March 2026
The FY 2025 audited financials are posted here. Lamington Road DAC – Financial Statements November 30 2025.pdf
Lamington Road DAC
About Us
Lamington Road DAC (“Lamington” or the “Company”) is a designated activity company with limited liability organized under the laws of Ireland, and operates the life settlement business formerly of Emergent Capital, Inc. (“Emergent’). Lamington’s business consists of a 27.5% ownership stake in White Eagle Asset Portfolio, L.P., which owns a portfolio of life insurance policies known as life settlements.
Board of Directors
Effective April 7, 2021, our Board of Directors is composed of five members.
Patrick T. Brennan
Mr. Brennan is the founder and portfolio manager, since 2015, of Brennan Asset Management, LLC (BAM), a Registered Investment Advisory firm based in Napa, CA, which utilizes a concentrated value investing strategy. Prior to founding Brennan Asset Management, Patrick managed portfolios and led research efforts at two value investing firms in California: Hutchinson Capital Management, from 2013 to 2014, and RBO & Co., from 2009 to 2012. Previously, Patrick worked at Mark Boyar & Company, where he led the firm’s research team and helped manage assets across individual portfolios, institutional accounts and a mutual fund. Patrick also worked for six years in investment banking and equity research with Deutsche Bank, CIBC World Markets and William Blair & Company covering financial services, media and telecom and business services. Patrick graduated summa cum laude from the University of Notre Dame with a degree in economics and was inducted into Phi Beta Kappa.
Robert C. Knapp
Mr. Knapp is the CIO of Ironsides Partners LLC, which is an investment firm that focuses on closed-end funds and asset value investing generally. Mr. Knapp is also a director of several other publicly traded companies, often as a result of his investment activities with Ironsides. These include Okeanis Eco Tankers (NYSE: ECO), Barings BDC (NYSE: BBDC), Africa Opportunity Fund (LSE: AOF) as well as DP Aircraft I (LSE: DPA).
Matt Houk
Since 2008, Mr. Houk has served as a Portfolio Manager and Research Analyst at Horizon Kinetics LLC, where he is involved in the identification, analysis and monitoring of certain investment opportunities for the firm. Matt is also the Chairman, Chief Executive Officer, and Chief Financial Officer of Winland Holdings Corporation. Matt also serves on the boards of Bonterra Resources Inc. and CNSX Global Markets Inc. Previously, Matt was with Goldman, Sachs & Co. He received a BA in Economics and Political Science from Yale University.
Barry Brennan
Mr. Brennan has senior board, executive and client-facing international experience across financial, fund and technology arenas. He has investment / portfolio management experience as an investment manager and a member of the Investment Committee for Alternative Investment Fund for an Irish-based management company. Mr. Brennan has over 20 years’ experience in international structured corporate finance, regulated funds, venture investment, technology and capital markets roles, working with large international investment banks, corporate clients and fund management operations. He held a Global Executive Role with full P&L, operations, HR, balance sheet, strategic and risk management responsibility at Rabobank for the European structured corporate finance business with assets of over €3 billion located in companies in the Cayman Islands, Ireland, Jersey, the UK, the Netherlands, Luxembourg and Belgium, including Irish Section 110 companies. Mr. Brennan holds a diploma in Corporate Direction from the Institute of Directors as part of the Chartered Director Program and is a Graduate of Law (LL. B. (Hons)) from Trinity College, Dublin, and Technology (BSc (Hons) in Digital Technology, Design and Innovation from the Technological University of Dublin). He is admitted as a Barrister in England and Wales and is admitted as an attorney to the bar of the State of New York.
Roy J. Patterson
Since 2011, Mr. Patterson has served as the President of River City Management. In this role, Mr. Patterson has responsibility for investment decisions and asset allocation in public and private assets. Prior to joining the River City Management, Mr. Patterson served as an Analyst from 2009 to 2011 for a lower middle market private equity firm as a member of the deal team evaluating a wide spectrum of industries and business models, executing transactions, and overseeing portfolio companies. From 2007 to 2009, Mr. Patterson served as an Associate and Vice President for a boutique investment bank where he was a member of a deal team and actively participated in all aspects of sourcing and executing transactions. Mr. Patterson graduated from the University of Denver with a Master of Science in Finance. He completed his undergraduate studies at the University of Nebraska-Lincoln, where he earned his Bachelor in Science in Business Administration with Highest Distinction and double majored in Finance and Accounting.
Management
The manager of Lamington is Intertrust Management Ireland Limited, whose duties are solely administrative duties.
Our Securities
We have the following classes of notes outstanding: Series A Notes, Series B Notes, and Profit Participating Notes (PPNs). All of our outstanding PPNs are held by the Lamington Road Grantor Trust, a Cayman grantor trust (the “Trust”). The Trust has issued and outstanding trust certificates (the “Trust Certificates”), which represent interests in the PPNs.
The Series A Notes, the Series B Notes, and the PPNs are listed on the Vienna MTF (a multilateral trading facility operated by Wiener Börse AG), identified there by the issuer name and ISIN code:
Lamington Road DAC – Series A Notes
ISIN: USG5364FAA69
Lamington Road DAC – Series B Notes
ISIN: USG5364FAB43
Lamington Road DAC – PPNs
ISIN: USG5364FAC26
The Trust Certificates are also listed on the Vienna MTF, identified there by the issuer name and ISIN code:
Lamington Road Grantor Trust – Trust Certificates:
ISIN: KYG5365M1024
The Series A Notes, the Series B Notes and the PPNs are governed by an indenture dated April 7, 2021 between Lamington and US Bank, National Association as trustee. The Trust Certificates are governed by a Grantor Trust Deed dated as of March 1, 2021. Maples Trustee Services (Cayman) Limited, serves as grantor trust trustee.
The transfer agent for the Trust Certificates is EQ Shareowner Services, who can be reached at (800) 468-9716.
Lamington Updates
December 2025
On December 15, 2025, Lamington Road DAC (the “Company”) notified U.S. Bank Trust Company, as Trustee (the “Trustee”) under the Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes and PPNs, that it will cash pay $100,000 of the Series A Note interest payable for the
September 2025
Form 3520-A Attached is a sample of an IRS Form 3520-A with respect to ownership of trust certificates (“Trust Certificates”) that is based on what was issued by the Lamington Road Grantor Trust, a Cayman Islands grantor trust (the “Grantor Trust”) to another certificate holder. Such IRS Form 3520-A was
August 2025
Unaudited Interim Financials On August 26, 2025, Lamington Road DAC (the “Company”) provided U.S. Bank Trust Company, National Association, as Trustee under the Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes, and Profit Participating Notes, with the Company’s interim financial report for the six-month period
June 2025
On June 15, 2025, Lamington Road DAC (the “Company”) notified U.S. Bank Trust Company, as Trustee (the “Trustee”) under the Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes and PPNs, that it will cash pay $100,000 of the Series A Note interest payable for the
March 2025
The FY 2024 audited financials are posted here. Lamington Road DAC – Financial Statements November 30 2024.pdf
IR CONTACT
To contact Lamington’s Investor Relations, please contact: investorrelations@lamington.ie
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