We believe that our specialized roots, combined with a long history as a capital markets participant as both an issuer and a lender, positions Obra well to create value.
Multi-sector Credit
Our leadership team has a longstanding presence in structured markets as investors and managers.
Our strategies aim to create relative value through a multi-dimensional underwriting process and mitigate downside risks through thoughtful structuring to achieve asymmetric outcome profiles.
Our multi-dimensional risk assessment and underwriting process includes portfolio asset underwriting, manager and counterparty behavior assessment, structural review, and alternative assessment.
We believe that our specialized roots, combined with an investment team’s extended history as a capital market participant in securitized markets, position us well to create value.
The Obra team has experience managing insurance assets, with a demonstrated ability to employ sustainable, long-term asset-liability matching strategies which seek to optimize risk-adjusted returns.
We believe our product set is well-suited for insurance portfolios, as the esoteric nature of investments offers potentially high returns, while their structured nature more closely resembles the risk and ratings of Investment grade corporate fixed income products.
Institutional Credit
Institutional credit
Obra Institutional Credit, LLC (“OIC”) is Obra’s leveraged finance focused subsidiary that concentrates on CLO Management, High Yield Asset Management, and published investment research.
Our institutional credit strategies combine fundamental research and analysis with quantitative scoring and tools. Our underwriting and defensive tilt have resulted in index beating performance and muted drawdowns over time.
Our proprietary forward-looking default risk and loan recovery rankings allow us to attempt to understand credit paths and implications resulting in defensive portfolio management recommendations.
We believe that combining our experience, established research platform, and proprietary default risk and recovery ranking methodologies result in a complementary investment process that provides an offering in the CLO and broader leveraged finance markets.
Asset-Based Opportunistic Credit
Our asset-based Opportunistic Credit strategies strive to be cycle-agnostic and produce non-correlated returns by offering principal-protected returns through market cycles.
We look for assets that perform based on contractual outcomes and/or the operational efficiency of an originator rather than macro outcomes outside of our control and analysis.
Our strategy seeks to take advantage of areas with capital scarcity, identify niche areas where investments are not correlated to general macro themes, and find opportunities where there are broad societal and economic changes occurring.
Obra’s in-house sourcing and structuring allow us to look at multiple capital pools and different pricing points, tenors, and credit profiles.
The strategy has a portfolio mix that includes alternative credit, real assets, and corporate credit products.
Alternative Credit
Insurance-linked lending
Legal finance
Royalties
Marketplace lending
Real Assets
Asset-based lending
Real estate debt
Leasing (aircraft, equipment, other)
Infrastructure
Corporate Credit
Senior corporate lending
Mezzannine corporate lending
Structured corporate (CLO debt and equity)
Venture debt
Real Estate Credit
Obra real estate
A Nationwide Direct Commercial Real Estate Lender
Obra Real Estate, LLC (“ORE”) is a commercial real estate (“CRE”) firm with a specialized approach to bridge lending. Obra's real estate lending strategy seeks to generate risk-adjusted returns and predictable cash flow by investing in short-duration first lien commercial real estate debt. Our team has over a decade of investment experience in the origination, underwriting, structuring, and servicing of CRE loans with a track record across a breadth of CRE debt transactions.
Our focus is on small-to-medium sized senior loans in the lower-middle market transactions where sophisticated investors desire institutional capital for transitional assets. We believe this is a relatively uncrowded market – local and regional banks, historically the largest lenders in the space, have considerably slowed their lending here and most new commercial real estate credit funds focus on larger-balance loans.
Primary strategies include value-add loans, bridge loans, and special situations.
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