Terms we use.

Lending secured by a company’s assets, such as receivables, inventory and equipment, with the amount available tied to the value of that collateral rather than to cash flow alone.

Used on Private Credit, Investments, Submit an Opportunity

An arrangement in which the auction house or a third party guarantees the seller a minimum price for a work before the sale. If bidding does not reach that price, the guarantor buys the work at it; if bidding goes higher, a third-party guarantor is usually paid a fee or a share of the excess.

Used on Art & Collectibles, Submit an Opportunity

A decentralized exchange protocol that prices trades with a formula applied to pools of tokens supplied by liquidity providers, instead of matching buyers and sellers in an order book.

Used on Digital Assets

One hundredth of a percentage point. Loan pricing is often quoted as a benchmark rate plus a spread in basis points.

Used on Private Credit

The amount a borrower may draw under an asset-based loan, calculated from the eligible collateral and the advance rate applied to it, and recalculated as the collateral changes.

Used on Private Credit

Short-term financing that covers a period of transition, such as a renovation or lease-up, until the borrower can sell the asset or refinance with longer-term debt.

Used on Private Credit, Submit an Opportunity

A private equity strategy that acquires a platform company and then adds smaller acquisitions (bolt-ons) to it to gain scale.

Used on Private Equity

An engagement in which a broker or advisor represents a buyer, rather than a seller, in finding and negotiating a transaction.

Used on Real Estate, Private Credit, Private Equity, Submit an Opportunity

Spending on long-lived improvements to an asset, such as a roof replacement or a unit renovation, as opposed to day-to-day operating costs.

Used on Real Estate, Investments, Submit an Opportunity

The sale of a division, subsidiary or business line by its parent company, which then operates as a stand-alone business.

Used on Private Equity, Submit an Opportunity

A document from the artist, their foundation or a recognized expert confirming that a work is genuine.

Used on Art & Collectibles, Submit an Opportunity

The documented sequence of owners of an object or property, showing how ownership passed from one to the next.

Used on Art & Collectibles, Submit an Opportunity

The usable height inside an industrial building, measured from the floor to the lowest overhead obstruction, such as a beam or sprinkler line.

Used on Real Estate

An investment made directly in a specific transaction alongside another investor, rather than through a fund.

Used on Contact, About, Submit an Opportunity, Working with a Single Family Office

Keeping the private keys that control digital assets on devices that are not connected to the internet, to reduce the risk of theft.

Used on Digital Assets

Refrigerated and freezer warehouses used to store and distribute food, pharmaceuticals and other temperature-sensitive goods.

Used on Real Estate

A written assessment of a work’s physical state, usually by a conservator or specialist, noting any damage, restoration or wear.

Used on Art & Collectibles, Submit an Opportunity

A detailed document describing a business for sale, including its operations and financial history, usually shared with prospective buyers only after they sign an NDA.

Used on Private Equity, Legal Disclosures, Submit an Opportunity

A real estate strategy that buys stable, mostly leased properties with some room to raise income through modest improvements or better management.

Used on Real Estate, Submit an Opportunity

A promise in a loan agreement that the borrower will, or will not, do certain things, such as maintain financial ratios or report regularly. Breaching one gives the lender defined rights.

Used on Private Credit

Using the same pool of collateral to secure more than one loan or obligation, so that each asset backs the whole of the debt.

Used on Private Credit

A secure online folder in which a seller or borrower shares documents with prospective investors or lenders during a transaction.

Used on Contact, Submit an Opportunity, Working with a Single Family Office

The formal removal of a work from a collection, usually by sale or transfer.

Used on Art & Collectibles

Financial services, such as lending, trading and earning yield, provided by software on public blockchains rather than by banks or brokers.

Used on Digital Assets, Submit an Opportunity

An amount that becomes available only once agreed performance targets are met after closing. In a sale, it is part of the price paid later if the business hits its targets; in real estate lending, it is a portion of the loan that the lender advances once the property reaches agreed occupancy or income levels.

Used on Private Credit

Earnings before interest, taxes, depreciation and amortization: a common measure of a company’s operating profit before interest, taxes and non-cash depreciation and amortization charges.

Used on Private Equity, Contact, Submit an Opportunity

The total cash an investment returns to its equity investors divided by the equity they put in. A multiple above one means investors received more than they put in.

Used on Real Estate

An exclusion from the US Investment Advisers Act of 1940, set out in SEC Rule 202(a)(11)(G)-1. A family office that has no clients other than “family clients” as the rule defines them, is wholly owned by family clients and exclusively controlled by family members or family entities, and does not hold itself out to the public as an investment adviser is not considered an investment adviser for purposes of the Act.

Used on Legal Disclosures, Working with a Single Family Office

A loan with the first claim on the collateral that secures it. If the borrower defaults, first-lien lenders are repaid from that collateral before any other lenders.

Used on Private Credit, Investments, Submit an Opportunity

The total value of a property or portfolio before deducting any debt secured against it.

Used on Real Estate

Industrial land used mainly for parking trucks and trailers or storing equipment and materials outdoors, usually with few buildings on the site.

Used on Real Estate

Money set aside at closing, often from the loan itself, to pay interest for a period, typically while a property is being built or renovated and earns little income.

Used on Private Credit

The annualized rate of return of an investment, taking into account both the size and the timing of its cash flows.

Used on Real Estate

A partnership in which two or more parties own an asset or business together and share its costs, decisions and returns on agreed terms.

Used on Real Estate, Submit an Opportunity

A Layer 1 is a base blockchain, such as Bitcoin or Ethereum, that processes and records its own transactions. A Layer 2 is a network built on top of a Layer 1 to make transactions faster or cheaper.

Used on Digital Assets

Loans made to other lenders, secured by the loans they have made to their own borrowers. Also called loan-on-loan financing.

Used on Private Credit

A document setting out the main terms on which a buyer proposes to acquire a business or property. It is usually non-binding apart from points such as confidentiality and exclusivity.

Used on Real Estate, Home, Working with a Single Family Office

Staking tokens through a protocol that issues a separate, tradable token representing the staked position, so the holder keeps liquidity while earning staking rewards.

Used on Digital Assets

The loan amount as a percentage of the total cost of acquiring and improving a property.

Used on Private Credit, Submit an Opportunity

The loan amount as a percentage of the appraised or market value of the collateral.

Used on Private Credit, Submit an Opportunity

An account controlled by the lender into which a borrower’s customers pay, so that cash receipts are applied to the loan before reaching the borrower.

Used on Private Credit

Established private companies at the smaller end of the middle market, many of them founder- or family-owned.

Used on Private Equity, Investments

An acquisition in which a company’s existing managers buy the business, usually with financial backing from an investor.

Used on Private Equity, Submit an Opportunity

In real estate, raising rents that are below market levels to current market rates, usually as leases expire and renew.

Used on Real Estate

Financing that ranks below senior debt but above equity. It is repaid after senior lenders, so it usually carries a higher interest rate.

Used on Private Credit, Real Estate, Submit an Opportunity

A cryptographic method that splits control of a private key among several parties, so that no single party can move the assets alone.

Used on Digital Assets

Loans to an investment fund or holding entity secured by the net asset value (NAV) of the portfolio it owns, rather than by any single asset.

Used on Private Credit, Submit an Opportunity

A property’s income after operating expenses, before debt payments, capital expenditure and income taxes.

Used on Real Estate

A contract in which the parties agree to keep information they share confidential and to use it only for an agreed purpose, such as evaluating a transaction.

Used on Contact, Legal Disclosures, Submit an Opportunity, Working with a Single Family Office

A marketing document, usually prepared by a broker, that describes a property for sale, including its tenants, operating history and market.

Used on Real Estate, Submit an Opportunity

A one-time fee a borrower pays the lender for arranging a loan, usually expressed as a percentage of the loan amount.

Used on Private Credit

A trade negotiated directly between two parties rather than on a public exchange, often used for large blocks so that the order does not move the market price.

Used on Digital Assets

Interest paid by adding it to the loan balance instead of in cash.

Used on Private Credit

An investor that invests its own capital for its own account, rather than managing money on behalf of others.

Used on About, Home, Working with a Single Family Office

A sale negotiated privately between buyer and seller, often through a dealer or advisor, rather than at public auction.

Used on Art & Collectibles, Submit an Opportunity

The documented ownership and exhibition history of a work, from its creation to the present.

Used on Art & Collectibles, Submit an Opportunity

A method of dividing a building’s utility costs among residents by a formula, such as unit size or occupancy, when units are not individually metered.

Used on Real Estate

A change to a company’s mix of debt and equity, for example to let existing owners sell part of their stake while keeping the rest.

Used on Private Equity, Submit an Opportunity

A schedule of a property’s units or tenants, showing for each the rent, the lease dates and any arrears.

Used on Real Estate, Submit an Opportunity

A simple agreement for future tokens: an investment contract in which an investor pays now for tokens to be delivered when a network or protocol launches.

Used on Digital Assets, Submit an Opportunity

For art and collectibles, the resale market (auction houses and dealers) for works that have been sold at least once before, as opposed to the primary market of first sales from the artist or gallery.

Used on Art & Collectibles

A loan backed by specific collateral that ranks ahead of other debt for repayment.

Used on Private Credit, Investments, Submit an Opportunity

Industrial buildings with relatively small depths between the front and back walls, divided into smaller spaces that suit a range of local tenants.

Used on Real Estate, Submit an Opportunity

An ownership stake of less than half of a company that is large enough to carry governance rights, such as a board seat.

Used on Private Equity, Submit an Opportunity, Working with a Single Family Office

A private organization that manages the investments and financial affairs of one family, rather than of many clients.

Used on About, Legal Disclosures, Submit an Opportunity, Working with a Single Family Office

The Secured Overnight Financing Rate, a US dollar benchmark interest rate based on overnight lending secured by US Treasury securities. Many floating-rate loans are priced as SOFR plus a spread.

Used on Private Credit

Locking tokens to help secure a proof-of-stake blockchain, in return for rewards paid by the network.

Used on Digital Assets

Trailing 12-month financials: a property’s income and expenses for the most recent twelve months.

Used on Real Estate, Submit an Opportunity

A short, often anonymized summary of an investment opportunity, shared before any confidential material.

Used on Contact, Submit an Opportunity, Working with a Single Family Office

A summary of the main terms of a proposed investment or loan, used as the basis for the final legal documents. Most of its terms are usually non-binding.

Used on Private Credit, Home, Working with a Single Family Office

A right, often attached to an equity investment in a company, to receive tokens if and when the company launches them.

Used on Digital Assets, Submit an Opportunity

The economic design of a token: its total supply, how it is distributed and released over time, and how it captures value.

Used on Digital Assets, Submit an Opportunity

A lease in which the tenant pays the property’s taxes, insurance and maintenance in addition to rent.

Used on Real Estate

A real estate strategy that buys properties with operational or physical problems and raises their income and value through renovation, re-leasing or better management.

Used on Real Estate, Submit an Opportunity

A technical document in which a blockchain project describes its purpose, design and token model.

Used on Digital Assets, Submit an Opportunity