# WATERFALL ASSET MANAGEMENT, LLC: Form 13F holdings

An institutional investment manager in NEW YORK, NY. SEC CIK 1570717.

- Quarter ended: 2026-06-30
- Filed: 2026-08-12
- Reported value: $163.4m
- Positions: 18 (18 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1570717/000157071726000005/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| PENNYMAC CORP | NOTE  8.500% 6/0 | $41.7m | 25.5% | $41,022,000 principal |  | Reduced −18,297,000 |
| AVALONBAY CMNTYS INC | COM | $13.0m | 7.9% | 68,650 |  | Reduced −6,500 |
| [CAMDEN PPTY TR (CPT)](/companies/cpt.md) | SH BEN INT | $12.8m | 7.8% | 111,704 |  | Reduced −20,000 |
| [MILLROSE PPTYS INC (MRP)](/companies/mrp.md) | COM CL A | $12.5m | 7.7% | 417,361 |  | Added +92,315 |
| [BRIGHTSPIRE CAPITAL INC (BRSP)](/companies/brsp.md) | COM CL A | $11.3m | 6.9% | 2,076,586 |  | Added +603,796 |
| [RITHM CAPITAL CORP (RITM)](/companies/ritm.md) | COM NEW | $10.6m | 6.5% | 1,127,584 |  | Added +101,180 |
| [PARK HOTELS & RESORTS INC (PK)](/companies/pk.md) | COM | $9.8m | 6.0% | 689,616 |  | Added +107,973 |
| [READY CAPITAL CORP (RC)](/companies/rc.md) | COM | $6.8m | 4.2% | 3,908,983 |  | Unchanged |
| [APPLE HOSPITALITY REIT INC (APLE)](/companies/aple.md) | COM NEW | $6.3m | 3.9% | 375,944 |  | Reduced −559,572 |
| [FRANKLIN BSP RLTY TR INC (FBRT)](/companies/fbrt.md) | COMMON STOCK | $6.2m | 3.8% | 758,000 |  | New +758,000 |
| [DIAMONDROCK HOSPITALITY CO (DRH)](/companies/drh.md) | COM | $5.6m | 3.4% | 456,804 |  | Added +39,015 |
| [GLOBAL NET LEASE INC (GNL)](/companies/gnl.md) | COM NEW | $5.1m | 3.1% | 570,029 |  | Added +172,420 |
| SERVICE PPTYS TR | COM SH BEN INT | $4.9m | 3.0% | 2,875,000 |  | New +2,875,000 |
| [DYNEX CAP INC (DX)](/companies/dx.md) | COM | $4.2m | 2.6% | 322,500 |  | Added +27,500 |
| [EMPIRE ST RLTY TR INC (ESRT)](/companies/esrt.md) | CL A | $3.7m | 2.3% | 689,535 |  | Reduced −25,000 |
| RITHM PPTY TR INC | 9.875 FXD-FLT C | $3.5m | 2.1% | $139,481 principal |  | Unchanged |
| [VORNADO RLTY TR (VNO)](/companies/vno.md) | SH BEN INT | $3.2m | 1.9% | 81,000 |  | Reduced −89,500 |
| [PENNYMAC MTG INVT TR (PMT)](/companies/pmt.md) | COM | $2.3m | 1.4% | 199,682 |  | New +199,682 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AMERICAN ASSETS TR INC (AAT)](/companies/aat.md) | COM | $0 | 0.0% | 0 |  | Sold out −279,323 |
| [INVENTRUST PPTYS CORP (IVT)](/companies/ivt.md) | COM NEW | $0 | 0.0% | 0 |  | Sold out −164,962 |
| [KKR REAL ESTATE FIN TR INC (KREF)](/companies/kref.md) | COM | $0 | 0.0% | 0 |  | Sold out −475,154 |
| [LINEAGE INC (LINE)](/companies/line.md) | COM | $0 | 0.0% | 0 |  | Sold out −83,600 |
| REDWOOD TRUST INC | NOTE  7.750% 6/1 | $0 | 0.0% | $0 principal |  | Sold out −2,743,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0001570717-26-000005. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.