Q4 2025 · 13F-HR
Waterfall Asset Management, LLCholdings as filed
Filed 2026-02-13 · accession 0001570717-26-000001
$185.8M
Reported value
17
Positions
2025-12-31
Period end
The Brief · Waterfall Asset Management, LLC · Q4 2025
AI · grounded in 13F
Waterfall Asset Management, LLC closed its position in SPY, reducing exposure by $800.68M. The fund established new positions in AVB for $11.65M, NSA for $8.42M, and ARI for $5.56M. Additionally, the fund exited positions in [[stock:RPT V9.875 PERP]], ELME, and UDR.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 70932AAH6 | PMT 8.5 06/01/29 | PENNYMAC CORP | $79.7M | 42.9% | 79,074,000 | Common | SOLE |
| 133131102 | CPT | CAMDEN PPTY TR | $11.8M | 6.35% | 107,000 | Common | SOLE |
| 053484101 | AVB | AVALONBAY CMNTYS INC | $11.7M | 6.27% | 63,800 | Common | SOLE |
| 03784Y200 | APLE | APPLE HOSPITALITY REIT INC | $10.5M | 5.65% | 882,127 | Common | SOLE |
| 758075AF2 | RWT 7.75 06/15/27 | REDWOOD TRUST INC | $8.7M | 4.71% | 8,743,000 | Common | SOLE |
| 75574U101 | RC | READY CAPITAL CORP | $8.5M | 4.56% | 3,908,983 | Common | SOLE |
| 637870106 | NSA | NATIONAL STORAGE AFFILIATES | $8.4M | 4.53% | 297,700 | Common | SOLE |
| 024013104 | AAT | AMERICAN ASSETS TR INC | $7.7M | 4.15% | 406,033 | Common | SOLE |
| 64828T201 | RITM | RITHM CAPITAL CORP | $7.7M | 4.13% | 700,425 | Common | SOLE |
| 03762U105 | ARI | APOLLO COML REAL EST FIN INC | $5.6M | 2.99% | 569,000 | Common | SOLE |
| 10949T109 | BRSP | BRIGHTSPIRE CAPITAL INC | $4.7M | 2.50% | 822,810 | Common | SOLE |
| 700517105 | PK | PARK HOTELS & RESORTS INC | $3.9M | 2.09% | 367,684 | Common | SOLE |
| 26817Q886 | DX | DYNEX CAP INC | $3.9M | 2.09% | 277,300 | Common | SOLE |
| 53566V106 | LINE | LINEAGE INC | $3.7M | 1.99% | 105,000 | Common | SOLE |
| 379378201 | GNL | GLOBAL NET LEASE INC | $3.6M | 1.95% | 422,227 | Common | SOLE |
| 601137102 | MRP | MILLROSE PPTYS INC | $3.1M | 1.69% | 105,062 | Common | SOLE |
| 35922N100 | FVR | FRONTVIEW REIT INC | $2.8M | 1.48% | 184,197 | 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.