BAYVIEW ASSET MANAGEMENT, LLC

CORAL GABLES, FL · CIK 1767366 · 13F filing filed 2025-05-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$64.2bn
Staff556 · 195 in investment roles
Main clients (by assets)Private funds 98%, Insurers 2%
Private funds23 (22 hedge) · $65.3bn gross assets
Websitebayview.com
Form ADV · 2026-05-05SEC adviser record

Legal entityBAYVIEW ASSET MANAGEMENT, LLC (US)

$89.0m reported value +16.2% vs Q4 2024

33positions

70.5%in top 10

18 new 4 added 5 reduced 6 sold out vs Q4 2024

Options: 2 call positions ($7.8m notional), 19 put positions ($140.7m notional) – listed below, not included above.

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GUILD HLDGS CO CL A CL A		1,595,844	$24.4m27.43%	27.43%	Unchanged
2	BANC OF CALIFORNIA INC COM BANC	BANC	993,130	$14.1m15.83%	15.83%	Unchanged
3	BERKSHIRE HILLS BANCORP INC COM BBT	BBT	344,828	$9.0m10.11%	10.11%	Unchanged
4	PNC FINL SVCS GROUP INC COM PNC	PNC	15,000	$2.6m2.96%	2.96%	New
5	JPMORGAN CHASE & CO COM JPM	JPM	9,057	$2.2m2.50%	2.50%	New
6	REGIONS FINANCIAL CORP NEW COM RF	RF	100,000	$2.2m2.44%	2.44%	New
7	AVALONBAY CMNTYS INC COM AVB	AVB	10,000	$2.1m2.41%	2.41%	Added +2.9k	+2,857 40.0%
8	CITIGROUP INC COM NEW C	C	29,500	$2.1m2.35%	2.35%	New
9	NORTHERN TR CORP COM NTRS	NTRS	20,300	$2.0m2.25%	2.25%	New
10	FINANCIAL INSTNS INC COM FISI	FISI	80,085	$2.0m2.25%	2.25%	Reduced -91.8k	-91,804 -53.4%
11	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	166,666	$1.9m2.18%	2.18%	Unchanged
12	WEBSTER FINL CORP COM WBS	WBS	35,699	$1.8m2.07%	2.07%	Reduced -12.6k	-12,551 -26.0%
13	STATE STR CORP COM STT	STT	20,000	$1.8m2.01%	2.01%	New
14	MASTERCARD INCORPORATED CL A MA	MA	2,940	$1.6m1.81%	1.81%	New
15	BANK AMERICA CORP COM BAC	BAC	36,800	$1.5m1.72%	1.72%	New
16	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	100,000	$1.5m1.69%	1.69%	New
17	PULTE GROUP INC COM PHM	PHM	14,287	$1.5m1.65%	1.65%	Added +2.6k	+2,599 22.2%
18	D R HORTON INC COM DHI	DHI	10,390	$1.3m1.48%	1.48%	New
19	JONES LANG LASALLE INC COM JLL	JLL	5,066	$1.3m1.41%	1.41%	Added +1.3k	+1,316 35.1%
20	VISA INC COM CL A V	V	3,540	$1.2m1.39%	1.39%	New
21	S&P GLOBAL INC COM SPGI	SPGI	2,400	$1.2m1.37%	1.37%	New
22	POPULAR INC COM NEW BPOP	BPOP	12,635	$1.2m1.31%	1.31%	Added +7.5k	+7,500 146.1%
23	FIRST AMERN FINL CORP COM FAF	FAF	16,780	$1.1m1.24%	1.24%	New
24	RITHM CAPITAL CORP COM NEW RITM	RITM	87,500	$1.0m1.13%	1.13%	Reduced -62.5k	-62,500 -41.7%
25	OLD NATL BANCORP IND COM ONB	ONB	46,684	$989.2k1.11%	1.11%	Unchanged
26	TAYLOR MORRISON HOME CORP COM TMHC	TMHC	16,087	$965.9k1.08%	1.08%	New
27	BANKUNITED INC COM BKU	BKU	27,500	$947.1k1.06%	1.06%	New
28	SCHWAB CHARLES CORP COM SCHW	SCHW	10,506	$822.4k0.92%	0.92%	New
29	ESSENT GROUP LTD COM ESNT	ESNT	12,300	$710.0k0.80%	0.80%	Unchanged
30	GLOBE LIFE INC COM GL	GL	5,000	$658.6k0.74%	0.74%	Reduced -20.2k	-20,200 -80.2%
31	FIRST BUSEY CORP COM NEW BUSE	BUSE	23,509	$507.8k0.57%	0.57%	New
32	WESBANCO INC COM WSBC	WSBC	12,189	$377.4k0.42%	0.42%	New
33	MERITAGE HOMES CORP COM MTH	MTH	3,896	$276.1k0.31%	0.31%	Reduced -10.4k	-10,390 -72.7%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
US BANCORP DEL USB	USB	51,150	$2.4m51.1k shares
BANK NEW YORK MELLON CORP BNY	BNY	24,300	$1.9m24.3k shares
TRUIST FINL CORP TFC	TFC	32,500	$1.4m32.5k shares
LENNAR CORP LEN	LEN	9,091	$1.2m9.1k shares
AMERICAN EXPRESS CO AXP	AXP	4,125	$1.2m4.1k shares
AGNC INVT CORP AGNC	AGNC	90,000	$828.9k90.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	173,000	$96.8m173.0k shares	New
SPDR SER TR KRE · Put	KRE	Put	175,000	$9.9m175.0k shares	Reduced
ISHARES TR ITB · Call	ITB	Call	51,900	$4.9m51.9k shares	New
NORTHERN TR CORP NTRS · Put	NTRS	Put	30,000	$3.0m30.0k shares	New
SPDR SER TR KRE · Call	KRE	Call	50,000	$2.8m50.0k shares	Added
PNC FINL SVCS GROUP INC PNC · Put	PNC	Put	15,000	$2.6m15.0k shares	New
JPMORGAN CHASE & CO JPM · Put	JPM	Put	10,000	$2.5m10.0k shares	New
STATE STR CORP STT · Put	STT	Put	25,000	$2.2m25.0k shares	New
MASTERCARD INCORPORATED MA · Put	MA	Put	4,000	$2.2m4.0k shares	New
REGIONS FINANCIAL CORP NEW RF · Put	RF	Put	100,000	$2.2m100.0k shares	New
AVALONBAY CMNTYS INC AVB · Put	AVB	Put	10,000	$2.1m10.0k shares	Unchanged
CITIGROUP INC C · Put	C	Put	30,000	$2.1m30.0k shares	New
VISA INC V · Put	V	Put	6,000	$2.1m6.0k shares	New
S&P GLOBAL INC SPGI · Put	SPGI	Put	4,000	$2.0m4.0k shares	New
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	35,000	$1.7m35.0k shares	Reduced
BANK AMERICA CORP BAC · Put	BAC	Put	40,000	$1.7m40.0k shares	New
FIRST AMERN FINL CORP FAF · Put	FAF	Put	25,000	$1.6m25.0k shares	New
SCHWAB CHARLES CORP SCHW · Put	SCHW	Put	20,000	$1.6m20.0k shares	New
WEBSTER FINL CORP WBS · Put	WBS	Put	30,000	$1.5m30.0k shares	Reduced
HUNTINGTON BANCSHARES INC HBAN · Put	HBAN	Put	100,000	$1.5m100.0k shares	New
JONES LANG LASALLE INC JLL · Put	JLL	Put	5,000	$1.2m5.0k shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
FORBRIGHT INC FRBT · 13G · filed 2026-08-14	FRBT	6.1%≈ $35.9m	new	13G	2026-08-14