Advisory Business
Churchill is a Delaware Limited Liability Company formed in 2018. The Firm is a private real estate investment
firm which aims to capitalize on real estate debt, preferred equity, and distressed opportunities. The Firm is
indirectly owned by Churchill Finance LLC. In March 2023, SRCSRC purchased a majority interest in Churchill
Finance LLC.
Churchill focuses on the residential real estate market by investing in real estate related securities and
investments in both credit and preferred equity transactions. The Firm aims to leverage the collective expertise
of its team members and utilizes proprietary sourcing networks to generate “off the run”, non-broadly
marketed, investment opportunities. Churchill also aims to capitalize on bespoke, point-in-time opportunities
throughout real estate market cycles with primary focus on downside protection while optimizing risk adjusted
returns. Churchill’s residential strategy focuses on the following two market segments and opportunities:
Specialty Finance- focuses on residential real estate with direct origination capabilities providing a complete
lending, asset management and loan servicing platform to investors.
Residential Real Estate- focuses on providing investors with opportunistic and unique real estate investments in
major gateway cities with seemingly down-side protection while seeking to optimize returns in a risk-mitigated
fashion.
Churchill offers its advisory services through privately offered investment funds (“Funds”)and separately
managed accounts (“SMAs”). Herein, all references to Funds, and SMAs are collectively referred to as the
“Clients”. Each Fund is subject to the investment objectives,
terms and conditions outlined in offering
documentation specific to each Fund, which includes but is not limited to subscription agreements, limited
partnership/operating agreements, investment management agreements, and underlying transaction documents
(“Offering Documents”). Each SMA is subject to the investment objectives, terms and conditions set forth in
the applicable investment advisory agreement entered into by and between such SMA and Churchill
(“Investment Advisory Agreement”, together with the Offering Documents, collectively, the “Governing
Documents”).
While Churchill focuses on the asset classes and strategies discuss throughout this Brochure, the Firm does not
necessarily limit the types of investments on which it advises.
To the extent agreed upon in the Governing Documents, Churchill tailors its investment advisory services to
be consistent with each Client’s investment strategy, return profile, concentration limits, time horizon, liquidity
mandates and other related objectives, as defined therein. The Firm may permit Clients to impose reasonable
restrictions on investing in certain securities or types of securities.
Churchill does not participate as a sponsor of or portfolio manager to any wrap fee programs.
As of December 31, 2022, the Firm managed approximately $275,013,415 of regulatory assets under
management on a discretionary basis. Churchill also manages certain assets on a discretionary basis in the
amount of $5,407,424,320. Those assets do not count toward the Firm’s regulatory assets under management
as they do not meet the definition of a “securities portfolio” under the Investment Advisers Act of 1940
(“Advisers Act”).