In Real Time: Recent Episodes
Benefit Street Partners
Mike Comparato returns to In Real Time and wraps up his discussion regarding the real estate debt landscape. Listen as he expands on:
- Total return for real estate debt vs. real estate equity investments
- Return to in-office work environments
- Favorable property type sectors
- Strengths and weaknesses of middle market ($15M to $75M sized deals)
- Integration of asset management with the investment process
Disclaimer:
Views expressed are those of BSP, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training and does not mean the SEC has approved of the services of the investment adviser. Past performance is not necessarily indicative of future results and returns are not guaranteed. All investments involve risks, including possible loss of principal. Allocations will change over time.
This communication is general in nature and provided for educational and informational purposes only. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
In Episode 9 of "In Real Time" we speak with Benefit Street Partner’s head of real estate, Mike Comparato, on the real estate debt landscape.
Key topics covered:
- Current events and macro views
- Effectively utilizing leverage for senior debt positions
- What are commercial real estate collateralized loan obligations (CRE CLO)
- Lessons learned from 2020
Disclaimer:
Views expressed are those of BSP, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training and does not mean the SEC has approved of the services of the investment adviser. Past performance is not necessarily indicative of future results and returns are not guaranteed. All investments involve risks, including possible loss of principal. Allocations will change over time.
This communication is general in nature and provided for educational and informational purposes only. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Heidi Kormann returns for part II of Episode 7 and discusses the challenges and upsides of multifamily portfolio management during the ongoing pandemic.
Key topics covered:
- Biggest challenges (and surprising upsides) Multifamily portfolio managers encounter during COVID-19
- Industry rent collection and occupancy trends since March
- Best practices gained from third-party property managers
- Communication with residents
Information provided as of 10/5/2020. For more information please visit www.broadtreeresidential.com
View expressed are those of Benefit Street Partners, L.L.C. Information presented is not investment, financial, legal, or tax advice and has been prepared without reference to any reader’s investment profile or financial circumstances. You should obtain financial and tax advice and conduct diligent investigation of information material to you before making any investment decision.
Past performance is not necessarily indicative of future results. All investments involve risks, including the possible loss of principal.
Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure. It is designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Our core multifamily investment strategy focuses on delivering total return throughout all economic cycles. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
Broadtree, which is externally managed by Benefit Street Partners, L.L.C. remains open for investment by accredited investors only, with a minimum initial investment of $200,000. Offers to sell interests in BTR are made exclusively through BTR’s Private Placement Memorandum (“PPM”). Offers, solicitations, and sales are not made in jurisdictions where not lawful or prohibited. An investment in BTR’s securities involves significant risks. Before deciding to invest in BTR, prospective investors should pay attention to the risk factors found in the PPM.
In Episode 8 of In Real Time, we speak with Brian Buffone, Managing Director, and head of equity investments for commercial real estate at BSP. Brian discusses the primary differences between interval funds and REIT ETFs in terms of liquidity, volatility, and risk return.
Primary differences covered:
- Levels of liquidity
- Volatility related to COVID-19
- Asset types
- Long-term vs. short-term investments
*Views expressed are those of BSP. Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. An investment in interval funds is not suitable for all investors. Interval funds have limited liquidity and should be viewed as a long-term investment. Investors should carefully read a fund's prospectus and consider its repurchase policy. There is no guarantee that investors will be able to sell interval fund shares at any given time or in the quantity they desire. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This communication is general in nature and provided for educational and informational purposes only. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
In Episode 7 of In Real Time, we speak with Heidi Kormann, Managing Director, Real Estate at BSP. Heidi discusses the changes and impacts of COVID-19 on the multifamily investing space and where it may be headed.
Key topics covered:
- How do the last six months compare to Multifamily pre-COVID?
- How have government programs impacted the performance of multifamily assets?
- Impact of new rules and programs directed toward multifamily
- Multifamily as an asset class as the pandemic continues with uncertain
Views expressed are those of BSP. *Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
In Episode 6 of In Real Time, we speak with Ray Costa, Managing Director, Corporate Credit at BSP. Ray discusses where we believe we are with the current dislocation and if opportunity still remains for investors.
Key topics covered:
- Current market dislocation in comparison to previous periods of tumult
- Has the investment opportunity passed us by?
- Mechanics of deal sourcing in a special situations practice
- Are certain sectors preferred for BSP?
Views expressed are those of BSP. *Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
In Episode 5 of In Real Time, we speak with Brian Buffone, Managing Director, and head of equity investments for commercial real estate at BSP. Brian discusses interval funds, and illustrates what makes them appealing as a portfolio manager and the potential benefits for individual investors.
Key topics covered:
- Interval funds: what are they and how they work
- Attributes of interval funds
- Opportunities & challenges
- Prevalence of interval funds in the market
Views expressed are those of BSP. *Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives. Diversification does not ensure a profit or guarantee against a loss.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
In Episode 4, we speak with Larry Zimmerman, Managing Director, Corporate Credit at BSP. Larry discusses BSP's private debt strategy and the impact of COVID-19 on current deal sourcing opportunities.
Key topics covered:
- How BSP differentiates from other potential buyers in competitive deal sourcing
- COVID-19's impact on the private credit space, and how it might impact the space going forward
- Comparison of the current environment to historical periods of dislocation
- Attractive qualities of the private credit space in comparison to other institutional asset classes
*Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
In this short 5 1/2 minute Episode of In Real Time, we speak with Shane Clifford, Senior Managing Director, Alternative Strategies of Franklin Templeton. Shane discusses the evolution of alternative investments in the retail space.
Key topics covered:
- How Shane stays current on trends in retail wealth management and alternative investments.
- The challenges institutional managers face when bringing alternative strategies to the retail investor and how is Benefit Street Partners is responding to those challenges.
- Interesting recent developments in the alternative investment realm for retail clients.
*Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
Join Rich Byrne, BSP's President as he answers questions regarding the impact of Covid-19 on the private credit space. This is a quick flash interview, only 7 minutes in length.
*Past performance is not necessarily indicative of future results. All investments involve risks, including possible loss of principal. There can be no assurance that an investment will be able to implement its investment strategy and achieve its investment objectives.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.*
COVID-19: Discussion of the Economic Environment and Impact on the Multifamily Sector
Listen as Benefit Street Partners' Managing Director and Head of Real Estate,Mike Comparatoanswers questions on the broader real estate space, and specifically within the multifamily sector, where the firm participates actively as a debt and equity investor.