TStone Corp

TStone Corp

Todd Boehly founded TStone Corp in 2018 as the central holding company for his personal investment activities, after two decades rising through Guggenheim Partners — where he pioneered the firm's credit investing arm, served as president, and helped architect the acquisition of insurers like Security Benefit and EquiTrust that transformed Guggenheim into a $300 billion-plus investment platform. The firm serves as the anchor for Eldridge Industries, a holding company Boehly chairs that spans insurance, asset management, credit, real estate, sports, and media. Wealth originates from Boehly's Guggenheim partnership stake and carries carried interest, rather than inherited fortune. TStone and Eldridge pursue a permanent-capital strategy built around insurance balance sheets. Core insurance platforms include Security Benefit, a Kansas-based retirement-savings provider; Delaware Life, an annuity writer acquired from a predecessor of Global Atlantic; and Kuvare, a newer life-and-annuity platform. Those regulated entities generate predictable float that funds credit investments across direct lending, asset-backed finance, and structured products managed by Eldridge's asset-management arm. Beyond credit, the group directly owns operating businesses: Cain International (a real estate lender and developer active in London, Los Angeles, and Miami), Valence Media (the parent of Billboard, The Hollywood Reporter, and Dick Clark Productions), and a controlling stake in Chelsea Football Club, which Boehly and Clearlake Capital acquired for £2.5 billion in 2022 (per the club's official announcement, May 2022). The portfolio also includes DraftKings, where Eldridge was an early investor, and the Los Angeles Lakers and Los Angeles Sparks via a minority stake. Boehly runs TStone with a lean structure, relying on Eldridge's operational teams rather than a large dedicated family-office staff. Eldridge Industries is headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills. The combined platform's aggregate asset base is not publicly reported, though media estimates place Eldridge's controlled assets and AUM above $60 billion. May 2022: The consortium led by Boehly and Clearlake Capital completed the acquisition of Chelsea Football Club, the most expensive team-sports transaction in history at the time (per Chelsea FC, May 2022). Boehly serves as the club's chairman and co-controlling owner, integrating it directly into the TStone/Eldridge ownership structure rather than a separate family-wealth silo. What distinguishes TStone from most single-family offices is its architecture as an operating acquisition platform rather than a portfolio of minority LP stakes. Boehly does not simply allocate to outside managers; he acquires control of permanent-capital vehicles — insurance companies — and then uses their balance sheets to own operating businesses outright. This is a structural decision that turns the family-office model inside out: the wealth isn't invested in funds whose terms the family must accept; the family controls the permanent-capital entities that set the terms for how capital is deployed. The Chelsea acquisition, while atypical in scale and public profile, reflects the same logic — control the asset, control the balance sheet, let float and operating cash flow compound without mark-to-market pressure.