Waterfall names partner in Europe. Waterfall Asset Management is promoting James Cuby to partner at the $12 billion firm, effective July 1. As head of Europe, Cuby will lead the specialist credit firm's business across the region and source investment opportunities in European markets. "James has demonstrated strong leadership in helping expand our European business and embodies the collaborative and entrepreneurial culture that defines our firm," said Jack Ross, managing partner and co-founder of Waterfall. "As we pursue opportunities across global asset-oriented markets, James will be instrumental in supporting our clients." Based in London, Cuby joined the firm in 2016 and has helped expand Waterfall's presence in Europe and strengthen relationships across the market. Cuby has more than 25 years of experience in credit and structured finance investing. Prior to joining Waterfall, he established and co-headed the Credit Trading and Investments team at Investec. Previously, he was a partner and portfolio manager at Prytania Advisors and a credit rating analyst in the Structured Finance Group at S&P in London. Waterfall invests in the U.S., Europe, and Asia with a focus on asset-backed securities, loans, and commercial mortgage REIT sectors. The firm seeks relative value opportunities across more than 60 sectors of the asset-backed market. Waterfall's co-CIO Keerthi Raghavan noted that Cuby has been an important contributor to the development of the firm's European investment platform. "His thoughtful approach to investing, strong market insight, and commitment to our clients have helped strengthen our capabilities across the region," Raghavan added.

Waterfall Asset Management disclosed a new $4.97 million position in InvenTrust Properties on 8 May 2026, acquiring 164,962 shares. The position represents 2.81% of the fund's reportable assets under management. InvenTrust, a retail REIT specialising in grocery-anchored shopping centres across Sun Belt markets, reported strong first-quarter results with 96.4% leased occupancy and blended lease spreads of 10.5%. Same-property net operating income rose 2.6%, whilst core funds from operations increased to $0.49 per diluted share from $0.46 year-over-year. The company spent approximately $123 million on acquisitions during the quarter, including its Nashville market entry. InvenTrust shares traded at $31.66 as of 7 May, up 13% year-over-year but underperforming the S&P 500's 30% gain.

Waterfall Asset Management purchased 219,984 shares of Millrose Properties during the first quarter, an estimated $6.62 million transaction based on quarterly average pricing, according to a May 2026 SEC filing. The buy increased Millrose's stake to 5.09% of the fund's reportable assets. Millrose operates a residential land banking platform that helps homebuilders control land positions with minimal upfront capital. The company expanded its builder network to 17 counterparties in the latest quarter, including a new top-10 national homebuilder, whilst deploying nearly $989 million into land acquisitions and development funding. First-quarter revenue more than doubled year-over-year to $194.9 million, with net income reaching $122.9 million. The stock trades at $27 with a 10.74% dividend yield.