Waterfall Asset Management, LLC Diversified Active

Location: New York, NY

CIK: 0001570717 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: May 8, 2026

Total Value: $179M (62.0% shares, 38.0% debt)

Holdings (20)

— PENNYMAC CORP 34.5%

Value $61.62M Shares 59,319,000 Est. Cost $1.01 Unrealized —

CPT CAMDEN PPTY TR 7.2%

Value $12.86M Shares 131,704 Est. Cost $105.52 Unrealized +4.4%

AVB AVALONBAY CMNTYS INC 6.9%

Value $12.28M Shares 75,150 Est. Cost $179.88 Unrealized +0.3%

APLE APPLE HOSPITALITY REIT INC 6.0%

Value $10.77M Shares 935,516 Est. Cost $11.82 Unrealized —

RITM RITHM CAPITAL CORP 5.4%

Value $9.735M Shares 1,026,404 Est. Cost $10.64 Unrealized —

MRP MILLROSE PPTYS INC 5.1%

Value $9.101M Shares 325,046 Est. Cost $28.62 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 4.6%

Value $8.248M Shares 1,472,790 Est. Cost $5.48 Unrealized —

RC READY CAPITAL CORP 3.5%

Value $6.333M Shares 3,908,983 Est. Cost $10.25 Unrealized —

PK PARK HOTELS & RESORTS INC 3.4%

Value $6.125M Shares 581,643 Est. Cost $10.51 Unrealized —

AAT AMERICAN ASSETS TR INC 2.9%

Value $5.142M Shares 279,323 Est. Cost $20.02 Unrealized —

IVT INVENTRUST PPTYS CORP 2.8%

Value $5.025M Shares 164,962 Est. Cost $30.46 Unrealized —

VNO VORNADO RLTY TR 2.5%

Value $4.431M Shares 170,500 Est. Cost $25.99 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 2.2%

Value $3.915M Shares 417,789 Est. Cost $9.37 Unrealized —

DX DYNEX CAP INC 2.1%

Value $3.764M Shares 295,000 Est. Cost $13.04 Unrealized —

GNL GLOBAL NET LEASE INC 2.1%

Value $3.722M Shares 397,609 Est. Cost $7.94 Unrealized —

ESRT EMPIRE ST RLTY TR INC 2.1%

Value $3.716M Shares 714,535 Est. Cost $5.20 Unrealized —

— RITHM PPTY TR INC 1.9%

Value $3.462M Shares 139,481 Est. Cost $24.82 Unrealized —

KREF KKR REAL ESTATE FIN TR INC 1.7%

Value $3.053M Shares 475,154 Est. Cost $6.42 Unrealized —

— REDWOOD TRUST INC 1.6%

Value $2.777M Shares 2,743,000 Est. Cost $0.93 Unrealized —

LINE LINEAGE INC 1.5%

Value $2.739M Shares 83,600 Est. Cost $38.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PENNYMAC CORP	59,319,000	$61.62M	34.5%	$1.01	—	NOTE 8.500% 6/0	70932AAH6
CPT	CAMDEN PPTY TR	131,704	$12.86M	7.2%	$105.52	+4.4%	SH BEN INT	133131102
AVB	AVALONBAY CMNTYS INC	75,150	$12.28M	6.9%	$179.88	+0.3%	COM	053484101
APLE	APPLE HOSPITALITY REIT INC	935,516	$10.77M	6.0%	$11.82	—	COM NEW	03784Y200
RITM	RITHM CAPITAL CORP	1,026,404	$9.735M	5.4%	$10.64	—	COM NEW	64828T201
MRP	MILLROSE PPTYS INC	325,046	$9.101M	5.1%	$28.62	—	COM CL A	601137102
BRSP	BRIGHTSPIRE CAPITAL INC	1,472,790	$8.248M	4.6%	$5.48	—	COM CL A	10949T109
RC	READY CAPITAL CORP	3,908,983	$6.333M	3.5%	$10.25	—	COM	75574U101
PK	PARK HOTELS & RESORTS INC	581,643	$6.125M	3.4%	$10.51	—	COM	700517105
AAT	AMERICAN ASSETS TR INC	279,323	$5.142M	2.9%	$20.02	—	COM	024013104
IVT	INVENTRUST PPTYS CORP	164,962	$5.025M	2.8%	$30.46	—	COM NEW	46124J201
VNO	VORNADO RLTY TR	170,500	$4.431M	2.5%	$25.99	—	SH BEN INT	929042109
DRH	DIAMONDROCK HOSPITALITY CO	417,789	$3.915M	2.2%	$9.37	—	COM	252784301
DX	DYNEX CAP INC	295,000	$3.764M	2.1%	$13.04	—	COM	26817Q886
GNL	GLOBAL NET LEASE INC	397,609	$3.722M	2.1%	$7.94	—	COM NEW	379378201
ESRT	EMPIRE ST RLTY TR INC	714,535	$3.716M	2.1%	$5.20	—	CL A	292104106
—	RITHM PPTY TR INC	139,481	$3.462M	1.9%	$24.82	—	9.875 FXD-FLT C	38983D862
KREF	KKR REAL ESTATE FIN TR INC	475,154	$3.053M	1.7%	$6.42	—	COM	48251K100
—	REDWOOD TRUST INC	2,743,000	$2.777M	1.6%	$0.93	—	NOTE 7.750% 6/1	758075AF2
LINE	LINEAGE INC	83,600	$2.739M	1.5%	$38.64	—	COM	53566V106