Waterfall Asset Management, LLC holds a focused book of 18 stocks worth $163.4M as of Q2 2026 (disclosed Aug 12, 2026, a ~43-day 13F lag). This quarter they opened Franklin BSP Realty Trust In and trimmed Pennymac Corp. Their largest long position is Pennymac Corp at 26% of the equity book. Cloning the disclosed picks since 2024 would be -49% (-32.1%/yr). That is a simulation of the disclosed long book, not audited returns.
The reported book (valued from quarter-end) returned -40.3%, a 8.8-point gap that is the cost of the ~43-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Waterfall Asset Management, LLC's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~43 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
72% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Other tracked managers holding the same core names as Waterfall Asset Management, LLC
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| BlackRock, Inc. | 28 / 18 | $10.3B |
| JPMORGAN CHASE & CO | 28 / 18 | $1.3B |
| UBS Group AG | 28 / 18 | $633.6M |
| Russell Investments Group, Ltd. | 28 / 18 | $232.6M |
| WELLS FARGO & COMPANY/MN | 28 / 18 | $139.7M |
| STATE STREET CORP | 27 / 18 | $5.3B |
| MORGAN STANLEY | 27 / 18 | $999.3M |
| Bank of New York Mellon Corp | 27 / 18 | $562.6M |
Ranked by how many of Waterfall Asset Management, LLC's top 18 disclosed names each fund also holds: a cross-fund conviction signal from the latest 13F of every tracked manager.
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Pennymac Corp NOTE 8.500% 6/0 | $41.7M | 41.02M | 25.5% | ▼−31% Reduced · −18.3M sh | |
| 2 | Avalonbay Cmntys Inc COM | $13.0M | 68.7K | 7.9% | ▼−8.6% Reduced · −7K sh | |
| 3 | Camden Ppty TR SH BEN INT | $12.8M | 111.7K | 7.8% | ▼−15% Reduced · −20K sh | |
| 4 | Millrose Pptys Inc COM CL A | $12.5M | 417.4K | 7.7% | ▲+28% Added · +92K sh | |
| 5 | Brightspire Capital Inc COM CL A | $11.3M | 2.08M | 6.9% | ▲+41% Added · +604K sh | |
| 6 | Rithm Capital Corp COM NEW | $10.6M | 1.13M | 6.5% | ▲+9.8% Added · +101K sh | |
| 7 | Park Hotels & Resorts Inc COM | $9.8M | 689.6K | 6.0% | ▲+19% Added · +108K sh | |
| 8 | Ready Capital Corp COM | $6.8M | 3.91M | 4.2% | —Held | |
| 9 | Apple Hospitality REIT Inc COM NEW | $6.3M | 375.9K | 3.9% | ▼−60% Reduced · −560K sh | |
| 10 | Franklin BSP Rlty TR Inc COMMON STOCK | $6.2M | 758.0K | 3.8% | ▲New New position | |
| 11 | Diamondrock Hospitality Co COM | $5.6M | 456.8K | 3.4% | ▲+9.3% Added · +39K sh | |
| 12 | Global Net Lease Inc COM NEW | $5.1M | 570.0K | 3.1% | ▲+43% Added · +172K sh | |
| 13 | Service Pptys TR COM SH BEN INT | $4.9M | 2.88M | 3.0% | ▲New New position | |
| 14 | Dynex Cap Inc COM | $4.2M | 322.5K | 2.6% | ▲+9.3% Added · +28K sh | |
| 15 | Empire ST Rlty TR Inc CL A | $3.7M | 689.5K | 2.3% | ▼−3.5% Reduced · −25K sh | |
| 16 | Rithm Ppty TR Inc 9.875 FXD-FLT C | $3.5M | 139.5K | 2.1% | —Held | |
| 17 | Vornado Rlty TR SH BEN INT | $3.2M | 81.0K | 1.9% | ▼−52% Reduced · −90K sh | |
| 18 | Pennymac MTG Invt TR COM | $2.3M | 199.7K | 1.4% | ▲New New position |
The public view is the crawlable proof. The same sourced dataset is available through REST and MCP for agents, research scripts, and back-office tools.
This fund page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1570717/holdings"
Use Arkolith to show Waterfall Asset Management, LLC's latest holdings, largest changes, and filing provenance.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q2 2026 | Jun 30, 2026 | Aug 12, 2026 | 18 | $163.4M | 13F-HR |
| Q1 2026 | Mar 31, 2026 | May 8, 2026 | 20 | $178.8M | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 13, 2026 | 17 | $185.8M | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 12, 2025 | 18 | $902.6M | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 12, 2025 | 12 | $225.5M | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 6 | $189.4M | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 13, 2025 | 5 | $662.0M | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 13, 2024 | 6 | $881.3M | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.