1y return−6.4%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2023: $43 against $157 in the S&P 500.2
Waterfall Asset Management, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Avalonbay Cmntys IncCUSIP 053484101 | $13.0M | 11.0% | −8.6% |
| CPTCamden Ppty Tr | $12.8M | 10.8% | −15.2% |
| MRPMillrose Pptys Inc | $12.5M | 10.6% | +28.4% |
| BRSPBrightspire Capital Inc | $11.3M | 9.6% | +41.0% |
| RITMRithm Capital Corp | $10.6M | 9.0% | +9.9% |
| PKPark Hotels & Resorts Inc | $9.8M | 8.3% | +18.6% |
| RCReady Capital Corp | $6.8M | 5.8% | |
| APLEApple Hospitality Reit Inc | $6.3M | 5.3% | −59.8% |
| FBRTFranklin Bsp Rlty Tr Inc | $6.2M | 5.2% | New |
| DRHDiamondrock Hospitality Co | $5.6M | 4.7% | +9.3% |
| GNLGlobal Net Lease Inc | $5.1M | 4.3% | +43.4% |
| Service Pptys TrCUSIP 81761L102 | $4.9M | 4.1% | New |
| DXDynex Cap Inc | $4.2M | 3.6% | +9.3% |
| ESRTEmpire St Rlty Tr Inc | $3.7M | 3.2% | −3.5% |
| VNOVornado Rlty Tr | $3.2M | 2.7% | −52.5% |
| PMTPennymac Mtg Invt Tr | $2.3M | 1.9% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| VNOVornado Rlty Tr | March 31, 2026 | +51.2% | $3.2M |
| APLEApple Hospitality Reit Inc | June 30, 2025 | +44.0% | $6.3M |
| PKPark Hotels & Resorts Inc | June 30, 2025 | +39.3% | $9.8M |
| DRHDiamondrock Hospitality Co | March 31, 2026 | +30.0% | $5.6M |
| GNLGlobal Net Lease Inc | June 30, 2025 | +18.4% | $5.1M |
| BRSPBrightspire Capital Inc | June 30, 2025 | +7.9% | $11.3M |
| CPTCamden Ppty Tr | September 30, 2025 | +7.2% | $12.8M |
| DXDynex Cap Inc | September 30, 2025 | +6.7% | $4.2M |
| Avalonbay Cmntys IncCUSIP 053484101 | December 31, 2025 | +4.1% | $13.0M |
| ESRTEmpire St Rlty Tr Inc | March 31, 2026 | +4.0% | $3.7M |
Sold off last quarter
- AATAmerican Assets Tr Inc was $5.1M
- IVTInventrust Pptys Corp was $5.0M
- KREFKkr Real Estate Fin Tr Inc was $3.1M
- LINELineage Inc was $2.7M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +17.5% | +14.8% |
| March 31, 2026 | −3.2% | −4.6% |
| December 31, 2025 | −11.3% | +2.4% |
| September 30, 2025 | −7.2% | +7.8% |
| June 30, 2025 | −13.1% | +10.5% |
| March 31, 2025 | −24.8% | −4.6% |
| December 31, 2024 | −5.4% | +2.1% |
| September 30, 2024 | −6.7% | +5.4% |
| June 30, 2024 | −10.6% | +4.0% |
| March 31, 2024 | −10.9% | +10.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Waterfall Asset Management, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1570717&type=13F-HR&dateb=&owner=include&count=40CIK 1570717
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1570717/000157071726000005/Filed August 12, 2026 · accession 0001570717-26-000005