Medalist Partners Provides $40 Million Credit Facility to Ironwood Funding

Ironwood Funding, a leading operator in underwriting and financing the purchase of non-performing consumer loans, today announced it has secured an additional $40 million credit facility from funds and co-investment vehicles managed by Medalist Partners, a private credit and special opportunities investment manager based in New York.

Ironwood will leverage the capital to expand its best-in-class consumer charge-off program, focused on areas including charged-off credit card receivables, installment loans, auto loans, private label credit cards, fintech loans, and other specialty debt instruments. Ironwood, led by Managing Directors Todd Gough and Rodney Madden, is a highly experienced operator in the space with over $3.1 billion in purchased loan receivables since 1999. The latest funding builds on an existing partnership between the two companies dating back to 2019.

"With this latest funding from Medalist and their co-investment partners, Ironwood is prepared for continued growth at a time when our market is poised to see unprecedented opportunities," said Todd Gough, Managing Director at Ironwood. "As an existing partner, we've found Medalist to be strategic and relationship-oriented. We're thrilled to expand our partnership and look forward to the exciting opportunities ahead."

"We believe Ironwood is ideally positioned as the rapid expansion of consumer credit in recent years coupled with the recent events around COVID-19 make it likely we will see significantly higher supply of charged-off receivables. That in turn creates a more favorable environment for experienced operators with capital to deploy," said Michael Ardisson, President and COO at Medalist. "We're excited to expand our relationship with the highly talented team at Ironwood and continue to build upon our success together in the future."

About Ironwood Funding

Ironwood has 20 years of experience in underwriting and financing the purchase of non-performing consumer loans, including charged-off credit card receivables, installment loans, auto loans, private label credit cards, fintech loans, and other specialty debt instruments. Based in Dallas, Texas, Ironwood and its principals source and underwrite consumer debt portfolios from an extensive network of banks and lenders across the U.S. The team leverages proprietary software and valuation models to aid in the evaluation and reconciliation of millions of consumer transactions from a vast network of lending sources.

About Medalist Partners

Medalist Partners is a privately held, SEC-registered, alternative investment manager. Medalist and its affiliates collectively manage approximately $2.4 billion in assets under management across strategies in asset-based private credit, structured credit and CLOs. Founded in 2018, Medalist is headquartered in New York City. Clients include pensions, endowments, foundations, banks, family offices and high net worth individuals. For more information visit www.medalistpartners.com or follow us on LinkedIn.