Planks & Pilings

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June 1, 2026
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Issue No. 36

Minimum utilization fees

One term I really dislike in credit facility deals is the minimum utilization fee. I understand why it exists. If a lender is reserving capital for a borrower, that capital has a cost. It takes work to underwrite, document, monitor, and keep capital available. That money could also be used somewhere else. All that being said, I don’t like the incentive it creates.

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May 1, 2026
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Issue No. 35

We're Hiring!

Over the past few months, I’ve been thinking a lot about capital formation. To date, whenever we’ve needed capital for a fund or co-invest deal, I’ve gone out and raised it myself

April 1, 2026
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Issue No. 34

Dear Borrowers

As a reminder, we provide senior secured, asset-backed credit facilities to lenders. Our borrowers use that capital to originate loans, advances, receivables, and other contractual cash flows.

March 1, 2026
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Issue No. 33

Harmony

Some people divide their lives into clear categories. Others seem to live in one continuous thread. Watching Olympian skier Eileen Gu, I’m struck by how integrated her life appears to be.

Pier Asset Management LLC is an exempt reporting advisor with the SEC. The reference to Pier Asset Management’s value add and typical deal terms are for illustrative purposes only as a basis for further discussion and subject to change. Final terms set forth in a written agreement will prevail. Loans are not made by Pier Asset Management LLC, and instead are made by separate, related entities. Loans are not made for consumer purposes or secured by real estate, and all loans are made only for commercial purposes to sophisticated borrowers. Full Disclosure.

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