Overview
Bangtail Management, LP (“Bangtail”, or the “Adviser”) is a Delaware limited partnership that
provides discretionary investment advisory services to a privately offered investment fund that
invests in a variety of real estate assets. The Adviser commenced operations in 2021 and is owned
and controlled by Michael Craig-Scheckman, Scott Burg and Brad Craig. The Adviser is an
affiliate of Deer Park Road Management, LP (“Deer Park Road”), an SEC-registered investment
adviser. Adviser and Deer Park Road share office space and have separate but substantially similar
policies and procedures. The Adviser and Deer Park Road utilize the same personnel and systems.
The Adviser aims to identify attractive investment opportunities in the single family residential
real estate market by purchasing and offering properties to rent. The Adviser focuses on acquiring,
holding, managing, leasing, operating, maintaining, improving, developing, constructing,
redeveloping, renovating, remediating, financing, refinancing, transferring and disposing of single
family residential real estate. The Adviser aims to identify attractive opportunities using
technological innovation provided by third party service providers in order to enhance purchasing
and renting efficiencies.
The Adviser manages
a privately offered pooled investment vehicle, Flywheel SFR Fund I LP
(the “Fund” or the “Client”), a Delaware limited partnership launched in January of 2022 with
commitments of $165 million. Commitments for the Fund were supplied by a seed investor (the
“Seed Investor”) and an affiliate of the Adviser. In return for its commitment, the Seed Investor
received an interest in the general partner of the Fund (the “Fund General Partner”) and an interest
in certain management fees payable to the Adviser for this Fund and certain future funds. As of
December 31, 2023, the Adviser managed approximately $107 million of assets (calculated as net
asset value of funds managed by the Adviser as of December 31, 2023) on a discretionary basis,
and the Adviser and its affiliate Deer Park Road together managed approximately $3.1 billion of
assets (calculated as net asset value of all funds managed by the Adviser and its affiliates as of
December 31, 2023) on a discretionary basis. The Adviser does not manage any assets on a non-
discretionary basis. The Manager does not manage wrap fee programs. “Regulatory Assets Under
Management,” as that term is defined by the SEC, were $4 billion on a discretionary basis firmwide
as of December 31, 2023, which includes committed capital.