OBRA CAPITAL MANAGEMENT, LLC.

Thesis

Obra Capital Management, LLC is an alternative asset management firm founded in 2009, formerly known as Vida Capital Management, LLC. They specialize in insurance special situations, structured credit, asset-based finance, and longevity, aiming to generate long-term value and attractive returns through commingled funds and separate accounts. Their investment strategies focus on insurance-related assets like life settlements and annuities, as well as multi-sector credit, asset-based opportunistic credit, real estate credit, and institutional credit. Obra Capital employs a fundamental, bottom-up analysis to achieve absolute and risk-adjusted returns, navigating complexity in less crowded market areas. The firm is vertically integrated, with subsidiaries in life settlement provision, insurance, and asset servicing, enabling global investment, origination, structuring, and servicing capabilities. As of April 30, 2026, their AUM was approximately $7.3 billion. They have actively issued over $1.3 billion in CLOs since 2024 and manage structured products ETFs.