Mosaic Real Estate Investors was founded by Ethan Penner and Vicky Schiff in 2015 and is headquartered in Los Angeles, CA. Mosaic Real Estate Investors seeks to deliver an inflation beating return to investors while also preserving principal, offering transparency, and ensuring an alignment of interests. Mosaic uses the real estate asset class to manufacture high quality fixed income investment opportunities. To establish our strategies, we take our cues from our deep understanding of the financial industry’s regulatory environment, combined with a distinguished background in the specific arena of real estate lending to meet the markets’ unmet needs and thus generate secure fixed income investment opportunities for our clients and investors.
Mosaic Real Estate Credit, LLC (“MREC”), is a real estate fund focused on originating loans with a LTV (loan-to-value) not exceeding 70%, typically 1 to 3 years in duration and $10M to $50M in size. MREC Management, LLC (“Manager”) is an SEC registered investment adviser which manages MREC and any co-investment or parallel investment vehicles affiliated therewith. The Manager and MREC stay committed to not stretching out on the risk spectrum in a manner that introduces inappropriate levels of principal risk to our investors. Importantly, all of our income is contractual. The interests of investors and MREC are strongly aligned, as evidenced by the fee structure in which the Manager earns no management fee and the source of income is limited to distributable income which is earned only in quarters that distributed income to investors meets or exceeds a pre-determined annual return.
Today, Mosaic has 8 employees with duties across valuation, finance & accounting, asset management, and investor relations.
Vicky Schiff, Managing Partner
Steve Bergman, Senior Managing Director of Business Development
Connor Grosskopf, Associate
Mr. James Rickards is a Senior Advisor on macroeconomic and geopolitical matters for Mosaic Real Estate Investors, LLC. He is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics and global capital. He is the author of national best seller, The New Case for Gold (2016), and two New York Times best sellers, The Death of Money (2014), and Currency Wars (2011) from Penguin Random House. He is a portfolio manager, lawyer, and economist, and has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. In 1998, he was the principal negotiator of the rescue of LTCM sponsored by the Federal Reserve. His clients include institutional investors and government directorates. Mr. Rickards is a guest lecturer in globalization and finance at The Johns Hopkins University, The Kellogg School at Northwestern, and the School of Advanced International Studies. He is an advisor on capital markets to the U.S. intelligence community, and the Office of the Secretary of Defense, and is on the Advisory Board of the Center on Sanctions & Illicit Finance in Washington DC. Mr. Rickards holds an LL.M. (Taxation) from the NYU School of Law; a J.D. from the University of Pennsylvania Law School; an M.A. in international economics from SAIS, and a B.A. (with honors) from Johns Hopkins.
Mr. Penner has over 30 years of experience in the real estate finance business. In 1986 Ethan became a principal trader on Drexel Burnham’s mortgage-backed securities trading desk, and in late 1987 he joined Morgan Stanley where he founded and led the firm’s non-agency mortgage trading and mortgage finance business. In 1993, Ethan founded Capital America Corporation, a subsidiary of Nomura Securities International. At Capital America, Ethan pioneered the creation of the commercial mortgage backed securities market, and built the company into the largest commercial mortgage lender in the US. In 2008, Ethan founded CBRE Capital Partners — CBRE’s real estate debt investment platform. Today, Ethan serves as Managing Partner and CIO at Mosaic Real Estate Investors. In addition to his role at Mosaic, Ethan is an adjunct professor in Real Estate Finance at the USC Marshall School of Business.
Address: 1880 Century Park East, Suite 300, Los Angeles, California 90067