Our Company

Waterfall Asset Management, LLC is an SEC-registered institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who together have over 60 years of proven ABS/Loan credit analysis, trading, banking and servicing experience. Capasse and Ross started the Asset Finance Group at Merrill Lynch in the 1980s and conducted the first ABS issuances for many of the more than 40 ABS sectors in which Waterfall invests. Waterfall has approximately $11 billion* in assets under management. Waterfall utilizes a relative value approach to investing in structured credit and loan products. Leveraging the extensive experience of its founding partners and talented portfolio managers, the firm sources, analyzes, and purchases ABS and loan investments across multiple sectors globally in an effort to seek an attractive risk/return profile. This multi-sector specialization in both ABS and loans enables Waterfall to seek to provide its clients with attractive, competitive returns that are generally uncorrelated to most traditional investment sectors. Waterfall Asset Management’s headquarter offices are located in New York City.

*estimated as of 7/1/22

  • 1980’s

    Tom Capasse and Jack Ross are early leaders of the ABS market, establishing the ABS desk at Merrill Lynch.

    Capasse and Ross lead the first deals in many of the 40+ sectors being securitized today.

    Advised on and purchase non-performing loan assets from Resolution Trust Corporation.

  • 2005

    Capasse and Ross found Waterfall and introduce the Firm’s High Yield ABS Strategy.
  • 2007

    Waterfall launches its Loan Opportunity Strategy with an initial focus on residential Non-Performing Loans (NPL) and Small Balance Commercial Mortgage Loans. The firm’s assets under management increase to $1 billion AA-rated non-recourse senior noted issued.
  • 2009

    Waterfall introduces separately managed ABS accounts.
  • 2010

    Through its NPL strategy, Waterfall issues non-recourse senior notes secured by NPLs.
  • 2011

    Waterfall launches stand-alone Small Balance Commercial Loan Strategy and issues first SBC ABS since credit crisis.
  • 2015

    Waterfall’s assets under management reach over $5 billion, and the firm’s staff grows to over 70 employees.
  • 2016

    Waterfall establishes a London office. Sutherland Asset Management Corporation, a REIT externally managed by Waterfall, starts trading on the New York Stock Exchange (NYSE: SLD).
  • 2017

    Waterfall’s assets under management reach over $6.5 billion, and the firm’s staff grows to over 100 employees. Waterfall launches a new Private Equity platform focused on the financial services sector.