Waterfall Asset Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Waterfall Asset Management, LLC reported 3 stock positions worth $30.0 million. Its top holding was Ready Capital (RC) at 88.9% of the portfolio, followed by Flexshopper (FPAYQ, 9.3%) and Rithm Capital (RITM, 1.8%). Compared with Q3 2024, it sold out of 1. The biggest sale was an exit from America's Car-Mart (CRMT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$30.0M (Q4 2024)
SEC Filing
0000905148-25-000532 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $30.0M $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 3 stocks · $30.0M
RC Ready Capital Corp. 88.90% 3,908,983 $26.7M No change
FPAYQ Flexshopper Inc. 9.29% 1,629,547 $2.8M No change
RITM Rithm Capital Corp. 1.81% 50,000 $542K No change

Options reported separately and not counted above: SPY puts ($586.1M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $46.0M (not counted above)
SecurityClassShares / PrincipalValueChange
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 46,073,000$46.0MAdd +1.8%

Total filed on the 13F, all lines: $76.0M.

Portfolio Sells Q3 2024 → Q4 2024
CRMT America's Car-Mart Inc. Sold out 0.00% −3.77

Portfolio Buys Q3 2024 → Q4 2024
None this quarter.

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -28.6% 1,000,000 $586.1M

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

Notes & Other Activity Q3 2024 → Q4 2024
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Add +1.8% 46,073,000 $46.0M

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