Skip to content
Disclosery

WATERFALL ASSET MANAGEMENT, LLC

Follow

13F filer, CIK 1570717, NEW YORK, NY

WATERFALL ASSET MANAGEMENT, LLC reported $902,591,079 across 18 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 85.02% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001570717-25-000005

Period
2025-09-30
Reported value
$903M
Holdings
18
Top 10 weight
85.02%
New
6
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AATnew+314,643$6.39M
LINEnew+162,409$6.28M
APLEadded+330,000$3.96M
CPTnew+30,500$3.26M
FVRnew+195,000$2.67M

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, Q3 2025

Share positions as resolved from 13F-HR 0001570717-25-000005, largest first. % of portfolio is the value over $101,909,337, 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; 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; 2025Q3: 3,908,983 shares 3,908,983$15.1M14.84%0Timeline
APLEAPPLE HOSPITALITY REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,000 shares; 2025Q3: 730,000 shares 730,000$8.77M8.6%+330,000Timeline
AATAMERICAN ASSETS TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 314,643 shares 314,643$6.39M6.27%newTimeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 162,409 shares 162,409$6.28M6.16%newTimeline
ELMEELME COMMUNITIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 162,797 shares; 2025Q3: 255,041 shares 255,041$4.3M4.22%+92,244Timeline
RITMRITHM CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 133,714 shares; 2025Q3: 360,573 shares 360,573$4.11M4.04%+226,859Timeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 197,800 shares; 2025Q3: 644,158 shares 644,158$3.5M3.43%+446,358Timeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,500 shares 30,500$3.26M3.2%newTimeline
GNLGLOBAL NET LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 342,259 shares 342,259$2.78M2.73%+142,259Timeline
FVRFRONTVIEW REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 195,000 shares 195,000$2.67M2.62%newTimeline
UDRUDR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 62,000 shares 62,000$2.31M2.27%newTimeline
DXDYNEX CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 150,000 shares 150,000$1.84M1.81%newTimeline
PKPARK HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 110,000 shares; 2025Q3: 122,153 shares 122,153$1.35M1.33%+12,153Timeline
FPAYQFLEXSHOPPER INC COM NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,629,544 shares 1,629,544$1.04M1.02%0Timeline

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 SHSput1,201,900$801M+971,900

Principal amounts

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

SecurityTypeAmountValueChange
REDWOOD TRUST INCREDWOOD TRUST INC Convertibleprincipal26,563,000$26.6M+5,846,000
PENNYMAC CORPPENNYMAC CORP Convertible Bondprincipal5,901,000$6.05M-20,150,000
RITHM PPTY TR INCRITHM PPTY TR INC 9.875 FXD-FLT Cprincipal218,613$5.51M0

How Q3 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 0001570717-25-000005 base2025-11-12acceptance time not in the bulk data set