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WATERFALL ASSET MANAGEMENT, LLC

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13F filer, CIK 1570717, NEW YORK, NY

WATERFALL ASSET MANAGEMENT, LLC reported $225,517,461 across 12 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-12. Its ten largest share positions make up 98.8% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001752724-25-186395

Period
2025-06-30
Reported value
$226M
Holdings
12
Top 10 weight
98.8%
New
6
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
APLEnew+400,000$4.67M
ELMEnew+162,797$2.58M
GNLnew+200,000$1.51M
PKnew+110,000$1.13M
BRSPnew+197,800$999K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

None.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001752724-25-186395, largest first. % of portfolio is the value over $83,411,961, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RCREADY CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,908,983 shares; 2024Q4: 3,908,983 shares; 2025Q1: 3,908,983 shares; 2025Q2: 3,908,983 shares 3,908,983$17.1M20.48%0Timeline
APLEAPPLE HOSPITALITY REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,000 shares 400,000$4.67M5.6%newTimeline
ELMEELME COMMUNITIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 162,797 shares 162,797$2.58M3.1%newTimeline
FPAYQFLEXSHOPPER INC COM NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,629,547 shares; 2024Q4: 1,629,547 shares; 2025Q1: 1,629,544 shares; 2025Q2: 1,629,544 shares 1,629,544$1.96M2.34%0Timeline
GNLGLOBAL NET LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares 200,000$1.51M1.81%newTimeline
RITMRITHM CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 133,714 shares 133,714$1.51M1.81%+83,714Timeline
PKPARK HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 110,000 shares 110,000$1.13M1.35%newTimeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 197,800 shares 197,800$999K1.2%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SPYSTATE STR SPDR S&P 500 ETF T SHSput230,000$142M0

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
PENNYMAC CORPPENNYMAC CORP Convertible Bondprincipal26,051,000$26Mnew
REDWOOD TRUST INCREDWOOD TRUST INC Convertibleprincipal20,717,000$20.5M-12,275,000
RITHM PPTY TR INCRITHM PPTY TR INC 9.875 FXD-FLT Cprincipal218,613$5.46M-287

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001752724-25-186395 base2025-08-12acceptance time not in the bulk data set