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BAM

Bayview Asset Management

1 fund◔ Unclaimed
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Active funds
1
of 1 vintage
Total raised
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not disclosed
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Disclosures & prior history5 disclosures · worst high

Material items extracted from the risk-factor, conflicts, and prior-performance sections of Bayview Asset Management's PPMs. Each is quoted verbatim with its source page — surfaced, not editorialized.

Related-party conflict disclosed — Termination Fee — BAYVIEW FUND MANAGEMENT, LLC

High

A large termination fee equal to 3x the sum of average annual Base Management Fee plus average annual Incentive Compensation over the prior 24 months is payable upon non-cause termination, creating a significant economic barrier to replacing the Manager.

“a termination fee (the 'Termination Fee') equal to three (3) times the sum of (a) the average annual Base Management Fee and (b) the average annual (or if the period is less than 24 months, annualized) Incentive Compensation earned by the Manager during the 24-month period immediately preceding the date of such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement.”
PPM p.2199% confidence

Related-party conflict disclosed — BAYVIEW FUND MANAGEMENT, LLC

Medium

The Manager may simultaneously seek to purchase investments from the Company and sell the same investment for a similar entity, or vice versa, creating potential conflicts of interest in allocation of investment opportunities.

“The Manager may at certain times be simultaneously seeking to purchase (or sell) investments from the Company and its Subsidiaries and sell (or purchase) the same investment for a similar entity, including other funds, for which it serves as asset manager now or in the future, or for its clients or Affiliates.”
PPM p.1297% confidence

Related-party conflict disclosed — BAYVIEW FUND MANAGEMENT, LLC / BAM

Medium

The Manager and its affiliates manage other funds and accounts and may make investment decisions for their own accounts and competing funds that differ from decisions made for the Company. No officer or employee of the Manager is exclusively dedicated to the Company.

“None of the officers or employees of the Manager will be dedicated exclusively to the Company and its Subsidiaries. ... The Manager serves as investment adviser to other funds and accounts, and its Affiliates manage their own accounts, and the Manager and its Affiliates may make investment decisions for their own accounts and for the accounts of others, including other funds, that may be different from, or competing with, those that will be made by the Manager for the Company.”
PPM p.1197% confidence

Key-person history disclosed — BAYVIEW FUND MANAGEMENT, LLC management team

Low

No officers or employees of the Manager are exclusively dedicated to the Company; the Manager's personnel divide time among multiple funds and accounts, creating key-person concentration and resource allocation risk.

“None of the officers or employees of the Manager will be dedicated exclusively to the Company and its Subsidiaries.”
PPM p.1195% confidence

Related-party conflict disclosed — BAM-managed vehicle investments

Low

The Company may invest in investment vehicles managed by BAM (the Manager's parent), subject to Independent Director approval, but the Manager must reduce its Base Management Fee by fees paid to BAM at the investee level to avoid double-charging.

“The Company shall not invest in any investment vehicle managed by the Manager or any Affiliate thereof, other than Bayview Acquisitions, LLC, unless (i) the investment is made in accordance with the Guidelines and (ii) such investment is approved in advance by a majority of the Independent Directors.”
PPM p.1495% confidence

Fund portfolio

● Active
BAYVIEW MORTGAGE CAPITAL, INC.
Unknown · — · Vintage 2012
Offering
—
LP Take
100.0%
Composite
—

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