Highland Falls is the final foal of Round Pond (Awesome Again), a multiple Grade 1 winner who took the Grade 1 Acorn Stakes and, in 2006, the Grade 1 Breeders' Cup Distaff, and was placed in the Grade 1 Apple Blossom Handicap and the Grade 1 Beldame Stakes. Her first foal, Long River (A.P. Indy), was third in the Grade 1 Jockey Club Gold Cup in 2014 and won the Gr.1 Al Maktoum Challenge Round 3 in 2017 as a seven-year-old. She also produced Lake Lucerne (Dubawi), a Listed winner who was placed at Grade 3 level, Holland Park (Tapit), a winner at three who was Listed-placed, and the unraced Tyburn Brook (Bernardini), dam of Speaker's Corner (Street Sense), winner of the Carter Handicap, then a Grade 1, and placed in the Grade 1 Metropolitan Handicap. Round Pond is a half-sister to Drama Lady (Tale Of The Cat), a four-time winner who was Listed-placed.

Second dam Gift of Dance (Trempolino) did not win. Several of her half-siblings won, among them three sires: Pennekamp (Bering), winner of the Gr.1 2000 Guineas, the Gr.1 Dewhurst Stakes and the Prix de la Salamandre, then a Group 1; Nasr El Arab (Al Nasr), who won four Grade 1 races; and Black Minnaloushe (Storm Cat), winner of the Gr.1 Irish 2000 Guineas and the Gr.1 St James's Palace Stakes. The Listed winner Shaal (Lear Fan) is another of her half-siblings.

Third dam Coral Dance (Green Dancer) won three races and was placed in the Gr.1 Prix Marcel Boussac. She is the dam of the multiple Grade 1 winner Nasr El Arab (Al Nasr) and the multiple Group 1 winners Pennekamp (Bering) and Black Minnaloushe (Storm Cat).