Notes · Journal
Announcements, letters,
and the occasional note.
A small archive. We post when there is something worth saying—a new investment, a milestone at one of the companies, or a note on how we think about the firm. Newest first.
March 4, 2026
Announcement
Kestrel Survey closes Series A
Kestrel has raised a Series A led by Barlow, with participation from two existing utility customers. The capital will fund a second flight base and a software hire.
Read in full
January 12, 2026
Letter
On the shape of the firm
A note on why Barlow looks the way it does—small, undiversified, comfortable holding businesses for a long time, and uninterested in growing the firm itself.
Read in full
November 18, 2025
Note
Ostmark adds a second oven
A small operational milestone at one of our oldest businesses. Ostmark's production bakery in Pittsburgh has commissioned a second deck oven and is hiring a second overnight crew.
Read in full
September 2, 2025
Announcement
Halden opens a London office
Halden has signed a long-term lease in London and hired its first three employees in Europe. Three European credit funds are now on the platform.
Read in full
February 5, 2025
Letter
Annual letter, 2024
Our annual letter to investors. A summary of the year across the portfolio, a note on the firm, and a few thoughts on the rate environment and what it has and has not changed about our work.
Read in full
Notes are an irregular publication. We expect roughly four to six entries a year. There is no newsletter, no RSS-by-email, and no plans to add either.