For Brokers | Current & Stone Capital

Acquisition Criteria

What We're Looking For

We're disciplined about what we pursue, which means when we say we're interested, we mean it. Properties that fit our criteria get a real look, quickly.

The Property

Meaningful frontage on a named, fishable river
Established or transferable water rights
Strong fly fishing reputation — hatches, dry fly windows, seasonal character
Conservation easement candidacy (existing or potential)
Buildable — permittable site or existing improvements
Rocky Mountain West: eastern Idaho, Montana, Wyoming preferred
Acquisition price range of $1M to $4M

Off-market and pre-market opportunities are particularly welcome. We're patient with process and understand that the right transaction sometimes takes time to structure.

The Fishery

World-class or regionally significant dry fly fishing
Prolific hatch activity — PMDs, caddis, stoneflies
Wild trout designation or equivalent ecology
Limited private access on the system
Known to serious fly fishers nationally or internationally

Not the Right Fit

Warm-water or non-trout fisheries
Landlocked parcels without direct river access
Commercial or resort-scale properties
Properties with no buildable envelope
Outside the Rocky Mountain West

Why Work With Us

A Buyer Worth Calling

We're not a casual buyer or a first-time land investor. We've done this before, we know what these assets are worth, and we respect your time and your client relationships.

We Know the Asset Class

No need to explain what makes a riverfront property valuable. We understand hatches, water rights, conservation, setbacks, and how premium fly fishing land is priced and transacted.

Decisive and Fast

When a property fits our criteria, we don't sit on it. We underwrite quickly, ask direct questions, and give you a clear answer. No prolonged due diligence theater.

Equity-Backed Acquisitions

We buy with equity, not contingency-laden financing structures. Closes are clean. We don't retrade on inspection findings that were visible at the outset.

A Long-Term Relationship

This is a platform, not a one-time purchase. As we close more properties, we'll continue buying. Brokers who bring us good deals become part of an ongoing relationship, not a transaction.

Confidential and Professional

We understand that off-market means off-market. We handle seller information with discretion and won't shop a deal to other parties or use your introduction as leverage elsewhere.

Skin in the Game

Nick co-invests in every deal. This isn't an advisory role or a management fee business. We're operators who put our own capital to work alongside our partners.

Deal Structure

How We Buy

We keep our acquisition process straightforward. Here's what to expect when you bring us a property.

Acquisition Type

All-equity or equity-primary acquisitions. No bank financing contingencies on the acquisition itself.

Price Range

$1M to $4M acquisition basis. We focus on properties where we can add material value through permitting, design, conservation, and positioning before syndication.

Due Diligence

We move efficiently. Initial review within a week of receiving materials. We focus on water rights, permitting status, conservation potential, and comparable sales. We don't over-engineer early diligence.

Off-Market Deals

Preferred. If you represent a seller who is open to a conversation before listing, we are the right first call. We can structure transactions that work for sellers who value discretion and certainty of close.

Timeline

We can move on a defined timeline when the property is right. Standard 30–45 day close from executed PSA. We've done it faster when it made sense.

What We Need

Legal description, acreage, water rights summary, asking price or indication, and any permitting or environmental history you're aware of. An aerial and parcel map if available. That's enough to give you a real answer.

We're an Active,
Motivated Buyer.