January 17, 2025
Happy New Year from the Fund Finance team at EverBank! On December 31, our team wrapped up our first full calendar year in business, and we want to take a moment to thank our clients, partners and teammates and give you an update on our progress. As with many of you, the year was one of growth and opportunity for us, and we enter 2025 with optimism and forward momentum.
Our Fund Finance portfolio now stands at 47 facilities with 35 distinct sponsors, representing $3.7 billion in loan commitments and $2.5 billion in outstandings. Our portfolio is nearly evenly split: we are the lead agent in 25 facilities and a participant in 22. We are grateful to the clients who have supported us and to our agent bank partners that have trusted us with participating in their facilities.
While we continue to both lead and participate in subscription facilities, we are also proud of our progress in furtherance of our long-term strategy of becoming a leading provider of bespoke financing solutions. In that regard, 18 of our facilities are true NAV or hybrid deals, spread across underlying asset classes including buyout, GP stakes, secondaries and alternative private credit. We have provided liquidity to a rated note feeder, senior tranche funding to a collateralized fund obligation, leverage to a pool of management company loans and multiple back-leverage solutions to help our private credit clients meet their return ambitions. Our 2025 pipeline is full of interesting facilities with dynamic sponsors and we are looking forward to a busy first quarter.
Lenders are only as able as their funding source, and we are fortunate to have the EverBank deposits team. Our lending was fueled by their success. In 2024, EverBank grew its deposit base by over 18%, an impressive accomplishment considering both the environment coming off the regional banking crisis and compared to peer performance. Congratulations to our colleagues on a sensational year. Because of you, we are fully open for new business and looking for lending opportunities with great sponsors.
The EverBank Asset Backed Finance team hosts guests at the annual Florida vs. Georgia game at EverBank Stadium.
Focused on growth
Fund Finance is evolving rapidly and intersecting daily with many of the historical financing adjacencies. Many of our facilities are now taking shape in the form of securitizations, intersecting with the capital markets or requiring leveraged finance underwriting methodologies. We want to stay ahead of the curve.
Last summer, we combined EverBank’s long-established and well-respected Corporate Debt Finance (CDF) team with our Fund Finance team, creating a larger platform now known as Asset-Backed Finance (ABF). The combined business has $10 billion in commitments to 76 sponsors across 133 facilities. We are fortunate to have veterans Marty O’Brien and Frank Martino leading our CDF efforts and we are excited about our offerings for private credit managers.
Our goal in the combination is to provide a single point of contact for our sponsor clients and partner bank relationships that can bring the entirety of our skills and competencies as required for any particular transaction. This restructure facilitates better coordination of our client calling efforts, cross training for our teammates, staffing tailored to the specific matter and a consistent strategy across our platform.
Jeff Johnston was naturally elevated to Head of ABF and assumed leadership of the larger platform. Gabby Buckner did a terrific job of seamlessly managing the integration, including the operations and treasury teams. Josh Kinsey became Head of ABF Credit, ensuring seasoned and considered judgment for our credit function. In June, we added long-time senior banker Jaime Caruso, who is leading the build out of a Lender Finance vertical within ABF. Her deep network has led to a robust pipeline for 2025. In the fourth quarter, we added senior real estate finance banker Kevin Mammoser.
Real estate private credit is a space in which many of our clients have expressed interest and Kevin is tasked with helping them with financing, whether in the form of note-on-note or portfolio-wide lending structures. Unsurprisingly, both of these verticals overlap with Fund Finance extensively at the intersections, and we have found many opportunities to coordinate and cross-staff even in these early days. The consolidated ABF team is now 36 professionals.
2025 and beyond
We have a lot on the plate for 2025 to better serve our clients. We have multiple Fund Finance job openings posted, including for a senior position. Reach out if you are interested – we are always open to talk with great people. We are onboarding a new portfolio management system, custom cut for Fund Finance, in the first quarter. This will help reduce manual functions and enables us to monitor the portfolio in more sophisticated formats. Our treasury and information technology teams continue to beta test a new treasury management system, which when up and running will offer elite treasury management capabilities for sponsors. We are in the early stages of discussions around different means of expanding our balance sheet and providing new product offerings. There is much left to accomplish.
As always, if we can be of assistance, please reach out. We look forward to seeing the Fund Finance community at the 14th Fund Finance Association Global Symposium from February 24-27 in Miami.
Head of Asset-Backed Finance
Jeff Johnston
Head of Fund Finance
Mike Mascia
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