DEER PARK ROAD MANAGEMENT COMPANY, LP

Thesis

Their investment thesis centers on a deep-value fundamental analytic approach to identify high-cash flow credit investments, seeking relative value opportunities and market dislocations across the credit spectrum. They emphasize risk management and capital preservation, aiming to perform across various credit cycles. Core areas include Residential Mortgage-Backed Securities (RMBS), Commercial Mortgage-Backed Securities (CMBS), and Asset-Backed Securities (ABS), alongside long-only and multi-strategy high-yield credit, distressed credits, and control positions. Their 'Alternatives' strategy encompasses long/short equity, minerals & miners, mortgage REITs, CMBX, and derivatives. More recently, they have ventured into private equity with a single-family rental/co-living partnership and a home opportunity fund. The flagship STS Master Fund employs a predominantly buy-and-hold approach for deeply discounted, high-cash flow securitized and other credit investments. They also manage dedicated funds like the Deer Park Mortgage Opportunity Fund I and the Commercial Mortgage Opportunity Fund I (CMOF). AUM has varied, with reported figures including $4.8 billion as of April 30, 2022, and $3.4 billion in 2024. Typical check size information is not publicly available.