Real Estate-Related Securities

There are real estate-related securities positions in several of C12’s books, including distressed securities, non-distressed debt, event arbitrage, and equity-oriented positions. C12’s approach is opportunistic and flexible – the firm will invest at any part of the capital structure, as well as in non-performing loans. Unlike traditional real estate investors, C12 is drawn to distressed or otherwise unique and complex situations. C12 seeks to apply the same process-driven, active management philosophy that has served the firm well with other asset classes. The firm’s knowledge of the securitized commercial mortgage-backed markets (CMBS) complements C12’s real-estate-related securities efforts and enhances C12’s ability to identify relative-value trades and hedging strategies.