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WATERFALL ASSET MANAGEMENT, LLC

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13F filer, CIK 1570717, NEW YORK, NY

WATERFALL ASSET MANAGEMENT, LLC reported $185,843,781 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 86.21% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001570717-26-000001

Period
2025-12-31
Reported value
$186M
Holdings
17
Top 10 weight
86.21%
New
4
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AVBnew+63,800$11.7M
CPTadded+76,500$8.44M
NSAnew+297,700$8.42M
ARInew+569,000$5.56M
RITMadded+339,852$3.73M

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

SecurityShares changeApprox. value
ELMEexited-255,041-$4.3M
UDRexited-62,000-$2.31M
LINEreduced-57,409-$2.02M
FPAYQexited-1,629,544-$1.04M
FVRreduced-10,803-$161K

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001570717-26-000001, largest first. % of portfolio is the value over $185,843,781, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CPTCAMDEN PPTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 30,500 shares; 2025Q4: 107,000 shares 107,000$11.8M6.35%+76,500Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 63,800 shares 63,800$11.7M6.27%newTimeline
APLEAPPLE HOSPITALITY REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,000 shares; 2025Q3: 730,000 shares; 2025Q4: 882,127 shares 882,127$10.5M5.65%+152,127Timeline
RCREADY CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,908,983 shares 3,908,983$8.48M4.56%0Timeline
NSANATIONAL STORAGE AFFILIATESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 297,700 shares 297,700$8.42M4.53%newTimeline
AATAMERICAN ASSETS TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 314,643 shares; 2025Q4: 406,033 shares 406,033$7.7M4.15%+91,390Timeline
RITMRITHM CAPITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 133,714 shares; 2025Q3: 360,573 shares; 2025Q4: 700,425 shares 700,425$7.68M4.13%+339,852Timeline
ARIAPOLLO COML REAL ESTATE FINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 569,000 shares 569,000$5.56M2.99%newTimeline
BRSPBRIGHTSPIRE CAPITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 197,800 shares; 2025Q3: 644,158 shares; 2025Q4: 822,810 shares 822,810$4.65M2.5%+178,652Timeline
PKPARK HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 110,000 shares; 2025Q3: 122,153 shares; 2025Q4: 367,684 shares 367,684$3.89M2.09%+245,531Timeline
DXDYNEX CAP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 150,000 shares; 2025Q4: 277,300 shares 277,300$3.88M2.09%+127,300Timeline
LINELINEAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 162,409 shares; 2025Q4: 105,000 shares 105,000$3.69M1.99%-57,409Timeline
GNLGLOBAL NET LEASE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 342,259 shares; 2025Q4: 422,227 shares 422,227$3.63M1.95%+79,968Timeline
MRPMILLROSE PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 105,062 shares 105,062$3.14M1.69%newTimeline
FVRFRONTVIEW REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 195,000 shares; 2025Q4: 184,197 shares 184,197$2.75M1.48%-10,803Timeline

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 Bondprincipal79,074,000$79.7M+73,173,000
REDWOOD TRUST INCREDWOOD TRUST INC Convertibleprincipal8,743,000$8.75M-17,820,000

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T1,201,900$801Mput
RITHM PPTY TR INCRITHM PPTY TR INC218,613$5.51Mprincipal
ELMEELME COMMUNITIES255,041$4.3Mshares
UDRUDR INC62,000$2.31Mshares
FPAYQFLEXSHOPPER INC COM NEW1,629,544$1.04Mshares

How Q4 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 0001570717-26-000001 base2026-02-13acceptance time not in the bulk data set