The Firm

Rebar structures and raises debt and equity capital for direct investments in private companies operating in the Housing and Mortgage Ecosystem. Following a classical merchant banking model, Rebar and its principals commit their own capital alongside limited partners in every investment undertaken.

With more than 100 years’ combined experience, no member of the Rebar Investment Committee has less than thirty years’ experience across market cycles and economic crises. Each has a healthy respect for risk.

Advisory

Rebar provides fractional and interim CFO leadership to companies in the housing and mortgage ecosystem: warehouse and financing, hedge policy and secondary marketing, MSR and whole-loan valuation, capital formation, and risk and control frameworks.

Rebar does not take principal positions in companies where it holds an advisory engagement. Advisory clients are cleared against the firm’s investment pipeline before an engagement begins.

Leadership

Ken Mulford, CFA^®

Founder & Managing Principal

Ken Mulford has spent nearly four decades at the center of the residential mortgage and securitized-products markets, on both sides of the table: structuring mortgage-backed securities and leading mortgage finance at Merrill Lynch, Salomon Smith Barney, J.P. Morgan, and UBS, and running capital markets for originators across the full credit spectrum. At Ameriquest Mortgage, a $5 billion-per-month originator, he was a key advisor to the Board of Directors and its Audit Committee and led the weekly asset-and-liability committee. Over that career he has led more than $500 billion of mortgage securitization issuance and negotiated over $10 billion of warehouse financing. He has navigated every major dislocation since 1987, from the LTCM collapse to the Global Financial Crisis to the COVID shutdowns.

That history is the source of the firm’s operating conviction: returns are earned by understanding where risk actually sits. Since 2020 he has also served as Chief Financial Officer and Chief Risk Officer of Trevally Capital and its predecessor firm. He is a CFA^® charterholder and holds a master’s degree in philosophy from Columbia University in the City of New York.