A. J. Perry & Co.

It is a pure balance-sheet direct lender. The firm has never raised a fund, does not manage outside capital, and holds every loan it originates on its own books. This distinguishes it from closed-end real estate credit funds that must deploy by a given date and exit by a hard maturity — Perry's firm can hold a performing loan indefinitely or work out a distressed one without LP pressure.

The firm only takes first-lien mortgage positions. It does not make equity co-investments, does not take partnership interests in sponsor entities, and does not acquire real estate for its own account. If a loan defaults, the firm's recourse is foreclosure on the collateral — but there is no record of the firm operating properties as a landlord or developer.

The firm targets transitional and construction-phase financing: bridge loans on properties requiring renovation or lease-up, and ground-up construction loans on residential and mixed-use projects. Loan sizes reported in trade press range from $1 million to roughly $20 million. The firm does not make permanent loans, agency-eligible multifamily debt, or unsecured corporate loans.