Instuitional Investor - Waterfall Asset Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr S & P 500 Etf TrustPUT	SPY	230,000	$142,105,500	63.01%
2.	Pnmac Holdings Inc.BOND	PFSI	26,051,000	$26,038,976	11.55%
3.	Redwood Trust IncBOND	RWT	20,717,000	$20,477,588	9.08%
4.	Ready Capital Corp	RC	3,908,983	$17,082,256	7.57%
5.	Rithm Property Trust Inc.BOND	RPT	218,613	$5,464,175	2.42%