Data as of Q4 2025 (Dec 31, 2025)

Waterfall Asset Management, LLC

•CIK: 1570717•Filing: Q4 2025

**Waterfall Asset Management, LLC** manages $186M across a concentrated portfolio of 17 positions. The fund exhibits significant conviction in financial and technology sectors, highlighted by its largest holding in WFC-PA at $79.7M. Further notable allocations include CPT ($11.8M), AVB ($11.7M), and APLE ($10.5M). This structure suggests a focused, high-conviction approach to generating alpha within select market segments.

Total AUM
$97.4M
QoQ Performance
+52.9%
Positions
15
Top 10 Concentration
82.5%
Latest Filing
Q4 2025

Top Holdings Allocation

CPT
AVB
APLE
RC
NSA
AAT
RITM
ARI
CPT12.1%
AVB12.0%
APLE10.8%
RC8.7%
NSA8.6%
AAT7.9%
RITM7.9%
ARI5.7%

📈 Biggest Buys

AVB
AVALONBAY CMNTYS INC
NEW
12.0% of portfolio
CPT
CAMDEN PPTY TR
+250.8%
12.1% of portfolio
NSA
NATIONAL STORAGE AFFILIATES
NEW
8.6% of portfolio
ARI
APOLLO COML REAL EST FIN INC
NEW
5.7% of portfolio
RITM
RITHM CAPITAL CORP
+94.3%
7.9% of portfolio

📉 Biggest Sells

LINE
LINEAGE INC
-35.3%
3.8% of portfolio
FVR
FRONTVIEW REIT INC
-5.5%
2.8% of portfolio

Sector Breakdown

Other88.0%
Real Estate12.0%

🚪 Exited Positionssold since Q3 2025

SPY
SPDR S&P 500 ETF TR
SOLD
$800.7M
ELME
ELME COMMUNITIES
SOLD
$4.3M
UDR
UDR INC
SOLD
$2.3M
FPAYQ
FLEXSHOPPER INC
SOLD
$1.0M

Changes from Q3 2025

NEW4 new positions
↑8 increased
↓2 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

CPT12.1%
CAMDEN PPTY TR
$11.8M
AVB12.0%
AVALONBAY CMNTYS INC
$11.7M
APLE10.8%
APPLE HOSPITALITY REIT INC
$10.5M
RC8.7%
READY CAPITAL CORP
$8.5M
NSA8.6%
NATIONAL STORAGE AFFILIATES
$8.4M

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