Thematic value investing the market overlooks.
The downside is where capital actually gets lost. Most allocators acknowledge this. We built ORC's diligence framework around relentlessly protecting capital above all.
Every deal runs through the same scorecard. Numerous weighted dimensions, declination triggers, and three scenario models. If a deal trips a single declination trigger (debt structure too aggressive, basis above market comps, sponsor background unclear), we pass without further analysis.
Deals that clear get scored across market fundamentals, operator quality, basis and margin of safety, cash flow and debt structure, returns profile, and exit defensibility. Each dimension graded against our rigorous standards. Total score must clear our threshold or we pass.
The questions behind the framework:
If any answer is no, we move on. And the vast majority of deals we review don't clear.
Click any category to read the full thesis.
A 5M+ unit US shortage in the asset class no one builds anymore. We invest in Class B multifamily and mobile home parks in supply-constrained Midwest and Sunbelt markets, below replacement cost, with cash flow on day one.
Read the full thesisUncorrelated yield in places traditional credit can't reach. Deals too small, too niche, or too unconventional for standard committees. Asymmetric risk-reward, capital protected first.
Read the full thesisPrime niches institutional capital hasn't reached yet. Special situations with asymmetric upside. We commit only when the math is undeniable.
Read the full thesisBook a 25-minute strategy session to share your goals and see how we might help you build durable income and tax-efficient wealth.
