Can Mortgage Mavens Pine River Find Success in Other Markets?

Savvy bets on housing-related bonds helped turn Pine River into a $14 billion powerhouse. But now the firm must prove it is more than an MBS machine.

December 17, 2025

Steve Kuhn doesn’t like to boast. Well, maybe he does, just a little. Pine River Capital Management earned an estimated $2 billion in profits in 2012 across its various funds through its subprime mortgage securities play, and the chatty chief of fixed income, who orchestrated the

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