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Benefit Street Partners LLC

Last Updated: 12/3/2020

Benefit Street Partners LLC is a Limited Liability Company that started in 2011 and is primarily owned and controlled by Thomas Gahan, which was then acquired by Franklin Resources Inc in February 1st, 2019.

Per its website, BSP is a credit-focused alternative asset management firm that manages funds across strategies including: private/opportunistic debt, liquid loans, high yield, special situations, and commerical real estate debt. BSP invests across the credit spectrum – from senior secured debt to subordinated debt, as well as both liquid and illiquid credit – and has extensive experience deploying capital through multiple business cycles.

Benefit Street Partners LLC operates out of an office in New York, NY. Based on the Form ADV filed on 2020-03-27 00:00:00, the investment firm is comprised of 205 employees, only 117 of whom performs investment advisory functions.

Fact Sheet

      Name: Benefit Street Partners LLC
      CRD No: 158672
      Filing Recorded: 2020-03-27 00:00:00
      Year of Origin: 2011
      Employees: 205
      Clients: 44
      AUM: 20,632,548,559
      Management Fee: Unknown Percent
      Performance Fee: Unknown Percent
      Client Type: Investment Companies, Pooled Investment Vehicles
      Assets Traded: Unspecified


Investment Strategy

According to the brochure submitted to IAPD, Benefit Streets investment strategy is as follows:

Comprehensive joint industry and sector reviews, primarily focusing on debt opportunities, are completed on an ongoing basis in order to identify potential investment candidates. Moreover, the Adviser’s extensive network and relationships with Wall Street and industry professionals are invaluable for sourcing potential opportunities. Generally, once a potential investment is identified, financial modeling is introduced in the early stages of the investment process and a forward-looking financial model with full projections is built. The projections typically incorporate the Adviser’s macro views, sector analysis and individual company fundamentals. These projections are a key driver for all subsequent steps in the Adviser’s investment process. Historical financials are also reviewed, with a focus on analyzing the company’s operating performance and ability to generate free cash flow.

Methods of Analysis

In addition, Benefit Streets methods of analysis include:

As part of the investment process, the Adviser employs multiple valuation methodologies to generate proprietary valuations and typically receives information directly from the entity (or its agents and/or representatives) it is investigating as a potential investment opportunity for a Fund.

Every position is evaluated with respect to its expected return and the probability of loss and trading liquidity. Typically, each Fund’s portfolio is continually rebalanced in order to maintain proper risk weighting. The Adviser also assesses the transaction exits for a particular investment under multiple scenarios and timelines. As various scenarios unfold, the Adviser monitors the relationship between executable exit value (where one exists) and a proprietary assessment of intrinsic value, derived as part of the Adviser’s investment process.

Top 10 Holdings from Form 13F

Reporting Period: 09/30/2020

Issuer Share Value(1000s) Put/Call
ISHARES TR 650,000 87,100 Put
BERRY CORP 12,703,275 40,269
CHENIERE ENERGY INC 265,000 12,262
VISTRA CORP 384,161 7,245
GOLAR LNG LTD 9,000,000 6,824
TASEKO MINES LTD 6,124,707 6,486
WPX ENERGY INC 984,458 4,824
IHEARTMEDIA INC 579,933 4,709
WILLIAMS COS INC 204,873 4,026
CASA SYS INC 923,600 3,722

Historical 13F Filings

EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forBenefit Street Partners LLCin our 13F section HERE.

To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.

Related Topics

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Historical Portfolio Holdings for Benefit Street Partners LLC