WATERFALL ASSET MANAGEMENT, LLC Diversified Active

CIK: 0001570717 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $185,844 (52.4% shares, 47.6% debt)

Holdings (17)

New Positions (4)

AVB AVALONBAY CMNTYS INC 6.3%

Value ($000) $11,653 Shares 63,800 Est. Cost $179.77 Unrealized 0.0%

NSA NATIONAL STORAGE AFFILIATES 4.5%

Value ($000) $8,423 Shares 297,700 Est. Cost $28.29 Unrealized —

ARI APOLLO COML REAL EST FIN INC 3.0%

Value ($000) $5,557 Shares 569,000 Est. Cost $9.77 Unrealized —

MRP MILLROSE PPTYS INC 1.7%

Value ($000) $3,144 Shares 105,062 Est. Cost $29.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVB	AVALONBAY CMNTYS INC	63,800	$11,653	6.3%	$179.77	0.0%	COM	053484101
NSA	NATIONAL STORAGE AFFILIATES	297,700	$8,423	4.5%	$28.29	—	COM SHS BEN IN	637870106
ARI	APOLLO COML REAL EST FIN INC	569,000	$5,557	3.0%	$9.77	—	COM	03762U105
MRP	MILLROSE PPTYS INC	105,062	$3,144	1.7%	$29.92	—	COM CL A	601137102

Increased Positions (9)

— PENNYMAC CORP 42.9%

Value ($000) $79,667 (+1217.0%) Shares 79,074,000 (+1240.0%) Est. Cost $1.01 Unrealized —

CPT CAMDEN PPTY TR 6.4%

Value ($000) $11,803 (+262.4%) Shares 107,000 (+250.8%) Est. Cost $104.45 Unrealized -1.3%

RITM RITHM CAPITAL CORP 4.1%

Value ($000) $7,679 (+86.6%) Shares 700,425 (+94.3%) Est. Cost $11.17 Unrealized —

PK PARK HOTELS & RESORTS INC 2.1%

Value ($000) $3,890 (+187.4%) Shares 367,684 (+201.0%) Est. Cost $10.49 Unrealized —

DX DYNEX CAP INC 2.1%

Value ($000) $3,876 (+110.4%) Shares 277,300 (+84.9%) Est. Cost $13.06 Unrealized —

APLE APPLE HOSPITALITY REIT INC 5.6%

Value ($000) $10,492 (+19.7%) Shares 882,127 (+20.8%) Est. Cost $11.84 Unrealized —

AAT AMERICAN ASSETS TR INC 4.1%

Value ($000) $7,704 (+20.5%) Shares 406,033 (+29.0%) Est. Cost $20.02 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 2.5%

Value ($000) $4,650 (+33.0%) Shares 822,810 (+27.7%) Est. Cost $5.39 Unrealized —

GNL GLOBAL NET LEASE INC 2.0%

Value ($000) $3,630 (+30.4%) Shares 422,227 (+23.4%) Est. Cost $7.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PENNYMAC CORP	79,074,000 (+1240.0%)	$79,667 (+1217.0%)	42.9%	$1.01	—	NOTE 8.500% 6/0	70932AAH6
CPT	CAMDEN PPTY TR	107,000 (+250.8%)	$11,803 (+262.4%)	6.4%	$104.45	-1.3%	SH BEN INT	133131102
RITM	RITHM CAPITAL CORP	700,425 (+94.3%)	$7,679 (+86.6%)	4.1%	$11.17	—	COM NEW	64828T201
PK	PARK HOTELS & RESORTS INC	367,684 (+201.0%)	$3,890 (+187.4%)	2.1%	$10.49	—	COM	700517105
DX	DYNEX CAP INC	277,300 (+84.9%)	$3,876 (+110.4%)	2.1%	$13.06	—	COM	26817Q886
APLE	APPLE HOSPITALITY REIT INC	882,127 (+20.8%)	$10,492 (+19.7%)	5.6%	$11.84	—	COM NEW	03784Y200
AAT	AMERICAN ASSETS TR INC	406,033 (+29.0%)	$7,704 (+20.5%)	4.1%	$20.02	—	COM	024013104
BRSP	BRIGHTSPIRE CAPITAL INC	822,810 (+27.7%)	$4,650 (+33.0%)	2.5%	$5.39	—	COM CL A	10949T109
GNL	GLOBAL NET LEASE INC	422,227 (+23.4%)	$3,630 (+30.4%)	2.0%	$7.94	—	COM NEW	379378201

Exited Positions (5)

SPY SPDR S&P 500 ETF TR 430.8%

Value ($000) $800,682 Shares 1,201,900 Est. Cost — Unrealized —

— RITHM PPTY TR INC 3.0%

Value ($000) $5,513 Shares 218,613 Est. Cost $25.15 Unrealized —

ELME ELME COMMUNITIES 2.3%

Value ($000) $4,300 Shares 255,041 Est. Cost $16.22 Unrealized —

UDR UDR INC 1.2%

Value ($000) $2,310 Shares 62,000 Est. Cost $38.50 Unrealized -7.7%

FPAYQ FLEXSHOPPER INC 0.6%

Value ($000) $1,045 Shares 1,629,544 Est. Cost $1.10 Unrealized -91.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	1,201,900	$800,682	430.8%	—	—	PUT	78462F103
—	RITHM PPTY TR INC	218,613	$5,513	3.0%	$25.15	—	—	38983D862
ELME	ELME COMMUNITIES	255,041	$4,300	2.3%	$16.22	—	—	939653101
UDR	UDR INC	62,000	$2,310	1.2%	$38.50	-7.7%	—	902653104
FPAYQ	FLEXSHOPPER INC	1,629,544	$1,045	0.6%	$1.10	-91.9%	—	33939J303

Decreased Positions (3)

— REDWOOD TRUST INC 4.7%

Value ($000) $8,748 (-67.1%) Shares 8,743,000 (-67.1%) Est. Cost $0.93 Unrealized —

LINE LINEAGE INC 2.0%

Value ($000) $3,695 (-41.1%) Shares 105,000 (-35.3%) Est. Cost $38.64 Unrealized —

FVR FRONTVIEW REIT INC 1.5%

Value ($000) $2,750 (+2.9%) Shares 184,197 (-5.5%) Est. Cost $13.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	REDWOOD TRUST INC	8,743,000 (-67.1%)	$8,748 (-67.1%)	4.7%	$0.93	—	NOTE 7.750% 6/1	758075AF2
LINE	LINEAGE INC	105,000 (-35.3%)	$3,695 (-41.1%)	2.0%	$38.64	—	COM	53566V106
FVR	FRONTVIEW REIT INC	184,197 (-5.5%)	$2,750 (+2.9%)	1.5%	$13.71	—	COM	35922N100

Unchanged Positions (1)

RC READY CAPITAL CORP 4.6%

Value ($000) $8,482 Shares 3,908,983 Est. Cost $10.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RC	READY CAPITAL CORP	3,908,983	$8,482	4.6%	$10.25	—	COM	75574U101