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*FOR IMMEDIATE RELEASE*

Phoenix Capital, Inc. Acquires Operations of Steel Mountain Capital Management, LLC

[Denver, Colorado] Phoenix Capital, Inc., a Denver-based mortgage banking advisor, is pleased to announce the acquisition of Steel Mountain Capital Management’s operations, a residential mortgage investment firm also located in Denver that purchases and trades performing, sub-performing, and nonperforming mortgage loans. The acquisition of Steel Mountain’s service offerings represents important, additional business lines for Phoenix Capital in executing its strategic vision of providing clients with unparalleled, best-in-class comprehensive solutions for their Mortgage related businesses. The acquisition of Steel Mountain’s whole loan acquisition business, litigation support and expert testimony business, and its SMART asset management technology, complements the Phoenix Family’s current business lines; which include mortgage servicing rights sale, valuation and advisory services, Phoenix Asset Management’s default liquidation offerings, and Phoenix Collateral Advisors’ servicing oversight and surveillance.

This unique array of client centric firms will provide comprehensive solutions that address the entire life-cycle of mortgage loans. “We have joined forces with a well-known, best-in-class whole loan trading, SMART technology driven asset management, and expert testimony firm that furthers our goal of providing a comprehensive, industry leading suite of Secondary Market Solutions to our clients,” remarked Phoenix Capital’s President, Brett Schaffer. “We pride ourselves in providing our clients with best execution and customized solutions in our target markets. We look forward to adding the outstanding reputation, track record and business acumen that the Steel Mountain staff brings to the market place, to enhance our strong suite of current services.”

Steel Mountain’s long track-record of providing cradle-to-grave client solutions and certainty of closing makes it the ideal firm for Phoenix Capital to acquire. “Steel Mountain’s management and staff have successfully navigated its clients through more than five separate market cycles, dating back to the early 1980s. Experience and market perspective are often more critical in developing strategies, and solving real world mortgage related difficulties, than computer processor speed or stylish presentations,” stated Steel Mountain Capital Management’s CEO Kelly Wayne Garland. “The combined leadership and industry expertise resulting from this acquisition, will further enhance the already high level of client service, industry leading solutions, and unequaled performance record of our collective firms.” Bill Alread, Steel Mountain President, added, “The immense philosophical and transactional similarities of our firms’ peerless client service, depth of industry expertise, focused commitment to a specific asset class, and unequaled results, combined with our long-standing history and knowledge of one another, make this combination a powerful industry presence .”

For more information, please contact Stephen Fleming (sfleming@phnxcap.com) or Rod Schluter (rschluter@phnxcap.com) at 303-892-7070.

-About Phoenix Capital:  With over 200 clients across the country, the Phoenix Family of Companies is led by Phoenix Capital, Inc. Since its founding in 1996, Phoenix has grown into a market leading mortgage banking advisor that specializes in mortgage servicing rights (MSRs). Having managed approximately $600 billion of MSR transactions since 2013 alone, Phoenix provides the most comprehensive MSR transaction management (across flow, bulk, and all deal structures), MSR analytics (including valuation, accounting, and enhanced analytics), and servicing audits, surveillance, performance management, and policy & procedure services. For more information, please visit www.phnxcap.com.

-About Steel Mountain Capital Management:  Formed in 2005, Steel Mountain Capital Management is a principal purchaser of performing, sub-performing and nonperforming residential 1st and 2nd lien mortgage loans. The Company provides portfolio management, valuation and servicing oversight to various investors and hedge funds in addition to its principal purchase activities and management of its own portfolio. For more information, please visit www.steelmc.com.

 

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