Waterfall Asset Management, LLC reported 15 positions worth $105.31M for the quarter ended Jun 30, 2026, up 6.7% on the prior quarter. It opened 3 new positions, added to 7, trimmed 4 and exited 4. Its largest holding is Camden Property Trust at 12.1% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| FBRT Franklin BSP Realty Trust, Inc. | +758.0K | – | $6.17M | 5.86% |
| SVC Service Properties Trust | +2.88M | – | $4.86M | 4.61% |
| BRSP BrightSpire Capital, Inc. | +603.8K | +41.0% | $3.29M | 10.75% |
| MRP Millrose Properties, Inc. | +92.3K | +28.4% | $2.77M | 11.91% |
| PMT PennyMac Mortgage Investment Trust | +199.7K | – | $2.25M | 2.14% |
| GNL Global Net Lease, Inc. | +172.4K | +43.4% | $1.54M | 4.84% |
| PK Park Hotels & Resorts Inc. | +108.0K | +18.6% | $1.54M | 9.33% |
| RITM Rithm Capital Corp. | +101.2K | +9.9% | $950.03K | 10.05% |
| DRH DiamondRock Hospitality Co | +39.0K | +9.3% | $475.20K | 5.28% |
| DX Dynex Capital Inc | +27.5K | +9.3% | $360.53K | 4.01% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| APLE Apple Hospitality REIT, Inc. | -559.6K | -59.8% | $9.41M | 6% |
| AAT American Assets Trust, Inc. | -279.3K | -100.0% | $5.14M | Exited |
| IVT InvenTrust Properties Corp. | -165.0K | -100.0% | $5.02M | Exited |
| VNO Vornado Realty Trust | -89.5K | -52.5% | $3.52M | 3.02% |
| KREF KKR Real Estate Finance Trust Inc. | -475.2K | -100.0% | $3.05M | Exited |
| LINE Lineage, Inc. | -83.6K | -100.0% | $2.74M | Exited |
| CPT Camden Property Trust | -20.0K | -15.2% | $2.29M | 12.14% |
| ESRT Empire State Realty Trust, Inc. | -25.0K | -3.5% | $135.25K | 3.54% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | CPT Camden Property Trust | Real Estate | 111.7K | $12.79M | 12.14% | -20.0K | -15.2% | Reduced | 0.11% |
| 2 | MRP Millrose Properties, Inc. | Real Estate | 417.4K | $12.54M | 11.91% | +92.3K | +28.4% | Added | 0.25% |
| 3 | BRSP BrightSpire Capital, Inc. | Financial Services | 2.08M | $11.32M | 10.75% | +603.8K | +41.0% | Added | 1.64% |
| 4 | RITM Rithm Capital Corp. | Financial Services | 1.13M | $10.59M | 10.05% | +101.2K | +9.9% | Added | 0.2% |
| 5 | PK Park Hotels & Resorts Inc. | Real Estate | 689.6K | $9.83M | 9.33% | +108.0K | +18.6% | Added | 0.34% |
| 6 | RC Ready Capital Corp | Financial Services | 3.91M | $6.84M | 6.5% | 0 | 0.0% | Unchanged | 2.37% |
| 7 | APLE Apple Hospitality REIT, Inc. | Real Estate | 375.9K | $6.32M | 6% | -559.6K | -59.8% | Reduced | 0.16% |
| 8 | FBRT Franklin BSP Realty Trust, Inc. | Financial Services | 758.0K | $6.17M | 5.86% | +758.0K | – | New | 0.99% |
| 9 | DRH DiamondRock Hospitality Co | Real Estate | 456.8K | $5.56M | 5.28% | +39.0K | +9.3% | Added | 0.22% |
| 10 | GNL Global Net Lease, Inc. | Real Estate | 570.0K | $5.10M | 4.84% | +172.4K | +43.4% | Added | 0.27% |
| 11 | SVC Service Properties Trust | Real Estate | 2.88M | $4.86M | 4.61% | +2.88M | – | New | 1.71% |
| 12 | DX Dynex Capital Inc | Financial Services | 322.5K | $4.23M | 4.01% | +27.5K | +9.3% | Added | 0.14% |
| 13 | ESRT Empire State Realty Trust, Inc. | Real Estate | 689.5K | $3.73M | 3.54% | -25.0K | -3.5% | Reduced | 0.4% |
| 14 | VNO Vornado Realty Trust | Real Estate | 81.0K | $3.18M | 3.02% | -89.5K | -52.5% | Reduced | 0.04% |
| 15 | PMT PennyMac Mortgage Investment Trust | Financial Services | 199.7K | $2.25M | 2.14% | +199.7K | – | New | 0.23% |
Tip. Select a row to see that position’s full history at Waterfall Asset Management.
As of its Q2 2026 13F filing, Waterfall Asset Management, LLC’s five largest positions were Camden Property Trust (CPT) at 12.1%, Millrose Properties, Inc. (MRP) at 11.9%, BrightSpire Capital, Inc. (BRSP) at 10.7%, Rithm Capital Corp. (RITM) at 10.1%, Park Hotels & Resorts Inc. (PK) at 9.3% of the reported portfolio.
Waterfall Asset Management, LLC reported a 13F portfolio worth $105.31M across 15 positions for Q2 2026. That is up 6.7% from the previous quarter.
Its largest purchases by value were Franklin BSP Realty Trust, Inc. ($6.17M), Service Properties Trust ($4.86M), BrightSpire Capital, Inc. ($3.29M). It opened 3 new positions.
Its largest sales by value were Apple Hospitality REIT, Inc. ($9.41M), American Assets Trust, Inc. ($5.14M), InvenTrust Properties Corp. ($5.02M). It exited 4 positions entirely.
From the Form 13F-HR reports Waterfall Asset Management, LLC files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.