Waterfall Asset Management, LLC
Sector Allocation
- Real Estate66.3%$108.4M
- Other27.6%$45.2M
- Consumer Discretionary6.0%$9.8M
AUM History
13fpro.ai/research/fund/waterfall-asset-management-llc-1570717
Conviction and streaks
Stable · top 10 = 80.2%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
- PENNYMAC$41.7M
AVB
$13.0MCPT
$12.8MMRP
$12.5MBRSP
$11.3MRITM
$10.6MPK
$9.8MRC
$6.8MAPLE
$6.3MFBRT
$6.2MDRH
$5.6MGNL
$5.1MSVC
$4.9MDX
$4.2MESRT
$3.7M- RITHM$3.5M
VNO
$3.2MPMT
$2.3M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/waterfall-asset-management-llc-1570717
Waterfall Asset Management, LLC 13F holdings — Q2 2026
$163.4M portfolio (-8.6% QoQ) · 18 holdings · Q2 2026 13F · top 10 are 80% of the stock portfolio
- 1
PENNYMAC CORP - NOTE 8.500% 6/0
$41.7M
25.5% of stocks
-31%This quarter—Since filed—HeldAIQuality—Est. buy— $13.0M
7.9% of stocks
-9%This quarter—Since filed3 qtrsHeld$12.8M
7.8% of stocks
-15%This quarter-5.9%Since filed4 qtrsHeld$12.5M
7.7% of stocks
+28%This quarter-19.7%Since filed3 qtrsHeld$11.3M
6.9% of stocks
+41%This quarter-25.6%Since filed5 qtrsHeldAIQuality32.7#2,490Est. buyEstimated buy price is Pro: unlock with a free trialAdded 5 qtrs in a row$10.6M
6.5% of stocks
+10%This quarter-9.9%Since filed8+ qtrsHeldAIQuality47.1#1,833Est. buyEstimated buy price is Pro: unlock with a free trialAdded 5 qtrs in a row$9.8M
6.0% of stocks
+19%This quarter+11.7%Since filed5 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 5 qtrs in a row$6.8M
4.2% of stocks
No changeThis quarter-37.7%Since filed8+ qtrsHeld$6.3M
3.9% of stocks
-60%This quarter+16.1%Since filed5 qtrsHeld$6.2M
3.8% of stocks
NewThis quarter-21.7%Since filedNew this quarterHeld
All holdings — Waterfall Asset Management, LLC (Q2 2026)
18 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | DiamondRock Hospitality Co | Real Estate | $5.6M | 3.4% | 457K | +9% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Global Net Lease, Inc. | Real Estate | $5.1M | 3.1% | 570K | +43% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | Service Properties Trust | Real Estate | $4.9M | 3.0% | 2.88M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | DYNEX CAPITAL INC | Real Estate | $4.2M | 2.6% | 323K | +9% | 4 qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Empire State Realty Trust, Inc. | Real Estate | $3.7M | 2.3% | 690K | -3% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | — | RITHM PPTY TR INC - 9.875 FXD-FLT Cnote | — | $3.5M | 2.1% | 139K | — | — | — | 13F |
| 17 | VORNADO REALTY TRUST | Real Estate | $3.2M | 1.9% | 81K | -52% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | PennyMac Mortgage Investment Trust | Real Estate | $2.3M | 1.4% | 200K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F |
What changed in Q2 2026
Against the previous quarter's 13F: 3 new, 7 added to, 6 trimmed, 5 sold out. Share-count changes; largest moves by dollar size first.
New positions (3)
Added to (7)
now $11.3M · held 5 qtrs, 5 adds in a row
now $12.5M · held 3 qtrs, 3 adds in a row
now $5.1M · held 5 qtrs
now $9.8M · held 5 qtrs, 5 adds in a row
now $10.6M · held 8+ qtrs, 5 adds in a row
now $5.6M · held 2 qtrs, 2 adds in a row
+1 more in the Excel export
Trimmed (6)
- PENNYMAC CORP - NOTE 8.500% 6/0-31%
now $41.7M
now $6.3M · held 5 qtrs
now $3.2M · held 2 qtrs
now $12.8M · held 4 qtrs
now $13.0M · held 3 qtrs
now $3.7M · held 2 qtrs
Holdings by quarter
Every 13F Waterfall Asset Management, LLC has filed, 10 earlier quarters. Pick one to see what it held then.
Is it too late to follow Waterfall Asset Management?
Q2 2026 13F filed with the SEC on Aug 12, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Waterfall Asset Management's top 20 holdings: 52/100 (our AI quality score, weighted by position size; 15 of the 20 are scored)
Top 10 since filing
-9.9%
Value-weighted move of the 10 largest stock positions
Turnover
14%
Last quarter; 84% over the last 4
Top 10 weight
80%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
57%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q3 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Waterfall Asset Management, LLC disclosed 18 positions worth $163.4M in its Form 13F-HR for Q2 2026, followed by $AVB and $CPT. During the quarter the fund opened 3 new positions and exited 5 — including a new stake in $FBRT and a full exit from $AAT. The portfolio is most concentrated in Real Estate (66.3% of disclosed assets). All figures are sourced directly from Waterfall Asset Management, LLC’s Form 13F-HR filing with the SEC under CIK 1570717.
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AI-Powered Hedge Fund Analysis: Waterfall Asset Management, LLC
13F Pro is an AI hedge fund tracker and stock research platform. For Waterfall Asset Management, LLC (SEC CIK: 1570717), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in Waterfall Asset Management, LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.