Pender Capital

What Pender Capital does

Pender Capital Management, LLC is a privately held, SEC-registered investment advisor founded in 2015 by Cory Johnson (CEO) and Zach Murphy (CIO), specializing in U.S. commercial real estate bridge loans targeting the lower middle market. The firm operates as a fully integrated alternative credit manager, serving as loan originator, underwriter, and servicer, and has originated 222 loans totaling $1.82B in commercial real estate credits across 29 states as of April 2026, secured by collateral valued in excess of $3.04B. Its typical loan product is a short-term bridge facility of $10M-$30M with 12-36 month terms, first-lien position, target LTV of 65%, and floating-rate interest generally between 8% and 12%.

The firm serves two primary customer segments: institutional investors, family offices, and high-net-worth individuals seeking risk-adjusted CRE debt exposure (via the Pender Real Estate Credit Fund and other vehicles, including a 40-Act interval fund), and CRE sponsors seeking short-term private credit for acquisitions, renovations, refinancing, and stabilization. Distribution occurs through direct institutional sales, a partnership with American Beacon Partners, and the SMArtX Advisory Solutions marketplace. Revenue is generated through loan origination fees, interest income on the loan portfolio, and recurring fund management fees (and potentially performance fees) on approximately seven funds operated by the founders.

Pender Capital is headquartered in Dallas, Texas (direct lending) with a corporate and investor relations office in Los Angeles, California, and operates as an LLC incorporated in California. The management team averages over 20 years of experience with more than 140 combined years in CRE debt, equity, and investment banking, and has overseen $3B+ in CRE and investment banking transactions across their careers. The firm is privately held with founder/management ownership and no disclosed outside institutional investors.

Name

Pender Capital

Legal name

Pender Capital Management, LLC

Website

https://pendercapital.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Pender Capital Management is a privately held, SEC-registered investment advisor that originates, underwrites, and services $10M-$30M commercial real estate bridge loans for CRE sponsors nationwide, and manages CRE credit funds for institutional and high-net-worth investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Mortgage Bankers & Loan Correspondents (6162), Investment Advice (6282)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

akta.pro secondary industries

Real Estate Private Credit (CRE Debt) (FSANADAG), SME Commercial Real Estate (CRE) Lending (FSABABAG), Senior Secured Direct Lending (FSANADAA)

Keywords

• Commercial real estate lending
• CRE bridge loans
• Alternative credit management
• Private real estate debt
• Interval fund management

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, Infrastructure

Revenue model

1. Loan Origination and Servicing: Pender Capital originates, underwrites, and services commercial real estate bridge loans in the $10M-$30M range, generating revenue through loan origination fees, servicing fees, and interest income on the loan portfolio.
2. Fund Management: As an SEC-registered investment advisor, Pender Capital manages alternative investment funds (including interval funds) for institutional investors, generating management fees and potentially performance fees from fund operations.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Pender Capital is an alternative investment firm that originates, underwrites, and services U.S. commercial real estate bridge loans in the lower middle market (loan sizes $10M–$30M, 12–36 month terms, first lien positions). It manages private credit funds including the Pender Real Estate Credit Fund (a 40-Act interval fund structure) for institutional investors, family offices, and high-net-worth individuals seeking risk-adjusted returns, portfolio diversification, and income through CRE debt exposure.

Product overview

Pender Capital is an alternative investment firm specializing in US-based Commercial Real Estate (CRE) bridge loans with an emphasis on the lower middle market. The firm operates as a fully integrated investment manager serving as loan originator, underwriter, and servicer. The core product offerings include the Pender Real Estate Credit Fund, direct lending services providing $10M-$30M bridge loans with 12-36 month terms and first lien positions, and specialized bridge loan products for commercial real estate sponsors. Founded in 2015, the firm has originated 222 loans totaling $1.82B in commercial real estate credits across 29 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Pender Real Estate Credit Fund

Quantifiable outcome

• $1.82B in loans originated across 222 loans as of April 2026
• +3 more outcomes

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

Two partnerships are on record, tiered core and supporting.

• American Beacon PartnerscoreGTM or Marketing Partner · 1 January 2026American Beacon Partners announced a partnership with Pender Capital in January 2026 to support distribution of the Pender Real Estate Credit Fund. This partnership expands the fund's reach to American Beacon's network of financial advisors and institutional investors seeking CRE debt exposure.
• SMArtX Advisory SolutionssupportingGTM or Marketing Partner · 1 January 2026Pender Capital strategies are available on the SMArtX Advisory Solutions Manager Marketplace platform, which provides financial advisors access to alternative investment strategies from multiple asset managers.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• A10 Capital: A10 Capital is a direct CRE bridge lender focused on middle-market transitional and value-add loans in the $5M-$50M range. Highly comparable to Pender given overlapping product (first-lien bridge loans), customer base (CRE sponsors), and nationwide direct origination model.
• Roc Capital: Roc Capital is a direct CRE bridge lender specializing in $1M-$20M transitional loans nationwide. Comparable to Pender in product structure (short-term bridge, first lien), borrower profile (CRE sponsors), and relationship-based origination approach.
• RCN Capital: RCN Capital is a direct private lender providing short-term bridge financing for commercial and residential real estate investors. Comparable to Pender in product (bridge loans, fix-and-flip, transitional) and sponsor-focused origination.
• Meridian Capital Group: Meridian is one of the largest CRE mortgage brokerages in the US, arranging financing across all major CRE debt types. Comparable to Pender's CRE sponsor-facing origination model, though Meridian is a fee-based broker rather than balance sheet lender.
• Lument: Lument is a national CRE capital markets firm offering bridge, agency, and equity capital solutions. Comparable to Pender's integrated origination, underwriting, and asset management capabilities; Pender VP of Asset Management Cassandra Woodson previously worked at Lument.
• Kiavi (formerly LendingOne): Kiavi is a tech-enabled direct CRE bridge lender focused on residential and small commercial transitional loans. Comparable to Pender in product (short-term bridge) and target borrower (real estate sponsors/investors), though Kiavi emphasizes smaller tickets and technology-led origination.
• Athas Capital Group: Athas Capital Group is a direct CRE bridge lender focused on $1M-$10M+ loans. Notably, Pender's CCO/General Counsel Jason Aro previously served as General Counsel at Athas, evidencing direct talent and operational overlap with Pender.

Broad incumbents

• Walker & Dunlop: Walker & Dunlop is a leading CRE finance intermediary and GSE multifamily lender. Comparable as a broad CRE debt capital provider serving sponsors nationwide, though substantially larger and broader in product scope than Pender's bridge lending focus.
• Benefit Street Partners: Benefit Street Partners is a Franklin Templeton-affiliated private credit manager with a significant CRE debt franchise. Comparable as a CRE-focused alternative credit manager running private funds; substantially larger AUM but overlapping in middle-market CRE debt strategy.
• Newmark Group: Newmark is a major CRE services firm with capital markets debt origination capabilities. Comparable as a sponsor-facing CRE debt capital provider, though Newmark is a fee-based intermediary with broader capital markets capabilities versus Pender's balance sheet lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/pendercapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

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 Pender Capital