WATERFALL ASSET MANAGEMENT, LLC

WATERFALL ASSET MANAGEMENT, LLC is a diversified fundamental manager, specialised in real_estate (95% of the long book), running a $111.0M US long book across 17 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: CAMDEN PROPERTY TRUST, AVALONBAY COMMUNITIES INC, APPLE HOSPITALITY REIT INC, RITHM CAPITAL CORP, MILLROSE PROPERTIES.

Over the last 9 quarters its long book ran on average 9.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.