Deer Park Road Management Company, LP

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
CRD
Number:
5456846
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
BURG, SCOTT, EDWARD
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURE FINES UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
07/22/2016
 Exact
 Explanation
If not exact, provide explanation:
INVESTIGATION WAS INITIATED AS A RESULT OF AN INVESTIGATIVE ORDER OF THIRD PARTY FIRM UNRELATED TO DEER PARK. FIRST SUBPOENA
RECEIVED THAT INDICATED INVESTIGATION OF FIRM RECEIVED IN JULY 2016. FIRST MEETING WITH SEC IN WHICH DECISION TO EITHER CHARGE OR
SETTLE WITH FIRM IN JANUARY 2018.
4.
Docket/Case Number:
3-19190
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
DEER PARK ROAD MANAGEMENT COMPANY, LP
6.
Principal Product Type:
Debt - Asset Backed
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON JUNE 4, 2019, THE INVESTMENT MANAGER AND MR. BURG ENTERED INTO AN ORDER (THE "ORDER") WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC"). WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, THE SEC FOUND THAT FROM AT LEAST OCTOBER 2012
THROUGH DECEMBER 2015 (THE "RELEVANT PERIOD"), THE INVESTMENT MANAGER'S POLICIES FAILED TO ADDRESS SUFFICIENTLY HOW TO CONFORM
THE FIRM'S VALUATIONS WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("GAAP"). FURTHER, THE SEC FOUND THE INVESTMENT MANAGER'S
POLICIES WERE NOT REASONABLY DESIGNED FOR ITS BUSINESS PRACTICES, GIVEN ITS USE OF VALUATION MODELS AND PRICING VENDORS, AND THE
POTENTIAL CONFLICT OF INTEREST ARISING FROM TRADERS' ABILITY TO DETERMINE THE FAIR VALUE OF A PORTION OF THE POSITIONS THEY MANAGE.
MOREOVER, THE ORDER STATES THAT THE INVESTMENT MANGER FAILED TO IMPLEMENT ITS EXISTING POLICY. IN ACCORDANCE WITH GAAP, THE
INVESTMENT MANAGER'S VALUATION POLICY INCLUDED A REQUIREMENT TO MAXIMIZE THE USE OF RELEVANT OBSERVABLE INPUTS. DURING THE
RELEVANT PERIOD, HOWEVER, THE INVESTMENT MANAGER, AT TIMES FAILED TO ENSURE THAT CERTAIN RESIDENTIAL MORTGAGE-BACKED SECURITIES
("RMBS") WERE VALUED IN ACCORDANCE WITH GAAP. SPECIFICALLY, THE INVESTMENT MANAGER MAY HAVE UNDERVALUED CERTAIN CLIENT ASSETS
BY FAILING TO MAXIMIZE RELEVANT OBSERVABLE INPUTS, SUCH AS TRADE PRICES. THE SEC FOUND THAT MR. BURG WAS A CAUSE OF THE INVESTMENT

MANAGER'S FAILURE TO IMPLEMENT THE VALUATION POLICY THAT REQUIRED MAXIMIZING OBSERVABLE INPUTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
06/04/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,250,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKING REQUIRES REGISTRANT TO COMPLETE WORK WITH PREVIOUSLY ENGAGED INDEPENDENT COMPLIANCE CONSULTANT, SUBMIT
REPORT TO COMMISSION STAFF, ADOPT ALL RECOMMENDATIONS MADE THEREIN AND CERTIFY TO COMMISSION STAFF THAT IT HAS ADOPTED
AND IMPLEMENTED ALL RECOMMENDATIONS. CEASE AND DESIST IS CONSIDERED A "RESTRICTION" FOR PURPOSES OF QUESTION 11 (C) 3.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
MONETARY FINE/AMOUNT: DEER PARK ROAD MANAGEMENT COMPANY, LP-$5,000,000.00. DATE PAID-JUNE 10, 2019 SCOTT EDWARD BURG-
$250,000.00. DATE PAID-JUNE 10, 2019. NO PART OF THESE FINES WERE WAIVED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JUNE 4, 2019, THE INVESTMENT MANAGER AND MR. BURG ENTERED INTO AN ORDER (THE "ORDER") WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC"). WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE ORDER, THE SEC FOUND THAT FROM AT LEAST OCTOBER 2012
THROUGH DECEMBER 2015 (THE "RELEVANT PERIOD"), THE INVESTMENT MANAGER'S POLICIES FAILED TO ADDRESS SUFFICIENTLY HOW TO CONFORM
THE FIRM'S VALUATIONS WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("GAAP") AND THAT MR. BURG WAS A CAUSE OF THIS VIOLATION. THE
FIRM WAS FINED $5,000,000, ORDERED TO CEASE AND DESIST FURTHER VIOLATIONS, CENSURED AND AGREED TO UNDERTAKINGS AS DESCRIBED IN
THE RESPONSE TO QUESTION 12 (B) ABOVE. MR. BURG WAS FINED $250,000 AND ORDERED TO CEASE AND DESIST FURTHER VIOLATIONS. FURTHER,
DETAILS ARE PROVIDED IN THE RESPONSE TO QUESTION 7, ABOVE.