A Texas-based investment group more than doubled its stake in Hawthorne Financial Corp., a $1.4 billion-asset thrift in El Segundo, Calif., that finances high-end residential properties.

Portfolio II Investors, which includes members of the well-heeled Bass family in Fort Worth, raised its stake in Hawthorne from 8.7% to 21.5%, according to an Oct. 23 Securities and Exchange Commission filing. The partnership was one of the investors that helped recapitalize Hawthorne in 1995 after its board replaced key executives and restructured the company.

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