Waterfall Asset Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Waterfall Asset Management, LLC reported 3 stock positions worth $22.6 million. Its top holding was Ready Capital (RC) at 88.2% of the portfolio, followed by Flexshopper (FPAYQ, 9.2%) and Rithm Capital (RITM, 2.6%). Compared with Q4 2024, it reduced 1. The biggest sale was Flexshopper (FPAYQ, shares −0%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$22.6M (Q1 2025)
SEC Filing
0000905148-25-001749 ↗ filed May 15, 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 Q4 2024 Q1 2025: $22.6M $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 · $22.6M
RC Ready Capital Corp. 88.19% 3,908,983 $19.9M No change
FPAYQ Flexshopper Inc. 9.25% 1,629,544 $2.1M Reduce 0.0%
RITM Rithm Capital Corp. 2.56% 50,000 $578K No change

Options reported separately and not counted above: SPY puts ($128.7M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $38.2M (not counted above)
SecurityClassShares / PrincipalValueChange
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 32,992,000$32.7MReduce -28.4%
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C · principal 218,900$5.5MNew

Total filed on the 13F, all lines: $60.8M.

Portfolio Sells Q4 2024 → Q1 2025
FPAYQ Flexshopper Inc. Reduce 0.0% 9.25% −0.05

Portfolio Buys Q4 2024 → Q1 2025
None this quarter.

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -77.0% 230,000 $128.7M

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

Notes & Other Activity Q4 2024 → Q1 2025
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Reduce -28.4% 32,992,000 $32.7M
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C · principal New 218,900 $5.5M

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