Waterfall Asset Management, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Waterfall Asset Management, LLC reported 4 stock positions worth $33.3 million. Its top holding was Ready Capital (RC) at 89.5% of the portfolio, followed by Flexshopper (FPAYQ, 5.0%) and America's Car-Mart (CRMT, 3.8%). Compared with Q2 2024, it opened 3 new positions. The biggest buy was a new position in Flexshopper (FPAYQ).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$33.3M (Q3 2024)
SEC Filing
0000905148-24-003061 ↗ filed Nov 13, 2024

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $38.1M Q1 2024 Q2 2024: $32.0M Q2 2024 Q3 2024: $33.3M $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 4 stocks · $33.3M
RC Ready Capital Corp. 89.49% 3,908,983 $29.8M No change
FPAYQ Flexshopper Inc. 5.04% 1,629,547 $1.7M New
CRMT America's Car-Mart Inc. 3.77% 30,000 $1.3M New
RITM Rithm Capital Corp. 1.70% 50,000 $568K New

Options reported separately and not counted above: SPY puts ($803.3M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $44.8M (not counted above)
SecurityClassShares / PrincipalValueChange
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 45,273,000$44.8MReduce -7.7%

Total filed on the 13F, all lines: $78.1M.

Portfolio Sells Q2 2024 → Q3 2024
None this quarter.

Portfolio Buys Q2 2024 → Q3 2024
FPAYQ Flexshopper Inc. New 5.04% +5.04
CRMT America's Car-Mart Inc. New 3.77% +3.77
RITM Rithm Capital Corp. New 1.70% +1.70

Options Activity Q2 2024 → Q3 2024
SPY SS SPDR S&P 500 ETF Trust-US put New 1,400,000 $803.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Reduce -7.7% 45,273,000 $44.8M
TWO HARBORS INV CORP (TWO 6.25 01/15/26) NOTE 6.250% 1/1 · principal Sold out 15,939,000 $15.4Mbefore exit
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Sold out 11,760,000 $11.1Mbefore exit
ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) NOTE 7.500% 8/0 · principal Sold out 10,750,000 $10.6Mbefore 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