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Waterfall Asset Management, LLC

1251 AVENUE OF THE AMERICAS, 50TH FLOOR, NEW YORK, NY 10020 • (212) 257-4600

Q1 2026 · Filed 2026-05-08
Market Value
$111M
+13.9%
Holdings
20
+2
New Purchases
5
Added To
8
Closed
3
Reduced
3
Top 10 Concentration
77.2%
Turnover
40.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MRP 8.20% 3.23% +4.98% $9M
IVT 4.53% 0.00% +4.53% $5M
VNO 3.99% 0.00% +3.99% $4M
DRH 3.53% 0.00% +3.53% $4M
ESRT 3.35% 0.00% +3.35% $4M
KREF 2.75% 0.00% +2.75% $3M
BRSP 7.43% 4.77% +2.66% $8M
PK 5.52% 3.99% +1.53% $6M
RITM-PD 8.77% 7.88% +0.89% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NSA 0.00% 8.65% -8.65% $0
ARI 0.00% 5.70% -5.70% $0
AAT 4.63% 7.91% -3.27% $5M
RC 5.71% 8.71% -3.00% $6M
FVR 0.00% 2.82% -2.82% $0
LINE 2.47% 3.79% -1.32% $3M
APLE 9.70% 10.77% -1.06% $11M
AVB 11.06% 11.96% -0.90% $12M
DX 3.39% 3.98% -0.59% $4M
CPT 11.59% 12.11% -0.52% $13M
GNL 3.35% 3.73% -0.37% $4M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Real Estate 100.0%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 3 $35M 31.4%
Mid Cap 8 $42M 37.9%
Small Cap 8 $28M 24.9%
Micro Cap 1 $6M 5.7%

Portfolio Analytics

Avg Market Cap
$4.7B
Median Market Cap
$2.3B
Avg P/E
22.4
Median P/E
21.1
Avg Dividend Yield
0.08%
Avg Beta
0.72
# Stocks
20
# ETFs / Funds
0

Top Holdings (20 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CPT 11.59% 131,704 $13M $97.66 $1M +24,704 +23.1%
2 AVB 11.06% 75,150 $12M $163.35 $623K +11,350 +17.8%
3 APLE 9.70% 935,516 $11M $11.51 $276K +53,389 +6.0%
4 RITM-PD 8.77% 1,026,404 $10M $9.48 $2M +325,979 +46.5%
5 MRP 8.20% 325,046 $9M $28.00 $6M +219,984 +209.4%
6 BRSP 7.43% 1,472,790 $8M $5.60 $4M +649,980 +79.0%
7 RC 5.71% 3,908,983 $6M $1.62 -$2M
8 PK 5.52% 581,643 $6M $10.53 $2M +213,959 +58.2%
9 AAT 4.63% 279,323 $5M $18.41 -$3M -126,710 -31.2%
10 IVT 4.53% 164,962 $5M $30.46 +164,962 NEW
11 VNO 3.99% 170,500 $4M $25.99 +170,500 NEW
12 DRH 3.53% 417,789 $4M $9.37 +417,789 NEW
13 DX 3.39% 295,000 $4M $12.76 -$112K +17,700 +6.4%
14 GNL 3.35% 397,609 $4M $9.36 $92K -24,618 -5.8%
15 ESRT 3.35% 714,535 $4M $5.20 +714,535 NEW
16 KREF 2.75% 475,154 $3M $6.42 +475,154 NEW
17 LINE 2.47% 83,600 $3M $32.76 -$956K -21,400 -20.4%
18 FVR —% -$3M -184,197 -100.0% SOLD
19 NSA —% -$8M -297,700 -100.0% SOLD
20 ARI —% -$6M -569,000 -100.0% SOLD

New Positions

SymbolValue% Port
IVT $5M 4.53%
VNO $4M 3.99%
DRH $4M 3.53%
ESRT $4M 3.35%
KREF $3M 2.75%

Sold Out Positions

SymbolValue% Port
FVR —%
NSA —%
ARI —%
View SEC EDGAR Filings for Waterfall Asset Management, LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms