<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/thirteenffiler">
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-HR/A</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001570717</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2024</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2024</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>1</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
      </amendmentInfo>
      <filingManager>
        <name>Waterfall Asset Management, LLC</name>
        <address>
          <com:street1>1251 AVENUE OF THE AMERICAS, 50TH FLOOR</com:street1>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-23794</form13FFileNumber>
      <crdNumber>000137746</crdNumber>
      <secFileNumber>801-65087</secFileNumber>
      <provideInfoForInstruction5>Y</provideInfoForInstruction5>
      <additionalInformation>This amendment is being filed to remove certain positions that were inadvertently reported in the Form 13F-HR Information Table filed on August 13, 2024.</additionalInformation>
    </coverPage>
    <signatureBlock>
      <name>Kenneth Nick</name>
      <title>General Counsel and Chief Compliance Officer</title>
      <phone>(212) 257-4600</phone>
      <signature>/s/ Kenneth Nick</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>08-15-2024</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>5</tableEntryTotal>
      <tableValueTotal>116269167</tableValueTotal>
    </summaryPage>
  </formData>
</edgarSubmission>
