Waterfall Asset Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Waterfall Asset Management, LLC reported 8 stock positions worth $31.4 million. Its top holding was Ready Capital (RC) at 54.3% of the portfolio, followed by Apple Hospitality REIT (APLE, 14.9%) and Elme Communities (ELME, 8.2%). Compared with Q1 2025, it opened 5 new positions and added to 1. The biggest buy was a new position in Apple Hospitality REIT (APLE).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$31.4M (Q2 2025)
SEC Filing
0001752724-25-186395 ↗ filed Aug 12, 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 Q1 2025 Q2 2025: $31.4M $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 8 stocks · $31.4M
RC Ready Capital Corp. 54.35% 3,908,983 $17.1M No change
APLE Apple Hospitality REIT Inc. 14.85% 400,000 $4.7M New
ELME Elme Communities 8.22% 162,797 $2.6M New
FPAYQ Flexshopper Inc. 6.22% 1,629,544 $2.0M No change
GNL Global Net Lease Inc. 4.80% 200,000 $1.5M New
RITM Rithm Capital Corp. 4.80% 133,714 $1.5M Add +167.4%
PK Park Hotels & Resorts Inc. 3.58% 110,000 $1.1M New
BRSP Brightspire Capital Inc. 3.18% 197,800 $999K New

Options reported separately and not counted above: SPY puts ($142.1M).

Other holdings (3): bonds, preferreds, convertibles and warrants · $52.0M (not counted above)
SecurityClassShares / PrincipalValueChange
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 26,051,000$26.0MNew
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 20,717,000$20.5MReduce -37.2%
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C · principal 218,613$5.5MReduce -0.1%

Total filed on the 13F, all lines: $83.4M.

Portfolio Sells Q1 2025 → Q2 2025
None this quarter.

Portfolio Buys Q1 2025 → Q2 2025
APLE Apple Hospitality REIT Inc. New 14.85% +14.85
ELME Elme Communities New 8.22% +8.22
GNL Global Net Lease Inc. New 4.80% +4.80
PK Park Hotels & Resorts Inc. New 3.58% +3.58
BRSP Brightspire Capital Inc. New 3.18% +3.18
RITM Rithm Capital Corp. Add +167.4% 4.80% +2.24

Notes & Other Activity Q1 2025 → Q2 2025
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal New 26,051,000 $26.0M
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Reduce -37.2% 20,717,000 $20.5M
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C · principal Reduce -0.1% 218,613 $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