2026 Q1 Portfolio Activity
In 2026 Q1, Waterfall Asset Management, LLC maintained a portfolio of 23 distinct positions. The most significant new addition was INVENTRUST PPTYS CORP, now representing 2.81% of the total fund value. They heavily accumulated shares in PENNYMAC CORP, increasing the position by 578.5%. The fund also reduced its exposure to PENNYMAC CORP by 96.5%.
Position History
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Total Positions
23
Quarter
2026 Q1
Top Holding
N/A (34.5%)
Top 10 Concentration
79.5%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-23 of 23
Waterfall Asset Management, LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
N/A
PENNYMAC CORP
|
|
Bond/Debt | 34.46% | 42.87% |
#1
Prev: #1
|
6.0 |
—
|
-19,755,000 | -25.0% |
P
S
|
59,319,000 | $61,622,621 | — | 13F Filing | 2026-03-31 | 2026-05-08 | ||
|
CPT
CAMDEN PPTY TR
|
Bond/Debt | 7.19% | 6.35% |
#2
Prev: #2
|
6.9 |
—
|
24,704 | 23.1% |
P
S
|
131,704 | $12,862,213 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
AVB
AVALONBAY CMNTY...
|
Real Estate | 6.87% | 6.27% |
#3
Prev: #3
|
5.7 |
—
|
11,350 | 17.8% |
P
S
|
75,150 | $12,275,753 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
APLE
APPLE HOSPITALI...
|
Real Estate | 6.02% | 5.65% |
#4
Prev: #4
|
4.9 |
—
|
53,389 | 6.1% |
P
S
|
935,516 | $10,767,789 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
RITM
RITHM CAPITAL C...
|
Real Estate | 5.44% | 4.13% |
#5
4
Prev: #9
|
5.2 |
—
|
325,979 | 46.5% |
P
S
|
1,026,404 | $9,734,784 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
MRP
MILLROSE PPTYS ...
|
Real Estate | 5.09% | 1.69% |
#6
10
Prev: #16
|
5.0 |
—
|
219,984 | 209.4% |
P
S
|
325,046 | $9,101,288 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
BRSP
BRIGHTSPIRE CAP...
|
Real Estate | 4.61% | 2.50% |
#7
4
Prev: #11
|
4.8 |
—
|
649,980 | 79.0% |
P
S
|
1,472,790 | $8,247,624 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
RC
READY CAPITAL C...
|
Real Estate | 3.54% | 4.56% |
#8
2
Prev: #6
|
2.4 |
—
|
no change | no change |
P
S
|
3,908,983 | $6,332,552 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
PK
PARK HOTELS & R...
|
Real Estate | 3.43% | 2.09% |
#9
3
Prev: #12
|
4.4 |
—
|
213,959 | 58.2% |
P
S
|
581,643 | $6,124,701 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
AAT
AMERICAN ASSETS...
|
Real Estate | 2.88% | 4.15% |
#10
2
Prev: #8
|
1.2 |
—
|
-126,710 | -31.2% |
P
S
|
279,323 | $5,142,336 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
IVT
INVENTRUST PPTY...
|
Real Estate | 2.81% | — |
#11
Prev: #—
|
4.6 |
—
|
164,962 | — |
NEW
|
164,962 | $5,024,743 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
VNO
VORNADO RLTY TR
|
Bond/Debt | 2.48% | — |
#12
Prev: #—
|
4.5 |
—
|
170,500 | — |
NEW
|
170,500 | $4,431,295 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
DRH
DIAMONDROCK HOS...
|
Real Estate | 2.19% | — |
#13
Prev: #—
|
4.4 |
—
|
417,789 | — |
NEW
|
417,789 | $3,914,683 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
DX
DYNEX CAP INC
|
Real Estate | 2.11% | 2.09% |
#14
1
Prev: #13
|
2.8 |
—
|
17,700 | 6.4% |
P
S
|
295,000 | $3,764,200 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
GNL
GLOBAL NET LEAS...
|
Real Estate | 2.08% | 1.95% |
#15
Prev: #15
|
1.3 |
—
|
-24,618 | -5.8% |
P
S
|
397,609 | $3,721,620 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
ESRT
EMPIRE ST RLTY ...
|
Real Estate | 2.08% | — |
#16
Prev: #—
|
4.3 |
—
|
714,535 | — |
NEW
|
714,535 | $3,715,582 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
RPT/PRC
RITHM PPTY TR I...
|
Unknown | 1.94% | — |
#17
Prev: #—
|
4.3 |
—
|
139,481 | — |
NEW
|
139,481 | $3,461,593 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
KREF
KKR REAL ESTATE...
|
Real Estate | 1.71% | — |
#18
Prev: #—
|
4.2 |
—
|
475,154 | — |
NEW
|
475,154 | $3,052,794 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
N/A
REDWOOD TRUST I...
|
|
Bond/Debt | 1.55% | 4.71% |
#19
14
Prev: #5
|
0.6 |
—
|
-6,000,000 | -68.6% |
P
S
|
2,743,000 | $2,777,388 | — | 13F Filing | 2026-03-31 | 2026-05-08 | ||
|
LINE
LINEAGE INC
|
Real Estate | 1.53% | 1.99% |
#20
6
Prev: #14
|
0.6 |
—
|
-21,400 | -20.4% |
P
S
|
83,600 | $2,738,736 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
FVR
FRONTVIEW REIT ...
|
Real Estate | 0.00% | 1.48% |
Sold All 😨
(Was: #17) |
0.0 |
—
|
-184,197 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
ARI
APOLLO COML REA...
|
Real Estate | 0.00% | 2.99% |
Sold All 😨
(Was: #10) |
0.0 |
—
|
-569,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-08 | |||
|
NSA
NATIONAL STORAG...
|
Real Estate | 0.00% | 4.53% |
Sold All 😨
(Was: #7) |
0.0 |
—
|
-297,700 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-08 |
Showing 1-23 of 23 holdings