Our Platforms

	Flagship Direct Lending	Structured Solutions	Sagamore Fund
Structure/Securities	Secured debt (1st lien), unitranche, bridge loans, revolving credit, asset-backed, esoteric assets	Mezzanine debt, preferred and/or minority common equity	Secured debt (1st lien) and unitranche
Typical Investments	$50-500MM revenue $10-40MM EBITDA 3-5x leverage	$20-500MM revenue $5-40MM EBITDA Deal dependent but typically under 75% LTV	$25MM revenue or greater $5-50MM EBITDA Up to 6x leverage
Target	10-12% Gross IRRs	15%+ Gross IRRs, 1.5x MOIC	6-8% Gross IRRs
Representative Transactions	Acquisition Financing Online Media $325 Senior Secured Credit Facility	Growth Capital Cloud Storage $27.5 Venture Debt	Growth Capital Consumer Packaging $50.0 Senior Secured Credit Facility
	Acquisition Financing Online Media $36.0 Senior Secured Credit Facility	Growth Capital Pet Insurance $18.0 Structured Equity Investment	Growth Capital Mobile Health $23.0 Senior Secured Credit Facility
	Acquisition Financing Professional Sports $150.0 Senior Secured Credit Facility	Growth Capital Residential Solar $30.0 Debt and Equity Investment	Growth Capital Food Distributor $29.0 Senior Secured Credit Facility
	Acquisition Financing Money Remittance $86.0 Senior Secured Credit Facility	Growth Capital Online Marketing $30.0 Debt and Equity Investment	Growth Capital Airport Concessions $63.0 Senior Secured Credit Facility
	Acquisition Financing Theme Park $115.0 Senior Secured Credit Facility	Growth Capital Ecommerce $85.0 Debt and Equity Investment	Growth Capital Industrial $30.0 Senior Secured Credit Facility

Flagship Direct Lending

Structure/Securities

Secured debt (1st lien), unitranche, bridge loans, revolving credit, asset-backed, esoteric assets

Typical Investments

$50-500MM revenue
$10-40MM EBITDA
3-5x leverage

Target

10-12% Gross IRRs

Representative Transactions

Acquisition Financing

Online Media

$325

Senior Secured Credit Facility

Acquisition Financing

Online Media

$36.0

Senior Secured Credit Facility

Acquisition Financing

Professional Sports

$150.0

Senior Secured Credit Facility

Acquisition Financing

Money Remittance

$86.0

Senior Secured Credit Facility

Acquisition Financing

Theme Park

$115.0

Senior Secured Credit Facility

Structured Solutions

Structure/Securities

Mezzanine debt, preferred and/or minority common equity

Typical Investments

$20-500MM revenue
$5-40MM EBITDA
Deal dependent but typically under 75% LTV

Target

15%+ Gross IRRs, 1.5x MOIC

Representative Transactions

Growth Capital

Cloud Storage

$27.5

Venture Debt

Growth Capital

Pet Insurance

$18.0

Structured Equity Investment

Growth Capital

Residential Solar

$30.0

Debt and Equity Investment

Growth Capital

Online Marketing

$30.0

Debt and Equity Investment

Growth Capital

Ecommerce

$85.0

Debt and Equity Investment

Sagamore Fund

Structure/Securities

Secured debt (1st lien) and unitranche

Typical Investments

$25MM revenue or greater
$5-50MM EBITDA
Up to 6x leverage

Target

6-8% Gross IRRs

Representative Transactions

Growth Capital

Consumer Packaging

$50.0

Senior Secured Credit Facility

Growth Capital

Mobile Health

$23.0

Senior Secured Credit Facility

Growth Capital

Food Distributor

$29.0

Senior Secured Credit Facility

Growth Capital

Airport Concessions

$63.0

Senior Secured Credit Facility

Growth Capital

Industrial

$30.0

Senior Secured Credit Facility