Approach
On capital, partnership, and time.
On capital, partnership, and time.
On capital, partnership, and time.
On capital, partnership, and time.
On capital, partnership, and time.
A quiet accounting of how we work, and why.
A quiet accounting of how we work, and why.
A quiet accounting of how we work, and why.
A quiet accounting of how we work, and why.
i. On what we build
We say no more than we say yes.
We say no more than we say yes.
We say no more than we say yes.
We say no more than we say yes.
Every project begins with a conversation. Not with the client, not with the architect. With the site itself.
Every project begins with a conversation. Not with the client, not with the architect. With the site itself.
We spend time on a piece of land before we draw a line on it. We walk it at first light and again at last. We watch how water moves after a storm, where the wind sets in October, which corner holds heat into evening. We learn its trees by name and its neighbors by story. Only then do we imagine what might belong there.
We spend time on a piece of land before we draw a line on it. We walk it at first light and again at last. We watch how water moves after a storm, where the wind sets in October, which corner holds heat into evening. We learn its trees by name and its neighbors by story. Only then do we imagine what might belong there.
Most projects reverse this order. The building is designed elsewhere and set down on the ground, resistant to it. The building wins the argument for a few years. Then the place wins. The building looks marooned, dated, wrong. It never really belonged.
Most projects reverse this order. The building is designed elsewhere and set down on the ground, resistant to it. The building wins the argument for a few years. Then the place wins. The building looks marooned, dated, wrong. It never really belonged.
ii. On how we underwrite
Slowly, conservatively, in both directions.
Slowly, conservatively, in both directions.
Slowly, conservatively, in both directions.
Slowly, conservatively, in both directions.
Every project begins with a conversation. Not with the client, not with the architect. With the site itself.
Every project begins with a conversation. Not with the client, not with the architect. With the site itself.
We spend time on a piece of land before we draw a line on it. We walk it at first light and again at last. We watch how water moves after a storm, where the wind sets in October, which corner holds heat into evening. We learn its trees by name and its neighbors by story. Only then do we imagine what might belong there.
We spend time on a piece of land before we draw a line on it. We walk it at first light and again at last. We watch how water moves after a storm, where the wind sets in October, which corner holds heat into evening. We learn its trees by name and its neighbors by story. Only then do we imagine what might belong there.
Most projects reverse this order. The building is designed elsewhere and set down on the ground, resistant to it. The building wins the argument for a few years. Then the place wins. The building looks marooned, dated, wrong. It never really belonged.
Most projects reverse this order. The building is designed elsewhere and set down on the ground, resistant to it. The building wins the argument for a few years. Then the place wins. The building looks marooned, dated, wrong. It never really belonged.
iii. On partnership
We choose our capital with the same care we choose our sites.
We choose our capital with the same care we choose our sites.
We choose our capital with the same care we choose our sites.
We choose our capital with the same care we choose our sites.
A project can be ruined by the wrong partner as easily as by the wrong architect. Perhaps more easily. The architect goes home. The partner stays.
A project can be ruined by the wrong partner as easily as by the wrong architect. Perhaps more easily. The architect goes home. The partner stays.
We seek relationships with capital partners and family offices who understand what we are doing, and why. Who read the philosophy and did not need to be convinced. Who value beauty and rigor in equal measure. Who are content to hold something excellent for longer than the market would suggest.
We seek relationships with capital partners and family offices who understand what we are doing, and why. Who read the philosophy and did not need to be convinced. Who value beauty and rigor in equal measure. Who are content to hold something excellent for longer than the market would suggest.
These relationships are rare, which is why we protect them. We would rather work with three aligned partners for the rest of our careers than with thirty who see us as a vendor.
These relationships are rare, which is why we protect them. We would rather work with three aligned partners for the rest of our careers than with thirty who see us as a vendor.
iv. On time
The hold is long by design.
The hold is long by design.
The hold is long by design.
The hold is long by design.
Most of what we build is built to be kept. This is unfashionable. Modern capital wants velocity. It wants exits in five years, seven at the outside. It wants an IRR calculation with a clean terminus.
Most of what we build is built to be kept. This is unfashionable. Modern capital wants velocity. It wants exits in five years, seven at the outside. It wants an IRR calculation with a clean terminus.
The trouble with velocity is that the buildings we most admire are almost never the ones that traded quickly. They are the ones that stayed in careful hands for a long time, gaining brand, gaining audience, gaining permanence.
The trouble with velocity is that the buildings we most admire are almost never the ones that traded quickly. They are the ones that stayed in careful hands for a long time, gaining brand, gaining audience, gaining permanence.
We structure our projects to allow that patience. Where recapitalizations make sense, we welcome them. Where a strategic sale is the right outcome, we entertain it. But we do not build for the exit. We build for the asset. The exit is a consequence of doing the asset well, not a target we optimize against.
We structure our projects to allow that patience. Where recapitalizations make sense, we welcome them. Where a strategic sale is the right outcome, we entertain it. But we do not build for the exit. We build for the asset. The exit is a consequence of doing the asset well, not a target we optimize against.
v. On the terms
The particulars are for conversation.
The particulars are for conversation.
The particulars are for conversation.
The particulars are for conversation.
There is a version of this page with capital stack diagrams, target return ranges, hold period bands, and stress-test scenarios. We have that page. We do not publish it.
There is a version of this page with capital stack diagrams, target return ranges, hold period bands, and stress-test scenarios. We have that page. We do not publish it.
We share the particulars with prospective partners in the form they deserve. A conversation. A visit. A walk of the site. A close reading of the pro forma. Anything less feels like a betrayal of both the project and the reader.
We share the particulars with prospective partners in the form they deserve. A conversation. A visit. A walk of the site. A close reading of the pro forma. Anything less feels like a betrayal of both the project and the reader.
If our approach resonates, we welcome the conversation.
If our approach resonates, we welcome the conversation.
We are patient about most things. We are unhurried about all of them.
We are patient about most things. We are unhurried about all of them.
We are patient about most things. We are unhurried about all of them.
Roam Capital · House Position
Continue
If our approach resonates.
If our approach resonates.
If our approach resonates.
If our approach resonates.
Rooted in place. Designed for discovery.
The Site
Location
402 E Main Street, Suite 3
Bozeman, Montana 59715
© Roam Capital, LLC · MMXXVI
By introduction only
Rooted in place. Designed for discovery.
The Site
Location
402 E Main Street, Suite 3
Bozeman, Montana 59715
© Roam Capital, LLC · MMXXVI
By introduction only
Rooted in place. Designed for discovery.
The Site
Location
402 E Main Street, Suite 3
Bozeman, Montana 59715
© Roam Capital, LLC · MMXXVI
By introduction only
Rooted in place. Designed for discovery.
The Site
Location
402 E Main Street, Suite 3
Bozeman, Montana 59715
© Roam Capital, LLC · MMXXVI
By introduction only
Rooted in place. Designed for discovery.
The Site
Location
402 E Main Street, Suite 3
Bozeman, Montana 59715
© Roam Capital, LLC · MMXXVI
By introduction only