FirstCity Financial Corporation (FirstCity ) is a multi-national specialty financial services company. The Company operates in two segments: Portfolio Asset Acquisition and Resolution, and Special Situations Platform. In the Portfolio Asset Acquisition and Resolution business, the Company acquires portfolios of under-performing and non-performing loans and, to a lesser extent, performing loans and other assets, generally at a discount to their legal principal balances or appraised values, and services and resolves these assets. Through its Special Situations Platform business, the Company provides investment capital to privately-held middle-market companies through flexible capital structuring arrangements to generate an attractive risk-adjusted return. In May 2013, Varde Partners Inc acquired the entire share capital of FirstCity Financial Corp.