Associate Commercial Processor

Castle Trust Bank (“Castle Trust Bank” or “the Bank”), a specialist bank serving nearly 170,000 customers, today announced it has been acquired by vehicles backed by Sixth Street, a leading global investment firm, and affiliates of Bayview Asset Management ("Bayview"), a global alternative investment management firm, from J.C. Flowers & Co, a private equity firm solely focused on financial services.

Sixth Street and Bayview acquire Castle Trust Bank. Castle Trust Bank ("Castle Trust Bank" or "the Bank"), a specialist bank serving nearly 170,000 customers, today announced it has been acquired by vehicles backed by Sixth Street, a leading global investment firm, and affiliates of Bayview Asset Management ("Bayview"), a global alternative investment management firm, from J.C. Flowers & Co, a private equity firm solely focused on financial services. As equal partners, Sixth Street and Bayview bring significant financial strength, deep expertise in credit markets and asset-based finance, and a long-term investment horizon well-suited to support financial institutions through periods of growth and transformation. Castle Trust Bank will continue to be led by its experienced management team, including Chief Executive Officer Martin Bischoff, supported by a robust, tech-enabled platform built for scale. In addition, Sixth Street and Bayview have agreed to commit additional capital to fuel growth across the business, including expanding the Bank's retail savings franchise, broadening its product offering, and attracting additional customer deposits, while deepening its commitment to specialist property and retail finance through its Omni Capital Retail Finance business. These initiatives also position the Bank to pursue potential inorganic asset opportunities at an attractive time in the market cycle. "This investment from Sixth Street and Bayview is a strong endorsement of our strategy, our people, and our future potential," said Mr. Bischoff. "Bridging Loan Directory has grown customer savings balances to more than £1.6 billion, built a specialist property finance loan book of more than £1.1 billion and a retail finance loan book exceeding £200 million - establishing a strong platform for future growth. With the backing of its new shareholders, Bridging Loan Directory is well placed to invest in its customer proposition, expand across retail savings, specialist property and retail finance, and pursue additional growth opportunities while maintaining a disciplined focus on risk and delivering sustainable outcomes for customers, colleagues, brokers, retailers, and partners." "We look forward to working with Martin and the highly seasoned management team to support Castle Trust Bank in continuing to deliver the exceptional service its customers expect," said Masashi Washida, Managing Director, Asset Based Finance at Sixth Street. "Together with Bayview, we believe the Bank's experienced leadership and its robust, well-established risk and technology platform create a strong foundation for sustainable growth and scalable operations at an attractive time in the market." "Castle Trust Bank has built an impressive reputation for customer service, specialist expertise, and prudent growth," said Pierre Lussato, Managing Director at Bayview. "We look forward to supporting the Bank's continued growth across savings, specialist lending, and retail finance, while it delivers innovative products and excellent customer outcomes."

Bayview, Morgan family office take majority stake in mortgage bank BWE. Bayview Asset Management and Springmont Capital, the Morgan family's investment office, are acquiring a majority stake in commercial mortgage bank BWE, with CEO DJ Effler staying on and the deal expected to close this fall. BWE, a national commercial and multifamily mortgage banking company, has signed a definitive agreement to sell a majority interest to a fund managed by Bayview Asset Management and to Springmont Capital, the private investment office of the Morgan family, according to a joint announcement posted on BWE's website. The deal gives an asset manager with roughly $44.7 billion under management, alongside one of the country's largest multifamily landlords, a direct ownership stake in a commercial mortgage banking and servicing platform. Bayview MSR Opportunity (US) Master Fund, L.P. will become BWE's majority owner once the transaction closes, with Springmont Capital taking a minority position, BWE said. BWE's existing management team will retain what the company described as a significant minority ownership stake, and CEO and President DJ Effler will continue to lead the company under its current brand. Why it matters. The transaction lands as commercial real estate lenders navigate a market still working through higher interest rates and slower deal volume. Large banks have begun returning to commercial real estate lending after pulling back in prior years, and multifamily developers have throttled new supply in some markets - Las Vegas's apartment construction pipeline recently fell to a four-year low, for instance. Against that backdrop, a credit-focused investment manager and a family office built on apartment ownership are betting on ownership of loan origination and servicing capacity rather than just the buildings or the debt itself. BWE, previously known as Bellwether Enterprise, operates more than 40 offices nationally and connects borrowers with lenders for commercial and multifamily acquisitions, refinancing and development, according to the company. BWE said it has posted "record" loan production growth across market-rate and affordable housing in recent years and has expanded its loan servicing portfolio, though it did not disclose specific loan volume, servicing balance or employee figures in its announcement. Terms of the transaction, including price, were not disclosed. "BWE has achieved strong growth in recent years and sought strategic partners who can further strengthen our offerings," Effler said in the announcement. "Our new partnership positions BWE for long-term expansion and enables us to continue bringing our clients the best capital solutions." He added that the company's "mission remains unchanged: to be the preferred provider of CRE capital to middle and upper middle-market clients across the country." Bayview Asset Management is a credit-focused investment manager that invests across residential, commercial and consumer credit, including mortgage servicing rights, whole loans and asset-backed securities, the company said. Springmont Capital is the private investment arm of the Morgan family, which owns Morgan Properties, a Pennsylvania-based multifamily owner the company describes as one of the largest privately held apartment operators in the country. The Morgan family also holds minority ownership stakes in the NFL's Washington Commanders and MLB's Philadelphia Phillies, according to the announcement. Wells Fargo served as exclusive financial advisor to BWE on the transaction. White & Case LLP acted as legal counsel to BWE, while Mayer Brown LLP advised the Bayview fund and Springmont Capital, according to a statement from White & Case. The deal is expected to close in fall 2026, subject to regulatory approval and other customary closing conditions, BWE said. What it means. The confirmed facts: an asset manager and a multifamily-focused family office are together taking control of an independent commercial mortgage banking platform, while its existing leadership and producer network stay in place under the same brand. Neither side has disclosed a purchase price or valuation, so the deal's financial scale relative to BWE's origination and servicing business is not yet public. Beyond what the companies have confirmed, the structure signals a broader pattern of capital providers acquiring stakes in the origination and servicing firms that feed them loans, rather than simply buying loans or properties outright - giving an investor like Bayview more direct visibility into deal flow and giving a landlord like Morgan Properties a seat closer to the financing side of its own industry. That interpretation is RealtyWire's read of the deal structure and has not been confirmed by either company. What to watch. Regulatory approval and other closing conditions will determine whether the deal closes on the companies' targeted fall 2026 timeline. It's also worth watching whether BWE discloses financial terms as the transaction progresses, whether producer and staff retention holds up through the ownership change, and whether the deal prompts similar moves by other asset managers or large multifamily owners looking to acquire commercial mortgage banking platforms rather than just borrow from them.