SGA Capital

SGA Capital operates across commercial real estate lending, residential mortgage credit, and structured corporate credit. On the real estate side, it originates bridge loans and mezzanine debt on transitional properties. On the corporate side, it pursues stressed and distressed bank loans, bonds, and special situations. The two books share a common DNA of sourcing dislocated credits, but require distinct origination and trading capabilities.

Founder Anthony Gordon serves as Chief Investment Officer and chairs the investment committee. He brings a background in structured credit, real estate, and trading to the top-down risk allocation. The team underneath him combines real estate underwriters with structured-product analysts, reflecting the firm's cross-asset mandate.

The firm originates bridge loans through a network of US and European mortgage brokers, real estate sponsors, and specialty finance platforms. On the residential side, it has historically acquired pools of non-performing and re-performing loans from European bank deleveraging programs, particularly in the UK and Ireland, alongside US residential whole loan trading desks.

SGA Capital LLC is an institutional asset manager, not a family office. Its client base includes pension funds, endowments, foundations, and family offices, all of whom access its strategies through commingled fund structures or separately managed accounts. The firm does not represent a single family's capital.

Yes, SGA has a documented history of European investments, most notably in the UK and Irish markets for non-performing loan portfolios and mortgage servicing rights. The firm's credit mandate includes European structured products and bank deleveraging trades dating back to the post-financial-crisis period.

The firm originates bridge loans and mezzanine debt on transitional commercial real estate, including multifamily, industrial, and office properties. These are typically short-duration, floating-rate loans to sponsors executing business plans — not stabilized long-term financing. The residential strategies focus on whole loans and mortgage servicing rights.

Most credit managers specialize in either private direct lending or liquid structured credit, but rarely run both in a single pool. SGA operates both simultaneously, so it can shift its capital toward whichever market offers more compelling risk-adjusted spreads at a given point in the cycle. This dual-platform structure is unusual for a firm of its scale.