Flat Footed

Flat Footed LLC is a special situation, value-oriented investment management firm founded in August 2016. The company was established by Marc Andersen, who co-manages the firm with Paul Carpenter. The firm's focus is on leveraged, asset-heavy companies that possess intricate capital structures.

The firm provides investment management and discretionary investment advice to a range of clients, including private funds and separately managed accounts (SMAs). It also functions as a sub-adviser to other advisory clients. As of December 31, 2024, Flat Footed managed approximately $1.032 billion on a discretionary basis. The firm's business model involves managing investments according to the specific objectives and guidelines of each fund, rather than tailoring them to individual investors within a fund. For its services, Flat Footed may receive fee waivers or reductions for certain clients.

A notable event in the company's history involves its role as a major shareholder in Diversified Healthcare Trust (DHC). In 2023, Flat Footed publicly opposed and led a successful proxy campaign to block a proposed merger between DHC and Office Properties Income Trust (OPI), arguing it was a flawed and value-destructive deal. The firm, which owned approximately 9.8% of DHC's common shares, believed DHC could achieve better value for its shareholders as a standalone entity by addressing its debt and leveraging its senior housing portfolio.

Keywords: investment management, special situations, value investing, complex capital structures, asset-heavy companies, leveraged companies, hedge fund, private equity, shareholder activism, proxy campaign, separately managed accounts, portfolio management, distressed debt, event-driven investing, credit strategies, opportunistic credit, alternative assets, financial advisory