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<!--Generated by Broadridge Transform (tm) - http://www.broadridge.com-->
<!--Created: Mon Aug 31 20:13:17 UTC 2026-->
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      <liveTestFlag>LIVE</liveTestFlag>
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      <periodOfReport>06/30/2026</periodOfReport>
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>WATERFALL ASSET MANAGEMENT, LLC</name>
        <phoneNumber>(212) 257-4600</phoneNumber>
        <address>
          <common:street1>1251 AVENUE OF THE AMERICAS, 50TH FLOOR</common:street1>
          <common:city>NEW YORK</common:city>
          <common:stateOrCountry>NY</common:stateOrCountry>
          <common:zipCode>10020</common:zipCode>
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        <reportType>INSTITUTIONAL MANAGER NOTICE REPORT</reportType>
        <noticeExplanation>REPORTING PERSON DID NOT EXERCISE VOTING</noticeExplanation>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-23794</fileNumber>
      <reportingCrdNumber>000137746</reportingCrdNumber>
      <reportingSecFileNumber>801-65087</reportingSecFileNumber>
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      <reportingPerson>WATERFALL ASSET MANAGEMENT, LLC</reportingPerson>
      <txSignature>Kenneth Nick</txSignature>
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      <txTitle>General Counsel, Chief Compliance Officer, and COO</txTitle>
      <txAsOfDate>08/31/2026</txAsOfDate>
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