STRATEGY
We are an SEC-registered investment adviser that specializes in asset-backed specialty finance across private and public credit markets.
Public Credit
An active management approach to short-duration, investment grade Asset-Backed Securities allows us to earn an attractive risk-adjusted return.
Investment Grade
Target AAA to BBB rated asset backed securities which we believe can withstand losses in excess of the global financial crisis.
can purchase assets with minimal duration extension risk.
Liquid & Senior
By staying senior in the capital stack in sequential pay bonds with short underlying assets, we
can purchase assets with minimal duration extension risk.
Income Generating
10-15% of the book cash flows per month, creating a high cash flow book that allows us to adjust to changing market conditions.
Simple Structure
Focus on structures with minimal ability to extend. Current pay (monthly principal amortization) and high carry.
advantage of the yield curve.
Optimized Duration
Select duration at the optimal point of the yield curve to manage reinvestment risk and take
advantage of the yield curve.
Private Credit
Provide balance sheet capital to high-growth, tech-enabled financing companies to help them scale and launch products.
Asset-Backed
Asset purchase agreements and financing structures feature direct asset exposure, allowing for performance visibility, underwriting oversight, and downside protection across economic environments.
Collateral and Counterparty Diversity
Investments in our finance portfolios are across multiple asset classes, often composed of thousands of underlying assets, that originated over time. Such diversity helps reduce exposure to idiosyncratic and macroeconomic risks.
that cash flow immediately, allowing the portfolio to evolve quickly to capitalize on new opportunities or respond to economic cycles.
Short Duration + Cash Flow
Investments are typically structured to target shorter durations with underlying financial assets
that cash flow immediately, allowing the portfolio to evolve quickly to capitalize on new opportunities or respond to economic cycles.
High Growth Operators
We seek out long-term partnerships with high-growth operators who differentiate within their sourcing, technology, operations, and underwriting.