# EDGAR Filing Document

**Accession Number:** 0001315926
**File Stem:** 0000935836-26-000095
**Filing Date:** 2026-2
**Character Count:** 14870
**Document Hash:** ae077b32f6de9d58932d51cd14d578a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000935836-26-000095.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000935836-26-000095

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** 26638345

**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:** 12-31-2025

**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  02-10-2026<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:** $107085589

      (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 |
| ACCEL ENTERTAINMENT INC | COM CL A1 | 00436Q106 |  | 485324 | 42535 | SH |  | SOLE |  | 42535 | 0 | 0 |
| ACM RESH INC | COM CL A | 00108J109 |  | 427835 | 10845 | SH |  | SOLE |  | 10845 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 |  | 397448 | 49250 | SH |  | SOLE |  | 49250 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 473593 | 5428 | SH |  | SOLE |  | 5428 | 0 | 0 |
| AMKOR TECHNOLOGY INC | COM | 031652100 |  | 450151 | 11402 | SH |  | SOLE |  | 11402 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 427117 | 1662 | SH |  | SOLE |  | 1662 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 449865 | 4083 | SH |  | SOLE |  | 4083 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 409164 | 16472 | SH |  | SOLE |  | 16472 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 443586 | 9226 | SH |  | SOLE |  | 9226 | 0 | 0 |
| BANC OF CALIFORNIA INC | COM | 05990K106 |  | 426232 | 22096 | SH |  | SOLE |  | 22096 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 401589 | 15229 | SH |  | SOLE |  | 15229 | 0 | 0 |
| BELDEN INC | COM | 077454106 |  | 468648 | 4021 | SH |  | SOLE |  | 4021 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 |  | 406254 | 4766 | SH |  | SOLE |  | 4766 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 391007 | 4914 | SH |  | SOLE |  | 4914 | 0 | 0 |
| CAPITOL FED FINL INC | COM | 14057J101 |  | 404616 | 59415 | SH |  | SOLE |  | 59415 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 460078 | 19712 | SH |  | SOLE |  | 19712 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 433388 | 3182 | SH |  | SOLE |  | 3182 | 0 | 0 |
| CHEESECAKE FACTORY INC | COM | 163072101 |  | 501973 | 9944 | SH |  | SOLE |  | 9944 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 450537 | 3802 | SH |  | SOLE |  | 3802 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 436887 | 3744 | SH |  | SOLE |  | 3744 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 439070 | 5290 | SH |  | SOLE |  | 5290 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | COM | 19459J104 |  | 445545 | 9623 | SH |  | SOLE |  | 9623 | 0 | 0 |
| CONCENTRA GROUP HOLDINGS PAR | COMMON STOCK | 20603L102 |  | 444473 | 22585 | SH |  | SOLE |  | 22585 | 0 | 0 |
| CONCENTRIX CORP | COM | 20602D101 |  | 309023 | 7432 | SH |  | SOLE |  | 7432 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 396289 | 15114 | SH |  | SOLE |  | 15114 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 437853 | 1455 | SH |  | SOLE |  | 1455 | 0 | 0 |
| CRANE NXT CO | COM | 224441105 |  | 445800 | 9471 | SH |  | SOLE |  | 9471 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 448636 | 3564 | SH |  | SOLE |  | 3564 | 0 | 0 |
| DIEBOLD NIXDORF INC | COM SHS | 253651202 |  | 443661 | 6535 | SH |  | SOLE |  | 6535 | 0 | 0 |
| DIODES INC | COM | 254543101 |  | 421906 | 8551 | SH |  | SOLE |  | 8551 | 0 | 0 |
| DIREXION SHS ETF TR | NAS100 EQL WGT | 25459Y207 |  | 11939577 | 116700 | SH |  | SOLE |  | 116700 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 439203 | 3308 | SH |  | SOLE |  | 3308 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 3501784 | 57200 | SH |  | SOLE |  | 57200 | 0 | 0 |
| EL POLLO LOCO HLDGS INC | COM | 268603107 |  | 492635 | 47097 | SH |  | SOLE |  | 47097 | 0 | 0 |
| EPLUS INC | COM | 294268107 |  | 462267 | 5271 | SH |  | SOLE |  | 5271 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 475688 | 6250 | SH |  | SOLE |  | 6250 | 0 | 0 |
| EVERQUOTE INC | COM CL A | 30041R108 |  | 462483 | 17129 | SH |  | SOLE |  | 17129 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 446146 | 6713 | SH |  | SOLE |  | 6713 | 0 | 0 |
| FIRST BUSEY CORP | COM NEW | 319383204 |  | 422748 | 17770 | SH |  | SOLE |  | 17770 | 0 | 0 |
| FIRST MID ILL BANCSHARES INC | COM | 320866106 |  | 425373 | 10907 | SH |  | SOLE |  | 10907 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 405358 | 6709 | SH |  | SOLE |  | 6709 | 0 | 0 |
| FLUSHING FINL CORP | COM | 343873105 |  | 387897 | 25570 | SH |  | SOLE |  | 25570 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 425585 | 24888 | SH |  | SOLE |  | 24888 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 449234 | 6148 | SH |  | SOLE |  | 6148 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 463916 | 17062 | SH |  | SOLE |  | 17062 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 2026620 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 422285 | 11285 | SH |  | SOLE |  | 11285 | 0 | 0 |
| HNI CORP | COM | 404251100 |  | 451341 | 10736 | SH |  | SOLE |  | 10736 | 0 | 0 |
| HOPE BANCORP INC | COM | 43940T109 |  | 401728 | 36654 | SH |  | SOLE |  | 36654 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 428890 | 19250 | SH |  | SOLE |  | 19250 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 462229 | 23123 | SH |  | SOLE |  | 23123 | 0 | 0 |
| INSTEEL INDS INC | COM | 45774W108 |  | 427577 | 13501 | SH |  | SOLE |  | 13501 | 0 | 0 |
| INTERDIGITAL INC | COM | 45867G101 |  | 388105 | 1219 | SH |  | SOLE |  | 1219 | 0 | 0 |
| INTERFACE INC | COM | 458665304 |  | 443342 | 15879 | SH |  | SOLE |  | 15879 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 2702500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 3709155 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 435062 | 1908 | SH |  | SOLE |  | 1908 | 0 | 0 |
| SANFILIPPO JOHN B  SON INC | COM | 800422107 |  | 433484 | 6140 | SH |  | SOLE |  | 6140 | 0 | 0 |
| KEARNY FINL CORP MD | COM | 48716P108 |  | 436568 | 58916 | SH |  | SOLE |  | 58916 | 0 | 0 |
| KORN FERRY | COM NEW | 500643200 |  | 411239 | 6229 | SH |  | SOLE |  | 6229 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 449981 | 7202 | SH |  | SOLE |  | 7202 | 0 | 0 |
| LIFEVANTAGE CORP | COM NEW | 53222K205 |  | 3696 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 1474360 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 430135 | 13321 | SH |  | SOLE |  | 13321 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 3051604 | 1515 | SH |  | SOLE |  | 1515 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 443566 | 4214 | SH |  | SOLE |  | 4214 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2275330 | 3447 | SH |  | SOLE |  | 3447 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 473495 | 1659 | SH |  | SOLE |  | 1659 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4497666 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| MKS INC. | COM | 55306N104 |  | 463740 | 2902 | SH |  | SOLE |  | 2902 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 3061870 | 20750 | SH |  | SOLE |  | 20750 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 338494 | 4228 | SH |  | SOLE |  | 4228 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 438962 | 4099 | SH |  | SOLE |  | 4099 | 0 | 0 |
| OGE ENERGY CORP | COM | 670837103 |  | 347365 | 8135 | SH |  | SOLE |  | 8135 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 440895 | 5460 | SH |  | SOLE |  | 5460 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 426174 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| PENGUIN SOLUTIONS INC | COM | 706915105 |  | 438437 | 22415 | SH |  | SOLE |  | 22415 | 0 | 0 |
| PERDOCEO ED CORP | COM | 71363P106 |  | 503391 | 17163 | SH |  | SOLE |  | 17163 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 520515 | 8303 | SH |  | SOLE |  | 8303 | 0 | 0 |
| PLEXUS CORP | COM | 729132100 |  | 417627 | 2841 | SH |  | SOLE |  | 2841 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 344376 | 7176 | SH |  | SOLE |  | 7176 | 0 | 0 |
| PROGRESS SOFTWARE CORP | COM | 743312100 |  | 464011 | 10801 | SH |  | SOLE |  | 10801 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 412310 | 5966 | SH |  | SOLE |  | 5966 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 468677 | 2740 | SH |  | SOLE |  | 2740 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 1821523 | 84135 | SH |  | SOLE |  | 84135 | 0 | 0 |
| RENASANT CORP | COM | 75970E107 |  | 402565 | 11430 | SH |  | SOLE |  | 11430 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 463355 | 2421 | SH |  | SOLE |  | 2421 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 3240058 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 2485064 | 19480 | SH |  | SOLE |  | 19480 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 453372 | 102 | SH |  | SOLE |  | 102 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 483936 | 5839 | SH |  | SOLE |  | 5839 | 0 | 0 |
| SKYWEST INC | COM | 830879102 |  | 438290 | 4365 | SH |  | SOLE |  | 4365 | 0 | 0 |
| SUN CTRY AIRLS HLDGS INC | COM | 866683105 |  | 435110 | 30237 | SH |  | SOLE |  | 30237 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 393288 | 1937 | SH |  | SOLE |  | 1937 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 383310 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 457841 | 38833 | SH |  | SOLE |  | 38833 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 442427 | 2945 | SH |  | SOLE |  | 2945 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 446524 | 2247 | SH |  | SOLE |  | 2247 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 456607 | 1659 | SH |  | SOLE |  | 1659 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 3129030 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| TRAVEL PLUS LEISURE CO | COM | 894164102 |  | 464440 | 6585 | SH |  | SOLE |  | 6585 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 434296 | 1992 | SH |  | SOLE |  | 1992 | 0 | 0 |
| VALLEY NATL BANCORP | COM | 919794107 |  | 404350 | 34619 | SH |  | SOLE |  | 34619 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 5571361 | 75739 | SH |  | SOLE |  | 75739 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 441926 | 1819 | SH |  | SOLE |  | 1819 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 444038 | 10902 | SH |  | SOLE |  | 10902 | 0 | 0 |
| VIEMED HEALTHCARE INC | COM | 92663R105 |  | 465512 | 62653 | SH |  | SOLE |  | 62653 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 5436005 | 15500 | SH |  | SOLE |  | 15500 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 465828 | 12529 | SH |  | SOLE |  | 12529 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 441428 | 3880 | SH |  | SOLE |  | 3880 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 958760 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| WESBANCO INC | COM | 950810101 |  | 423444 | 12739 | SH |  | SOLE |  | 12739 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 2997498 | 17400 | SH |  | SOLE |  | 17400 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 444606 | 14630 | SH |  | SOLE |  | 14630 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 427120 | 1759 | SH |  | SOLE |  | 1759 | 0 | 0 |
| ZIFF DAVIS INC | COM | 48123V102 |  | 452837 | 12883 | SH |  | SOLE |  | 12883 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 448018 | 5192 | SH |  | SOLE |  | 5192 | 0 | 0 |
| ZUMIEZ INC | COM | 989817101 |  | 487578 | 18717 | SH |  | SOLE |  | 18717 | 0 | 0 |

---