Phoenix Merchant Partners and Texas Capital Alternative Asset Management Announce Strategic Relationship to Serve the Core Middle Market

About this update from Texas Capital Bancshares, Inc.

Phoenix to launch Spurstone Credit, a perpetual-life, non-traded closed-end credit fund backed by institutional anchor investors DALLAS, June 30, 2026 /PRNewswire/ -- Phoenix Merchant Partners, LP ("Phoenix"), an independent alternative asset manager, and Texas Capital Alternative Asset Management ("TCAAM"), a wholly owned subsidiary of Texas Capital Bancshares, Inc. (NASDAQ: TCBI), today announced a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries. The strategic relationship integrates the corporate and investment banking coverage network of Texas Capital with the sophisticated structuring, disciplined underwriting, and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit ("Spurstone"), in the third quarter of 2026. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas. Demonstrating strong early market reception, Spurstone has already attracted interest from a sophisticated group of anchor institutional investors. The vehicle's investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit. "As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions," said Daniel Hoverman, Head of Corporate & Investment Banking at Texas Capital and President of TCAAM. The vehicle's strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned, and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions, and balance sheet optimizations....

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