Waterfall Asset Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Waterfall Asset Management, LLC reported 14 stock positions worth $63.7 million. Its top holding was Ready Capital (RC) at 23.7% of the portfolio, followed by Apple Hospitality REIT (APLE, 13.8%) and American Assets Trust (AAT, 10.0%). Compared with Q2 2025, it opened 6 new positions and added to 6. The biggest buy was a new position in American Assets Trust (AAT).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001570717
Portfolio Value
$63.7M (Q3 2025)
SEC Filing
0001570717-25-000005 ↗ filed Nov 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 Q2 2025 Q3 2025: $63.7M $63.7M Q3 2025 Q4 2025: $97.4M Q4 2025 Q1 2026: $111.0M Q1 2026 Q2 2026: $118.3M Q2 2026

Holdings 14 stocks · $63.7M
RC Ready Capital Corp. 23.73% 3,908,983 $15.1M No change
APLE Apple Hospitality REIT Inc. 13.75% 730,000 $8.8M Add +82.5%
AAT American Assets Trust Inc. 10.03% 314,643 $6.4M New
LINE Lineage Inc. 9.85% 162,409 $6.3M New
ELME Elme Communities 6.75% 255,041 $4.3M Add +56.7%
RITM Rithm Capital Corp. 6.46% 360,573 $4.1M Add +169.7%
BRSP Brightspire Capital Inc. 5.49% 644,158 $3.5M Add +225.7%
CPT Camden Property Trust 5.11% 30,500 $3.3M New
GNL Global Net Lease Inc. 4.37% 342,259 $2.8M Add +71.1%
FVR Frontview REIT Inc. 4.19% 195,000 $2.7M New
UDR Udr Inc. 3.62% 62,000 $2.3M New
DX Dynex Capital Inc. 2.89% 150,000 $1.8M New
PK Park Hotels & Resorts Inc. 2.12% 122,153 $1.4M Add +11.1%
FPAYQ Flexshopper Inc. 1.64% 1,629,544 $1.0M No change

Options reported separately and not counted above: SPY puts ($800.7M).

Other holdings (3): 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 26,563,000$26.6MAdd +28.2%
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal 5,901,000$6.0MReduce -77.3%
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C · principal 218,613$5.5MNo change

Total filed on the 13F, all lines: $101.9M.

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
AAT American Assets Trust Inc. New 10.03% +10.03
LINE Lineage Inc. New 9.85% +9.85
CPT Camden Property Trust New 5.11% +5.11
FVR Frontview REIT Inc. New 4.19% +4.19
UDR Udr Inc. New 3.62% +3.62
DX Dynex Capital Inc. New 2.89% +2.89
BRSP Brightspire Capital Inc. Add +225.7% 5.49% +2.31
RITM Rithm Capital Corp. Add +169.7% 6.46% +1.66
GNL Global Net Lease Inc. Add +71.1% 4.37% −0.44
APLE Apple Hospitality REIT Inc. Add +82.5% 13.75% −1.10
PK Park Hotels & Resorts Inc. Add +11.1% 2.12% −1.46
ELME Elme Communities Add +56.7% 6.75% −1.47

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +422.6% 1,201,900 $800.7M

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

Notes & Other Activity Q2 2025 → Q3 2025
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Add +28.2% 26,563,000 $26.6M
PENNYMAC CORP (PMT 8.5 06/01/29) NOTE 8.500% 6/0 · principal Reduce -77.3% 5,901,000 $6.0M

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