FirstCity Financial Corporation (FirstCity) is a financial services company. The Company engages in two major business segments: Portfolio Asset Acquisition and Resolution and Special Situations Platform. In the Portfolio Asset Acquisition and Resolution business, the Company acquires portfolios of performing and non-performing loans and other assets (collectively, Portfolio Assets or Portfolios), generally at a discount to their legal principal balances or appraised values, and services and resolves such Portfolio Assets in an effort to maximize the present value of the ultimate cash recoveries. The Company engages in its Special Situations Platform business through its majority ownership in a subsidiary. Through its Special Situations Platform, the Company provides investment capital to privately held middle market companies through flexible capital structuring arrangements to generate an attractive risk-adjusted return.