Investment adviser · CRD 137746

WATERFALL ASSET MANAGEMENT, LLC

Investment adviser filing (IA)

NEW YORK, NY, United States · Form ADV filed Jul 23, 2026

Regulatory AUM: $22B
Client accounts: 68
Employees: 133
Advisory professionals: 55

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	50	$12,091,653,690	54.9%
Investment companies	3	$8,203,003,772	37.2%
Insurance companies	11	$1,611,622,857	7.3%
Government entities	Fewer than 5	$126,674,736	0.6%
Corporations & businesses	Fewer than 5	$2,935,326	0.0%
Retirement plans	Fewer than 5	$1,775,431	0.0%

Filing source

Form ADV 2120325 · Jul 23, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

37 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

WATERFALL EDEN MASTER FUND, LTD.Hedge Fund · Last reported Jul 23, 2026$2.58BGross asset value

Feeder funds

Fund administrator U.S. BANK GLOBAL FUND SERVICES (CAYMAN) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP NEW YORK, New York, United States

Custodian CITIBANK, NA NEW YORK, New York, United States Related to adviser: No

Custodian COMPUTERSHARE LOUISVILLE, Kentucky, United States Related to adviser: No

Custodian JP MORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Custodian WELLS FARGO BANK, NATIONAL ASSOCIATION MINNEAPOLIS, Minnesota, United States Related to adviser: No

Marketer CAIS CAPITAL LLC NEW YORK, New York, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

DELOITTE & TOUCHE LLP
PCAOB 34

CITIBANK, NA
LEI E57ODZWZ7FF32TWEFA76

COMPUTERSHARE
LEI 254900Y7PP3ZED9AUY94

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

WELLS FARGO BANK, NATIONAL ASSOCIATION
LEI KB1H1DSPRFMYMCUFXT09

CAIS CAPITAL LLC
CRD 154512 · SEC 8-68646

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-4120410215
Reported beneficial owners: 307
Minimum commitment: $1M
Form D file number: 021-81717
Form D file number: 021-95982

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

LAKE CASCADE FUND, LPHedge Fund · Last reported Jul 23, 2026$1.89BGross asset value

Fund administrator CITCO FUND SERVICES NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: No
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-2732454440
Reported beneficial owners: 2
Minimum commitment: $0

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATERFALL VICTORIA MASTER FUND, LTD.Hedge Fund · Last reported Jul 23, 2026$1.53BGross asset value

Feeder funds

Fund administrator U.S. BANK GLOBAL FUND SERVICES (CAYMAN) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands

Custodian CHRISTIANA TRUST WILMINGTON, Delaware, United States Related to adviser: No

Custodian CITIBANK, NA NEW YORK, New York, United States Related to adviser: No

Custodian JP MORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Custodian TEXAS CAPITAL BANK DALLAS, Texas, United States Related to adviser: No

Custodian U.S. BANK TRUST N.A. MINNEAPOLIS, Minnesota, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE & TOUCHE LLP
PCAOB 1096

CHRISTIANA TRUST
LEI 2138002IC53Z6JN5SX98

CITIBANK, NA
LEI E57ODZWZ7FF32TWEFA76

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

TEXAS CAPITAL BANK
LEI 38PG5GG0OEQK4QMSKE59

Fund details & source

Fund ID: 805-2564738507
Reported beneficial owners: 148
Minimum commitment: $1M
Form D file number: 021-106487
Form D file number: 021-139406
Form D file number: 021-154781

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATERFALL SANDSTONE FUND, L.P.Hedge Fund · Last reported Jul 23, 2026$921MGross asset value

Form D fundraising filings

Waterfall Sandstone Fund, L.P.

Fund administrator U.S. BANK GLOBAL FUND SERVICES (CAYMAN) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands

Custodian COMPUTERSHARE LOUISVILLE, Kentucky, United States Related to adviser: No

Custodian JP MORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE & TOUCHE LLP
PCAOB 1096

COMPUTERSHARE
LEI 254900Y7PP3ZED9AUY94

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-4489347300
Reported beneficial owners: 3
Minimum commitment: $0
Form D file number: 021-222156

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATERFALL EAGLE FUND, LLCHedge Fund · Last reported Jul 23, 2026$867MGross asset value

Form D fundraising filings

Waterfall Eagle Fund, LLC

Fund administrator US BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP NEW YORK, New York, United States

Custodian COMPUTERSHARE LOUISVILLE, Kentucky, United States Related to adviser: No

Custodian JP MORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE & TOUCHE LLP
PCAOB 34

COMPUTERSHARE
LEI 254900Y7PP3ZED9AUY94

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-1546390505
Reported beneficial owners: 2
Minimum commitment: $0
Form D file number: 021-451429

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATERFALL SANDSTONE OPPORTUNITY FUND, L.P.Hedge Fund · Last reported Jul 23, 2026$652MGross asset value

Fund administrator U.S. BANK GLOBAL FUND SERVICES (CAYMAN) LIMITED GRAND CAYMAN, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE & TOUCHE LLP
PCAOB 1096

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-1655220077
Reported beneficial owners: 11
Minimum commitment: $0

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATERFALL ROCK ISLAND, LLCHedge Fund · Last reported Jul 23, 2026$606MGross asset value

Fund administrator U.S. BANCORP FUND SERVICES, LLC MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE LLP NEW YORK, New York, United States

Custodian COMPUTERSHARE LOUISVILLE, Kentucky, United States Related to adviser: No

Custodian JP MORGAN CHASE BANK, N.A. NEW YORK, New York, United States Related to adviser: No

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE & TOUCHE LLP
PCAOB 34

COMPUTERSHARE
LEI 254900Y7PP3ZED9AUY94

MORGAN STANLEY & CO. LLC
SEC 8-15869

NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-4861671856
Reported beneficial owners: 2
Minimum commitment: $0

Form ADV 2120325 · Jul 23, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Jul 23, 2026. View historical filings

Reported services

Investment company portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

1251 AVENUE OF THE AMERICAS, 50TH FLOOR
NEW YORK, NY, 10020, United States

CRD 137746

Filing source

Form ADV 2120325 · Jul 23, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.