Instuitional Investor - Waterfall Asset Management, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Pennymac Financial Services Inc.BOND	PFSI	41,022,000	$41,690,232	25.51%
2.	Avalonbay Communities Inc	AVB	68,650	$12,953,569	7.93%
3.	Camden Property Trust	CPT	111,704	$12,788,991	7.83%
4.	Millrose Properties Inc.	MRP	417,361	$12,541,698	7.67%
5.	Brightspire Capital Inc.	BRSP	2,076,586	$11,317,394	6.93%