Forager applies a consistent underwriting and operating discipline to each opportunity, regardless of size, structure, or market cycle.
Every opportunity starts with the same question: does the risk-adjusted return justify the work, the capital, and the downside exposure?
The framework is applied at the deal level, not just the strategy level. The discipline is walking away when any one of the four filters fails.
We start with basis. Entry price, replacement cost, achievable rents, and exit value must create a margin of safety before upside is considered.
Each opportunity is underwritten on its own merits, with assumptions tied to the specific asset, market, tenant profile, business plan, and exit path.
The capital stack is built around the asset and business plan, not the other way around.
We invest partner capital alongside our own, with a focus on downside protection, liquidity, and multiple paths to a successful outcome.
The operating model is simple: prudent leverage, aligned capital, and direct execution.
We size leverage conservatively and match financing strategy to the asset, business plan, and risk profile.
We build long-term capital partnerships around transparency, consistency, and sponsor co-investment.
Development, construction management, and asset management remain close to the investment decision.
Forager works with Canadian and U.S. banks, life companies, and private credit providers. Financing is selected to match the asset, business plan, risk profile, and required certainty of execution.