Steamboat Ski & Resort, Colorado

Hedge Fund

Fund Overview

STS Master Fund, Ltd.

The strategy of STS Master Fund, Ltd. (“STS” or the “Fund”) is predominantly a buy-and-hold approach that seeks to source discounted, high-cash flow, securitized, and other credit investments across the spectrum of credit investments, to produce high absolute and risk-adjusted returns. We refer to this as the “Flagship Strategy.” Since the inception of the Flagship Strategy in 2008, the portfolio management team has leveraged its strong broker-dealer relationships to selectively acquire a diverse portfolio of attractive investments with the goal of generating attractive long-term risk-adjusted returns. Deer Park has established its expertise and strong foundation in the market while building on key relationships with other dealers and market participants, which has been a fundamental element of the Flagship Strategy’s success.

*Please see important disclosure at the bottom of this page.

Fund Details (as of May 30, 2024)

  • Inception Date May 2008
  • Assets Under Management$1.60 billion
  • Compound Rate of Return13.80%
  • Number of Securities1702

Portfolio Composition Percent of AUM (as of May 30, 2024)

Portfolio composition is subject to change and should not be considered investment advice. Other includes Options, Corporate, CLO/CDO, ABS, Agency, Swaps and cash and equivalents.

*Please see important disclosure at the bottom of this page.

  • Non-Agency RMBS 94.27%
  • Equity 9.28%
  • CMBS 21.82%

Separately Managed Accounts (SMAs)

Fund Overview

Deer Park’s customized separately managed accounts (SMAs) allow investors to build a personalized portfolio that can be customized to meet specific needs and objectives. SMAs allow Deer Park’s portfolio managers to leverage their unique skills and expertise to pursue investment opportunities with great potential relative to their benchmarks.

Single Family Rental (SFR)

Flywheel SFR Fund I

Flywheel SFR Fund I, managed by Bangtail Management, LP an affiliate of Deer Park Road Management Company, LP, is a Private Equity fund that builds upon the successful, 19-year history of our housing market-related investments. Flywheel purchases U.S single-family homes with the purpose of generating an operationally enhanced stream of rental income and augmenting the price appreciation of the underlying properties. Flywheel has established a relationship with Bungalow Living; a leading technology company for the rental industry. Leveraging the best-in-class shared rental platform of Bungalow, the Fund utilizes a differentiated approach targeting assets within Tier 1-2 markets, implementing value-added enhancements, and focusing on a critical growing demographic segment and reflecting underserved tenant preferences within the Single-Family Rental market.

Mutual Fund

The Deer Park Total Return Credit Fund

*Performance shown is for Class I interests in the Master Fund and is calculated by Deer Park Road Management Company, LP, the Fund's investment manager. Historical performance is derived by taking the gross of fees performance of the Onshore Feeder from 2008 through June 2016 and applying a 1% management fee and incentive allocation (subject to a high-water mark) equal to 0% for the first 5% of returns net of the management fee; 50% for returns greater than 5% up to 9% and 25% thereafter and Class I net of fees performance thereafter. Performance is net of all fees and expenses and assumes that all dividends, interest and other earnings are reinvested. Actual returns for the Onshore and Offshore feeders in general, and your returns in specific will differ based on different allocation of expenses and the timing of your investments. Past performance is not indicative of future results. Current year performance is preliminary and subject to completion of the annual audit of the financial statements by the Fund’s independent auditors.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Deer Park Total Return Credit Fund. This and other important information about the Fund is contained in the Prospectus, which can be obtained by contacting your financial advisor, or by calling 1.888.868.9501. The Prospectus should be read carefully before investing.

Deer Park Total Return Credit Fund is distributed by Northern Lights Distributors, LLC member FINRA / SIPC. Princeton Fund Advisors and Northern Lights Distributors, LLC are not affiliated.

Investments in Mutual Funds involve risk including possible loss of principal.

Past performance does not guarantee future results and there is no assurance that the Fund will achieve its investment objective.

ABS, MBS, RMBS and CMBS are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings) is subject to significant uncertainties.

Futures, options and swaps involve risks possibly greater than the risks associated with investing directly in securities including leverage risk, tracking risk (the derivatives may not track the underlying securities) and counterparty default risk. Option positions may expire worthless exposing the Fund to potentially significant losses. The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Changes in short-term market interest rates will directly affect the yield on investments in floating rate debt. As a result of certain strategies designed to mitigate market risk, the Fund may not participate as fully in positive markets because of these strategies and each strategy could negatively impact the Fund. Lower-quality fixed income securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.

The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Overall fixed income securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. The Fund may enter into repurchase agreements in which it purchases a security (known as the "underlying security") from a securities dealer or bank, therefore the repurchase agreements are subject to counterparty default risk.

The use of leverage by the Fund, such as borrowing money for liquidity purposes, or the use of derivatives, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.