We buy what other people have given up on — defaulted notes, projects that ran out of money, and buildings running at half their potential.
Holds. Owns hard assets that hold value when currency doesn't. Rents reset, replacement costs rise, and land doesn't disappear. This is the layer built for the long horizon.
We buy distressed and value-add — assets priced below what the collateral is worth or below what it would cost to build. The margin of safety is in the basis, not the forecast.
Real estate is illiquid; exits take months, not days. Distressed workouts run longer than modeled. Development carries construction and entitlement risk. Local markets can stay soft for years.
Buy at a discount to collateral or replacement cost, use minimal leverage, and never structure so that time forces our hand.
Two ways in, one discipline. Go where the difficulty is, pay a price that assumes things go wrong, and do the work that makes the asset worth something again.
Non-performing first-lien mortgages on 1–4 family and small multifamily — individually or in pools, including reverse mortgage NPLs.
We buy at a discount to the collateral, then find out what's really going on: who's in the house, whether the borrower is living, whether an estate was ever opened. Foreclosure is the last option, not the plan — reinstating a borrower is usually our best economic outcome too.
A large share of these files involve a deceased borrower or heirs who don't know what they've inherited. Standard servicing has no answer for that, so we built our own: probate and heir research, chain-of-title reconstruction, lien mapping. It's the reason we can buy files other people pass on.
Research, not legal advice. Title and estate conclusions are made by qualified counsel in the relevant jurisdiction.
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READ THE FULL BREAKDOWNWe build and improve property where the upside is something we control — an entitlement gap, a capital gap, a building worth saving, or an asset running below its potential. Multifamily, mixed-use, and industrial.
Selective by design: proven local partners, minimal leverage, and demand that already exists. If we can't name the specific work that creates the value, we pass.
A 180-unit multifamily community north of Houston. [One to two sentences on stage and why this site.]