Deer Park Road

What Deer Park Road does

Deer Park Road Management Company, LP is a private, 100% employee-owned alternative investment manager founded in 2003 by Michael Craig-Scheckman and headquartered in Steamboat Springs, Colorado. The firm specializes in structured credit investing, with a primary focus on mortgage-backed securities (RMBS/CMBS), asset-backed securities, and related fixed-income instruments, employing a deep-value, fundamental analytical approach with a predominantly buy-and-hold orientation across credit cycles. Its product suite spans open-end hedge funds (STS Master Fund, the $852.6 million flagship launched May 2008 with a 13.01% compound return since inception), closed-end distressed credit vehicles (Commercial Mortgage Opportunity Fund I, Mortgage Opportunity Fund I), a '40 Act mutual fund (DPFNX – Total Return Credit Fund), separately managed accounts, a long/short credit hedge fund, and a private-equity-style single-family rental fund (Flywheel SFR Fund I) operated in partnership with Bungalow Living.

The firm generates revenue through management fees and incentive allocations on assets under management across its fund and SMA structures, with fund performance reported net of expenses, management fees, and incentive fees. As of June 30, 2025, Deer Park reported $2.8 billion in firm-wide AUM, distributed primarily through direct enterprise relationships with qualified purchasers and institutional investors, gated by the SEC's Qualified Purchaser threshold under the Investment Adviser Act of 1940. The firm maintains SEC investment adviser registration, an in-house compliance function (headed by a CCO recognized as a 2024 COMPLYConnect finalist), and a small partnership-based team operating from a single Colorado office, supported by 20+ year-tenured portfolio leadership and an extensive award record across HFM, Barron's, Bloomberg, and Alt Credit Intelligence recognitions spanning 2012–2022.

Name

Deer Park Road

Legal name

Deer Park Road Management Company

Website

https://deerparkrd.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

Deer Park Road is a private, employee-owned alternative investment manager founded in 2003 that runs approximately $2.8 billion in structured credit hedge funds, closed-end funds, a mutual fund (DPFNX), SMAs, and a single-family rental fund for qualified purchasers and institutional investors.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (52591), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Asset-Backed Securities (6189), Investment Advice (6282)

akta.pro primary industry

Securitized Products & Mortgage Credit (RMBS/CMBS/Non-Agency) (FSAHAGAD)

akta.pro secondary industries

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB), Private Credit — Real Estate Debt (Bridge, Mezz, CMBS-like) (FSAHAJAI), Fundamental/Discretionary Equity Long/Short (FSAHAAAA)

Keywords

• Structured credit investments
• Mortgage-backed securities
• Alternative asset management
• Hedge fund strategies
• Asset-backed securities

Headquarters

HQ city

Steamboat Springs

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Fees: Deer Park generates revenue through management fees and incentive allocations/performance fees charged on fund assets under management. Performance data reflects reinvestment of dividends with net figures reflecting deduction of expenses, management fees, and incentive fees and allocations.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels4 records

Core offering

Deer Park Road is an alternative investment manager that manages portfolios across structured credit and real estate. The firm offers hedge funds (STS Master Fund, Long/Short Credit), closed-end funds (Commercial Mortgage Opportunity Fund I, Mortgage Opportunity Fund I), separately managed accounts, a '40 Act mutual fund (Deer Park Total Return Credit Fund, DPFNX), and a private equity single-family rental fund (Flywheel SFR Fund I). Strategies focus on mortgage-backed securities, asset-backed securities, CMBS, non-agency RMBS, and single-family rental real estate, sourced through broker-dealer relationships for institutional and qualified investor clients.

Product overview

Deer Park Road is an alternative investment management firm offering a diversified suite of investment products across the structured credit and real estate spectrum. The firm's product portfolio comprises: (1) STS Master Fund, Ltd - the flagship hedge fund employing a buy-and-hold strategy in securitized credit; (2) Deer Park Commercial Mortgage Opportunity Fund I - a closed-end fund targeting distressed CMBS; (3) Deer Park Mortgage Opportunity Fund I - a closed-end fund investing in legacy non-agency RMBS; (4) Separately Managed Accounts (Funds of One) - customized portfolio solutions; (5) Flywheel SFR Fund I - a private equity fund investing in single-family rental properties via the Bungalow Living platform; (6) Deer Park Total Return Credit Fund (DPFNX) - a daily liquidity mutual fund; and (7) Long/Short Credit Hedge Fund. Products range from open-for-investment to closed to new investors, with investment strategies spanning mortgage-backed securities, asset-backed securities, CMBS, RMBS, and single-family rental real estate.

Differentiator

Problem solved

Functional benefit

Brands

• STS Master Fund: Flagship hedge fund strategy - a buy-and-hold approach seeking discounted, high-cash flow, securitized credit investments across the credit spectrum. Inception May 2008, $852.6 million AUM as of May 31, 2026.
• Deer Park Commercial Mortgage Opportunity Fund I
• Deer Park Mortgage Opportunity Fund I
• Flywheel SFR Fund I
• Deer Park Total Return Credit Fund

Products and services

• STS Master Fund, Ltd Flagship open-end hedge fund of Deer Park Road employing a predominantly buy-and-hold strategy to source discounted, high-cash flow, securitized credit investments across the credit spectrum, targeting high absolute and risk-adjusted returns. Available to qualified purchasers and institutional investors.
• Deer Park Commercial Mortgage Opportunity Fund I Closed-end fund investing primarily in distressed opportunities across the commercial mortgage-backed securities (CMBS) universe, drawing on Deer Park's two decades of CMBS experience. Open for investments to qualified investors.
• Deer Park Mortgage Opportunity Fund I Closed-end fund investing predominantly in legacy, non-agency residential mortgage-backed securities (RMBS) with the principal objective of realizing long-term capital appreciation and cash flow. Closed to new investors.
• Separately Managed Accounts (Funds of One) Customized portfolio management solutions (funds of one and separately managed accounts) tailored to meet specific investor needs and objectives within structured credit and other markets. Closed to new investors.
• Flywheel SFR Fund I Private equity style fund that purchases U.S. single-family homes to generate operationally enhanced rental income and property price appreciation, leveraging the Bungalow Living rental platform and targeting Tier 1-2 markets. Closed to new investors.
• Deer Park Total Return Credit Fund (DPFNX) Daily liquidity SEC-registered ('40 Act) mutual fund providing retail and advisor-sourced investors access to opportunities in the structured credit markets. Open for investments.
• Long/Short Credit Hedge Fund Hedge fund launched in 2015 applying long/short strategies within the structured credit space, complementing the buy-and-hold flagship.

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Bungalow LivingcoreStrategic or Co-development PartnerFlywheel SFR Fund I has established a relationship with Bungalow Living, a leading technology company for the rental industry. The partnership leverages the shared rental platform of Bungalow, utilizing a differentiated approach targeting assets within Tier 1-2 markets, implementing value-added enhancements, and focusing on a critical growing demographic segment and reflecting underserved tenant preferences within the Single-Family Rental market.

Scale indicators7 records

Recent moves13 records

Expansion highlights5 records

Direct peers

• TCW Group: TCW has a long-standing structured products and securitized credit franchise with significant RMBS/CMBS exposure. Directly comparable to Deer Park's core buy-and-hold securitized credit strategy.
• Saba Capital Management: Saba is a specialist credit-focused hedge fund manager with deep structured credit and asset-backed expertise. Comparable mid-sized peer to Deer Park with similar product sophistication.
• Marathon Asset Management: Marathon is a specialist credit manager focused on securitized credit, distressed assets, and structured products. Strong direct peer with overlapping strategies in RMBS, CMBS, and ABS investing.
• Pine River Capital Management: Pine River is a specialist fixed income and structured credit manager with deep securitized products expertise. Closely comparable mid-sized peer to Deer Park in RMBS/ABS strategy and product structure.
• Angelo, Gordon & Co. Angelo Gordon (acquired by TPG) specialized in structured credit, mortgage-backed securities, and alternative credit strategies with a similar buy-and-hold value approach. Closest direct comparable to Deer Park's STS Master Fund strategy.

Broad incumbents

• Cerberus Capital Management: Cerberus is a major alternative investment manager with significant distressed mortgage and structured credit operations. Comparable to Deer Park's CMOF and MOFI closed-end fund strategies at much larger scale.
• Oaktree Capital Management: Oaktree is one of the largest distressed and structured credit managers globally with deep expertise in RMBS/CMBS/ABS. Directly comparable to Deer Park's structured credit focus but at far greater AUM scale and broader product breadth.
• Western Asset Management: Western Asset is a large established fixed income manager with substantial securitized credit and structured products exposure. Comparable strategy to Deer Park but at incumbent scale with institutional distribution.
• Voya Investment Management: Voya manages significant fixed income and structured credit assets including securitized products. Overlaps with Deer Park's structured credit focus but operates as a much broader incumbent with diversified product offerings.

Emerging players

• Cohen & Steers: Cohen & Steers specializes in alternative income and credit strategies with securitized product offerings. Comparable niche focus on income-oriented credit, though smaller overlap with Deer Park's specific RMBS/CMBS strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xmobile.twitter.com/deerparkrd
• LinkedInlinkedin.com/company/deer-park-road-corp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Deer Park Road