58% +$2.36M
AAT
9
American Assets Trust
AAT
$1.49B
$5.14M 2.88%
279,323
-126,710
-31% -$2.37M
IVT icon
10
InvenTrust Properties
IVT
$2.84B
$5.02M 2.81%
+164,962
New +$4.97M
VNO icon
11
Vornado Realty Trust
VNO
$7.47B
$4.43M 2.48%
+170,500
New +$5.05M
DRH icon
12
Diamondrock Hospitality Co
DRH
$2.63B
$3.91M 2.19%
+417,789
New +$3.98M
DX
13
Dynex Capital
DX
$2.99B
$3.76M 2.11%
295,000
+17,700
+6% +$243K
GNL icon
14
Global Net Lease
GNL
$1.87B
$3.72M 2.08%
397,609
-24,618
-6% -$232K
ESRT icon
15
Empire State Realty Trust
ESRT
$976M
$3.72M 2.08%
+714,535
New +$4.29M
RPT.PRC
16
Rithm Property Trust 9.875% Series C Preferred Stock
RPT.PRC
$52M
– –
0
– –
KREF
17
KKR Real Estate Finance Trust
KREF
$472M
$3.05M 1.71%
+475,154
New +$3.47M
LINE
18
Lineage Inc
LINE
$9.43B
$2.74M 1.53%
83,600
-21,400
-20% -$793K
ARI
19
Apollo Commercial Real Estate
ARI
$887M
– –
-569,000
Closed -$5.56M
NSA
20
DELISTED
National Storage Affiliates Trust
NSA
– –
-297,700
Closed -$8.42M
FVR
21
FrontView REIT
FVR
$494M
– –
-184,197
Closed -$2.75M

Similar funds

SFC
Swisher Financial Concepts Westerville, Ohio $179M AUM 18.91% 1-Year Est. Return
SWP
Semus Wealth Partners Boca Raton, Florida $179M AUM 23.13% 1-Year Est. Return
EV
EJMK Ventures Itasca, Illinois $179M AUM
CCM
Cobalt Capital Management Short Hills, New Jersey $179M AUM 42.31% 1-Year Est. Return
PAM
Pacific Asset Management Gig Harbor, Washington $179M AUM 20.19% 1-Year Est. Return
SMP
Santa Monica Partners Palm Beach Gardens, Florida $179M AUM 19.18% 1-Year Est. Return
GL
Gerber LLC Columbus, Ohio $179M AUM 24.35% 1-Year Est. Return
MBAM
Mink Brook Asset Management West Palm Beach, Florida $179M AUM 37.68% 1-Year Est. Return

Waterfall Asset Management's Q1 2026 Portfolio in Review

As of Q1 2026, Waterfall Asset Management held 23 positions worth $179M, down 3.8% from $186M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Waterfall Asset Management withdrew a net $65.1M in Q1 2026, closing 3 positions and reducing 3 holdings. Its most notable exit was National Storage Affiliates Trust, an estimated $8.42M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 62% of assets, up from 52% a quarter earlier.

Against the trend, Waterfall Asset Management opened a new position in Vornado Realty Trust worth $4.43M.

  • Waterfall Asset Management's largest Q1 2026 buy was Vornado Realty Trust: 170,500 shares worth $4.43M.
  • Waterfall Asset Management added most to Millrose Properties Inc in Q1 2026, an estimated $6.62M increase.
  • Waterfall Asset Management's biggest Q1 2026 reduction was American Assets Trust, cutting an estimated $2.37M.
  • Waterfall Asset Management fully exited National Storage Affiliates Trust in Q1 2026, selling an estimated $8.42M.
  • Waterfall Asset Management's ten largest holdings make up 80% of its $179M portfolio in Q1 2026.
  • Waterfall Asset Management opened 5 new positions and closed 3 in Q1 2026.
  • Waterfall Asset Management's portfolio value fell 3.8% quarter-over-quarter to $179M.

Based on Waterfall Asset Management's 13F filing for Q1 2026, filed 8 May 2026.