# Waterfall Asset Management, LLC

> Waterfall Asset Management, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 23, 2026.

- CRD: 137746
- Filed as: WATERFALL ASSET MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: July 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137746
- AdvisorCensus page: https://advisorcensus.com/firm/waterfall-asset-management-llc-new-york-ny-137746

## Quick answers

**How is Waterfall Asset Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Waterfall Asset Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Waterfall Asset Management, LLC located?**
Waterfall Asset Management, LLC's principal office is in New York, NY, according to its Form ADV.

**Is Waterfall Asset Management, LLC registered with the SEC or a state?**
Waterfall Asset Management, LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137746.

**How much does Waterfall Asset Management, LLC manage?**
Waterfall Asset Management, LLC reports $22,037,665,812 in regulatory assets under management in its Form ADV filing dated July 23, 2026 (100% discretionary).

**How have Waterfall Asset Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Waterfall Asset Management, LLC: Regulatory assets under management: $13,535,666,936 in the October 2021 data and $22,037,665,812 in the October 2026 data, up 63%. Total employees: 147 in October 2021 and 133 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Waterfall Asset Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (50); insurance companies (11); investment companies (3).

**Which custodians does Waterfall Asset Management, LLC use?**
Waterfall Asset Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Brown Brothers Harriman & Co., Northern Trust Company and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets.

**Does Waterfall Asset Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/137746

**What changed in Waterfall Asset Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 53 to 55. Regulatory assets under management went from $25,280,598,586 to $22,037,665,812 (-13%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Brown Brothers Harriman & Co.
- Northern Trust Company
- The Bank of New York Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $22,037,665,812
- Discretionary: $22,037,665,812
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 3 | $8,203,003,772 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 50 | $12,091,653,690 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $1,775,431 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $126,674,736 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 11 | $1,611,622,857 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | Fewer than 5 | $2,935,326 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2006 (20 years)
- Employees: 133 total, 55 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- waterfallam.com
- LinkedIn @waterfall-asset-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $13,535,666,936 | 147 | September 23, 2021 |
| October 2022 | $15,492,278,765 | 171 | May 26, 2022 |
| October 2023 | $16,323,484,877 | 183 | May 26, 2023 |
| October 2024 | $18,607,370,885 | 168 | June 24, 2024 |
| October 2025 | $25,280,598,586 | 141 | March 31, 2025 |
| October 2026 | $22,037,665,812 | 133 | July 23, 2026 |

Regulatory assets under management: $13,535,666,936 in the October 2021 data and $22,037,665,812 in the October 2026 data, up 63%.
Total employees: 147 in October 2021 and 133 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 53 to 55.
- Regulatory assets under management went from $25,280,598,586 to $22,037,665,812 (-13%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Waterfall Asset Management, LLC (CRD 137746): Form ADV filing data as of October 2026.