Pretium Partners

also referred to as: pretium

9 statements across 1 episodes · 7 bullish · 0 bearish · 1 people on the record · first statement Jun 29, 2023 by Don Mullen · said 23 times in 2 episodes since 2023 · across every show →

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brought up most by Don Mullen (12), Ted Seides (10), Joel Holsinger (1)

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Everything said about Pretium Partners, oldest first

Jun 29, 2023 bullish
Disclosure
Pretium is expanding staff and capital to lend to regional homebuilders
“We have platforms that have been lending to construction. We're increasing our staff and increasing our capital to be in a position to take on these regional home builders as a part of our Ecosystem.”
Don Mullen Jun 29, 2023 ▶ 49:26 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023
Disclosure
Mullen: Pretium pivoted to buying owner-occupied 21st-century homes
“We ended up having to map the industry out by only buying owner-occupied houses, so houses that homeowners are choosing to sell, and therefore, we're buying high-quality assets, not distressed assets, and by driving homogeneity in the earliest phases, similar …”
Don Mullen Jun 29, 2023 ▶ 24:17 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 bullish
Prediction Not checkable as stated
Mullen: Single-family rental will permanently remain an asset class like multifamily
“Framing it broadly is I think this will always be an asset class that people invest in like multifamily. It's never going away, right?”
Don Mullen Jun 29, 2023 ▶ 42:33 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 positive
Assertion Not checkable as stated
Mullen: Internal operations drove Pretium's rental NOI margins to 65%
“When I owned houses and those folks serviced my house, you had NOI margins of like 30%. When we put an asset management layer and create a federation of them and force tech on them, we were able to get to 45%. Once we built our internal structure where we did …”
Don Mullen Jun 29, 2023 ▶ 40:30 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023
Assertion Contradicted
Mullen: Pretium bought its first 59,000 homes individually
“Our first 59,000 houses, we bought one at a time.”
Don Mullen Jun 29, 2023 ▶ 32:10 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 bullish
Opinion
Mullen: Acquiring asset management teams is currently far better than organic growth
“I think that acquiring people right at this moment is far more attractive than it is doing it organically. 24 months ago, it was all about organics. Now it's about acquisitions.”
Don Mullen Jun 29, 2023 ▶ 52:44 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 bullish
Prediction Open · timeframe Jun 2033
Mullen: Pretium aims to scale to $250 billion AUM within 10 years
“So our aspirations are to be a two hundred billion or two hundred fifty billion dollar alt manager, hopefully faster than 10 years.”
Don Mullen Jun 29, 2023 ▶ 57:37 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 bullish
Prediction Didn’t hold up
Mullen: Pretium will likely acquire 15,000 to 20,000 houses in 2023
“And now in portfolios, as an example, we'll probably buy 15 to 20,000 houses this year. But almost entirely in portfolio form.”
Don Mullen Jun 29, 2023 ▶ 40:01 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
Jun 29, 2023 bullish
Disclosure
Pretium is actively seeking to acquire or build multifamily servicing platforms
“As we continue to drive the efficiency of asset servicing, we should bring that to multifamily in the same communities that our single family homes are in. So we're actively seeking out platforms to purchase in those communities or create one.”
Don Mullen Jun 29, 2023 ▶ 48:41 Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)
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