Harbor Capital has passed many milestones since our founding on February 10, 2021. We have
assembled a portfolio of quality industrial real estate in Texas worth over $135M and built the team,
systems, and processes to support those assets with excellence. We have earned a reputation in the market as a calculated buyer who keeps their word and who only acquires properties that show a
clear path to delivering strong returns to their investors. We have raised $64M in private equity,
generated strong returns for our LPs, and built a best-in-class investor experience that is the
foundation for over 250 trusted partnerships with high-net-worth investors and family offices across
the country.
While we are proud of how far we have come, Harbor Capital is just getting started. To us, each day is
the first day of a long journey, and whether it is February 10, 2021 or February 10, 2121, we will grip just
as tightly to these anchor principles that we were founded on:
The market is unpredictable. Our investment thesis is a solid rock.
Harbor Capital optimizes for two things: cash flow and value increased by our own efforts. Any
market-based appreciation or depreciation is outside of our control. Our deals, therefore, are
structured to afford us the luxury of holding through the lows and selling during the highs, maximizing
for both capital protection and appreciation for our investors.
Today, the entire company is hyper-focused on acquiring and managing functional, versatile, Class
A/B industrial properties in our target markets in Texas. While over the next century we will most
certainly expand both geographically and into other asset classes, we will never enter a market in
which we are unable to become the premier experts.
We’re an inch wide, a mile deep, and always learning more.
Despite our best efforts to be experts, we know that no one bats a thousand, so we always implement
safeguards to protect our assets. Our guarantee to our investors is that Harbor Capital will:
● Always maintain oversized reserve funds.
● Always lever our deals conservatively.
● Never utilize uncapped floating-rate debt.
● Never underwrite unreasonable above-market lease rates.
● Underwrite each deal with the assumption that the market will turn against us.
We structure our deals and have the temperament to hold for the long haul, but are always
opportunistic sellers when that “Godfather” offer comes our way. We believe that holding control of
quality, versatile assets in growing areas over the long run is how our investors win big and how
Harbor Capital will thrive over the next century.
The one thing we do know is that we don’t know everything.
We hold fast to the belief that missteps are our most valuable educators. By fostering a culture of
introspection and unsentimental review, we remain persistent in our pursuit to learn from these
experiences and refine our approach accordingly.
We communicate, communicate, then communicate more.
Investors will never have to guess if our deals are going sideways or have to “see the writing on the
wall” of a shifting market. We are stewards of our investors’ capital, and our duty is to share what we
see on the front lines with full transparency. We will always:
● Share monthly updates on every asset that we own.
● Clearly explain the downside risks of each investment offering, detailing all aspects of the
investment that we don’t like.
● Be upfront and transparent, regardless of if we made a mistake or if market dynamics have
changed since we invested.
● Provide timely communication about ongoing or unfolding situations, even if we have not yet
found a solution.
Better before bigger.
When faced with the choice to either grow our assets under management or to work to increase the
value of those we already own, we will always focus on maximizing returns for our existing investors.
We take the long view, choosing the path where investors’ equity in existing deals appreciates the
most it possibly can, even if this means less profit for us in the short term.
Our money is on the team and the tech.
We will always hire the best team we can find and equip them with the most cutting-edge tools and
software available in order to exceptionally source and manage our investments.
We have learned so much, yet we wake up every day looking for the next challenge to decode and
optimize for the better. On this boat in this harbor, we are committed to building a company worth
investing with over and over again across generations.
Here’s to an excellent party in 2121 when our descendants can get together and celebrate Harbor
Capital.
Levi Benkert