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Waterfall Asset Management, LLC

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

Q4 2025 · Filed 2026-02-13
Market Value
$97M
+52.9%
Holdings
18
+4
New Purchases
4
Added To
8
Closed
3
Reduced
2
Top 10 Concentration
82.5%
Turnover
38.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AVB 11.96% 0.00% +11.96% $12M
NSA 8.65% 0.00% +8.65% $8M
CPT 12.11% 5.11% +7.01% $12M
ARI 5.70% 0.00% +5.70% $6M
MRP 3.23% 0.00% +3.23% $3M
PK 3.99% 2.12% +1.87% $4M
RITM-PD 7.88% 6.46% +1.43% $8M
DX 3.98% 2.89% +1.09% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RC 8.71% 23.73% -15.03% $8M
WRE 0.00% 6.75% -6.75% $0
LINE 3.79% 9.85% -6.05% $4M
UDR 0.00% 3.62% -3.62% $0
APLE 10.77% 13.75% -2.99% $10M
AAT 7.91% 10.03% -2.12% $8M
FPAY 0.00% 1.64% -1.64% $0
FVR 2.82% 4.19% -1.37% $3M
BRSP 4.77% 5.49% -0.71% $5M
GNL 3.73% 4.37% -0.64% $4M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Real Estate 100.0%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 4 $31M 32.0%
Mid Cap 5 $30M 30.4%
Small Cap 7 $28M 28.9%
Micro Cap 2 $8M 8.7%

Portfolio Analytics

Avg Market Cap
$5.3B
Median Market Cap
$2.1B
Avg P/E
24.0
Median P/E
21.3
Avg Dividend Yield
0.48%
Avg Beta
1.02
# Stocks
18
# ETFs / Funds
0

Top Holdings (18 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CPT 12.11% 107,000 $12M $110.31 $9M +76,500 +250.8%
2 AVB 11.96% 63,800 $12M $182.65 +63,800 NEW
3 APLE 10.77% 882,127 $10M $11.89 $2M +152,127 +20.8%
4 RC 8.71% 3,908,983 $8M $2.17 -$7M
5 NSA 8.65% 297,700 $8M $28.29 +297,700 NEW
6 AAT 7.91% 406,033 $8M $18.97 $1M +91,390 +29.1%
7 RITM-PD 7.88% 700,425 $8M $10.96 $4M +339,852 +94.2%
8 ARI 5.70% 569,000 $6M $9.77 +569,000 NEW
9 BRSP 4.77% 822,810 $5M $5.65 $1M +178,652 +27.7%
10 PK 3.99% 367,684 $4M $10.58 $3M +245,531 +201.0%
11 DX 3.98% 277,300 $4M $13.98 $2M +127,300 +84.9%
12 LINE 3.79% 105,000 $4M $35.19 -$3M -57,409 -35.4%
13 GNL 3.73% 422,227 $4M $8.60 $847K +79,968 +23.4%
14 MRP 3.23% 105,062 $3M $29.92 +105,062 NEW
15 FVR 2.82% 184,197 $3M $14.93 $77K -10,803 -5.5%
16 WRE —% -$4M -255,041 -100.0% SOLD
17 FPAY —% -$1M -1,629,544 -100.0% SOLD
18 UDR —% -$2M -62,000 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 1 Puts $0 Put Value

Top Puts

SymbolSharesValueStatus
SPY $0 SOLD

New Positions

SymbolValue% Port
AVB $12M 11.96%
NSA $8M 8.65%
ARI $6M 5.70%
MRP $3M 3.23%

Sold Out Positions

SymbolValue% Port
UDR —%
WRE —%
FPAY —%
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