Q3 2025 · 13F-HR
Waterfall Asset Management, LLCholdings as filed
Filed 2025-11-12 · accession 0001570717-25-000005
$902.6M
Reported value
18
Positions
2025-09-30
Period end
The Brief · Waterfall Asset Management, LLC · Q3 2025
AI · grounded in 13F
Waterfall Asset Management, LLC established a new position in SPY valued at $800.7M. The fund also initiated new stakes in REDWOOD TRUST INC [[stock:RWT 7.75 06/15/27]] for $26.6M and READY CAPITAL CORP RC for $15.1M. Additional new positions include APPLE HOSPITALITY REIT INC APLE, AMERICAN ASSETS TR INC AAT, and LINEAGE INC LINE.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $800.7M | 88.7% | 1,201,900 | PUT | SOLE |
| 758075AF2 | RWT 7.75 06/15/27 | REDWOOD TRUST INC | $26.6M | 2.95% | 26,563,000 | Common | SOLE |
| 75574U101 | RC | READY CAPITAL CORP | $15.1M | 1.68% | 3,908,983 | Common | SOLE |
| 03784Y200 | APLE | APPLE HOSPITALITY REIT INC | $8.8M | 0.97% | 730,000 | Common | SOLE |
| 024013104 | AAT | AMERICAN ASSETS TR INC | $6.4M | 0.71% | 314,643 | Common | SOLE |
| 53566V106 | LINE | LINEAGE INC | $6.3M | 0.70% | 162,409 | Common | SOLE |
| 70932AAH6 | PMT 8.5 06/01/29 | PENNYMAC CORP | $6.0M | 0.67% | 5,901,000 | Common | SOLE |
| 38983D862 | RPT V9.875 PERP | RITHM PPTY TR INC | $5.5M | 0.61% | 218,613 | Common | SOLE |
| 939653101 | ELME | ELME COMMUNITIES | $4.3M | 0.48% | 255,041 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $4.1M | 0.46% | 360,573 | Common | SOLE |
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $3.5M | 0.39% | 644,158 | Common | SOLE |
| 133131102 | CPT | CAMDEN PPTY TR | $3.3M | 0.36% | 30,500 | Common | SOLE |
| 379378201 | GNL | GLOBAL NET LEASE INC | $2.8M | 0.31% | 342,259 | Common | SOLE |
| 35922N100 | FVR | FRONTVIEW REIT INC | $2.7M | 0.30% | 195,000 | Common | SOLE |
| 902653104 | UDR | UDR INC | $2.3M | 0.26% | 62,000 | Common | SOLE |
| 26817Q886 | DX | DYNEX CAP INC | $1.8M | 0.20% | 150,000 | Common | SOLE |
| 700517105 | PK | PARK HOTELS & RESORTS INC | $1.4M | 0.15% | 122,153 | Common | SOLE |
| 33939J303 | FPAYQ | FLEXSHOPPER INC | $1.0M | 0.12% | 1,629,544 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.