Waterfall Asset Management, LLC Diversified Active

Location: New York, NY

CIK: 0001570717 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 12, 2025

Total Value: $903M (95.8% shares, 4.2% debt)

Holdings (18)

SPY SPDR S&P 500 ETF TR 88.7%

Value $801M Shares 1,201,900 Est. Cost — Unrealized —

— REDWOOD TRUST INC 2.9%

Value $26.61M Shares 26,563,000 Est. Cost $0.93 Unrealized —

RC READY CAPITAL CORP 1.7%

Value $15.13M Shares 3,908,983 Est. Cost $10.25 Unrealized —

APLE APPLE HOSPITALITY REIT INC 1.0%

Value $8.767M Shares 730,000 Est. Cost $11.82 Unrealized —

AAT AMERICAN ASSETS TR INC 0.7%

Value $6.394M Shares 314,643 Est. Cost $20.32 Unrealized —

LINE LINEAGE INC 0.7%

Value $6.275M Shares 162,409 Est. Cost $38.64 Unrealized —

— PENNYMAC CORP 0.7%

Value $6.049M Shares 5,901,000 Est. Cost $1.00 Unrealized —

— RITHM PPTY TR INC 0.6%

Value $5.513M Shares 218,613 Est. Cost $25.15 Unrealized —

ELME ELME COMMUNITIES 0.5%

Value $4.3M Shares 255,041 Est. Cost $16.22 Unrealized —

RITM RITHM CAPITAL CORP 0.5%

Value $4.115M Shares 360,573 Est. Cost $11.37 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 0.4%

Value $3.498M Shares 644,158 Est. Cost $5.31 Unrealized —

CPT CAMDEN PPTY TR 0.4%

Value $3.257M Shares 30,500 Est. Cost $107.74 Unrealized 0.0%

GNL GLOBAL NET LEASE INC 0.3%

Value $2.783M Shares 342,259 Est. Cost $7.79 Unrealized —

FVR FRONTVIEW REIT INC 0.3%

Value $2.673M Shares 195,000 Est. Cost $13.71 Unrealized —

UDR UDR INC 0.3%

Value $2.31M Shares 62,000 Est. Cost $38.50 Unrealized 0.0%

DX DYNEX CAP INC 0.2%

Value $1.842M Shares 150,000 Est. Cost $12.28 Unrealized —

PK PARK HOTELS & RESORTS INC 0.1%

Value $1.353M Shares 122,153 Est. Cost $10.31 Unrealized —

FPAYQ FLEXSHOPPER INC 0.1%

Value $1.045M Shares 1,629,544 Est. Cost $1.10 Unrealized -21.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	1,201,900	$801M	88.7%	—	—	Put	78462F103
—	REDWOOD TRUST INC	26,563,000	$26.61M	2.9%	$0.93	—	NOTE 7.750% 6/1	758075AF2
RC	READY CAPITAL CORP	3,908,983	$15.13M	1.7%	$10.25	—	COM	75574U101
APLE	APPLE HOSPITALITY REIT INC	730,000	$8.767M	1.0%	$11.82	—	COM NEW	03784Y200
AAT	AMERICAN ASSETS TR INC	314,643	$6.394M	0.7%	$20.32	—	COM	024013104
LINE	LINEAGE INC	162,409	$6.275M	0.7%	$38.64	—	COM	53566V106
—	PENNYMAC CORP	5,901,000	$6.049M	0.7%	$1.00	—	NOTE 8.500% 6/0	70932AAH6
—	RITHM PPTY TR INC	218,613	$5.513M	0.6%	$25.15	—	9.875 FXD-FLT C	38983D862
ELME	ELME COMMUNITIES	255,041	$4.3M	0.5%	$16.22	—	SH BEN INT	939653101
RITM	RITHM CAPITAL CORP	360,573	$4.115M	0.5%	$11.37	—	COM NEW	64828T201
BRSP	BRIGHTSPIRE CAPITAL INC	644,158	$3.498M	0.4%	$5.31	—	COM CL A	10949T109
CPT	CAMDEN PPTY TR	30,500	$3.257M	0.4%	$107.74	0.0%	SH BEN INT	133131102
GNL	GLOBAL NET LEASE INC	342,259	$2.783M	0.3%	$7.79	—	COM NEW	379378201
FVR	FRONTVIEW REIT INC	195,000	$2.673M	0.3%	$13.71	—	COM	35922N100
UDR	UDR INC	62,000	$2.31M	0.3%	$38.50	0.0%	COM	902653104
DX	DYNEX CAP INC	150,000	$1.842M	0.2%	$12.28	—	COM	26817Q886
PK	PARK HOTELS & RESORTS INC	122,153	$1.353M	0.1%	$10.31	—	COM	700517105
FPAYQ	FLEXSHOPPER INC	1,629,544	$1.045M	0.1%	$1.10	-21.1%	COM NEW	33939J303