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Strategy Overview

Benefit Street Partners (BSP) Special Situation Strategy focuses on primary rescue & recaps, specialty finance and dislocated credit, with the ability to pivot to distressed/restructuring depending on the market environment, with a unique and differentiated sourcing network via the broader BSP platform.

Investing in complex situations that are often misunderstood and mispriced by the market working to find innovative and bespoke solutions.

All-weather special situations platform that seeks to capitalize on attractive risk-adjusted return opportunities across the middle market

Ability to pivot between private and public opportunities depending on market environment

Focus on dislocated credit, rescue & recapitalizations, specialty finance, with additional opportunities in distressed/restructuring

Our Investment Process

Team based approach

The Special Situations team actively sources, analyzes, and manages all investments across a concentrated portfolio. Downside protection and pricing asymmetry all form part of the investment approach.

Adaptive portfolio construction

Invests in a disciplined manner, focusing heavily on the types of investments that offer the best potential for risk-adjusted returns throughout the dislocation period.

Differentiated sourcing network

Differentiated sourcing network for private and traditionally inaccessible investments.

This is a general depiction of the investment team's methodology and may not reflect the exact investment process for any particular strategy.

Meet the Team

The BSP Special Situations Strategy is led by Ray Costa, Brent Buckley and Marcus Motroni, who together have more than 75 years of combined investment experience.

Proprietary due diligence and extensive deal flow come from in-house expertise comprising of a deep bench of sector-focused research analysts and private debt originators.

All senior team members employ a hands-on diligence approach and are involved in all aspects of the investment process. The team collectively possesses substantial experience in structuring, negotiating and executing debt financings across the capital structure through multiple business cycles.

 

Investment Committee

RC

Ray Costa

Managing Director
Industry since: 1988

BB

Brent Buckley

Managing Director
Industry since: 1996

MM

Marcus Motroni

Managing Director
Industry since: 1997

Featured Insights

AUGUST 25, 2025

Public insights on private credit: The art of vintage selection

Benefit Street Partners believes private credit managers need to focus on the financial conditions during a fund’s investment period. Skilled managers know when to dynamically deploy more capital or pull back, as the weather changes.

JANUARY 10, 2025

The maturity dilemma: Analyzing potential outcomes for maturing CRE loans

The maturity of a commercial real estate loan represents a pivotal moment for borrowers, lenders, and investors. Richard Byrne, President of Benefit Street Partners, explores the implications.

NOVEMBER 14, 2024

CRE Debt’s Edge over CRE Equity and BDCs

BSP President, Richard Byrne believes savvy investors should look beyond short-term market fluctuations and focus on the long-term advantages of CRE debt over equity and BDCs, as the true benefits are likely to unfold over the coming years rather than just a few quarters.