Other Investments

In addition to its core focus on affordable and workforce housing, Blackfish Capital selectively invests in other real estate and operating businesses aligned with the firm’s risk discipline and long-term investment philosophy. These investments are evaluated based on fundamental value, downside protection, and management alignment, and remain ancillary to the firm’s primary strategy.

Aerial photo of a single-tenant Starbucks building with a small parking lot, surrounded by snow-covered streets and commercial properties at sunset.

Commercial Property & QSR

A diversified portfolio of commercial and retail projects, including single-tenant properties occupied by national operators such as Starbucks, Burger King, and Dutch Bros Coffee. Investments include both ground-up development and value-add retail center redevelopment.

Aerial photo of a Dutch Bros Coffee drive-thru building with branded signage, outdoor seating, and an adjacent parking lot at sunset.

Aerial view of a suburban commercial retail center with parking lots and multiple buildings, with Mount Rainier visible in the background.