# EDGAR Filing Document

**Accession Number:** 0001315926
**File Stem:** 0000935836-26-000228
**Filing Date:** 2026-5
**Character Count:** 14927
**Document Hash:** bb26955827053cca93402a4bd9c399b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000935836-26-000228.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000935836-26-000228

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Watershed Asset Management, L.L.C.
- **CENTRAL INDEX KEY:** 0001315926

**ORGANIZATION NAME:**
- **EIN:** 300012121
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11095
- **FILM NUMBER:** 26949540

**BUSINESS ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET, SUITE 1701
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108
- **BUSINESS PHONE:** (415) 391-8900

**MAIL ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET, SUITE 1701
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Watershed Asset Management L.L.C.<br>**Address:** 601 California Street Suite 1701<br>San Francisco, CA 94108

**Form 13F File Number:** 028-11095

**CRD Number (if applicable):** 000140092

**SEC File Number (if applicable):** 802-110579

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Meridee Moore<br>**Title:** Senior Managing Member<br>**Phone:** 415-391-8900

**Signature, Place, and Date of Signing:**

/s/ Meridee Moore  San Francisco, CA  05-01-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 118

**Form 13F Information Table Value Total:** $96497563

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 452955 | 8024 | SH |  | SOLE |  | 8024 | 0 | 0 |
| ACCEL ENTERTAINMENT INC | COM CL A1 | 00436Q106 |  | 415082 | 38046 | SH |  | SOLE |  | 38046 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 463554 | 1907 | SH |  | SOLE |  | 1907 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 471000 | 4101 | SH |  | SOLE |  | 4101 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3040742 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 443964 | 6803 | SH |  | SOLE |  | 6803 | 0 | 0 |
| AMKOR TECHNOLOGY INC | COM | 031652100 |  | 453272 | 10066 | SH |  | SOLE |  | 10066 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 2905215 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 431090 | 3006 | SH |  | SOLE |  | 3006 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 477523 | 16472 | SH |  | SOLE |  | 16472 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 432264 | 7015 | SH |  | SOLE |  | 7015 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 428161 | 24355 | SH |  | SOLE |  | 24355 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 456870 | 15229 | SH |  | SOLE |  | 15229 | 0 | 0 |
| BELDEN INC | COM | 077454106 |  | 424641 | 3698 | SH |  | SOLE |  | 3698 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 459057 | 5586 | SH |  | SOLE |  | 5586 | 0 | 0 |
| BUCKLE INC | COM | 118440106 |  | 451729 | 8970 | SH |  | SOLE |  | 8970 | 0 | 0 |
| CAPITOL FED FINL INC | COM | 14057J101 |  | 420420 | 58965 | SH |  | SOLE |  | 58965 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 449154 | 13191 | SH |  | SOLE |  | 13191 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 432889 | 3577 | SH |  | SOLE |  | 3577 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 486791 | 3366 | SH |  | SOLE |  | 3366 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 451659 | 7362 | SH |  | SOLE |  | 7362 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 449024 | 13578 | SH |  | SOLE |  | 13578 | 0 | 0 |
| CONCENTRA GROUP HOLDINGS PAR | COMMON STOCK | 20603L102 |  | 430115 | 20052 | SH |  | SOLE |  | 20052 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 438466 | 16379 | SH |  | SOLE |  | 16379 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 445506 | 1531 | SH |  | SOLE |  | 1531 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 1782240 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| DAVITA INC | COM | 23918K108 |  | 461531 | 3003 | SH |  | SOLE |  | 3003 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 500104 | 3047 | SH |  | SOLE |  | 3047 | 0 | 0 |
| DIEBOLD NIXDORF INC | COM SHS | 253651202 |  | 432724 | 5736 | SH |  | SOLE |  | 5736 | 0 | 0 |
| DIODES INC | COM | 254543101 |  | 458502 | 6717 | SH |  | SOLE |  | 6717 | 0 | 0 |
| DIREXION SHARES ETF TRUST | NASDAQ 100 EQ WT | 25459Y207 |  | 1990306 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| DOUBLEVERIFY HLDGS INC | COM | 25862V105 |  | 425420 | 44781 | SH |  | SOLE |  | 44781 | 0 | 0 |
| EL POLLO LOCO HLDGS INC | COM | 268603107 |  | 408052 | 29441 | SH |  | SOLE |  | 29441 | 0 | 0 |
| ENNIS INC | COM | 293389102 |  | 471668 | 22020 | SH |  | SOLE |  | 22020 | 0 | 0 |
| EPLUS INC | COM | 294268107 |  | 435246 | 5784 | SH |  | SOLE |  | 5784 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 446073 | 6721 | SH |  | SOLE |  | 6721 | 0 | 0 |
| EVERQUOTE INC | COM CL A | 30041R108 |  | 435476 | 28241 | SH |  | SOLE |  | 28241 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 405080 | 5847 | SH |  | SOLE |  | 5847 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 416127 | 24888 | SH |  | SOLE |  | 24888 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 413277 | 8810 | SH |  | SOLE |  | 8810 | 0 | 0 |
| FIRST BUSEY CORP | COM NEW | 319383204 |  | 449048 | 17770 | SH |  | SOLE |  | 17770 | 0 | 0 |
| FIRST MERCHANTS CORP | COM | 320817109 |  | 431413 | 11139 | SH |  | SOLE |  | 11139 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 449753 | 2280 | SH |  | SOLE |  | 2280 | 0 | 0 |
| FLEXTRONICS INTL LTD | ORD | Y2573F102 |  | 437993 | 6691 | SH |  | SOLE |  | 6691 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 425935 | 22620 | SH |  | SOLE |  | 22620 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 1384960 | 64000 | SH |  | SOLE |  | 64000 | 0 | 0 |
| HAVERTY FURNITURE COS INC | COM | 419596101 |  | 406402 | 19188 | SH |  | SOLE |  | 19188 | 0 | 0 |
| HOPE BANCORP INC | COM | 43940T109 |  | 409425 | 36654 | SH |  | SOLE |  | 36654 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 448131 | 23328 | SH |  | SOLE |  | 23328 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 474222 | 2735 | SH |  | SOLE |  | 2735 | 0 | 0 |
| IBEX LTD | SHS NEW | G4690M101 |  | 452641 | 16877 | SH |  | SOLE |  | 16877 | 0 | 0 |
| IDT CORP | CL B NEW | 448947507 |  | 447399 | 9112 | SH |  | SOLE |  | 9112 | 0 | 0 |
| INGLES MKTS INC | CL A | 457030104 |  | 442978 | 4928 | SH |  | SOLE |  | 4928 | 0 | 0 |
| INGRAM MICRO HLDG CORP | COM | 457152106 |  | 470489 | 20184 | SH |  | SOLE |  | 20184 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 474528 | 20366 | SH |  | SOLE |  | 20366 | 0 | 0 |
| INSTEEL INDS INC | COM | 45774W108 |  | 500453 | 14890 | SH |  | SOLE |  | 14890 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 2012328 | 45600 | SH |  | SOLE |  | 45600 | 0 | 0 |
| INTERFACE INC | COM | 458665304 |  | 469194 | 18828 | SH |  | SOLE |  | 18828 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SOLAR ETF | 46138G706 |  | 2005560 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 4024805 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 2342000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 447852 | 1686 | SH |  | SOLE |  | 1686 | 0 | 0 |
| KEARNY FINL CORP MD | COM | 48716P108 |  | 444816 | 58916 | SH |  | SOLE |  | 58916 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 2296960 | 1560 | SH |  | SOLE |  | 1560 | 0 | 0 |
| KORN FERRY | COM NEW | 500643200 |  | 512602 | 8143 | SH |  | SOLE |  | 8143 | 0 | 0 |
| LEAR CORP | COM NEW | 521865204 |  | 442790 | 3657 | SH |  | SOLE |  | 3657 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 1546072 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| MANPOWERGROUP INC WIS | COM | 56418H100 |  | 514313 | 17458 | SH |  | SOLE |  | 17458 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 452635 | 14739 | SH |  | SOLE |  | 14739 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 2619465 | 1515 | SH |  | SOLE |  | 1515 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2910425 | 5087 | SH |  | SOLE |  | 5087 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 366894 | 1086 | SH |  | SOLE |  | 1086 | 0 | 0 |
| MKS INC. | COM | 55306N104 |  | 419863 | 1827 | SH |  | SOLE |  | 1827 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 424363 | 4310 | SH |  | SOLE |  | 4310 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 3053750 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 397263 | 4228 | SH |  | SOLE |  | 4228 | 0 | 0 |
| NATURAL GROCERS BY VITAMIN | COM | 63888U108 |  | 389818 | 15080 | SH |  | SOLE |  | 15080 | 0 | 0 |
| NATURES SUNSHINE PRODS INC | COM | 639027101 |  | 390461 | 16276 | SH |  | SOLE |  | 16276 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 462598 | 4518 | SH |  | SOLE |  | 4518 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 460657 | 18478 | SH |  | SOLE |  | 18478 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1900960 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| PAGAYA TECHNOLOGIES LTD | CL A NEW | M7S64L123 |  | 463227 | 39762 | SH |  | SOLE |  | 39762 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 433982 | 9595 | SH |  | SOLE |  | 9595 | 0 | 0 |
| PEAPACK-GLADSTONE FINL CORP | COM | 704699107 |  | 463152 | 13154 | SH |  | SOLE |  | 13154 | 0 | 0 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 433943 | 11662 | SH |  | SOLE |  | 11662 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 443902 | 6486 | SH |  | SOLE |  | 6486 | 0 | 0 |
| PLEXUS CORP | COM | 729132100 |  | 431613 | 2131 | SH |  | SOLE |  | 2131 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 378678 | 7176 | SH |  | SOLE |  | 7176 | 0 | 0 |
| POST HLDGS INC | COM | 737446104 |  | 416497 | 4213 | SH |  | SOLE |  | 4213 | 0 | 0 |
| PROGRESS SOFTWARE CORP | COM | 743312100 |  | 393343 | 15335 | SH |  | SOLE |  | 15335 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 446344 | 6644 | SH |  | SOLE |  | 6644 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 407074 | 3161 | SH |  | SOLE |  | 3161 | 0 | 0 |
| RENASANT CORP | COM | 75970E107 |  | 412966 | 11430 | SH |  | SOLE |  | 11430 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM | 766559702 |  | 443050 | 16385 | SH |  | SOLE |  | 16385 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 495603 | 2421 | SH |  | SOLE |  | 2421 | 0 | 0 |
| SANFILIPPO JOHN B  SON INC | COM | 800422107 |  | 427351 | 5387 | SH |  | SOLE |  | 5387 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 434458 | 18824 | SH |  | SOLE |  | 18824 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 472190 | 5142 | SH |  | SOLE |  | 5142 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 311492 | 46422 | SH |  | SOLE |  | 46422 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 445394 | 2640 | SH |  | SOLE |  | 2640 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 422144 | 2237 | SH |  | SOLE |  | 2237 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 2638494 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 442538 | 1659 | SH |  | SOLE |  | 1659 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 3440710 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 428633 | 2395 | SH |  | SOLE |  | 2395 | 0 | 0 |
| VALLEY NATL BANCORP | COM | 919794107 |  | 409342 | 33334 | SH |  | SOLE |  | 33334 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 5687999 | 75739 | SH |  | SOLE |  | 75739 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 466458 | 9292 | SH |  | SOLE |  | 9292 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 439474 | 47717 | SH |  | SOLE |  | 47717 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4246472 | 14050 | SH |  | SOLE |  | 14050 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 448705 | 31778 | SH |  | SOLE |  | 31778 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 437522 | 12335 | SH |  | SOLE |  | 12335 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 1485435 | 70500 | SH |  | SOLE |  | 70500 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 439368 | 12739 | SH |  | SOLE |  | 12739 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 454070 | 2967 | SH |  | SOLE |  | 2967 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 483867 | 6019 | SH |  | SOLE |  | 6019 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 464813 | 77728 | SH |  | SOLE |  | 77728 | 0 | 0 |
| ZUMIEZ INC | COM | 989817101 |  | 400077 | 18054 | SH |  | SOLE |  | 18054 | 0 | 0 |

---