Managers / Q1 2026
Waterfall Asset Management, LLC
CIK 0001570717 · 1251 AVENUE OF THE AMERICAS, 50TH FLOOR, NEW YORK, NY, 10020 · (212) 257-4600
Summary
Waterfall Asset Management, LLC reported $179M in U.S.-listed holdings across 20 positions for Q1 2026.
The portfolio is heavily concentrated: Pennymac alone accounts for 34.5% of reported value.
Compared with Q4 2025, the fund opened 6 new positions and exited 3.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- REIT · 62.0% · $111M
- US DOMESTIC · 36.0% · $64M
- PUBLIC · 1.9% · $3M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| IVTINVENTRUST PPTYS CORP | NEW | +165.0K | 165.0K | +$5M | $5M |
| VNOVORNADO RLTY TR | NEW | +170.5K | 170.5K | +$4M | $4M |
| DRHDIAMONDROCK HOSPITALITY CO | NEW | +417.8K | 417.8K | +$4M | $4M |
| EMPIRE ST RLTY TR INC | NEW | +714.5K | 714.5K | +$4M | $4M |
| RITHM PPTY TR INC | NEW | +139.5K | 139.5K | +$3M | $3M |
| KREFKKR REAL ESTATE FIN TR INC | NEW | +475.2K | 475.2K | +$3M | $3M |
| MRPMILLROSE PPTYS INC | ADDED | +220.0K | 325.0K | +$6M | $9M |
| NSANATIONAL STORAGE AFFILIATES | SOLD OUT | −297.7K | 0 | −$8M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $179M | 20 | May 8, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $186M | 17 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $903M | 18 | Nov 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $226M | 12 | Aug 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $189M | 6 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $662M | 5 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $881M | 6 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $116M | 5 | Aug 15, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2024 | $146M | 5 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $73M | 7 | Feb 13, 2024 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.