Waterfall Asset Management, LLC Diversified Active

Location: New York, NY

CIK: 0001570717 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $186M (52.4% shares, 47.6% debt)

Holdings (17)

— PENNYMAC CORP 42.9%

Value $79.67M Shares 79,074,000 Est. Cost $1.01 Unrealized —

CPT CAMDEN PPTY TR 6.4%

Value $11.8M Shares 107,000 Est. Cost $104.45 Unrealized -1.3%

AVB AVALONBAY CMNTYS INC 6.3%

Value $11.65M Shares 63,800 Est. Cost $179.77 Unrealized 0.0%

APLE APPLE HOSPITALITY REIT INC 5.6%

Value $10.49M Shares 882,127 Est. Cost $11.84 Unrealized —

— REDWOOD TRUST INC 4.7%

Value $8.748M Shares 8,743,000 Est. Cost $0.93 Unrealized —

RC READY CAPITAL CORP 4.6%

Value $8.482M Shares 3,908,983 Est. Cost $10.25 Unrealized —

NSA NATIONAL STORAGE AFFILIATES 4.5%

Value $8.423M Shares 297,700 Est. Cost $28.29 Unrealized —

AAT AMERICAN ASSETS TR INC 4.1%

Value $7.704M Shares 406,033 Est. Cost $20.02 Unrealized —

RITM RITHM CAPITAL CORP 4.1%

Value $7.679M Shares 700,425 Est. Cost $11.17 Unrealized —

ARI APOLLO COML REAL EST FIN INC 3.0%

Value $5.557M Shares 569,000 Est. Cost $9.77 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 2.5%

Value $4.65M Shares 822,810 Est. Cost $5.39 Unrealized —

PK PARK HOTELS & RESORTS INC 2.1%

Value $3.89M Shares 367,684 Est. Cost $10.49 Unrealized —

DX DYNEX CAP INC 2.1%

Value $3.876M Shares 277,300 Est. Cost $13.06 Unrealized —

LINE LINEAGE INC 2.0%

Value $3.695M Shares 105,000 Est. Cost $38.64 Unrealized —

GNL GLOBAL NET LEASE INC 2.0%

Value $3.63M Shares 422,227 Est. Cost $7.94 Unrealized —

MRP MILLROSE PPTYS INC 1.7%

Value $3.144M Shares 105,062 Est. Cost $29.92 Unrealized —

FVR FRONTVIEW REIT INC 1.5%

Value $2.75M Shares 184,197 Est. Cost $13.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PENNYMAC CORP	79,074,000	$79.67M	42.9%	$1.01	—	NOTE 8.500% 6/0	70932AAH6
CPT	CAMDEN PPTY TR	107,000	$11.8M	6.4%	$104.45	-1.3%	SH BEN INT	133131102
AVB	AVALONBAY CMNTYS INC	63,800	$11.65M	6.3%	$179.77	0.0%	COM	053484101
APLE	APPLE HOSPITALITY REIT INC	882,127	$10.49M	5.6%	$11.84	—	COM NEW	03784Y200
—	REDWOOD TRUST INC	8,743,000	$8.748M	4.7%	$0.93	—	NOTE 7.750% 6/1	758075AF2
RC	READY CAPITAL CORP	3,908,983	$8.482M	4.6%	$10.25	—	COM	75574U101
NSA	NATIONAL STORAGE AFFILIATES	297,700	$8.423M	4.5%	$28.29	—	COM SHS BEN IN	637870106
AAT	AMERICAN ASSETS TR INC	406,033	$7.704M	4.1%	$20.02	—	COM	024013104
RITM	RITHM CAPITAL CORP	700,425	$7.679M	4.1%	$11.17	—	COM NEW	64828T201
ARI	APOLLO COML REAL EST FIN INC	569,000	$5.557M	3.0%	$9.77	—	COM	03762U105
BRSP	BRIGHTSPIRE CAPITAL INC	822,810	$4.65M	2.5%	$5.39	—	COM CL A	10949T109
PK	PARK HOTELS & RESORTS INC	367,684	$3.89M	2.1%	$10.49	—	COM	700517105
DX	DYNEX CAP INC	277,300	$3.876M	2.1%	$13.06	—	COM	26817Q886
LINE	LINEAGE INC	105,000	$3.695M	2.0%	$38.64	—	COM	53566V106
GNL	GLOBAL NET LEASE INC	422,227	$3.63M	2.0%	$7.94	—	COM NEW	379378201
MRP	MILLROSE PPTYS INC	105,062	$3.144M	1.7%	$29.92	—	COM CL A	601137102
FVR	FRONTVIEW REIT INC	184,197	$2.75M	1.5%	$13.71	—	COM	35922N100