Public Finance Partners

What Public Finance Partners does

Public Finance Partners LLC is a privately held, boutique verification agent firm founded in 2019 and headquartered in Tucson, Arizona, with operational concentration in Minneapolis, Minnesota. The company provides independent third-party verification services to participants in the U.S. municipal finance and commercial real estate finance markets, including bond financial advisors, underwriters, state and local government issuers, and commercial mortgage borrowers. Its service portfolio spans cash flow and yield verification for bond refundings, commercial mortgage loan defeasance verification, arbitrage rebate compliance, post-issuance bond compliance, escrow cash flow verification, bond yield verification, and Form 990-Schedule K assistance.

The firm is co-led by Kevin Stombaugh and Stephanie Seroogy, both alumni of Grant Thornton's public finance practice, and operates with a five-person team carrying 40+ combined years of experience as a Verification Agent to the public finance industry. Engagements are delivered through proprietary software that supports customized transaction models for defeasance and refunding calculations, with the company emphasizing accuracy and configurability rather than scale or automation. Pricing is quote-based and determined by transaction scope, with services distributed primarily through direct client engagement rather than formal marketing or channel programs.

Revenue mechanics are professional services in nature: each engagement is a bespoke verification report tied to a specific bond refunding, defeasance, or compliance event, and demand is therefore cyclical, driven by interest rate movements and bond maturity schedules. The firm is independently owned with no disclosed institutional investors, parent company, or funding rounds, and its strategic posture is consistent with a founder-led specialist consultancy rather than a scaling technology platform.

Name

Public Finance Partners

Legal name

Public Finance Partners LLC

Website

https://publicfinancepartners.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Public Finance Partners is a five-person boutique verification agent firm founded in 2019 that provides independent cash flow, yield, defeasance, and arbitrage rebate verification services to municipal bond advisors, underwriters, issuers, and commercial mortgage borrowers across the United States.

Ownership category

akta.pro rank

Product category

Municipal Finance Verification Services

SIC

Finance Services (6199)

akta.pro primary industry

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)

Keywords

• Municipal bond verification
• Commercial loan defeasance
• Arbitrage rebate compliance
• Escrow cash flow verification
• Public finance verification

Headquarters

HQ city

Tucson

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Bond Refunding Verification Services: Verification engagements for municipal bond refundings involving refinancing for debt service savings and/or restructuring. Primarily serves financial advisors and underwriters. Revenue driven by interest rate variations and timing of bond maturities.
2. Commercial Mortgage Loan Defeasance Verification: Loan defeasance verification services for borrowers replacing real estate collateral with U.S. government securities. Delivers engagement reports with customized transaction models.
3. Arbitrage Rebate Compliance: Compliance services calculating whether arbitrage rebate payments must be made on tax-exempt or tax-advantaged bonds. Required once every five years during bond life.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Public Finance Partners LLC is a specialized verification services firm serving as Verification Agent to the Public Finance industry. It provides bond refunding verification (cash flow and yield verification), commercial mortgage loan defeasance verification, and arbitrage rebate compliance services to financial advisors, underwriters, municipal bond issuers, and commercial borrowers, using proprietary software to deliver engagement reports and customized transaction models.

Product overview

Public Finance Partners LLC (PFP) is a specialized public finance verification services firm offering a unified portfolio of financial verification and compliance services. The core offerings include Cash Flow and Yield Verification (bond refunding verification), Commercial Mortgage Loan Defeasance, and Arbitrage Rebate Compliance services. Additional services include Escrow Cash Flow Verification, Bond Yield Verification, Post-Issuance Bond Compliance, and Form 990-Schedule K Assistance. The company operates with a team of verification professionals utilizing proprietary software to serve financial advisors, underwriters, issuers, and borrowers across the country.

Differentiator

Problem solved

Functional benefit

Products and services

• Cash Flow and Yield Verification Bond refunding verification engagement involving the refinancing of municipal bonds primarily for purposes of debt service savings and/or restructuring. Refunding bonds can also be issued to remove or revise burdensome bond covenants or to restructure debt service payments. Primarily provided to financial advisors and underwriters; demand is driven by variations in interest rates and timing of maturities.
• Commercial Mortgage Loan Defeasance Loan defeasance verification service allowing a borrower to replace real estate collateral securing a commercial mortgage loan with U.S. government securities through the scheduled maturity date or early prepayment date. Delivers an engagement report supported by a customized transaction model designed to give a clear picture of the financing transaction, including verification of revenue stream and debt service matching calculations.
• Arbitrage Rebate Compliance

Named customers3 records

Segments3 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

Partnerships

One partnership is on record.

• Maryland Community Investment Corporation (MCIC)minorStrategic or Co-development Partner · 26 February 2026MCIC and Public Finance Initiative co-hosted a multi-day capacity building workshop in Maryland focused on rural development financing strategies and New Markets Tax Credits. The workshop examined two decades of NMTC activity in the state and included participants from multiple Maryland counties discussing financing barriers and rural investment priorities.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Eide Bailly LLP: Eide Bailly is a Top 25 U.S. accounting and advisory firm with a dedicated Public Finance practice offering arbitrage rebate, verification, and post-issuance compliance services. As a much larger firm, it represents a broad incumbent that competes with PFP on the same services as part of a wider advisory portfolio.
• Crowe LLP: Crowe LLP is a major accounting and advisory firm that includes public sector and governmental services, including verification and arbitrage rebate work. As a Top 10 U.S. firm, it is a broad incumbent competing with PFP for municipal bond verification mandates.
• BerryDunn: BerryDunn is a national accounting and consulting firm with a public sector practice that provides arbitrage rebate, verification, and post-issuance compliance services to municipal issuers. It competes with PFP as a broader professional services incumbent.

Direct peers

• Acacia Financial Group: Acacia Financial Group is a public finance advisory firm specializing in financial advisory, swap advisory, and verification services for municipal issuers. It directly competes with PFP for verification, defeasance, and arbitrage rebate engagements.
• BLX Group (Orrick): BLX Group, now part of Orrick Herrington & Sutcliffe, is a recognized provider of post-issuance compliance, arbitrage rebate, and verification services for tax-exempt bond issuers. It competes directly with PFP's compliance and verification service lines.
• PFM Group: PFM Group is one of the largest independent public finance advisory firms in the U.S., providing financial advisory, swap advisory, and verification services to state and local governments. It is the most established direct peer to PFP's municipal bond verification and refunding practice.
• TBV Advisors: TBV Advisors is a consulting firm specializing in commercial mortgage loan defeasance and yield verification services. It is a direct peer to PFP's defeasance verification and escrow cash flow verification offerings.
• Arbitrage Compliance Specialists: Arbitrage Compliance Specialists is a niche firm focused on arbitrage rebate and yield reduction calculations for tax-exempt bond issuers. It directly overlaps with PFP's arbitrage rebate compliance service line.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/public-finance-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Public Finance Partners