WATERFALL ASSET MANAGEMENT, LLC

NEW YORK, NY · CIK 1570717 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2006 · limited liability company

Assets managed$22.0bn
Staff133 · 55 in investment roles
Main clients (by assets)Private funds 55%, Mutual funds and ETFs 37%, Insurers 7%
Private funds31 (26 hedge) · $11.6bn gross assets
Form ADV · 2026-07-23SEC adviser record

Legal entityWATERFALL ASSET MANAGEMENT, LLC (US)

Kindhedge funds, private equity, real estate, futures
Others nearbyNew York, NY

As an employer

Offices in1 country
Private fundshedge 26, private equity 4, real estate 1

US visa salary filings

Filings FY2024–20256
Median salary offered$155,000
Middle half$130,000 – $183,750
Job titles6
E-3 (Australians)1

Job title	Filings	Median	Range
Managing Director, Corporate Credit AnalysisNew York, NY	1	$310,000	$310,000 – $350,000
Vp, Contract Finance AttorneyNew York, NY	1	$185,000	$185,000 – $210,000
Vice PresidentNew York, NY	1	$180,000	$180,000 – $200,000
Portfolio Analytics AssociateNew York, NY	1	$130,000	$130,000 – $150,000
Resi Quant AssociateNew York, NY	1	$130,000	$130,000 – $150,000
AnalystNew York, NY	1	$105,000	$105,000 – $125,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Waterfall Asset Management, LLC.

$163.4m reported value -8.6% vs Q1 2026

18positions

80.2%in top 10

3 new 7 added 6 reduced 5 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PENNYMAC CORP NOTE 8.500% 6/0 · principal PMT 8.5 06.01.29 · principal	PMT 8.5 06.01.29	41,022,000	$41.7m25.51%	25.51%	Reduced -18.3m	-18,297,000 -30.9%
2	AVALONBAY CMNTYS INC COM AVB	AVB	68,650	$13.0m7.93%	7.93%	Reduced -6.5k	-6,500 -8.7%
3	CAMDEN PPTY TR SH BEN INT CPT	CPT	111,704	$12.8m7.83%	7.83%	Reduced -20.0k	-20,000 -15.2%
4	MILLROSE PPTYS INC COM CL A MRP	MRP	417,361	$12.5m7.67%	7.67%	Added +92.3k	+92,315 28.4%
5	BRIGHTSPIRE CAPITAL INC COM CL A BRSP	BRSP	2,076,586	$11.3m6.93%	6.93%	Added +603.8k	+603,796 41.0%
6	RITHM CAPITAL CORP COM NEW RITM	RITM	1,127,584	$10.6m6.48%	6.48%	Added +101.2k	+101,180 9.9%
7	PARK HOTELS & RESORTS INC COM PK	PK	689,616	$9.8m6.01%	6.01%	Added +108.0k	+107,973 18.6%
8	READY CAPITAL CORP COM RC	RC	3,908,983	$6.8m4.19%	4.19%	Unchanged
9	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	375,944	$6.3m3.87%	3.87%	Reduced -559.6k	-559,572 -59.8%
10	FRANKLIN BSP RLTY TR INC COMMON STOCK FBRT	FBRT	758,000	$6.2m3.78%	3.78%	New
11	DIAMONDROCK HOSPITALITY CO COM DRH	DRH	456,804	$5.6m3.40%	3.40%	Added +39.0k	+39,015 9.3%
12	GLOBAL NET LEASE INC COM NEW GNL	GNL	570,029	$5.1m3.12%	3.12%	Added +172.4k	+172,420 43.4%
13	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		2,875,000	$4.9m2.97%	2.97%	New
14	DYNEX CAP INC COM DX	DX	322,500	$4.2m2.59%	2.59%	Added +27.5k	+27,500 9.3%
15	EMPIRE ST RLTY TR INC CL A ESRT	ESRT	689,535	$3.7m2.28%	2.28%	Reduced -25.0k	-25,000 -3.5%
16	RITHM PPTY TR INC 9.875 FXD-FLT C · principal RPT V9.875 PERP · principal	RPT V9.875 PERP	139,481	$3.5m2.13%	2.13%	Unchanged
17	VORNADO RLTY TR SH BEN INT VNO	VNO	81,000	$3.2m1.95%	1.95%	Reduced -89.5k	-89,500 -52.5%
18	PENNYMAC MTG INVT TR COM PMT	PMT	199,682	$2.3m1.38%	1.38%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AMERICAN ASSETS TR INC AAT	AAT	279,323	$5.1m279.3k shares
INVENTRUST PPTYS CORP IVT	IVT	164,962	$5.0m165.0k shares
KKR REAL ESTATE FIN TR INC KREF	KREF	475,154	$3.1m475.2k shares
REDWOOD TRUST INC RWT 7.75 06.15.27	RWT 7.75 06.15.27	2,743,000	$2.8m2.7m shares
LINEAGE INC LINE	LINE	83,600	$2.7m83.6k shares