<p>Obra Capital is a credit-focused investment manager with a growing platform across private credit, insurance lending, and structured products. We are building a dedicated residential whole loan investment capability and are seeking a Director to lead this effort — from platform construction and acquisition strategy through trading, portfolio management, and capital markets execution across residential whole loan investments.</p> <p> </p> <p>The ideal candidate has built or materially expanded a whole loan platform at a buy-side institution — a REIT, asset manager, insurance company, or specialty finance firm.</p> <p> </p> <p><strong>The Role</strong></p> <p>As Director, reporting to Obra’s Head of Multi-Sector Credit, this role will oversee Obra Capital's whole loan investment strategy. This role will lead the origination, acquisition, trading, and portfolio management of whole loan pools. A critical dimension of this role is partnering with Obra's insurance clients to understand their investment objectives, risk appetite, and regulatory constraints, and developing and implementing insurance-specific asset allocation strategies that match whole loan opportunities to client needs.</p> <p> </p> <p><strong>Responsibilities:</strong></p> <p> </p> <p><strong>Platform Build & Strategy</strong></p> <ul> <li>Define and execute the strategic roadmap for Obra's whole loan platform</li> <li>Establish and maintain sourcing relationships with originators, correspondent lenders, brokers, aggregators, and direct sellers across residential mortgage, consumer, ABF, and small-balance commercial segments</li> <li>Build the infrastructure required to support the platform: underwriting guidelines, credit policy, hedging policy, rate sheet/pricing framework, due diligence workflow, custodial and servicing arrangements, data and analytics, and operational processes</li> </ul> <p> </p> <p><strong>Insurance Portfolio Management & Asset Allocation</strong></p> <ul> <li>Work directly with existing and prospective insurance company clients to understand investment objectives, risk appetite, liability profiles, and regulatory constraints</li> <li>Work within our existing Multi-Sector credit team by leveraging whole loan investments to effectively match opportunities to client objectives — including liability duration, convexity, credit risk tolerance, and FHLB requirements</li> <li>Identify investment opportunities tailored to each client's liability profile, capital structure, and risk tolerance; develop bespoke solutions that optimize risk-adjusted returns within insurance regulatory frameworks</li> </ul> <p> </p> <p><strong>Acquisition & Trading</strong></p> <ul> <li>Lead whole loan acquisition activities across flow and bulk executions, including sourcing, structuring, bid management, and trade settlement</li> <li>Evaluate bid packages and pools across asset classes; conduct credit and collateral due diligence; structure purchases to optimize risk-adjusted returns</li> <li>Determine best-execution strategies — whole loan holds versus securitization alternatives — to optimize deployment efficiency and portfolio P&L</li> <li>Manage daily pricing, rate sheets, position risk, and inventory across the whole loan book, including margin targets and counterparty exposure</li> <li>Develop, implement and maintain whole loan hedging policy which is consistent with Obra’s whole loan investment strategy</li> <li>Oversee pipeline management and bid flow to ensure consistent, disciplined capital deployment in line with portfolio construction targets</li> <li>Partner with structuring, legal, and rating agencies to execute securitization transactions as the platform scales</li> <li>Optimize warehouse facility utilization and advance rates across the funding stack; manage lender relationships and facility renewals</li> <li>Engage institutional investors and broker-dealers to develop the investor base for Obra's whole loan and structured credit securities</li> <li>Evaluate and execute forward flow agreements, co-investment structures, and other capital-efficient sourcing and funding arrangements</li> <li>Oversee ongoing portfolio monitoring including prepayment, delinquency, default, and loss analytics across all asset classes; maintain a real-time view of portfolio credit quality and duration risk</li> <li>Develop and maintain portfolio-level stress testing, scenario analysis, and loss projection models</li> <li>Manage servicer relationships and oversee servicing performance, loss mitigation, and REO or charge-off disposition</li> <li>Present portfolio performance and risk metrics to senior leadership and investors on a regular cadence</li> <li>Identify, develop, and cultivate relationships with insurance company clients and prospects; provide market insights and excellent client service across the whole loan and ABF investment universe</li> <li>Develop and maintain strong relationships with whole loan investors, broker-dealers, aggregation desks, warehouse lenders, and securitization counterparties</li> <li>Represent the firm in all buy-side and sell-side trading interactions, negotiations, and market discussions across asset classes</li> <li>Support fundraising and investor relations efforts as a subject matter expert for whole loan and insurance asset management strategies</li> <li>Serve as the firm's whole loan thought leader — represen