Deer Park Road Corp.
Deer Park Road Management Company, LP is a hedge fund based in Steamboat Springs, Colorado, specializing in fixed income, structured credit, and distressed debt strategies. Founded in 2004 by Michael Craig, the firm is 100% employee-owned and led by a team with significant experience in credit markets. Deer Park Road manages both commingled funds and separately managed accounts, serving qualified and institutional investors with a disciplined, research-intensive approach. The firm employs rigorous risk management, focusing on capital preservation and long-term value, and has earned recognition for its track record in distressed credit investing. It employs approximately 29 to 32 staff members across investment, trading, and operational roles.
Investment Strategy
Deer Park Road specializes in fixed income and distressed debt strategies, primarily investing in lower-rated and distressed debt securities, mortgage-backed securities (MBS), and structured credit instruments. The firm utilizes a disciplined, research-driven approach to identify undervalued and mispriced securities, aiming to generate attractive risk-adjusted returns. Through thorough analysis of issuers and market conditions, the team seeks opportunities where market dislocations have created value. Their flagship products, such as the STS Partners Fund and Mortgage Opportunity Fund, are actively managed to capitalize on evolving credit cycles, with a strong emphasis on rigorous risk management and capital preservation. The firm frequently adjusts positions based on changing market trends, striving for resilient performance across market environments.
Top Holdings
Equity Positions (1)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A ASPS | ALTISOURCE PORTFOLIO SOLUTIO | 0.43% | $12.6M | 1,477,328 | $8.53 | $8.53 | +$12.6M |
Options Positions (4)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $1.11B | 18,000 | $617.85 | $574.74 | +9,000 | +$608.7M |
Q QQQ | INVESCO QQQ TR | Bought | Put | $993.0M | 18,000 | $551.64 | $510.28 | +9,000 | +$570.9M |
I IWM | ISHARES TR | Bought | Put | $776.8M | 36,000 | $215.79 | $211.72 | +27,000 | +$597.3M |
A ARKK | ARK ETF TR | New | Put | $28.1M | 4,000 | $70.29 | $70.29 | +4,000 | +$28.1M |