Music Tectonics | Los Angeles | November 2 - 4
Citi SPRINT | New York | November 20
Fintech Specialty Finance Forum | Dana Point | December 9 - 11
debanked Connect |Miami | February 12, 2026
Global Alts 2026 | Miami | February 23 - 26,2026
Fintech Meetup | March 30 - April 1, 2026
Next WaveSummit 2026 | New York |February 10 – 11, 2026 [Should we go?!]
SFVegas | Las Vegas | February 22 – 25,2026
At Pier we provide senior secured, sub-$25M credit facilities to loan originators, collateralized by portfolios of loans, advances, receivables, or other contractual cash flows. A key driver of price is portability, which we assess in two ways: (1) salability: could we resell the portfolio if we owned it, and (2) servicer transferability: could we move servicing to a new servicer without material disruption or value loss?
We prefer portfolios that are easy to sell or easy to transfer. Those are cleaner, simpler deals and we are comfortable holding them in a downside scenario because we can monetize or transition the asset quickly.
When a portfolio is harder to sell or transfer, we reflect portability factors in the terms:
In a default we may need to run a shell originator or stand up temporary servicing, which creates two main costs:
Portability determines price and deal terms. We evaluate deals carefully from this lens and require protections, so we are on stable footing if things gowrong.
-Jillian


Auto lending has made headlines recently, particularly with the issues at TriColor and First Brands. While these cases are concerning, they’re largely about fraud and double pledging. These risks stem from poor credit facility controls, not underlying asset performance. At Pier, our standard practice is to be the sole creditor to our counterparties. If there’s only one lender, double pledging becomes a non-issue.
As for auto loan performance, delinquency rates do remain elevated versus historical norms. However, they’ve actually been improving in the last 18months. As of the latest dv01 data, delinquencies are at their lowest levels since January 2024. Subprime is modestly higher than recent years, but still within a range comparable to 2017–2020 levels. Both points can be seen in the charts above.
This is not to say we ignore the data. But from our perspective, these are modest shifts well within the bounds of normal variation—particularly given our short-duration approach, which allows us to respond quickly to performance changes.
Auto is a space we continue to underwrite with care. But recent headlines are more about structural failures than asset-level weakness. We remain constructive. Watchful, but not alarmed.
– Conor
Pier Asset Management Provides $10m facility toRevenue Based Funder
Los Angeles - Pier Asset Management (”Pier”) provided a $10 millionsenior secured credit facility to a specialty finance firm thatoffers revenue based capital to small businesses. Pier is pleased to partner with the second time founder.
Based in Los Angeles, California, Pier provides senior secured credit facilities and tailored credit solutions to fintech lenders and platforms. To date, Pier has funded over $500 million in credit investments and partners closely with innovative originators to scale lending products across emerging asset classes. Learn more at www.pieram.com.
"Explanations exist; they have existed for all time; there is always a well-known solution to every human problem — neat, plausible, and wrong".
- H.L. Mencken
As investors and parents rearing young children, we greatly enjoyed the Invest Like The Best episode featuring Joe Liemandt. In addition to being the billionaire founder of Trilogy Software and ESW Capital, Joe is the principal of Alpha School, arevolutionary school that uses AI to have students learn twice as fast as theirpeers.We are actively involved in bringing an Alpha School to the Manhattan Beacharea. Are your kids in an Alpha School or are you in the neighborhood andinterested in learning more? We'd love to chat.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer vitae imperdiet purus. Sed eget purus mollis, imperdiet sem ullamcorper, elementum justo. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer cursus nisl lectus, eleifend dictum ipsum placerat at. Fusce luctus fermentum ipsum, a sagittis neque rutrum at. Pellentesque eleifend libero non ante pellentesque, auctor mattis felis accumsan. Morbi sagittis eu felis eu varius. Donec interdum congue erat. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum bibendum risus id nunc luctus blandit. Aenean tincidunt urna quis turpis sodales placerat.
