Waterfall Asset Management, LLC is an SEC-registered investment adviser based in New York, NY that reports managing 26 hedge funds on Form ADV. It reports $22.0 billion in regulatory assets under management. Its private funds, of all types, hold $11.6 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +13.7% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated -46.8% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $22.0 billionForm ADV Item 5.F
- Gross assets of private funds
- $11.6 billionAll private fund types, Form ADV
- Hedge funds managed
- 2631 private funds in total
- Employees
- 133Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 137746
- Latest Form ADV
- 07/23/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +17.5% | +14.8% |
| Q1 2026 | -3.2% | -4.6% |
| Q4 2025 | -12.6% | +2.4% |
| Q3 2025 | -7.2% | +7.8% |
| Q2 2025 | -13.1% | +10.4% |
| Q1 2025 | -24.8% | -4.5% |
| Q4 2024 | -5.4% | +2.1% |
| Q3 2024 | -6.7% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Sep 30, 2026
All 16 share positions ($116,475,885) reported by Waterfall Asset Management, LLC on Form 13F for the quarter ended Sep 30, 2026, filed Nov 13, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗ The estimated return above runs through Jun 30, 2026; it is updated when the SEC publishes its complete data for the quarter.
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Equity Residential | $13,387,964 | 11.49% | 220,342 | New |
| Camden Ppty TR | $13,194,359 | 11.33% | 136,404 | +22.11% |
| Rithm Capital Corp | $11,733,761 | 10.07% | 1,313,004 | +16.44% |
| Brightspire Capital Inc | $9,814,337 | 8.43% | 2,562,490 | +23.40% |
| Millrose Pptys Inc | $9,618,275 | 8.26% | 370,361 | -11.26% |
| Vici Pptys Inc | $8,958,300 | 7.69% | 390,000 | New |
| Franklin BSP Rlty TR Inc | $7,942,770 | 6.82% | 1,243,000 | +63.98% |
| Global Net Lease Inc | $7,826,862 | 6.72% | 947,562 | +66.23% |
| Inventrust Pptys Corp | $7,537,500 | 6.47% | 250,000 | New |
| Starwood Ppty TR Inc | $7,087,500 | 6.08% | 525,000 | New |
| Dynex Cap Inc | $4,561,830 | 3.92% | 409,500 | +26.98% |
| Ready Capital Corp | $4,534,420 | 3.89% | 3,908,983 | Unchanged |
| Park Hotels & Resorts Inc | $3,084,000 | 2.65% | 200,000 | -71.00% |
| Diamondrock Hospitality Co | $2,948,107 | 2.53% | 238,520 | -47.79% |
| Braemar Hotels & Resorts Inc | $2,354,700 | 2.02% | 1,410,000 | New |
| Pennymac MTG Invt TR | $1,891,200 | 1.62% | 240,000 | +20.19% |
Changes since Jun 30, 2026
Comparing the share counts in the two quarter-end filings: 5 new positions, 5 sold out, 7 increased, 3 reduced and 1 unchanged.
New positions
| Stock | Value | Shares |
|---|---|---|
| Equity Residential | $13,387,964 | 220,342 |
| Vici Pptys Inc | $8,958,300 | 390,000 |
| Inventrust Pptys Corp | $7,537,500 | 250,000 |
| Starwood Ppty TR Inc | $7,087,500 | 525,000 |
| Braemar Hotels & Resorts Inc | $2,354,700 | 1,410,000 |
Sold out
| Stock | Value at Jun 30, 2026 | Shares held then |
|---|---|---|
| Avalonbay Cmntys Inc | $12,953,569 | 68,650 |
| Apple Hospitality REIT Inc | $6,319,619 | 375,944 |
| Service Pptys TR | $4,858,750 | 2,875,000 |
| Empire ST Rlty TR Inc | $3,730,384 | 689,535 |
| Vornado Rlty TR | $3,183,300 | 81,000 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Global Net Lease Inc | +377,533 | +66.23% | $7,826,862 | 947,562 |
| Franklin BSP Rlty TR Inc | +485,000 | +63.98% | $7,942,770 | 1,243,000 |
| Camden Ppty TR | +24,700 | +22.11% | $13,194,359 | 136,404 |
| Brightspire Capital Inc | +485,904 | +23.40% | $9,814,337 | 2,562,490 |
| Rithm Capital Corp | +185,420 | +16.44% | $11,733,761 | 1,313,004 |
| Dynex Cap Inc | +87,000 | +26.98% | $4,561,830 | 409,500 |
| Pennymac MTG Invt TR | +40,318 | +20.19% | $1,891,200 | 240,000 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Park Hotels & Resorts Inc | -489,616 | -71.00% | $3,084,000 | 200,000 |
| Diamondrock Hospitality Co | -218,284 | -47.78% | $2,948,107 | 238,520 |
| Millrose Pptys Inc | -47,000 | -11.26% | $9,618,275 | 370,361 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Hedge funds filing Form D (9)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private equity funds filing Form D (10)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (22)
As reported in the adviser's Form ADV filed Nov 5, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (5)
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures