Private Capital

Specialty Finance Platforms

Capital and partnership for niche mortgage, credit card, auto, home equity, and consumer lenders.

  • Equity, mezzanine, and convertible debt
  • Forward-flow agreements to support growth
  • Whole loans, receivables, and mortgage servicing rights
  • Corporate and asset joint ventures with strong management teams
Public & Private Markets

Opportunistic Structured Credit

Investing when market prices move away from intrinsic value, as they did in 2008 and March 2020.

  • Subordinate ABS and RMBS securities
  • Mortgage loans and consumer receivables
  • REIT preferred stock
  • Assets from distressed warehouses and fund liquidations
Public Partnerships

Public-Private Partnerships

Partnering with public entities that need capital and private-sector expertise. Our principals co-managed a fund under the US Treasury's Public-Private Investment Program.

  • Housing and community development
  • Environmental remediation and energy
  • Transportation and underserved communities
Public Markets

Value-Oriented Public Equities

Investing in publicly traded companies that trade below our view of intrinsic value. We focus on sectors where our principals' decades of credit and operating experience give us an edge, and on businesses with durable cash flows, strong balance sheets, and a record of returning capital to shareholders.

  • REITs: mortgage, specialty, and equity REITs, where our principals have served as public-company officers and directors
  • Tobacco: established companies with steady cash generation and long dividend histories
  • Financial services: specialty finance companies, consumer lenders, and other financial firms we know from our credit work
  • Bottom-up fundamental research and valuation discipline
Investment Themes

Themes we invest around

Our sourcing starts from long-term trends that shape where capital is scarce, where it is mispriced, and where demand is shifting.

  • Scarcity of attractive, stable assets
  • Capital distortions from fiscal and monetary stimulus
  • Demographic shift to Millennials and Gen Z
  • Rise of fintech, AI and challenger lenders
  • Growth in public and private debt
  • Return of geopolitical and regulatory risk