Educational tool, not investment advice.

These Terms of Use ("Terms") form an agreement between you ("you," "your") and PLS, LLC, doing business as Waterfalls ("Waterfalls," "we," "us," "our"), the operator of wtrfalls.com and related services (together, the "Service").

By creating an account, uploading a document, saving a scenario, or otherwise using the Service, you agree to these Terms and our Privacy Policy. If you don't agree, please don't use the Service.

Nothing on Waterfalls is investment, financial, legal, tax, or accounting advice. Nothing on Waterfalls is an offer to sell, a solicitation of an offer to buy, a recommendation, or an endorsement of any security, fund interest, sponsor, strategy, or transaction. The Service exists solely to help users understand the mechanics of private-fund waterfalls for educational and research purposes.

We are not a Registered Investment Adviser, a broker-dealer, a FINRA member, a law firm, a CPA firm, a fund sponsor, a placement agent, or a fiduciary. No content on Waterfalls is tailored to your objectives, financial situation, or risk tolerance. Always consult qualified legal, tax, and financial professionals before making any investment decision.

Fund scores, LP-take calculations, cascade charts, and other outputs are modelled from source documents using a standardized, simplified scenario. They are hypothetical estimates — not forecasts, projections, or guarantees — and they may be wrong. Real-world returns depend on the deal, the manager, market conditions, and many terms we cannot observe from a PPM alone.

Private-fund investments are high-risk and illiquid. You can lose some or all of your capital. Past performance is not indicative of future results.

Read before continuing: Our complete disclosures — including risk factors, accredited-investor notice, data-accuracy caveats, jurisdictional limits, and electronic-communications terms — are in our Important Disclosures. By using the Service, you acknowledge you have read and understood them.

Fund economics are extracted from Private Placement Memoranda and other disclosure documents, sometimes uploaded by other users. Documents may be out of date, amended, or superseded; extraction can miss or misinterpret details. We do not independently verify fund data, sponsor claims, or service-provider relationships.

If you spot an error, email us — we'll correct it quickly. If you are the sponsor or a named service provider, you can claim the profile from its detail page to update branding, add a verified bio, and respond to threads.

You must be at least 18 to create an account. One account per person. Keep your credentials secure; you're responsible for actions taken under your account.

You may choose a display name and handle. Handles must not impersonate another person or organization, contain slurs, or violate someone else's trademark. We reserve the right to reclaim or reassign handles that do.

We may suspend or terminate accounts that violate these Terms, abuse the Service, submit fraudulent uploads, or harass other users. You can delete your account anytime (see the Privacy Policy for the process).

When you use the Service, you agree not to:

• ✕Upload PPMs or other documents you don't have the right to share, or that contain personal data you haven't scrubbed.
• ✕Scrape, mirror, or bulk-export Waterfalls data for resale or to rebuild a competing product.
• ✕Interfere with the Service — automated abuse, denial-of-service, reverse-engineering our extraction pipeline.
• ✕Post unlawful, harassing, defamatory, or misleading content in threads or profiles.
• ✕Represent yourself as another user, sponsor, or service provider.
• ✕Use the Service to solicit investments, raise capital, or market financial products.

Civil research, educational use, diligence on funds you're considering, and journalistic use are welcome.

When you upload a PPM — whether signed in or anonymously — you confirm that you have the right to share the document for the purpose of indexing fund economics.

You grant Waterfalls a non-exclusive, royalty-free, worldwide license to (a) store the document, (b) run automated extraction over it, and (c) publish the resulting structured fund data in the Waterfalls index. The original PDF stays in our private storage; we do not republish it.

Three validated uploads unlock one free year of the Analyst tier. "Validated" means the document is a genuine PPM we don't already have in the universe and our extraction pipeline can parse its sponsor, fee schedule, and waterfall structure. The free-year offer is discretionary and may change.

If you upload a document in error, email us and we'll remove it.

You own the scenarios you save, the threads you post, and the notes you attach to watched funds. You grant Waterfalls a non-exclusive, royalty-free, worldwide license to display that content to you, to anyone you share it with (via share link or public thread), and to us for operating the Service.

Public threads and shared scenarios remain visible after you delete your account; you can unshare or delete them individually before deletion.

You're responsible for what you post. Defamatory, harassing, or illegal content may be removed without notice.

Tiers. Basic is free forever. Analyst and Institutional require a paid subscription; see /pricing for current features and prices.

Billing. We use Stripe for all payment processing. Subscriptions auto-renew until cancelled. You authorize us (via Stripe) to charge your payment method for the subscription period you chose.

Cancellation. Cancel anytime from the billing portal. Monthly plans stop at the end of the current period; annual plans stop renewing but your access continues until the paid period ends. No pro-rated refunds, but no lock-in either.

Refunds.We don't issue refunds for partial periods. If we materially break a paid feature and can't fix it, email us — we'll work out a credit.

Price changes.We'll notify signed-in paid users at least 30 days before any price increase on an existing subscription.

The Waterfalls name, logo, site design, scoring methodology, extraction pipeline, charts, and code are ours. You get a limited, non-exclusive, non-transferable license to use the Service in accordance with these Terms — nothing more.

The extracted fund economics dataset is the result of substantial original work. You may reference individual fund pages in articles and research, with attribution. You may not mirror the dataset, train models on it, or build a competing product from it without written permission.

The Service is provided "as is" and "as available", without warranties of any kind, whether express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, non-infringement, or accuracy of data.

Specifically, we do not warrant that fund scores, LP-take calculations, or extracted data are accurate, complete, or current; that the Service will be uninterrupted or error-free; or that any outcome modelled in a scenario will be realized.

To the fullest extent permitted by law, Waterfalls, its operators, affiliates, and contractors are not liable for any indirect, incidental, special, consequential, or punitive damages, or for lost profits, revenues, data, or investment returns, arising from your use of the Service, even if we have been advised of the possibility of such damages.

Our total aggregate liability for any claim arising out of or relating to the Service is limited to the greater of (a) the amount you paid us in the 12 months preceding the claim, or (b) USD $100.

Nothing in these Terms limits liability that cannot be limited under applicable law, including liability for fraud or gross negligence.

You agree to defend and indemnify Waterfalls against claims, damages, and expenses arising out of (a) content you upload or post, (b) your violation of these Terms or of any third-party right, or (c) your investment decisions.

You can stop using the Service at any time. We may suspend or terminate your access if you breach these Terms or if we discontinue the Service. Sections that by their nature should survive termination — disclaimers, limitation of liability, indemnity, dispute resolution, and content licenses for previously-posted content — survive.

These Terms are governed by the laws of the State of Delaware, USA, without regard to conflict-of-laws principles. Any dispute will be resolved in the state or federal courts located in Delaware, and you consent to that jurisdiction.

You agree that any claim must be brought within one year of the event giving rise to it, or be permanently barred.

We may update these Terms from time to time. Material changes will be emailed to signed-in users at least 14 days before they take effect. Continued use of the Service after a change means you accept the updated Terms.