Beyond Agency
The institutional alternative for the US asset classes the agencies don’t serve.
Fannie Mae and Freddie Mac built the world’s deepest credit markets for single-family and conventional multifamily. Gallantree builds the equivalent institutional originate-to-distribute infrastructure for the markets they don’t serve — commercial real estate, middle-market corporate credit, and non-agency residential and specialty ABS.
The Wedge
The agencies built the pipes. We build them for everything else.
Fannie Mae, Freddie Mac, and Ginnie Mae standardized single-family and conventional multifamily origination and turned them into the deepest, most liquid credit markets in the world. But the agency mandate stops at the edge of those two asset classes.
For everything else — CRE, middle-market corporate credit, non-agency residential, and specialty ABS — origination is fragmented and distribution is bilateral. Gallantree builds the equivalent institutional infrastructure for those markets, engineered to agency-grade operational standards.
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Where the agencies operate
Single-family conforming residential and conventional multifamily — deep, liquid, standardized. Fannie Mae, Freddie Mac, and Ginnie Mae built the pipes that made these the world’s most efficient credit markets.
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Where the agency mandate stops
Commercial real estate outside conventional multifamily. Middle-market corporate credit. Non-agency residential and specialty ABS. These are large, credit-worthy markets with fragmented origination and bilateral distribution.
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What Gallantree does
We build the equivalent institutional originate-to-distribute infrastructure for those non-agency markets — aggregation, credit surveillance, rated tranching, and distribution — engineered to agency-grade operational standards, without the agency mandate.
Non-Agency Asset Classes
Three markets. One institutional distribution channel.
Each of these markets is large, credit-worthy, and structurally underserved by the distribution infrastructure that shaped the agency markets. We build it for them.
Commercial Real Estate
CRE beyond conventional multifamily
Office, industrial, retail, hospitality, mixed-use, self-storage, data centers, life sciences, medical office, cold storage, senior housing, student housing, and transitional / bridge — the CRE asset classes the agencies do not serve. We aggregate, warehouse, and distribute through rated CRE-CLO and private-label structures.
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Warehouse and aggregation for CRE mortgage banks and bridge lenders
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CRE-CLO and private-label CMBS distribution to institutional allocators
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Loan-level surveillance, waterfall management, and investor reporting
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Property-type diversification and concentration monitoring
Middle-Market Corporate Credit
Middle-market corporate credit
Direct lending, sponsor-backed leveraged loans, unitranche, second lien, and mezzanine — plus broadly-syndicated loan collateral for CLOs. We provide the warehouse, structuring, and rated distribution infrastructure that middle-market originators need to scale beyond bilateral funding.
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Warehouse facilities for direct lenders, BDCs, and bank C&I desks
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CLO structuring and rated-note distribution
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Portfolio-level covenant, industry, and obligor concentration monitoring
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Amendment, workout, and restructuring workflow support
Non-Agency Residential & ABS
Non-agency residential and specialty ABS
Non-QM, jumbo, investor DSCR, second-lien / HELOC, and consumer and specialty ABS collateral — auto, equipment, solar, whole-business, franchise. The non-agency and off-agency programs that need institutional distribution but sit outside the GSE mandate.
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Aggregation across non-QM and DSCR investor programs
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Private-label RMBS and ABS securitization into 144A / Reg D structures
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Rep-and-warranty framework and third-party due diligence coordination
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Servicing oversight and monthly investor reporting
How It Works
Originate. Warehouse. Structure. Distribute.
A single institutional operating model across all three non-agency markets.
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You originate to an agreed mandate
You continue originating within your credit box. Eligibility criteria, concentration limits, and portfolio parameters are defined upfront so origination flows seamlessly into the aggregation pipeline for the target structure.
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We warehouse and aggregate
Gallantree supplies warehouse capital while the pool builds to critical mass. Loan-level data is ingested continuously, tested against the term structure, and surfaced in the platform for full transparency.
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We structure and distribute
When the pool is ready, we structure the rated tranches, coordinate rating agencies and trustees, and place the notes with our institutional investor base. The warehouse recycles and origination continues.
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We manage the program
Waterfall calculations, investor reporting, trustee coordination, surveillance, and compliance monitoring — through the life of the deal. You stay focused on origination and credit.
What We Provide
Institutional infrastructure across the program lifecycle
Warehouse, aggregation, rated structuring, institutional distribution, and ongoing program management — delivered through Gallantree Securities LLC (broker-dealer) and Gallantree Advisors LLC (SEC-registered adviser), and powered by the Gallantree platform.
Aggregation and warehouse
We provide warehouse capital and aggregation infrastructure for originators building portfolios toward term securitization. Eligibility criteria, advance rates, and concentration limits are monitored in real time against the collateral we plan to distribute.
Rated structuring
End-to-end structuring across CRE-CLO, corporate CLO, CMBS, and non-agency RMBS / ABS — from portfolio selection through rated tranche design, credit enhancement, and waterfall modeling to term issuance. Built to the disclosure standards of Reg AB II and Rule 144A.
Institutional distribution
Distribution to pension funds, insurance balance sheets, endowments, and global credit allocators through Gallantree Securities LLC (broker-dealer). Programs are priced and placed to a curated institutional book, not shopped bilaterally.
Program management
Ongoing waterfall calculations, investor reporting, trustee coordination, surveillance, and compliance monitoring — the full post-close capital markets lifecycle, managed on our platform so originators stay focused on origination.
Get Started
Building beyond the agency mandate? Let’s talk.
Whether you’re a CRE mortgage bank, a middle-market direct lender, or a non-agency residential aggregator, our structuring team can walk through what warehouse, structuring, and distribution would look like for your book.
Fill out the form and a member of our team will be in touch within one business day.
Gallantree is not affiliated with, sponsored by, endorsed by, or acting on behalf of Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Finance Agency, the Federal Home Loan Bank system, or any U.S. federal agency or government-sponsored enterprise. Gallantree programs are not guaranteed by any such entity or by the U.S. government. References to agency programs and markets are for comparative context only. Securities offered through Gallantree Securities LLC, member FINRA/SIPC. Investment advisory services offered through Gallantree Advisors LLC, an SEC-registered investment adviser. This site is directed to institutional investors, Qualified Institutional Buyers, and Accredited Investors as defined under U.S. federal securities laws.
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with Gallantree
Clear next steps for institutions ready to originate, structure and invest in US structured credit with confidence.