Pender Capital Management

Investment decisions flow from the firm's co-founders Cory Johnson, who serves as CEO, and Todd Smith, as Managing Director. They oversee credit underwriting and portfolio construction, drawing on careers in real estate lending and structured credit. Day-to-day origination and underwriting are led by a team sourced from real estate private equity and debt platforms, per the firm's official communications.

Pender originates senior secured first-mortgage bridge loans for transitional commercial real estate. The firm targets middle-market sponsors acquiring or repositioning office, retail, industrial, and multifamily properties. Typical loans are short-term, floating-rate instruments with a hold period of 12 to 36 months.

Deal flow comes from a network of regional commercial mortgage brokers, direct sponsor relationships with repeat middle-market operators, and referrals from banks that cannot execute loans under compressed timelines. The firm's ability to close quickly — often within ten business days — creates a self-reinforcing sourcing advantage with brokers facing time-sensitive acquisitions.

The firm raises capital through its own private credit fund vehicles; it does not invest as a limited partner in third-party funds. Investors commit to Pender's managed funds, which then originate a diversified pool of CRE bridge loans across multiple sponsors and property types.

Pender Capital avoids ground-up construction loans and speculative development, where repayment is tied to project completion and lease-up risk. The portfolio is concentrated in stabilized or lightly transitional income-producing properties where in-place cash flow, or near-term rent commencement, supports the exit refinance or sale.

Pender fills a gap where regional and national banks are constrained by regulatory capital requirements or internal bureaucracy — loans between $5 million and $30 million on transitional assets that require speed and structuring creativity. The firm's funds operate without deposit-base duration mismatches, allowing floating-rate bridge loans that match their capital base's short-duration return expectations.

The firm lends nationally with a concentration in Sunbelt and coastal growth markets. Known exposure includes Texas, Florida, and California — regions with the highest volume of middle-market CRE acquisition and repositioning activity. Pender evaluates each loan on market-level property fundamentals and local sponsor track record rather than adhering to a fixed geographic allocation.