Portfolio

Residential Rental Property Financing

Applied Residential Inc. is a real estate financial services company that offers a suite of rent-to-buy residential property financing products under the TRIO brand name. The Company interfaces with consumers on behalf of institutional investors, lenders, servicers, home builders and government entities involved in the residential property market. PanMar is a first round equity investor in the Company, assisted in its capital raising efforts and Oscar Junquera initially served as a member of Applied Residential’s Advisory Board.

Wealth Management

Beacon Trust Company is a wealth management firm offering investment management, financial planning, tax, estate and private banking services. PanMar’s original equity investment was made in the start-up of Clear Asset Management Inc., a quantitative based asset manager acquired by Beacon Trust to assume all of its investment management functions. Beacon Trust was sold to Provident Bank in 2011 in an upfront cash and earn-out transaction; PanMar completed its exit from this investment in 2015.

Options Exchange

The Chicago Board of Options Exchange is the largest options exchange in the world and the dominant exchange for equity and index-linked options trading. Its proprietary products include the S&P 500 Options Index (SPX), the most active US index option, and the CBOE Volatility Index (VIX). PanMar became a shareholder of the Company (“CBOE”/Nasdaq) through its investment in a partnership sponsored by Horizon Asset Management, which was dedicated to purchasing seats on the CBOE prior to its demutualization and initial public offering in 2011. We exited this investment during 2013.

Alternative Investments

Central Park Group is an investment advisory firm which operates an alternative products structuring and distribution platform. The Company provides qualified private clients and institutional investors access to leading private equity, hedge fund, real estate and fund-of-funds investment managers through its proprietary offering of limited partnership and registered investment company vehicles. CPG distributes offerings through global wealth management and US brokerage firms, registered investment advisors, financial planning firms and family offices. PanMar is an equity investor in the Company and collaborates with management on strategy and investment product development ideas.

Real Estate Investment Management

Colony NorthStar, Inc. (“CLNS”/NYSE) is a leading global real estate and investment management firm created through the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group, Inc. and NorthStar Realty Finance Corp. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, opportunistic equity and debt investments and an embedded institutional and retail investment management business. PanMar was originally an investor in NorthStar Asset Management Group and NorthStar Realty Finance.

Emerging Market ETFs

Emerging Global Advisors was a leading provider of strategic beta ETF portfolios dedicated to investing in emerging markets. The Company’s EG/Shares suite of ETFs listed on the NYSE include strategic and thematic index-based investment strategies. PanMar was a founding equity investor in EGA, advised on its start-up and capital raising efforts, and Oscar Junquera initially served on the Company’s Advisory Board. EGA was sold to Columbia Threadneedle Investments in 2016 in an upfront cash and earn-out transaction, whereby PanMar partially exited its investment.

Offshore Distribution

EMG was an investment management firm operating an offshore distribution platform targeted to investors outside the US. The Company’s Luxemburg-based UCITS platform and global distribution relationships were made available to selected managers which sub-advised EMG co-branded funds. EMG provided the regulatory expertise, operational know-how, and the sales and marketing services to distribute mutual funds, separate accounts and structured products to HNW and institutional investors worldwide. Panmar acted as financial advisor to EMG in relation to investment product structuring and distribution. EMG was sold to Wadell and Reed Financial in 2014.

Public Acquisition Vehicle

HF2 Financial Management was a Nasdaq listed permanent capital vehicle formed for the purpose of making an acquisition in the asset management industry. The Company completed the acquisition of ZAIS Group Holdings, an asset management company focused on investing in specialized credit strategies, in 2015. Our investment in HF2 was subsequently converted into ZAIS common stock (“ZAIS”/Nasdaq). Panmar was a founding and sponsoring investor in HF2 and Oscar Junquera was a member of the Company’s Board of Directors and its Audit Committee.

Commercial Real Estate Investment Management

NorthStar Asset Management Group was a global investment management firm focused on strategically managing real estate investment platforms in the US and internationally, which is now part of Colony NorthStar, Inc. (“CLNS”/NYSE). NSAM managed a diversified portfolio of retail, multi-family, healthcare, manufactured housing, hotel, industrial and office properties. The Company was created through a spin-out from NorthStar Realty Finance, which was organized as an internally managed REIT. Oscar Junquera was a member of the Company’s Board of Directors, its Audit and Compensation Committees, having previously served as a Director of NRF. He also served on the Special Committee of three Independent Directors in connection with the 2017 three-way merger creating Colony NorthStar, Inc.

European Real Estate Equity REIT

NorthStar Realty Europe (“NRE”/NYSE) is a European focused real estate equity REIT. It is the only company listed in the US offering investors direct access to prime office properties located in key European markets within Germany, the UK and France. The Company was created through a spin-out from NorthStar Realty Finance and is externally managed by Colony NorthStar, Inc. Oscar Junquera is a member of the Company’s Board of Directors, its Audit and Compensation Committees; he is also on the Strategic Review Committee comprised of Independent Directors.

Online Lending

OnDeck Capital (“ONDK”/NYSE) is the leading online platform for small business lending, which seeks to transform that market by making it efficient and convenient for small businesses to access capital. Enabled by its proprietary technology and analytics, the Company aggregates and analyzes thousands of data points from dynamic disparate data sources to assess the creditworthiness of small businesses rapidly and accurately. PanMar has been an equity investor in the Company through several rounds of capital raising that have included current shareholders such as RRE, Khosla, SAP and Google Ventures, Peter Thiel and Tiger Global. We partially exited this investment prior to OnDeck’s initial public offering in 2014 and have continued divesting our position opportunistically since then.

Off-balance Sheet Financing

The Small Business Asset Fund was an off-balance sheet, collateralized financing facility which provided OnDeck Capital, Inc. a unique source of financing during its initial growth stage and offered investors an ultra-short, high income investment opportunity. PanMar advised the Company on the structuring of SBAF, acted as placement agent, and was a lender to the financing vehicle during 2009 and 2010.

ETF Managed Portfolios

Toroso Investments is an investment management, research and consulting firm that designs and distributes core asset allocation strategies constructed with ETFs and other exchange traded products. The Company navigates the intricacies of the expanding ETF landscape through core business units—Toroso Asset Management, Toroso Advisors and Tidal Growth Consultants. PanMar is a founding equity investor in the Company and Oscar Junquera is on Toroso’s Board of Directors.

Specialized Credit Investment Management

ZAIS Group Holdings is an asset management company focusing on specialized credit strategies. ZAIS manages corporate credit and mortgage related fixed income investments, CLO’s, non-Agency RMBS, CMBS and residential whole loans, as well as derivatives of these instruments. The Company was taken public in March 2015 through a reverse merger into HF2 Financial Management Inc., a public acquisition vehicle in which PanMar was a founding and sponsoring investor. Our investment in HF2 was subsequently converted into ZAIS common stock (“ZAIS”/Nasdaq). PanMar exited this investment in 2016 and 2017.