Leeward Capital Management

What Leeward Capital Management does

Leeward Capital Management, L.L.C. is a Dallas-based specialty finance firm founded in 2016 by Matthew Hagen that provides non-dilutive, covenant-free capital to closely held U.S. businesses through its patent-pending Sale-to-Service (S2S) investment structure. The S2S functions as the intangible-asset analogue of a sale-leaseback: Leeward acquires a customer's server-based mission-critical systems and data, then provides continued access to those assets via a multi-year services agreement (initial term 3-6 years, extendable up to 15 years). Pricing is structured as a fee with fixed and variable components, treated as an operating expense by the customer, with an effective after-tax cost of 2%-8% versus 8%-15% for mezzanine/unitranche debt and 20%-30% for equity. Capital availability ranges from 2.5x to 5.5x EBITDA.

Name

Leeward Capital Management

Legal name

Leeward Capital Management, L.L.C.

Website

https://leewardcapitalmgt.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Leeward Capital Management is a Dallas-based specialty finance firm that provides non-dilutive, covenant-free capital to closely held U.S. businesses through its patent-pending Sale-to-Service structure, which monetizes a company's mission-critical systems and data via a multi-year services agreement in transactions of $10M-$150M.

Ownership category

akta.pro rank

Product category

Specialty Finance

NAICS

Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (52394)

SIC

Finance Services (6199), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

Keywords

• Specialty finance
• Non-dilutive capital
• Intangible asset finance
• Sale-to-service financing
• Closely held business capital

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Sale-to-Service Fees: Leeward generates revenue through fees paid by companies under the S2S services agreement. The S2S fee has both a fixed and variable component, allowing fees to adjust based on the company's performance. All fees are treated as operating expenses for the company and are contingent on service levels. The S2S consumes the same or more cash on a pre-tax basis compared to traditional financing solutions but consumes less cash on an after-tax basis. Effective cost ranges from 2% to 8% (after-tax), compared to mezzanine debt at 8%-15%. Availability ranges from 2.5x to 5.5x EBITDA.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Leeward Capital Management is a specialty finance firm offering a single core product, the patent-pending Sale-to-Service (S2S) structure, which monetizes a company's mission-critical systems, processes, and data (intangible assets) by acquiring them and providing them back via a multi-year services agreement. It provides low-cost, covenant-free, non-dilutive capital ($10M-$150M) to closely held U.S. businesses for liquidity events, buyouts, family transitions, and acquisitions.

Product overview

Leeward Capital Management is a specialty finance company offering a single core product: the Sale-to-Service (S2S). This patent-pending investment structure monetizes a company's mission-critical systems, processes, and data—server-based intangible assets—by acquiring them and providing them back as a service. The S2S serves as a low-cost, covenant-free alternative to mezzanine debt and minority equity for liquidity events, management buyouts, family transitions, and acquisitions. The company provides capital between $10 million to $150 million for closely held U.S. businesses.

Differentiator

Problem solved

Functional benefit

Brands

• Sale-to-Service (S2S): Patent-pending investment structure that monetizes server-based intangible assets (mission-critical systems and data), similar to a sale-leaseback but for intangible assets. Delivers non-dilutive, covenant-free capital as an alternative to mezzanine debt and minority equity.
• Sale-to-Service (S2S) Overview

Products and services

• Sale-to-Service (S2S) A patent-pending capital structure that monetizes a company's mission-critical systems, processes, and data (server-based intangible assets) by acquiring these assets and providing them back to the company as a service through a multi-year services agreement (3-6 years, extendable up to 15 years). It provides non-dilutive, covenant-free capital as an alternative to mezzanine debt and minority equity for closely held U.S. businesses, with capital between $10M and $150M for liquidity events, management/shareholder buyouts, family transitions, and acquisitions.

Quantifiable outcome

• Effective after-tax cost of 2%-8%, compared to mezzanine/unitranche at 8%-15% and equity at 20%-30%
• +3 more outcomes

Named customers3 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

Feature3 records

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Main Street Capital: Publicly-traded business development company providing debt and equity capital to lower middle-market companies in the US. Highly comparable customer segment to Leeward's closely held $5M-$50M EBITDA target, though Main Street focuses on traditional senior debt and equity rather than intangible-asset monetization.
• SLR Investment Corp: Publicly-traded BDC providing senior secured loans to middle-market private businesses. Comparable customer profile (US middle-market closely held businesses) and use of institutional capital to fund structured transactions, though focuses on traditional cash-flow lending.

Direct peers

• Hercules Capital: Specialty finance firm providing senior secured loans to venture growth and technology-enabled businesses. Comparable as a specialty finance originator using partner capital to underwrite intangible-rich businesses, though Hercules focuses on venture-backed technology rather than closely-held transitions.
• Trinity Capital: Specialty finance company providing venture debt and equipment financing to growth-stage companies. Comparable origination model using partner/institutional capital to fund structured transactions against business-critical assets, though targeting venture-backed rather than closely-held businesses.
• Runway Growth Finance: Specialty finance company providing senior secured loans to growth-stage companies. Comparable asset-light origination model deploying institutional capital against intangible-rich businesses, with similar focus on covenant-lite structures for non-traditional borrowers.
• Horizon Technology Finance: Specialty finance firm providing venture debt to technology and life science companies. Comparable in providing structured capital against intangible assets (IP, recurring revenue) for non-traditional borrowers, though targeting venture-stage rather than closely-held businesses.
• WhiteHorse Finance: Externally managed BDC providing senior secured loans to lower middle-market companies. Comparable deal sourcing through advisor relationships and target customer segment, though focused on traditional cash-flow lending rather than intangible-asset monetization.
• NXT Capital: Private specialty finance firm providing senior secured loans and direct lending to US middle-market companies. Comparable deal-by-deal capital deployment against private business credit profiles and similar middle-market customer overlap, though focuses on traditional cash-flow lending.
• Varagon Capital Partners: Private direct lending firm providing senior secured loans to US lower middle-market companies. Comparable middle-market customer overlap and use of institutional capital partners, though focuses on traditional first-lien cash-flow lending rather than intangible-asset structures.

Others

• Ocean Tomo: Intellectual property advisory and analytics firm focused on intangible asset valuation, corporate IP strategy, and IP-backed financial services. Comparable as a thought leader in intangible-asset finance — Leeward curates Ocean Tomo studies on its own website — and as a potential ecosystem partner for intangible-asset valuation methodology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/mhagenleewardc1

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 Leeward Capital Management