California E&S Insurance

This is spot on. Without getting too deep into the details, TJH was our biggest client at my old firm — they had an $800M acquisition/development credit line, so their processes were dialed in. When they buy a property, they usually like to structure it as a “leaseback,” meaning they purchase it, lease it back to the seller/tenant during the transition period, and use that time to work on plans and permits so capital isn’t sitting idle. They picked this one up in Nov 2024, well before the fires, so they were already into permitting when everything happened. So if anything, the fires likely sped up their timeline - not slow it down, since they didn’t have to deal with teardown, tenant relocation, etc.

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