Clients
Waterfall Asset Management serves 64 clients, 50 of them pooled investment vehicles. The average client has about $344 million with the firm.
- Investment companies3 clients37%
- Pooled investment vehicles50 clients55%
- Insurance companies11 clients7%
- OtherPension and profit-sharing plans, State or municipal government entities, Corporations and other businesses1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 3 | $8,203,003,772 | 37.2% | $2.73B |
| Pooled investment vehicles | 50 | $12,091,653,690 | 54.9% | $241.8M |
| Pension and profit-sharing plans | Not reported | $1,775,431 | 0.0% | — |
| State or municipal government entities | Not reported | $126,674,736 | 0.6% | — |
| Insurance companies | 11 | $1,611,622,857 | 7.3% | $146.5M |
| Corporations and other businesses | Not reported | $2,935,326 | 0.0% | — |
| Total | 64 | $22,037,665,812 | 100% | $344.3M |
- Clients
- 3
- Regulatory AUM
- $8,203,003,772
- Share
- 37.2%
- Avg. per client
- $2.73B
- Clients
- 50
- Regulatory AUM
- $12,091,653,690
- Share
- 54.9%
- Avg. per client
- $241.8M
- Clients
- Not reported
- Regulatory AUM
- $1,775,431
- Share
- 0.0%
- Avg. per client
- —
- Clients
- Not reported
- Regulatory AUM
- $126,674,736
- Share
- 0.6%
- Avg. per client
- —
- Clients
- 11
- Regulatory AUM
- $1,611,622,857
- Share
- 7.3%
- Avg. per client
- $146.5M
- Clients
- Not reported
- Regulatory AUM
- $2,935,326
- Share
- 0.0%
- Avg. per client
- —
Total
- Clients
- 64
- Regulatory AUM
- $22,037,665,812
- Share
- 100%
- Avg. per client
- $344.3M
What it does
Waterfall Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets, performance-based fees and other arrangements.
Waterfall Asset Management advises 31 private funds.
100.0% of assets ($22.04B across 68 accounts) are managed with discretion. 41% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks1%
- Cash7%
- Other92%
- Asset-backed securities76%
- Derivatives16%
Custodians
Waterfall Asset Management’s client accounts are held mainly at Northern Trust, with 2% of managed assets, and The Bank of New York Mellon, with 2%. Waterfall Asset Management has custody of client assets.
- Northern TrustNorthern Trust Company · Chicago, IL · $474.4M2%
- The Bank of New York MellonThe Bank of New York Mellon · Pittsburgh, PA · $391.4M2%
- Brown Brothers Harriman &Brown Brothers Harriman & Co. · New York, NY · $195.2M1%
- All other custodians$20.98B95%
Ownership and leadership
Waterfall Partners Holdings, LP owns 75% or more of Waterfall Asset Management.
- Owns 75% or more of Waterfall Asset Management, LLC
Waterfall Partners Holdings, LP
Control person · since January 2016
- Owns 25% to 50% of Waterfall Partners Holdings, LP
Thomas Capasse
Control person · since January 2016
- Owns 25% to 50% of Waterfall Partners Holdings, LP
Jack Ross
Control person · since January 2016
Waterfall Partners GP, LLC
General partner · Control person · since January 2016
Leadership
- Brian BreakstoneChief Financial Officer
- Kenneth NickGeneral Counsel, Chief Compliance Officer, Chief Operating Officer
- Thomas CapasseManager
- Jack RossManager
Staff
- 133 employees
- 55 in advisory functions
Reported holdings
Waterfall Asset Management’s reported 13F holdings total $163.4M across 18 positions, and the ten largest make up 80.2% of it.
- $163.4M
- Reported 13F value
- 18
- Positions
- 80.2%
- In the 10 largest
- −8.6%
- Value vs. prior quarter
- Pennymac Corp. · Note 8.500% 6/025.5%
- Avalonbay Cmntys Inc.7.9%
- Camden Ppty TR · SH Ben Int7.8%
- Millrose Pptys Inc. · Com CL A7.7%
- Brightspire Capital Inc. · Com CL A6.9%
- Rithm Capital Corp.6.5%
- Park Hotels & Resorts Inc.6.0%
- Ready Capital Corp.4.2%
- Apple Hospitality REIT Inc.3.9%
- Franklin Bsp Rlty TR Inc.3.8%
Together, the ten largest are 80.2% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $163.4M is not its $22.04B in regulatory assets and does not represent any individual client's portfolio.
Fees
Waterfall Asset Management is paid through a percentage of assets under management, performance-based fees and other.
Waterfall Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Waterfall Asset Management has 0 offices, with 1 listed address in 1 state.
New York · 1 listed address
- 1251 Avenue of the Americas, 50th Floor, New YorkHQ
Registration details
- Legal name
- Waterfall Asset Management, LLC
- Headquarters
- 1251 Avenue of the Americas, 50th Floor, New York, NY 10020
- Phone
- 212-257-4600
- Website
- Not reported
- SEC file
- 801-65087
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Waterfall Asset Management have?
Waterfall Asset Management has 64 clients and manages $22 billion for them, as of July 2026. They include 50 pooled investment vehicles, 11 insurance companies and 3 investment companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 23 July 2026
What services does Waterfall Asset Management offer?
Waterfall Asset Management provides portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Waterfall Asset Management use?
Waterfall Asset Management’s separately managed account assets are held at Northern Trust Company (Chicago, IL), with $474,434,479, The Bank of New York Mellon (Pittsburgh, PA), with $391,419,298 and Brown Brothers Harriman & Co. (New York, NY), with $195,166,760. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 23 July 2026
How many financial advisors does Waterfall Asset Management have?
Waterfall Asset Management has 0 investment adviser representatives registered with state securities authorities, out of 133 employees, and 55 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Waterfall Asset Management invest in?
At the end of its last fiscal year, Waterfall Asset Management’s separately managed accounts held 76% asset-backed securities, 16% derivatives, 7% cash and equivalents and 1% exchange-traded equities. It advises 31 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Waterfall Asset Management?
Waterfall Asset Management is owned through a holding company by Thomas Capasse and Jack Ross. Its direct owner is Waterfall Partners Holdings, LP (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 23 July 2026
How does Waterfall Asset Management get paid?
Waterfall Asset Management is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file