2025 Grain Management Annual Report

(April 22, 2026)

Grain Management is pleased to share our Annual Report, which examines how the Firm’s specialization in telecommunications and digital infrastructure continues to shape its investment strategy, operating model, and approach to value creation.

The Report highlights Grain’s growth to $12 billion in assets under management, its nearly two-decade sector track record, and its continued focus on disciplined underwriting, operational engagement, and thoughtful portfolio construction.

In the report, founder and CEO David J. Grain reflects on the value of sustained sector expertise in an increasingly complex investment environment. Additional features explore Grain’s approach to spectrum investing, structured capital solutions, artificial intelligence, organizational development, governance, and the realization of value at Hunter Communications. Together, these perspectives illustrate how Grain is applying deep industry knowledge and disciplined execution across an evolving digital infrastructure landscape.