The Pullman Group

Name

The Pullman Group

Legal name

The Pullman Group, LLC

Website

https://pullmanbonds.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

The Pullman Group is a Los Angeles-based specialty investment bank that securitizes and purchases music, entertainment, and intellectual property royalties — pioneering the Bowie Bond in 1997 and now serving high-net-worth artists, songwriters, estates, and entertainment residuals holders through its patented Pullman Bonds™ process.

Ownership category

akta.pro rank

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Royalty & Residual Purchases (Principal Investing): The firm is described as 'currently the most active buyer of writer's share in the music industry,' acquiring writer's share, record royalties, performance income, mechanical and synchronization rights, record masters income, co-publishing without administration, passive income rights, publishing and other IP royalties. These purchases are structured as principal acquisitions of cash-flow-producing assets.
2. IP-Backed Loan Origination & Underwriting: The Pullman Group originates and underwrites loans collateralized by entertainment and intellectual property assets, generating interest income and structuring fees. Loans are self-amortizing and self-liquidating, repaid from underlying royalty cash flows, with interest deductible to the investor.
3. Entertainment IP Securitization & Bond Structuring Fees: Exclusive-agent sales and securitization of entertainment and IP assets (lease portfolios, music publishing, film/TV libraries, trademarks, patents, etc.), including arranging term securitizations rated single-A by nationally recognized agencies — generating structuring, advisory, and underwriting fees on each transaction.
4. Royalty Advance Funding & Consulting: Royalty advance funding and royalty advance consulting across music publishing rights, music royalty sales, music catalog buying/selling, IP loans, IP advances, IP royalty advances — combining principal deployment with advisory work.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

The Pullman Group originates, structures, underwrites, and invests in bespoke securitization and loan transactions backed by future royalty cash flows from music catalogs, entertainment residuals (SAG-AFTRA, DGA, WGA, PGA), and other intellectual property assets (trademarks, patents, software/biotech/pharma licenses, sports revenues). Its core product is the patented Pullman Bonds™ process, which converts illiquid future royalty streams into upfront, non-recourse, fixed-rate, self-amortizing bond financing for rights holders.

Differentiator

Problem solved

Functional benefit

Brands

• Pullman Bonds: Securitization product for entertainment royalties and intellectual property income streams. Registered trademark of The Pullman Group, LLC.
• Bowie Bonds

Products and services

• Pullman Bonds™ The Pullman Group's flagship patented securitization product (US Patent, June 21, 2002) that converts future music, entertainment, and intellectual property royalty streams into upfront, non-recourse, fixed-rate, self-amortizing bond financing for rights holders. Used to structure transactions for David Bowie, Holland Dozier Holland, James Brown, Ashford & Simpson, The Isley Brothers, and other rights holders.
• Bowie Bonds The original 1997 $55 million celebrity-royalty-backed bond (David Bowie) that serves as the flagship instance of Pullman Bonds™ and the template for all subsequent Pullman Bond issuances; "Bowie Bonds" is a registered trademark of The Pullman Group, LLC.
• Royalty Advance Funding Upfront capital advances against future music and entertainment royalty cash flows, structured to be self-liquidating from the underlying royalties rather than requiring asset sale; for music publishers, songwriters, artists, and entertainment rights holders needing liquidity against future royalty income.
• Music Royalty Sales / Music Catalog Buying and Selling Principal-investment / brokerage service in which The Pullman Group purchases and resells music royalties and catalogs — writer's shares from music publishers, BMI/ASCAP/other society payments, mechanical and synchronization rights, record masters income, co-publishing without administration, and passive income rights; for songwriters, artists, publishers, and estates seeking to monetize catalogs.
• Music Publishing Rights / Royalty Advance Consulting Advisory engagements advising music publishers, songwriters, and estate holders on royalty advance structuring, intellectual property loans, IP advances, and IP royalty advances, leveraging the firm's expertise in distribution dates and royalty administration.
• Entertainment Residual Purchasing (SAG-AFTRA, DGA, WGA, PGA) Direct principal purchase of actor, stunt, voice-over, director, writer, producer, and composer residuals (SAG-AFTRA, DGA, WGA, PGA), literary estate and author royalties, book royalties, TV and film library cash flows, and other entertainment IP rights; for actors, directors, writers, producers, voice artists, and their estates.
• Intellectual Property (IP) Loans, IP Advances, and IP Royalty Advances Structured-finance loans collateralized by IP assets beyond music — copyrights, trademarks, patents, formulae, trade secrets, software/biotech/pharma/video game license streams, brand-name merchandising, franchise fee royalty streams, sports revenues, player contracts, team/player licenses, and future ticket sales; for IP owners needing non-recourse capital against intangible assets.
• Asset-Backed Securitization Origination & Underwriting Exclusive-agent origination and underwriting of asset-backed securitizations spanning lease portfolios, business loans, equipment leases, student loans, residential b/c mortgages, healthcare receivables, trade and consumer receivables, boat loans, SBA installment loans, and entertainment/IP assets — including single-A-rated term securitizations by nationally recognized rating agencies.

Quantifiable outcome

• $55 million securitization of David Bowie's future royalties — first-ever entertainment IP bond ('Bowie Bond')
• +6 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core — one of the largest us performing rights organizations, central to writer's share and performance income streams pullman purchases., core — major us performing rights organization, source of performance income flows that pullman purchases., core — us performing rights organization, source of performance income pullman purchases., core — uk performing rights organization, supports pullman's international (uk/europe) royalty flow aggregation., core — major music publisher/label, key counter-party in catalog and publishing transactions., core — major music publisher/label, key counter-party in catalog transactions. and core — major music publisher, key counter-party in catalog transactions..

• BMI (Broadcast Music, Inc.)core — one of the largest us performing rights organizations, central to writer's share and performance income streams pullman purchases.Strategic or Co-development PartnerListed among 'the largest and most successful music entities in the world' that The Pullman Group has worked with. BMI is a primary source of performance royalty income that Pullman actively buys (writer's share of BMI payments).
• ASCAP (American Society of Composers, Authors and Publishers)core — major us performing rights organization, source of performance income flows that pullman purchases.Strategic or Co-development PartnerListed among the major music entities Pullman works with. ASCAP performance income is one of the categories Pullman actively buys in writer's share acquisitions.
• SESACcore — us performing rights organization, source of performance income pullman purchases.Strategic or Co-development PartnerListed among major music entities Pullman works with. SESAC performance income is among the categories Pullman actively buys.
• PRS (Performing Right Society, UK)core — uk performing rights organization, supports pullman's international (uk/europe) royalty flow aggregation.Strategic or Co-development PartnerListed among major music entities Pullman works with. PRS performance income is among the categories Pullman actively buys, enabling cross-border royalty aggregation.
• Universal Music Publishing / Universal Recordscore — major music publisher/label, key counter-party in catalog and publishing transactions.Strategic or Co-development PartnerListed among 'the largest and most successful music entities' Pullman has worked with, providing publisher and record-label counter-party relationships for catalog acquisitions, writer's share purchases, and royalty transactions.
• Warner-Chappell Music Publishing / Warner Bros. Recordscore — major music publisher/label, key counter-party in catalog and publishing transactions.Strategic or Co-development PartnerListed among major music entities Pullman works with; Warner acquired David Bowie's entire catalog starting 2023, drawing on the Bowie Bonds structure Pullman originally created.
• Sony Music / Sony/ATV Music Publishing / Sony/BMGcore — major music publisher/label, key counter-party in catalog transactions.Strategic or Co-development PartnerListed among major music entities Pullman works with, providing publisher and record-label counter-party relationships for catalog acquisitions and royalty transactions.
• EMIcore — major music publisher/label, key counter-party in catalog transactions.Strategic or Co-development PartnerListed among major music entities Pullman works with, providing publisher and record-label counter-party relationships.
• BMGcore — major music publisher, key counter-party in catalog transactions.Strategic or Co-development PartnerListed among major music entities Pullman works with, providing publisher counter-party relationships for catalog acquisitions.

Scale indicators10 records

Broad incumbents

• Prudential Financial: Original institutional buyer of the 1997 Bowie Bond and longtime structured-finance counterparty to Pullman. Represents the broad-incumbent Wall Street buyer-side of music IP securitization that Pullman continues to access for placement.
• BMG Rights Management: Global music publisher and recorded music rights holder that is both a counterparty and competitor to Pullman. Listed among the major music entities Pullman works with, and operates its own catalog acquisition and rights-management franchise at scale.
• KKR Credit / KKR Capital Markets: Global private credit and structured-finance platform with active music and entertainment IP financing exposure. Competes with Pullman for large entertainment-IP securitization mandates with substantially larger capital resources.

Direct peers

• Sound Royalties: Royalty advance and music catalog financing firm providing upfront capital against future royalty streams. Overlaps with Pullman's royalty advance funding and IP loan offerings to independent music creators.
• Hipgnosis Songs Fund: Publicly listed music IP investment vehicle acquiring songwriter and recording royalty catalogs. Direct competitor to Pullman's writer's share and catalog acquisition business, operating at institutional scale in the same asset class Pullman pioneered.
• Concord Music Group: Independent music publisher and rights holder owning and acquiring legacy recording and publishing catalogs. Competes with Pullman for the same legacy catalog acquisition opportunities and royalty monetization mandates.
• Primary Wave Music Publishing: Independent music publisher and IP investor acquiring legendary artist catalogs and managing royalty streams. Counterparty to Pullman in the $90M James Brown estate dispute and a direct competitor in legacy catalog acquisitions.
• Royalty Exchange: Online marketplace for buying and selling music royalties and catalog assets. Provides a competing transaction venue to Pullman's bespoke securitization model for music IP cash flows.
• Round Hill Music Royalty Fund: Music royalty investment fund acquiring songwriter and publishing catalogs. Directly comparable to Pullman's music royalty acquisition franchise with similar target asset class.

Emerging players

• ANote Music: Listed music royalty investment platform enabling retail and institutional investors to acquire fractional interests in song catalogs. Emerging competitor at the intersection of music royalty securitization and marketplace models.

Market position

Customer concentration

• LinkedInlinkedin.com/company/the-pullman-group-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about The Pullman Group