FirstCity Financial, through operating subsidiaries, buys, manages, and sells primarily nonperfoming loans from financial institutions, government agencies, and other lenders. It typically buys nonperforming loans at a deep discount but purchases performing loans, as well. The company or one of its affiliates services the loans it acquires. FirstCity Financial manages a portfolio worth approximately $11 billion. In addition to buying loans, the company invests in special situations such as restructurings, turnarounds, and executive buyouts through its majority-owned FirstCity Denver subsidiary.