Buying one loan and buying a thousand are not the same exercise. The discipline scales differently — and so does the risk profile.
Single-name acquisitions allow deep, asset-by-asset underwriting. Each loan is fully understood, each collateral is inspected, each procedural variable is modeled. The price reflects conviction.
Portfolio acquisitions trade depth for breadth. The buyer underwrites the statistical distribution rather than the individual outcome. This is a different competency — credit modelling, recovery analytics, servicing capacity.
Both strategies have institutional logic. They simply require different infrastructures. Treating a portfolio as twelve single names will underperform. Treating a single name as one twelfth of a portfolio will mis-price it.
Our practice is built around single-name discipline with selective portfolio exposure where the underlying assets warrant aggregate analysis. We do not stretch the framework to fit the deal.