{"url":"https://nivawealth.com/firms/waterfall-asset-management-137746","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/137746","regulatoryAum":22037665812,"crd":"137746","secFileNumber":"801-65087","legalName":"Waterfall Asset Management, LLC","displayName":"Waterfall Asset Management","website":null,"linkedinUrl":"https://www.linkedin.com/company/waterfall-asset-management-llc/mycompany/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"1251 Avenue of the Americas, 50th Floor","city":"New York","state":"NY","stateName":"New York","country":"United States","postalCode":"10020"},"tradeNames":[],"registration":{"secApproved":"9 January 2006","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":133,"advisory":55,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":22037665812,"discretionaryAccounts":68,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":41,"nonAumClients":0},"clientTypes":[{"label":"Investment companies","clients":3,"regulatoryAum":8203003772},{"label":"Pooled investment vehicles","clients":50,"regulatoryAum":12091653690},{"label":"Pension and profit-sharing plans","clients":null,"regulatoryAum":1775431},{"label":"State or municipal government entities","clients":null,"regulatoryAum":126674736},{"label":"Insurance companies","clients":11,"regulatoryAum":1611622857},{"label":"Corporations and other businesses","clients":null,"regulatoryAum":2935326}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Northern Trust Company","shortName":"Northern Trust","location":"Chicago, IL","smaAssets":474434479},{"name":"The Bank of New York Mellon","shortName":"The Bank of New York Mellon","location":"Pittsburgh, PA","smaAssets":391419298},{"name":"Brown Brothers Harriman & Co.","shortName":"Brown Brothers Harriman &","location":"New York, NY","smaAssets":195166760}],"custodyNote":"Waterfall Asset Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Brian Breakstone","title":"Chief Financial Officer","crd":"3050949"},{"name":"Kenneth Nick","title":"General Counsel, Chief Compliance Officer, Chief Operating Officer","crd":"4830797"},{"name":"Thomas Capasse","title":"Manager","crd":"1226229"},{"name":"Jack Ross","title":"Manager","crd":"1342734"}],"ownership":[{"label":"Waterfall Partners Holdings, LP","detail":"Member in the 75% or more ownership band and a control person, since January 2016."},{"label":"Waterfall Partners GP, LLC","detail":"Indirect owner: general partner of Waterfall Partners Holdings, LP and a control person, since January 2016.","parent":"Waterfall Partners Holdings, LP"},{"label":"Thomas Capasse","detail":"Indirect owner: a limited partner of Waterfall Partners Holdings, LP in the 25% to 50% band and a control person, since January 2016.","parent":"Waterfall Partners Holdings, LP"},{"label":"Jack Ross","detail":"Indirect owner: a limited partner of Waterfall Partners Holdings, LP in the 25% to 50% band and a control person, since January 2016.","parent":"Waterfall Partners Holdings, LP"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"officesByState":[{"state":"New York","offices":1,"addresses":[{"street":"1251 Avenue of the Americas, 50th Floor","city":"New York","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"212-257-4600","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees","Other"],"activities":["Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":null,"assetMix":[{"label":"Exchange-traded equity securities","percent":1},{"label":"Derivatives","percent":16},{"label":"Cash and cash equivalents","percent":7},{"label":"Other","percent":76,"detail":"Asset-Backed Securities"}],"privateFunds":31},"sources":{"adv1FilingDate":"23 July 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/137746/PDF/137746.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Waterfall Asset Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Waterfall Asset Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Waterfall Asset Management use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Waterfall Asset Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Waterfall Asset Management invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Waterfall Asset Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Waterfall Asset Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/waterfall-asset-management-137746/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-12","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1570717/000157071726000005/0001570717-26-000005-index.html","totalValue":163425241,"positionCount":18,"top10Share":0.8018151553467803,"top10":[{"issuer":"PENNYMAC CORP","titleOfClass":"NOTE  8.500% 6/0","cusip":"70932AAH6","value":41690232,"shares":41022000,"shareType":"PRN","priorValue":61622621,"priorShares":59319000},{"issuer":"AVALONBAY CMNTYS INC","titleOfClass":"COM","cusip":"053484101","value":12953569,"shares":68650,"shareType":"SH","priorValue":12275753,"priorShares":75150},{"issuer":"CAMDEN PPTY TR","titleOfClass":"SH BEN 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Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}