Driven by Excellence

Driven by Excellence

Waterfall was founded in 2005 by Jack Ross and Tom Capasse, who established Merrill Lynch’s ABS Group in the 1980s. Members of the senior team were early participants in many of the asset finance sectors the firm now targets. Since our founding, we have grown to more than 170 employees across our New York City headquarters and offices in London and Dublin.   Institutional investors comprise approximately 90 percent of Waterfall’s client-base, including a broad range of public and corporate pensions, endowments, foundations, sovereign wealth funds, insurance companies, and family offices.

Progress and Achievement

1970s – 1990s

Future founders Jack Ross and Tom Capasse build the Merrill Lynch Asset Finance business by creating some of the first securitizations in many of the sectors that exist today


Flagship loan strategy launches


Over $5B in assets with 70 firm professionals


Private equity strategy focused on lower middle-market financial services launches


Commercial real estate equity strategy (Atlas Fund) and CUSIP dislocation fund strategy launches


Jack Ross and Tom Capasse found Waterfall


Flagship high yield asset-backed credit strategy launches


Stand-alone small balance commercial loan strategy launches


Sutherland spins off with $55M in assets by year-end


London office opens


Ready Capital REIT begins trading on the NYSE (Ticker: RC) with over $500M in assets


More than $10B in assets with 171 firm professionals


Ready Capital reaches $2.8B capital and becomes the fourth largest commercial mortgage REIT