Waterfall Asset Management, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Waterfall Asset Management, LLC reported 2 stock positions worth $38.1 million. Its top holding was Ready Capital (RC) at 93.6% of the portfolio, followed by Flexshopper (FPAYQ, 6.4%). Compared with Q4 2023, it added to 1 and reduced 1. The biggest buy was Flexshopper (FPAYQ, shares −0%) and the biggest sale Ready Capital (RC, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$38.1M (Q1 2024)
SEC Filing
0000905148-24-001372 ↗ filed May 14, 2024

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $38.1M $38.1M Q1 2024 Q2 2024: $32.0M Q2 2024 Q3 2024: $33.3M Q3 2024 Q4 2024: $30.0M Q4 2024 Q1 2025: $22.6M Q1 2025 Q2 2025: $31.4M Q2 2025 Q3 2025: $63.7M Q3 2025 Q4 2025: $97.4M Q4 2025 Q1 2026: $111.0M Q1 2026 Q2 2026: $118.3M Q2 2026

Holdings 2 stocks · $38.1M
RC Ready Capital Corp. 93.63% 3,908,983 $35.7M Reduce 0.0%
FPAYQ Flexshopper Inc. 6.37% 1,629,547 $2.4M Add +0.0%
Other holdings (3): bonds, preferreds, convertibles and warrants · $107.5M (not counted above)
SecurityClassShares / PrincipalValueChange
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 47,423,000$44.9MReduce -4.0%
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal 46,789,000$44.1MReduce -3.1%
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 19,792,000$18.6MReduce -25.5%

Total filed on the 13F, all lines: $145.7M.

Portfolio Sells Q4 2023 → Q1 2024
RC Ready Capital Corp. Reduce 0.0% 93.63% −0.01

Portfolio Buys Q4 2023 → Q1 2024
FPAYQ Flexshopper Inc. Add +0.0% 6.37% +0.01

Notes & Other Activity Q4 2023 → Q1 2024
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Reduce -4.0% 47,423,000 $44.9M
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal Reduce -3.1% 46,789,000 $44.1M
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Reduce -25.5% 19,792,000 $18.6M
PENNYMAC CORP (PMT 5.5 11/01/24) NOTE 5.500%11/0 · principal Sold out 12,149,000 $11.8Mbefore exit
SUNRUN INC (RUN 0 02/01/26) NOTE 2/0 · principal Sold out 12,263,000 $9.4Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$118.3MAVB, CPT, MRP, BRSP, RITM
Q1 2026 17$111.0MCPT, AVB, APLE, RITM, MRP
Q4 2025 15$97.4MCPT, AVB, APLE, RC, NSA
Q3 2025 14$63.7MRC, APLE, AAT, LINE, ELME
Q2 2025 8$31.4MRC, APLE, ELME, FPAYQ, GNL
Q1 2025 3$22.6MRC, FPAYQ, RITM
Q4 2024 3$30.0MRC, FPAYQ, RITM
Q3 2024 4$33.3MRC, FPAYQ, CRMT, RITM
Q2 2024Amended 1$32.0MRC
Q1 2024 2$38.1MRC, FPAYQ