Black Bay Management
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D doug@blackbaymgmt.com
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Overview

Everything the team needs, in one place. Jump into a section below.

4
Entities
2 active · 2 in setup
10
Licenses on file
Across 8 states
0
Expiring ≤60 days
All current — nothing due soon
Documents
Repository coming in phase 2
Reporting Portal

Reports

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Monthly Investor Report

June 2026

A steady month for the fund: assets under management crossed $250M as the Core Equity and Credit sleeves both contributed positively, offsetting a soft month in Real Assets.

Period · Jun 1 – Jun 30, 2026Prepared · Jul 8, 2026Confidential
Assets Under Management
$252.4M
▲ 3.1% MoM
Net Return (Month)
+1.8%
▲ vs +1.1% bmk
YTD Net Return
+9.4%
▲ +2.6% vs bmk
Net Capital Flows
+$4.2M
▼ $1.1M redemptions

Assets Under Management

Trailing 12 months ($M)

Return by Strategy

June 2026, net of fees

Allocation

Share of portfolio by sleeve

Top Holdings

Five largest positions

PositionSleeveWeightMoM
Meridian LogisticsCore Equity6.4%+4.1%
Aster Health GroupCore Equity5.1%+2.7%
Blue Harbor Credit IIPrivate Credit4.8%+0.9%
Cascade InfrastructureReal Assets4.2%−1.6%
Northwind Data REITReal Assets3.9%−0.4%

Manager Commentary

June extended the fund's strong first half. The Core Equity sleeve led performance, returning 2.9% as our industrials and healthcare positions re-rated on improving demand signals. Private Credit continued its steady contribution, with all-in yields holding above 11%.

"We are being deliberately patient in Real Assets. This month's softness reflects mark-to-market on two infrastructure positions, not a change in underlying cash flows."

Looking ahead

We expect continued dispersion across sectors and are positioned for it. Cash stood at 4.6% at month-end, giving us room to act on the Q3 pipeline.

Confidential and intended only for the named recipient. Past performance is not indicative of future results. Figures unaudited and net of fees unless noted. Prototype uses illustrative data.
License Tracker

Multi-State Licensing

Select an entity to see where it's licensed. Click any state for full license details.

Licensed No license required In process Expiring ≤60 days Expired / lapsed Not licensed Business registration on file
Tip: hover a state for a quick status, click to open its license detail.
Phase 2
📁

Document Repository

This is where the team will upload and browse Word and PDF documents — organized by company, state, or license — with everything behind the same secure login.

Uploading and storing files needs a small backend, so it comes in phase 2. The foundation we're building now supports it directly.

Phase 2
📝

Shared Notes

Team members will be able to leave notes on a company, a state, or a specific license that everyone else can see — a running log of who did what and what's next.

Like documents, shared notes need a backend to store what people write, so they arrive in phase 2 on the same foundation.