Sourcing
Opportunities come from long-standing relationships with operators, brokers, lenders, and owners — often assets we have followed for years before they become available. We prefer knowing a market well over seeing every deal in it.
Our process
Eight steps, each with a written output.
No opportunity advances to the next stage until the work of the current one exists on paper. That is what makes our reasoning reviewable.
End to end
From first look to long-term ownership.
Our process is intentionally sequential. Each stage has an output, and no opportunity advances until that output exists in writing.
Initial screen
A short, structured assessment against our core criteria: is the asset tangible, is its function essential or durable, is the cash flow explainable, and is the basis defensible? Most opportunities end here, which is intended.
Underwriting
Detailed financial modeling with an explicit base case and stress case. We identify the handful of assumptions that actually determine the outcome and subject those to the heaviest scrutiny.
Diligence
Legal, physical, environmental, and operational verification. Site visits, third-party reports, title and contract review, counterparty assessment, and confirmation that what we believe about the asset is documented rather than assumed.
Review and approval
A written recommendation is presented for challenge. Reviewers are expected to argue the other side. Approval requires that the stress case remain acceptable, not merely that the base case look attractive.
Structuring and close
Ownership form, security interests, covenants, reserves, insurance, and governance rights are set to reflect the risks identified in diligence. Documentation is where protection is either created or lost.
Asset management
Active ownership: maintenance planning, capital projects, tenant and counterparty relationships, operating oversight, and regular comparison of actual performance against the original underwriting.
Realization
We evaluate sale, refinancing, recapitalization, or continued hold on the merits at the time. Having multiple paths available is what allows the decision to be made on reasoning rather than necessity.
Documentation
Every stage leaves a record.
Written outputs at each step create an auditable trail: what we believed, what evidence supported it, who challenged it, and what we decided. That record is what makes post-investment review meaningful rather than anecdotal.
Compliance framework
Review
We grade our own work.
Investments are reviewed after the fact against their original thesis. Where results differed from expectations — better or worse — we examine whether the reasoning was sound and the outcome uncertain, or whether the process itself needs adjustment.
Investment strategy