# Thirdline Capital Management

Thirdline Capital Management is an Asset Manager based in Richmond, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Richmond, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** thirdlinecap.com
- **LinkedIn:** https://www.linkedin.com/company/thirdline-capital

## Regulatory record

- **CRD number:** 314158
- **SEC file number:** 801-121695
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/314158

## About

THIRDLINE CAPITAL MANAGEMENT LLC is an SEC-registered investment adviser in Richmond, VA, registered since 2021. The firm manages approximately $64 million in regulatory assets. It has 7 employees and 6 investment advisers.

## Questions

### What markets does Thirdline Capital Management primarily invest in?

Thirdline focuses on the mortgage-backed securities and structured credit markets, encompassing both agency and non-agency residential and commercial MBS. The firm's approach centers on relative-value trading within these sectors, employing fundamental credit research and hedging overlays. This includes specified pool trading in agency MBS and credit selection in non-agency RMBS and CMBS.

### How does Thirdline's strategy differ from a broad-market fixed-income fund?

Thirdline's investment process is purpose-built for the mortgage market's specific risk factors — prepayment speeds, servicer behavior, regulatory changes, and housing macro dynamics. Rather than allocating across corporate credit, sovereign debt, and securitized products, the firm concentrates its analytical resources entirely on MBS. This focused specialization allows it to access mispriced opportunities in complex or dislocated segments that generalist managers often avoid.

### Does Thirdline invest in both agency and non-agency mortgage securities?

Yes. Thirdline operates across both agency MBS — where value derives from prepayment modeling and specified pool selection — and non-agency RMBS and CMBS, where credit analysis and structural subordination drive returns. The firm trades across the capital stack, from senior bonds to subordinate credit tranches, and uses interest rate derivatives to actively manage duration and convexity exposure.

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- [Third Act Retirement Planning](https://altss.com/profile/third-act-retirement-planning-inc)
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Last updated: 2026-06-03T20:00:00.000Z

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