Waterfall Asset Management, LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Waterfall Asset Management, LLC disclosed 17 US equity positions worth $185.8m in its Q4 2025 13F filing. The largest position was PENNYMAC CORP at 42.9% of the reported book, followed by CPT and AVBC. Against the Q3 2025 filing, it opened 4 new positions, added to 9 and reduced 3 among the top 17 holdings.
What did Waterfall Asset Management, LLC own in Q4 2025? Top 17 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | PENNYMAC CORP | 42.9% | $79.7m | 79,074,000 | 1240% | added | |
| 2 | CPT CAMDEN PPTY TR | Real Estate | 6.4% | $11.8m | 107,000 | 251% | added |
| 3 | AVBC AVALONBAY CMNTYS INC | Financial Services | 6.3% | $11.7m | 63,800 | – | new |
| 4 | APLE APPLE HOSPITALITY REIT INC | Real Estate | 5.6% | $10.5m | 882,127 | 21% | added |
| 5 | REDWOOD TRUST INC | 4.7% | $8.7m | 8,743,000 | -67% | reduced | |
| 6 | RC READY CAPITAL CORP | 4.6% | $8.5m | 3,908,983 | 0% | held | |
| 7 | NSA* NATIONAL STORAGE AFFILIATES | 4.5% | $8.4m | 297,700 | – | new | |
| 8 | AAT AMERICAN ASSETS TR INC | 4.1% | $7.7m | 406,033 | 29% | added | |
| 9 | RITM RITHM CAPITAL CORP | Real Estate | 4.1% | $7.7m | 700,425 | 94% | added |
| 10 | ARI APOLLO COML REAL EST FIN INC | Real Estate | 3.0% | $5.6m | 569,000 | – | new |
| 11 | BRSP BRIGHTSPIRE CAPITAL INC | 2.5% | $4.7m | 822,810 | 28% | added | |
| 12 | PK PARK HOTELS & RESORTS INC | Real Estate | 2.1% | $3.9m | 367,684 | 201% | added |
| 13 | DX DYNEX CAP INC | Real Estate | 2.1% | $3.9m | 277,300 | 85% | added |
| 14 | LINE LINEAGE INC | 2.0% | $3.7m | 105,000 | -35% | reduced | |
| 15 | GNL GLOBAL NET LEASE INC | Real Estate | 2.0% | $3.6m | 422,227 | 23% | added |
| 16 | MRP MILLROSE PPTYS INC | Real Estate | 1.7% | $3.1m | 105,062 | – | new |
| 17 | FVR FRONTVIEW REIT INC | 1.5% | $2.8m | 184,197 | -6% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.