Phoenix Capital Management (PCM) Information

Phoenix Capital Management (PCM) is a boutique investment firm managing $12M+ in assets whose mission is to invest in coastal hospitality real estate assets and high-quality, dividend-paying stocks of public companies. PCM believes intensity is the price of excellence. We loathe uncalculated, unappreciated, unnecessary risk. Leverage is important in maximizing returns, particularly when money is cheap - but not to the point of handicapping the firm. At the core of our investment philosophy, we ask 4 questions. If the answer isn’t yes to each question, we do not invest regardless of potential return: • Will this investment change lives? • Are we passionate about it? • Are we good at it? / Do we understand it? • Does it have market value? We tend to follow many of Ben Graham’s principles, though not strictly through a pass/fail lens. We invest in companies following these basic rules: 1. Don’t buy any company for more than its book value. 2. Always buy based on the margin of safety. 3. Don’t chase returns. 4. Investment operation promises safety of principal and an adequate return. 5. Company analysis/soundness of its underlying businesses. 6. Deliberately protect against serious losses. 7. PCM has no interest in being temporarily right. To reach long-term financial goals, we must be sustainably and reliably right. We aim to be wrong small and right big. 8. Adequate not excessive diversification - defined as 10-20 issues. Our current portfolio includes BCB Bancorp (BCBP), Apple Hospitality REIT (APLE), British American Tobacco (BTI), Keurig Dr Pepper (KDP), and Main Street Capital (MAIN). PCM also owns and manages The Dunes on Spring, a $2.2M STR duplex with 5 bedrooms in downtown Charleston as well as The Ashley and 1837 B&B, two historic beautifully renovated 9-suite B&Bs also in downtown each Charleston valued at $5M.