History
Founded 1985 – Pioneer firm in the high yield market
Offices in New York, NY, Stamford, CT, and London, UK
Exclusive focus on leveraged companies

Ownership
Independently owned by team members and directors
No competing businesses, affiliates, or major financial service company bureaucracy

Style
Conservative and prudent style (No Style Drift)
Rules-based credit decisions

Goals
Superior risk-adjusted returns over full credit cycle
"Have the fewest credit mistakes" is our credo!

Philosophy
Bottom-up, fundamental credit analysis
Intensive credit research utilizing internally developed proprietary tools

Decision-Making Process
Credit Committee diligently employs a disciplined and structured process
Portfolio Managers utilize an "Approved List"