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Integrated Investment Platforms

Residential Opportunities

Since 2008, our Residential Opportunities team has continued to build upon its extensive knowledge and experience in residential debt.

Our Residential Opportunities strategies seek to drive value through a combination of capital appreciation and current income, investing primarily in mortgages, loans, and real assets, and leveraging our proprietary asset management platforms to enhance performance.

Mortgage Credit

Delamere Management Investment (DMI) is a tenured investor in the global residential asset class with an experienced, dedicated team focused on investing in the United States and Western Europe mortgage sectors. Throughout our history, we have worked to identify compelling risk-adjusted investments across various market cycles.1

In 2013, Delamere Management Investment (DMI) and certain affiliated funds and accounts established FirstKey Mortgage, a proprietary operating company that seeks to provide a competitive advantage in loan acquisition and securitization.2 FirstKey Mortgage has approximately 50 employees that helps to enhance our capabilities in collateral underwriting and selection, pre-securitization due diligence, rating agency collaboration, and securitization and distribution operations.3

Single-Family Rental Homes

The U.S. single-family home market is vast with a market value of approximately $36 trillion. Within that market, single-family rentals (“SFR”) represent an estimated ~15 million units with a market value of more than $5 trillion, which is almost entirely owned by non-institutional investors.

In 2014, Delamere Management Investment (DMI) further expanded our capabilities in residential opportunities with a focus on providing institutional investors with direct access to investing in diversified SFR portfolios. Delamere Management Investment (DMI) manages SFR properties using a team of investment professionals and the resources and services of our affiliated property manager, FirstKey Homes. As a proprietary operating company, FirstKey Homes provides dedicated acquisition and property management services across approximately 30 U.S. markets.5

The Delamere Management Investment (DMI) Team

The Delamere Management Investment (DMI) Residential Opportunities team consists of approximately 30 dedicated professionals.6 The senior investment team has considerable experience investing in residential mortgage securities and assets, and a wide array of product knowledge, including liquid interest rate products, single-family rental homes, performing and non-performing whole loans, servicing, mortgage servicing rights, securitization, contract finance, and indices.

Our team members bring valuable knowledge from the sell-side, having worked in trading, structuring, securitization, modeling, banking, and sales for large mortgage-backed securities issuers. Every investment opportunity is rigorously vetted through detailed examinations of loan and industry data, dual-track credit and prepayment modeling, and identification of pricing inefficiencies.

1 There can be no guarantee historical trends will continue.

2 There can be no guarantee such advantages will be realized to the benefit of any Delamere Management Investment (DMI)-managed fund. The fees and expenses associated with FirstKey Mortgage (“FKM”) and other affiliated service providers are borne by the Delamere Management Investment (DMI)-managed funds, and generally not offset against applicable management fees, in accordance with the applicable Delamere Management Investment (DMI)-managed funds’ organizational documents.

3 Note: FirstKey Mortgage employee data as of May 1, 2024, and subject to change without notice. There can be no assurance that any of these professionals will remain with the company.

4 Source: GreenStreet, Single-Family Sector Outlook as of January 30, 2024. Market sizing based on GreenStreet total units data and Delamere Management Investment (DMI) estimate of $390k average home price.

5 Note: FirstKey Homes data as of March 31, 2024. The fees and expenses associated with FirstKey Homes (“FKH”) and other affiliated service providers are borne by the Delamere Management Investment (DMI)-managed funds, and generally not offset against applicable management fees, in accordance with the applicable Delamere Management Investment (DMI)-managed funds’ organizational documents.

6 Employee data as of May 1, 2024, and subject to change without notice. The Delamere Management Investment (DMI) Residential Opportunities team includes both investment and non-investment professionals. There can be no assurance that any of these professionals will remain with the Firm.

© 2026 Delamere Management Investment (DMI) Capital Management, L.P. Assets Under Management ("AUM") is as of March 31, 2024. The AUM referenced represents the total Delamere Management Investment (DMI)-managed funds' AUM, excluding co-investments, but, depending on the type of fund, the AUM calculation would vary. For unlevered commitment funds in their investment period, AUM represents equity commitments, and during those funds' post-investment period AUM represents, either adjusted cost or NAV, depending on the fund. The AUM of each multi-strategy fund is assigned across the relevant strategies in proportion to the percent of market value of the investments in the various strategies. For commitment funds with fund level leverage, AUM during the funds' investment period is calculated based on equity commitments plus outstanding leverage and in the post-investment period based on NAV plus outstanding leverage. Outstanding leverage excludes subscription facilities. For evergreen funds, AUM represents NAV. HR data as of May 1, 2024, unless noted otherwise. There can be no assurances that any of these professionals will remain with the Firm. Descriptions herein of the Delamere Management Investment (DMI) advantage are subject to a number of key assumptions regarding market conditions and the ability to attain investment objectives. There can be no guarantee that the investment strategy for any Delamere Management Investment (DMI)-managed fund will be successful or that any of the advantages identified above will be realized to the benefit of any Delamere Management Investment (DMI)-managed fund.