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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
-3.05%
1 Year Est. Return
-12.99%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$186M
AUM Growth
-$717M
Cap. Flow
-$793M
Cap. Flow %
-426.49%
Top 10 Hldgs %
86.21%
Holding
21
New
4
Increased
8
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
AVB icon
AvalonBay Communities
AVB
+$11.6M
2
NSA
National Storage Affiliates Trust
NSA
+$8.87M
3
CPT icon
Camden Property Trust
CPT
+$7.96M
4
ARI
Apollo Commercial Real Estate
ARI
+$5.69M
5
RITM icon
Rithm Capital
RITM
+$3.76M

Top Sells

Rank Stock Value
1
ELME
Elme Communities
ELME
+$4.3M
2
UDR icon
UDR
UDR
+$2.31M
3
LINE
Lineage Inc
LINE
+$2.12M
4
FPAY
FlexShopper
FPAY
+$1.04M
5
FVR
FrontView REIT
FVR
+$155K

Sector Composition

Rank Sector Weight
1 Real Estate 52.42%
2 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CPT icon
1
Camden Property Trust
CPT
$11.3B
$11.8M 6.35%
107,000
+76,500
+251% +$7.96M
AVB icon
2
AvalonBay Communities
AVB
$27.1B
$11.7M 6.27%
+63,800
New +$11.6M
APLE icon
3
Apple Hospitality REIT
APLE
$3.96B
$10.5M 5.65%
882,127
+152,127
+21% +$1.78M
RC
4
Ready Capital
RC
$265M
$8.48M 4.56%
3,908,983
– –
NSA
5
DELISTED
National Storage Affiliates Trust
NSA
$8.42M 4.53%
+297,700
New +$8.87M
AAT
6
American Assets Trust
AAT
$1.49B
$7.7M 4.15%
406,033
+91,390
+29% +$1.76M
RITM icon
7
Rithm Capital
RITM
$5.09B
$7.68M 4.13%
700,425
+339,852
+94% +$3.76M
ARI
8
Apollo Commercial Real Estate
ARI
$887M
$5.56M 2.99%
+569,000
New +$5.69M
BRSP
9
BrightSpire Capital
BRSP
$681M
$4.65M 2.5%
822,810
+178,652
+28% +$983K
PK icon
10
Park Hotels & Resorts
PK
$2.97B
$3.89M 2.09%
367,684
+245,531
+201% +$2.63M
DX
11
Dynex Capital
DX
$2.99B
$3.88M 2.09%
277,300
+127,300
+85% +$1.72M
LINE
12
Lineage Inc
LINE
$9.43B
$3.69M 1.99%
105,000
-57,409
-35% -$2.12M
GNL icon
13
Global Net Lease
GNL
$1.87B
$3.63M 1.95%
422,227
+79,968
+23% +$641K
MRP
14
Millrose Properties Inc
MRP
$4.74B
$3.14M 1.69%
+105,062
New +$3.3M
FVR
15
FrontView REIT
FVR
$494M
$2.75M 1.48%
184,197
-10,803
-6% -$155K
ELME
16
Elme Communities
ELME
$132M
– –
-255,041
Closed -$4.3M
FPAY
17
DELISTED
FlexShopper
FPAY
– –
-1,629,544
Closed -$1.04M
SPY icon
18
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
– –
-1,201,900
Closed -$801M
UDR icon
19
UDR
UDR
$12.9B
– –
-62,000
Closed -$2.31M

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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
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MBAM
Mink Brook Asset Management West Palm Beach, Florida $179M AUM 37.68% 1-Year Est. Return

Waterfall Asset Management's Q4 2025 Portfolio in Review

As of Q4 2025, Waterfall Asset Management held 21 positions worth $186M, down 79% from $903M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Waterfall Asset Management withdrew a net $793M in Q4 2025, closing 4 positions and reducing 2 holdings. Its most notable exit was Elme Communities, an estimated $4.3M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 52% of assets, up from 6.9% a quarter earlier, followed by Industrials.

Against the trend, Waterfall Asset Management opened a new position in AvalonBay Communities worth $11.7M.

  • Waterfall Asset Management's largest Q4 2025 buy was AvalonBay Communities: 63,800 shares worth $11.7M.
  • Waterfall Asset Management added most to Camden Property Trust in Q4 2025, an estimated $7.96M increase.
  • Waterfall Asset Management's biggest Q4 2025 reduction was Lineage Inc, cutting an estimated $2.12M.
  • Waterfall Asset Management fully exited Elme Communities in Q4 2025, selling an estimated $4.3M.
  • Waterfall Asset Management's ten largest holdings make up 86% of its $186M portfolio in Q4 2025.
  • Waterfall Asset Management opened 4 new positions and closed 4 in Q4 2025.
  • Waterfall Asset Management's portfolio value fell 79% quarter-over-quarter to $186M.

Based on Waterfall Asset Management's 13F filing for Q4 2025, filed 13 Feb 2026.