Loans are shown under their project code names. Terms are as of closing.
The twelve at a glance
| # | Loan | Strategy | Collateral | Size | Leverage | Rate |
|---|---|---|---|---|---|---|
| 1 | Juniper | Real estate bridge (lease-up) | 248-unit apartments, Charlotte | $30.5M | 68% LTC / 64% LTV | S+675 |
| 2 | Saguaro | Construction completion | Small-bay industrial, Phoenix | $29.0M | 69% LTC / 60% LTV | S+725 |
| 3 | Magnolia | Fast-close acquisition | Grocery-anchored retail, Atlanta | $24.0M | 68% LTC / 63% LTV | S+650 |
| 4 | Heritage | Family buyout, portfolio loan | 14 industrial buildings, Columbus | $32.7M | 63% LTV | S+625 |
| 5 | Harborlight | Selective mezzanine | Full-service hotel, Nashville | $11.5M | 63% combined LTV | 12.5% fixed |
| 6 | Orchard | ABL growth facility | Receivables, inventory, equipment (DFW food maker) | $25.0M | 85% of receivables / NOLV inventory | S+600 / S+750 |
| 7 | Anvil | Turnaround term loan with PIK | Plant and CNC machines, Wichita | $26.0M | 61% of collateral | S+850 |
| 8 | Keystone | NAV loan | Buyout fund portfolio (8 companies) | $40.0M | 13% LTV | S+650 |
| 9 | Ledger | Lender finance | Pool of first-lien bridge loans | $40.0M | 65% advance (about 40% look-through) | S+600 |
| 10 | Meridian | Royalty monetization | Pharma royalty | $30.0M | 42% of royalty value | 11.75% fixed |
| 11 | Lattice | Contract and equipment | GPUs and a take-or-pay contract | $32.0M | 55% LTC | S+750 |
| 12 | Beacon | Receivables ABL for a buyout | Federal receivables, Northern Virginia | $18.0M | Drawn = 65% of receivables | S+600 |
The common thread
Every loan above has the same five ingredients:
- A reason a bank can’t solve it quickly: time pressure, complexity or a broken covenant.
- Collateral we can value and would be willing to own.
- A clear path to repayment: a refinance, a sale, contract cash flows or receivable collections.
- Sponsor equity or structural cushion beneath our dollar.
- Terms that tighten automatically if things go wrong: cash sweeps, triggers, step-in rights and guaranties.
That combination is what we mean by “capital first, yield second.”
Loans we pass on
- A $3M loan on a single-tenant net-lease building: below our $5M minimum.
- A cash-out refinance at 75% LTV that leaves the sponsor with no equity in the deal: it fails our 65% LTV limit and the capital-first principle.
- Unsecured or recurring-revenue loans to software companies with no hard assets behind them.
- Ground-up speculative office in a soft market, because there’s no clear exit.
- A second lien behind a bank with no cure rights or right to buy the senior loan: mezzanine without control.
- Anything outside the United States.
See our criteria and all our transactions.
This case study is provided for information only. It is not an offer of securities or investment advice, and targeted results do not indicate future results.