Fundamental credit and prepay analysis are the bases for investment decisions. Conducted via in-depth review of the collateral and structural features of investment opportunities with the goal of purchasing at a significant discount to fundamental value i.e., margin-of-safety.
High cash flow securities and loans mitigate long-term horizon risk and allow us to define lower bound return targets without a reliance on an exit price. Collateral performance is reported monthly which allow us to compare our assumptions versus actual performance creating a power feedback loop to refine our investment process.
Deep understanding of illiquid, complex, and credit sensitive securities and loans that offer higher risk premium relative to the risk involved.
Our investment approach has been refined over decades of experience in asset selection across the credit and capital structure spectrum.
Lack of price transparency, complex and non-homogenous structures, data sets, servicers and borrower behavior combine to create an inefficient market.
Confidence and conviction in our investment process is paramount in times of distress during which Perini Capital has been a front-line liquidity provider.
Having built relationships with dealers and originators for decades is believed to be a significant advantage for Perini Capital in both the “over-the-counter” RMBS market and the private commercial loan market.
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