Falcon Square Capital
Falcon Square Capital is a 100% employee-owned, WBENC-certified boutique investment bank providing institutional fixed income sales & trading, debt capital markets underwriting, and the EVOLVE advisor platform to approximately 350 institutional clients including asset managers, RIAs, municipalities, and corporate treasuries.
- Company typePrivate
- Founded2013
- HeadquartersRaleigh, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Falcon Square Capital does
Falcon Square Capital is a boutique women-owned investment bank founded in March 2013 and headquartered in Raleigh, NC, with a secondary office in San Francisco. The firm is 100% employee-owned and FINRA/SEC-registered, with WBENC women-owned certification maintained continuously since 2013. It provides institutional fixed income sales and trading, debt capital markets underwriting, and advisor-facing fixed income solutions to approximately 350 institutional clients including asset managers, RIAs, state treasuries, municipalities, depository institutions, hedge funds, endowments, insurance companies, and corporate treasury clients.
The firm's core product suite covers trading across the full fixed income spectrum — U.S. Treasuries, supranationals, corporates, money markets, structured products (RMBS, CMBS, ABS), and municipal securities — in both primary and secondary markets. Debt capital markets services include corporate underwriting (launched June 2023), competitive municipal underwriting (launched January 2024), and Federal Home Loan Bank (FHLB) agency underwriting under its authorized dealer/bidding group status. The EVOLVE platform provides registered investment advisors with customizable fixed income portfolio implementation, market access, and structuring capabilities as an alternative to off-the-shelf SMAs, mutual funds, and ETFs. The firm also operates Section 28(e) research arrangements that have paid 53 independent research providers.
Falcon Square Capital generates revenue primarily through transaction-based fees: brokerage commissions and trading spreads on secondary fixed income transactions, underwriting fees on new issue debt (as sole-underwriter, joint lead manager, active co-manager, passive co-manager, or selling group member), and indirect research credit economics through its 28(e) arrangement. Distribution is conducted through senior sales and trading teams via direct institutional outreach, with the firm's stated competitive edge being its differentiated network of third-tier and fourth-tier institutional investors not typically served by large bulge-bracket banks. Pricing is not publicly disclosed and is negotiated transaction-by-transaction. Scale metrics include over $18 billion in secondary fixed income trading volume in December 2023 and $27.75 billion brought to market as underwriter on 11 New Issue Credit deals in 2023.
Falcon Square Capital firmographics
Firmographics- Name
- Falcon Square Capital
- Legal name
- Falcon Square Capital
- Website
- https://falconsquarecapital.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Falcon Square Capital is a 100% employee-owned, WBENC-certified boutique investment bank providing institutional fixed income sales & trading, debt capital markets underwriting, and the EVOLVE advisor platform to approximately 350 institutional clients including asset managers, RIAs, municipalities, and corporate treasuries.
- Ownership category
- akta.pro rank
Falcon Square Capital industry classification
Industry- Product category
- Fixed Income Brokerage and Investment Banking
- NAICS
- Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)
- akta.pro primary industry
- Corporate Finance & Capital Advisory (BPAHADAB)
- akta.pro secondary industry
- Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)
Keywords
Where Falcon Square Capital is headquartered
LocationHeadquarters
- HQ city
- Raleigh
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Falcon Square Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Underwriting Fees: Falcon Square Capital earns fees from underwriting debt transactions including competitive public finance, government agencies, investment grade credit, and perpetuals. The firm has been appointed as Sole-Underwriter, Joint Lead Manager, Active Co-Manager, Passive Co-Manager, and Selling Group Member on various debt issuances.
- Sales & Trading (Brokerage): The firm transacts in primary and secondary asset classes including U.S. Treasuries, Supranationals, Corporates, Money Markets, Structured Products, and Munis, generating revenue through brokerage commissions and trading spreads on fixed income securities.
- Section 28(e) Research Credits: Through its Section 28(e) arrangement, the firm generates research credits from fixed income trades that can be used to pay for eligible third-party research services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Falcon Square Capital product offering
Product offeringCore offering
Falcon Square Capital is a boutique women-owned investment bank providing institutional fixed income sales and trading across U.S. Treasuries, corporates, money markets, structured products, agencies, and municipals. The firm also underwrites debt capital market issuances, including competitive municipal underwriting, corporate bond underwriting, and Federal Home Loan Bank (FHLB) securities. Its EVOLVE platform offers advisors customized fixed income portfolio implementation, and the firm operates Section 28(e) research credit arrangements covering payments to more than 50 independent research providers.
Product overview
Falcon Square Capital is a boutique women-owned investment bank offering a unified suite of fixed income services centered on Sales & Trading, Debt Capital Markets (DCM) underwriting, and the EVOLVE advisor platform. The core offerings include institutional fixed income trading across multiple asset classes (treasuries, corporates, munis, structured products), competitive and negotiated underwriting for municipal and corporate debt, and Section 28(e) research arrangements. EVOLVE serves as the advisor-facing product delivering customized fixed income implementation, while the DCM and Sales & Trading divisions handle direct market participation and deal execution. All services are integrated through the firm's institutional distribution network and senior sales/trading teams.
Differentiator
Problem solved
Functional benefit
Brands
- EVOLVE: EVOLVE is Falcon Square Capital's advisor-centric alternative to traditional fixed income offerings, providing market access, structuring capabilities, and operational efficiency for advisors implementing fixed income strategies.
Products and services
- Sales & Trading Institutional fixed income sales and trading covering U.S. Treasuries & TIPS, Supranationals, Corporates, Money Markets, Structured Products (MBS, CMBS, ABS), and Municipal Securities in primary and secondary markets, providing institutional clients with execution, market commentary, and individualized trade ideas.
- Debt Capital Markets (DCM) Underwriting Underwriting services for competitive public finance, government agencies (FHLB), investment grade credit, and perpetuals. Acts as Sole-Underwriter, Joint Lead Manager, Active Co-Manager, Passive Co-Manager, and Selling Group Member on debt issuances.
- EVOLVE Fixed Income Platform Advisor-centric fixed income platform providing market access, structuring capabilities, and operational efficiency to help registered investment advisors implement customized fixed income strategies aligned with individual client objectives, timelines, and tax considerations.
- Section 28(e) Research Arrangements Brokerage and research services under Section 28(e) of the Exchange Act for institutional accounts, enabling research credits generated from fixed income trades in secondary and new issue markets to pay for eligible third-party research from independent providers.
Quantifiable outcome
- Grew from 90 institutional clients in 2013 to approximately 350 clients by 2023
- +4 more outcomes
Companies that use Falcon Square Capital
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles3 records
Falcon Square Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Falcon Square Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Federal Reserve Bank of New York (Secondary Market Corporate Credit Facility)coreThe New York Fed added Falcon Square Capital as a counterparty to the Secondary Market Corporate Credit Facility (SMCCF) in August 2021, enabling the firm to participate in Fed-backed corporate credit facilities as part of the pandemic recovery program.
Scale indicators7 records
Recent moves8 records
Expansion highlights5 records
Falcon Square Capital competitors and assessment
Company assessmentDirect peers
- BTIG: BTIG is a boutique institutional broker-dealer offering fixed income sales & trading, equities, and prime brokerage to institutional clients. Comparable as a similar-sized institutional brokerage with a comparable client mix and product breadth.
- Loop Capital Markets: Loop Capital Markets is a MWBE-certified boutique investment bank providing fixed income sales & trading, underwriting, and equity capital markets. The most directly comparable firm given the similar MWBE designation, fixed income-centric product mix, and institutional client focus.
- Siebert Financial: Siebert Financial is a boutique financial services firm with institutional fixed income brokerage operations. Comparable as a smaller, specialized broker-dealer focused on fixed income execution services.
- Drexel Hamilton: Drexel Hamilton is a Service-Disabled Veteran-Owned boutique investment bank focused on institutional fixed income sales & trading and government-related underwriting. Closely comparable given the boutique structure, institutional fixed income focus, and service-disabled certification angle.
- Cabrera Capital Markets: Cabrera Capital Markets is a minority-owned boutique investment bank focused on public finance, municipal underwriting, and institutional fixed income. Comparable as a similarly-positioned boutique serving institutional and government clients in fixed income.
- Samuel A. Ramirez & Co. Samuel A. Ramirez & Co. is a Hispanic- and minority-owned boutique investment bank specializing in municipal underwriting and fixed income trading. Closely comparable given the boutique structure, minority-owned certification, and emphasis on municipal and institutional fixed income.
Broad incumbents
- Cantor Fitzgerald: Cantor Fitzgerald is a diversified financial services firm with substantial institutional fixed income sales & trading, ECM, and DCM operations. Comparable as a larger incumbent competing in institutional fixed income brokerage and government bond underwriting.
- Stifel Financial: Stifel Financial is a full-service broker-dealer with significant institutional fixed income sales & trading and debt capital markets operations. Comparable as a broader incumbent that overlaps directly with Falcon Square's sales & trading and underwriting offerings, though Stifel operates at much greater scale and breadth.
- Piper Sandler: Piper Sandler is a full-service investment bank with institutional fixed income sales & trading and public finance underwriting practices. Comparable as a larger incumbent operating in the same institutional fixed income and municipal underwriting markets, though it offers equity research and corporate advisory as well.
- Robert W. Baird: Robert W. Baird is a privately-held wealth management and investment banking firm with institutional fixed income trading and debt capital markets offerings. Comparable as a broader incumbent in institutional fixed income, though Baird's core franchise is wealth management.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights7 records
Customer concentration
Falcon Square Capital social profiles
Digital presenceFalcon Square Capital compliance and trust
Trust signalCompliance2 records
Falcon Square Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Falcon Square Capital leadership team
Management profileNumber of profiles
Profiles12 records
Falcon Square Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Falcon Square Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Falcon Square Capital
What does Falcon Square Capital do?
Falcon Square Capital is a boutique women-owned investment bank providing institutional fixed income sales and trading across U.S. Treasuries, corporates, money markets, structured products, agencies, and municipals. The firm also underwrites debt capital market issuances, including competitive municipal underwriting, corporate bond underwriting, and Federal Home Loan Bank (FHLB) securities. Its EVOLVE platform offers advisors customized fixed income portfolio implementation, and the firm operates Section 28(e) research credit arrangements covering payments to more than 50 independent research providers.
Is Falcon Square Capital a public or private company?
Falcon Square Capital is a private company. It is classified as management employee owned and is currently operating.
When was Falcon Square Capital founded?
Falcon Square Capital was founded in 2013. It employs 11 to 50 people.
Where is Falcon Square Capital based?
Falcon Square Capital is headquartered in Raleigh, United States, in the North America region.
How does Falcon Square Capital make money?
Three revenue lines are on record. Underwriting Fees are the primary driver. The others are sales & Trading (Brokerage) and section 28(e) Research Credits.
Who are Falcon Square Capital's main competitors?
Direct peers on record are BTIG, Loop Capital Markets, Siebert Financial, Drexel Hamilton, Cabrera Capital Markets and Samuel A. Ramirez & Co.. Broad incumbents are Cantor Fitzgerald, Stifel Financial, Piper Sandler and Robert W. Baird.
Does Falcon Square Capital have an API?
No public API is recorded for Falcon Square Capital.
What industry is Falcon Square Capital in?
Falcon Square Capital's product category is Fixed Income Brokerage and Investment Banking. Its primary akta.pro industry code is BPAHADAB, Corporate Finance & Capital Advisory, with a secondary code of BPAHADAG, Capital Raising Advisory (Debt/Equity/Private Capital). Its NAICS code is 523 and its SIC code is 6211.