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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

Resources and Related Strategies

Benefit Street Partners Private Debt Strategy

Featured Insights

OCTOBER 29, 2025

We predicted the storm in commercial real estate

How bad was it? How did we do? And what’s next? Michael Comparato, Head of Commercial Real Estate at Benefit Street Partners discusses where things stand, the robust opportunity set that remains, and what to expect after the storm moves on for real.

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.

APRIL 11, 2025

What do tariffs mean for commercial real estate and CRE debt?

Benefit Street Partners believes that although stock market volatility is unsettling, it is not a cause for concern in the CRE sector. Instead, we should expect increased demand for CRE debt investments over the coming months and quarters.

Important Legal Information

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. All investments involve risks, including possible loss of principal. There is no guarantee that a strategy will meet its objective. Performance may also be affected by currency fluctuations. Reduced liquidity may have a negative impact on the price of the assets. Currency fluctuations may affect the value of overseas investments. Where a strategy invests in emerging markets, the risks can be greater than in developed markets. Where a strategy invests in derivative instruments, this entails specific risks that may increase the risk profile of the strategy. Where a strategy invests in a specific sector or geographical area, the returns may be more volatile than a more diversified strategy.

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