Investor Contributions Have Exceeded Expectations
and RMBS Continues to Present Investment Opportunities
STEAMBOAT SPRINGS, Colo., May 13, 2024
/PRNewswire/ -- Deer Park Road Management Company, LP ("Deer
Park"), an investment management company with dedicated expertise
in the structured credit markets, today announced an extension of
the Offering Period of Deer Park Mortgage Opportunity Fund I (the
"Fund") to July 1, 2024. The Fund was
launched on January 1, 2024, as a
closed-end fund with a targeted focus on sourcing opportunistic
investments in residential mortgage-backed securities ("RMBS"),
with the goal of realizing long-term capital appreciation and cash
flow from these structured credit investments.
"We have been thrilled with the investor reception to the launch
of the Fund and, to date, investor Committed Capital has exceeded
$165 million and surpassed our
initial expectations," said Scott
Burg, Chief Investment Officer and Managing Partner of Deer
Park. "Since the Fund launch in January, we have been buying
legacy, non-agency RMBS with what we believe to be compelling
return profiles. Even with these recent purchases, we continue to
see additional buying opportunities and decided to extend the
Offering Period to capitalize on the market opportunity and allow
additional capital contributions."
This Fund launch was positioned by Deer Park to target similar
opportunities as those held in the existing portfolios being
managed by the firm, which also maintain significant exposure to
the legacy, non-agency RMBS sector. As of March 31, 2024, Deer Park managed approximately
$3.2 billion in total assets across
its private funds, mutual fund (where Deer Park acts as
sub-adviser), other institutional client-focused "funds of one"
portfolios, and an affiliated asset manager.
Mr. Burg continued, "After the successful launch of our
RMBS-targeted Fund, we are also seeing similar opportunities
present themselves in the distressed commercial mortgaged-backed
(CMBS) sector. In light of the disruption seen in commercial real
estate markets over the past several years, we view this as an
ideal time to invest in discounted CMBS opportunities. Accordingly,
Deer Park plans to announce a CMBS drawdown fund, that we
anticipate will be established in a similar format to the
successful formation of Deer Park Mortgage Opportunity Fund I.
"While the opportunity in legacy RMBS is more timely, we believe
that the disruption in the CMBS market is still in the early
innings and the investment opportunities are expected to play out
over the next several years. Our trading team's knowledge and years
of experience put us in an ideal position to provide access to what
we believe are attractive risk-adjusted return opportunities for
our investors."
The Fund is available to qualified and accredited investors and
requires a $250,000 investment
minimum and an anticipated 5-year term. Investors interested in
learning more about either of these strategies are encouraged to
contact Deer Park's investor relations representatives listed
below.
CONTACT
Scott Gibson, Head of Investor
Relations
970-457-4350
sgibson@deerparkrd.com
Michael Steinberg, CFA, Managing
Director Business Development
970-367-8586
msteinberg@deerparkrd.com
About Deer Park Road Management Company
Deer Park Road Management Company is an alternative asset
management firm based in Steamboat
Springs, Colorado with total firm-wide assets including the
assets under management of Deer Park Road Management Company, LP
and committed capital for a fund managed by an affiliated asset
manager, Bangtail Management LP of approximately $3.2 billion as of March
31, 2024. Deer Park was founded by Michael Craig-Scheckman in 2003 with
Scott Burg, Chief Investment Officer
and Managing Partner, joining the Firm in 2010. Deer Park offers
institutional and individual investors from around the globe a
range of investment funds to meet their specific needs and
objectives, including its flagship hedge fund, a daily liquidity
mutual fund, and other institutional client-focused "funds of one"
portfolios. For more information visit www.deerparkrd.com
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SOURCE Deer Park Road Management Company