Waterfall Asset Management, LLC Diversified Active

Name: Waterfall Asset Management, LLC Q2 2026 13F Filing | 13F Explorer
Creator: Waterfall Asset Management, LLC
Published: 2026-08-12

Location: New York, NY

CIK: 0001570717 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 12, 2026

Total Value: $163M (72.4% shares, 27.6% debt)

Holdings (18)

New Positions (3)

FBRT FRANKLIN BSP RLTY TR INC 3.8%

Value $6.17M Shares 758,000 Est. Cost $8.14 Unrealized —

SVC SERVICE PPTYS TR 3.0%

Value $4.859M Shares 2,875,000 Est. Cost $1.69 Unrealized —

PMT PENNYMAC MTG INVT TR 1.4%

Value $2.252M Shares 199,682 Est. Cost $11.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FBRT	FRANKLIN BSP RLTY TR INC	758,000	$6.17M	3.8%	$8.14	—	COMMON STOCK	35243J101
SVC	SERVICE PPTYS TR	2,875,000	$4.859M	3.0%	$1.69	—	COM SH BEN INT	81761L102
PMT	PENNYMAC MTG INVT TR	199,682	$2.252M	1.4%	$11.28	—	COM	70931T103

Increased Positions (7)

PK PARK HOTELS & RESORTS INC 6.0%

Value $9.827M (+60.4%) Shares 689,616 (+18.6%) Est. Cost $11.09 Unrealized —

MRP MILLROSE PPTYS INC 7.7%

Value $12.54M (+37.8%) Shares 417,361 (+28.4%) Est. Cost $28.94 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 6.9%

Value $11.32M (+37.2%) Shares 2,076,586 (+41.0%) Est. Cost $5.47 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 3.4%

Value $5.564M (+42.1%) Shares 456,804 (+9.3%) Est. Cost $9.61 Unrealized —

GNL GLOBAL NET LEASE INC 3.1%

Value $5.096M (+36.9%) Shares 570,029 (+43.4%) Est. Cost $8.25 Unrealized —

RITM RITHM CAPITAL CORP 6.5%

Value $10.59M (+8.8%) Shares 1,127,584 (+9.9%) Est. Cost $10.53 Unrealized —

DX DYNEX CAP INC 2.6%

Value $4.228M (+12.3%) Shares 322,500 (+9.3%) Est. Cost $13.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PK	PARK HOTELS & RESORTS INC	689,616 (+18.6%)	$9.827M (+60.4%)	6.0%	$11.09	—	COM	700517105
MRP	MILLROSE PPTYS INC	417,361 (+28.4%)	$12.54M (+37.8%)	7.7%	$28.94	—	COM CL A	601137102
BRSP	BRIGHTSPIRE CAPITAL INC	2,076,586 (+41.0%)	$11.32M (+37.2%)	6.9%	$5.47	—	COM CL A	10949T109
DRH	DIAMONDROCK HOSPITALITY CO	456,804 (+9.3%)	$5.564M (+42.1%)	3.4%	$9.61	—	COM	252784301
GNL	GLOBAL NET LEASE INC	570,029 (+43.4%)	$5.096M (+36.9%)	3.1%	$8.25	—	COM NEW	379378201
RITM	RITHM CAPITAL CORP	1,127,584 (+9.9%)	$10.59M (+8.8%)	6.5%	$10.53	—	COM NEW	64828T201
DX	DYNEX CAP INC	322,500 (+9.3%)	$4.228M (+12.3%)	2.6%	$13.05	—	COM	26817Q886

Exited Positions (5)

AAT AMERICAN ASSETS TR INC 3.1%

Value $5.142M Shares 279,323 Est. Cost $20.02 Unrealized —

IVT INVENTRUST PPTYS CORP 3.1%

Value $5.025M Shares 164,962 Est. Cost $30.46 Unrealized —

KREF KKR REAL ESTATE FIN TR INC 1.9%

Value $3.053M Shares 475,154 Est. Cost $6.42 Unrealized —

— REDWOOD TRUST INC 1.7%

Value $2.777M Shares 2,743,000 Est. Cost $0.93 Unrealized —

LINE LINEAGE INC 1.7%

Value $2.739M Shares 83,600 Est. Cost $38.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAT	AMERICAN ASSETS TR INC	279,323	$5.142M	3.1%	$20.02	—	—	024013104
IVT	INVENTRUST PPTYS CORP	164,962	$5.025M	3.1%	$30.46	—	—	46124J201
KREF	KKR REAL ESTATE FIN TR INC	475,154	$3.053M	1.9%	$6.42	—	—	48251K100
—	REDWOOD TRUST INC	2,743,000	$2.777M	1.7%	$0.93	—	—	758075AF2
LINE	LINEAGE INC	83,600	$2.739M	1.7%	$38.64	—	—	53566V106

Decreased Positions (6)

— PENNYMAC CORP 25.5%

Value $41.69M (-32.3%) Shares 41,022,000 (-30.8%) Est. Cost $1.01 Unrealized —

APLE APPLE HOSPITALITY REIT INC 3.9%

Value $6.32M (-41.3%) Shares 375,944 (-59.8%) Est. Cost $11.82 Unrealized —

VNO VORNADO RLTY TR 1.9%

Value $3.183M (-28.2%) Shares 81,000 (-52.5%) Est. Cost $25.99 Unrealized —

AVB AVALONBAY CMNTYS INC 7.9%

Value $12.95M (+5.5%) Shares 68,650 (-8.6%) Est. Cost $179.88 Unrealized —

CPT CAMDEN PPTY TR 7.8%

Value $12.79M (-0.6%) Shares 111,704 (-15.2%) Est. Cost $105.52 Unrealized —

ESRT EMPIRE ST RLTY TR INC 2.3%

Value $3.73M (+0.4%) Shares 689,535 (-3.5%) Est. Cost $5.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PENNYMAC CORP	41,022,000 (-30.8%)	$41.69M (-32.3%)	25.5%	$1.01	—	NOTE 8.500% 6/0	70932AAH6
APLE	APPLE HOSPITALITY REIT INC	375,944 (-59.8%)	$6.32M (-41.3%)	3.9%	$11.82	—	COM NEW	03784Y200
VNO	VORNADO RLTY TR	81,000 (-52.5%)	$3.183M (-28.2%)	1.9%	$25.99	—	SH BEN INT	929042109
AVB	AVALONBAY CMNTYS INC	68,650 (-8.6%)	$12.95M (+5.5%)	7.9%	$179.88	—	COM	053484101
CPT	CAMDEN PPTY TR	111,704 (-15.2%)	$12.79M (-0.6%)	7.8%	$105.52	—	SH BEN INT	133131102
ESRT	EMPIRE ST RLTY TR INC	689,535 (-3.5%)	$3.73M (+0.4%)	2.3%	$5.20	—	CL A	292104106

Unchanged Positions (2)

RC READY CAPITAL CORP 4.2%

Value $6.841M Shares 3,908,983 Est. Cost $10.25 Unrealized —

— RITHM PPTY TR INC 2.1%

Value $3.476M Shares 139,481 Est. Cost $24.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RC	READY CAPITAL CORP	3,908,983	$6.841M	4.2%	$10.25	—	COM	75574U101
—	RITHM PPTY TR INC	139,481	$3.476M	2.1%	$24.82	—	9.875 FXD-FLT C	38983D862