ATLalts: Recent Episodes

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The Exit Playbook: How to Sell a Business the Right Way

Every business owner expects the exit to be the finish line. But for most, it's the moment they're least prepared for. In the third and final episode of the ATL Alts Business Owner Masterclass, host Andres Sandate and Brad Gunter (Founder & CEO, High Point Advisory Group) go deep into the sell-side playbook -- covering everything RIAs need to know to help their business owner clients navigate the most consequential financial event of their lives.

Brad and Andres break down the critical mindset shift from 'I'm ready to sell' to truly 'exit ready,' the timeline reality that surprises most owners (three years is the minimum; five if you want full tax optimization), and why showing up to a deal without a sell-side QOE is like going to court without a lawyer. They map the full buyer universe -- from SBA-backed search funds to independent sponsors, private equity, strategics, and family offices -- and explain what each type of buyer actually wants, how they operate, and which seller profile fits each best.

The conversation then turns to deal mechanics that can make or break the net economics: equity rollovers and the second bite at the apple, seller notes, earnouts, escrows, holdbacks, working capital adjustments, and reps and warranties. They also cover the tax planning conversation that most advisors wait too long to have -- QSBS, short vs. long-term capital gains, qualified opportunity zones, deferred sales trusts, and charitable structures. And they close with what happens after the wire hits: how to help a liquid entrepreneur think about generational wealth, alternatives, and the next chapter.

This episode is for every RIA with a business owner client considering a sale in the next three to five years.

Episode Overview

The series culmination. Brad and Andres cover the full exit arc -- mindset, timing, sell-side diligence, buyer selection, deal mechanics, tax strategy, and post-liquidity wealth deployment. This episode is the most immediately actionable for RIAs: every section maps to a specific conversation they should be having with business owner clients right now.

Timestamps

0:00 Series recap -- buying (Ep 1), operating (Ep 2) -- and why the exit is the 'peak of the trilogy'

3:37 The critical mindset shift: 'I'm ready to sell' vs. 'exit ready' -- and why most owners confuse the two

5:08 The Rolls-Royce vs. deal-hunter spectrum: how to identify which buyer profile fits your client's business

6:45 The clean test for exit readiness: could a QOE team, lawyers, and a lender go through the business without substantial issues?

8:18 The wealth event and why it's underestimated: 75-80% of net worth in a single transaction, often for the first and only time

10:00 Why owners resist outside advisors: 'I've been successful at everything else -- why would this be different?'

11:37 The surgeon analogy: why you want a specialist, not a generalist, for every lane of the exit

13:30 The continuum of wealth: from OpCo cash flow to family office -- and where the RIA fits throughout

16:28 Sell-side timeline reality: start the day you launch; buyers look at 3 years of financials; QSBS takes 5 years

18:31 What to do if you have 18 months: sell-side assessment, retroactive cleanup, quick-hit fixes

19:41 The RIA's call to action: ask 'what's the five-year strategy?' not 'when are you selling?' -- and listen for alarm bells

21:40 The sell-side QOE: why the seller should pay for one, how it shifts negotiating leverage, and when it's required by M&A advisors

24:28 War story: $50M deal collapses to $3M cash at close -- seller note the rest, life's work nearly gone

25:33 The buyer universe from bottom to top: SBA/search funds, independent sponsors, private equity, strategics, family offices

29:00 What each buyer type actually wants: SBA timeline (90+ days), IS deal-first capital-second, PE's return clock, strategics overpaying for a gap-fill, family offices holding forever

33:00 It's not just price -- employees, community reputation, business continuity, and legacy all matter to sellers

33:33 The second bite at the apple: equity rollover mechanics -- 80/20 split, capital stack math, betting on PE to grow EBITDA 50%+

36:52 Deal terms that determine net economics: seller notes, earnouts, escrows, holdbacks, working capital pegs, reps and warranties

40:00 Time value of money in deal terms: why buyers beat the headline number by spreading payments -- and how the RIA can model this

41:05 Tax planning at exit: short vs. long-term capital gains, QSBS (5 years, first $10M tax-free), QOZs, deferred sales trusts, charitable structures

44:35 The three forces converging in alternatives: clients asking for alts, asset managers targeting wealth, and underserved investors -- and how EnduranceX addresses all three

48:00 The advisor coordination problem: 5-6 parties at the exit table, and who plays quarterback

49:14 The full exit advisory team: M&A advisor, wealth advisor, tax advisor, accountant, fractional CFO, legal

51:11 Post-liquidity: liquid entrepreneurs who want to redeploy, the non-compete reality, and why most shouldn't go all-in like Elon

54:00 The generational wealth conversation: 80-year time horizons, compounding capital, and why multigenerational clients belong in alternatives

56:30 Brad's one mindset shift for every RIA: stop assuming you'll get the money one day -- start maximizing it by bringing in the right experts now

57:15 Series close and what's next for the EnduranceX / High Point partnership

Key Takeaways

• 'I'm ready to sell' is a feeling. 'Exit ready' is a score. Can a QOE team, lawyers, and a lender go through your business without substantial issues and re-adjustments? That's the real test.
• Three years is the minimum prep timeline. Five years is ideal for full tax optimization (QSBS, QOZ, charitable structures). If a client says 'I want to sell next year,' alarm bells should be ringing.
• A sell-side QOE is not optional for serious transactions. It shifts negotiating leverage from the buyer's table to yours, surfaces skeletons before they surface in diligence, and is increasingly required by sophisticated M&A advisors and investment banks.
• The buyer universe is wider than most owners realize: SBA/search funds (sub-$5M-$10M), independent sponsors (deal-first, capital-second), private equity (return clock, operational pressure), strategics (willing to overpay for a gap-fill), and family offices (no horizon, hold forever). Each requires a different seller profile and prep strategy.
• Deal mechanics determine net economics more than headline price. Seller notes, earnouts, escrows, holdbacks, working capital pegs, reps and warranties -- these are the terms sophisticated buyers use to spread cost over time and transfer risk back to the seller.
• The second bite at the apple is one of the most underutilized exit structures in the lower middle market. Roll 20%, take 80% cash, and bet that a PE firm grows your EBITDA 50%+ in five years. That 20% can be worth more than the 80% you sold.
• QSBS is the single most powerful tax tool for business sellers -- but only if the clock started at least five years before the exit. The first $10M in gains is tax-free on a qualifying C-corp. RIAs who don't surface this early are leaving potentially millions on the table.
• The exit advisory team needs a quarterback. Five or six parties (M&A advisor, wealth advisor, tax advisor, accountant, fractional CFO, legal) each operate in their own lane. The RIA is the best-positioned to quarterback the whole process -- but only if they're in the room years before the sale.
• Post-liquidity, most business owners are liquid entrepreneurs who want to redeploy. The job of the RIA is to help them take chips off the table, diversify intelligently (including into alternatives), and protect generational wealth from being redeployed too aggressively too fast.
• Brad's one mindset shift for every RIA: stop assuming you'll get the assets someday and start maximizing today by bringing in the right specialists now. That operating business is your client's largest asset. Treat it like one.

The Full Exit Advisory Team -- Who Plays What Role

M&A Advisor / Investment Bank

Runs the sale process -- buyer outreach, marketing, negotiation, LOI management, closing coordination

Wealth Advisor (RIA)

Quarterback of the overall process; post-liquidity asset deployment, tax-aware structuring, portfolio construction, long-term wealth planning

Tax Advisor

Pre-exit planning (QSBS, QOZ, deferred sales trust, charitable structures, F-reorg); entity election optimization; post-close tax filing

Accountant / CPA

Historical financial statements, tax return prep, coordination with QOE team; data room population

Fractional CFO (e.g., High Point)

Runs internal financial process; coordinates data room; interfaces with buy-side QOE team; financial modeling of deal terms

QOE Provider (Sell-Side)

Normalizes and verifies EBITDA; surfaces issues before they hit diligence; provides negotiating leverage; may be required by M&A advisor

Legal Counsel

LOI review, purchase agreement, reps and warranties, indemnification, escrow structure, non-compete, employment agreements

RIA EXIT READINESS CHECKLIST -- QUESTIONS TO ASK BUSINESS OWNER CLIENTS

Use these questions to assess where a business owner-client stands on the exit-readiness spectrum -- and to identify where High Point Advisory Group can step in.

Timing and Mindset

• What does your five-year plan look like for the business?
• Have you had a professional assessment of what the business is worth today?
• If you had to sell in the next 12 months, what would break down first?
• Is the business sellable without you in it today?

Financial and Operational Readiness

• Do you have three years of clean, accrual-based financials ready to share with a buyer?
• Is there a data room prepared, or could one be assembled quickly?
• Have you had a sell-side QOE done -- or any third-party assessment of your EBITDA?
• Are there any material issues a buyer would find in diligence that you're aware of?

Tax Planning

• Has your tax advisor evaluated your eligibility for QSBS -- and when did you start the clock?
• Have you explored qualified opportunity zones, deferred sales trusts, or charitable structures?
• Is the business currently structured in a way that maximizes post-tax proceeds at exit?
• Are you currently running personal expenses through the business?

Deal Mechanics Awareness

• Do you understand the difference between a seller note, an earnout, and an equity rollover?
• Have you modeled what different deal structures mean for your actual cash at close?
• Do you have a wealth advisor who's already part of your exit planning team?
• Who is your quarterback for the exit process -- or have you identified who that will be?

Post-Liquidity

• When this business sells, what do you want the proceeds to do for you and your family?
• Do you have a non-compete clause that would restrict your next move -- and for how long?
• Have we talked about what multigenerational wealth building looks like on the other side of this?
• Are you familiar with alternatives as an asset class, and how they fit into a post-liquidity portfolio?

GUEST BIO -- BRAD GUNTER, Founder and CEO, High Point Advisory Group

brad.gunter@highpointadvisorygroup.com

(770) 280-7348

Atlanta, GA

highpointadvisorygroup.com

Brad Gunter is the Founder and CEO of High Point Advisory Group, a lower middle market advisory firm delivering transaction advisory (buy-side and sell-side Quality of Earnings), fractional CFO and accounting services, strategic exit preparation, and capital advisory. Brad built High Point to fill the institutional advisory gap for businesses in the $5M-$100M range -- a space where those services are historically unavailable or unaffordable. Prior to founding the firm in early 2024, Brad held roles at Deloitte's strategy and M&A group and served as Head of Strategy at a private equity platform. He earned his MBA from Georgia Tech. High Point works alongside RIAs and family offices as a non-competing partner, covering the operating and transactional dimensions of a client's financial life that traditional wealth management doesn't touch.

Companies mentioned in this episode:

• High Point Advisory Group
• GPWA
• Gramercy Park Wealth Advisors
• EnduranceX

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Brad Gunter Masterclass Post Script

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The Forgotten Chapter: Operating a Business Like an Institution

Most conversations in wealth management focus on two events: buying a business and selling one. But the years in between -- the operating chapter -- are where 90% of the value is created or destroyed. In Episode 2 of the ATL Alts Business Owner Masterclass, host Andres Sandate sits back down with Brad Gunter, Founder & CEO of High Point Advisory Group, to explore exactly what it looks like to run a lower middle market business with institutional discipline -- and why RIAs need to be in that conversation.

Brad and Andres walk through what good operating infrastructure actually looks like for a $20M-$100M business: accrual accounting, governance cadence, clean entity structure, management depth, and the capital allocation frameworks that separate companies that command premium exit multiples from ones that collapse in diligence. They introduce High Point's four-phase institutional roadmap -- from OpCo stability through portfolio visibility, capital controls, and strategic optionality -- and walk through a nine-dimension Family Office Readiness Assessment that any RIA can use to diagnose where a business owner client truly stands.

Brad also shares two war stories from the construction industry where sellers expecting $10-15M at close walked away with a fraction -- because no one had been paying attention to the operating infrastructure. If you manage business owner clients and you're not having this conversation at least quarterly, this episode will show you exactly what you're missing -- and how to fix it.

Episode 3 is coming soon: The Exit Plan -- how to prep a business and maximize the liquidity event.

Episode Overview

Brad and Andres tackle the middle chapter of the business ownership lifecycle -- the operating years. This episode is the most actionable of the three for RIAs: it delivers concrete frameworks, diagnostic tools, and a sequenced roadmap for how to help clients build institutional-grade businesses before ever entering an exit process.

Timestamps

0:00 Intro -- Recap of Episode 1 (acquisition as alpha) and the focus of Episode 2

2:35 "The Forgotten Chapter" -- why the operating years are where 90% of value is created or destroyed

4:24 The RIA's role during the hold period: from reactive to integrated, from asset-gatherer to growth partner

5:20 What good operating infrastructure actually looks like: accrual accounting, governance, systems, customer concentration, management depth

7:08 How to introduce a 20-minute business update into a quarterly client review -- and why it makes the RIA stickier

8:09 High Point's role: transaction advisory + fractional CFO/OpCo management for the lower middle market

8:44 The diagnosis step: what does Brad find when he walks into a $50M business? The most common patterns

10:09 Finance as an afterthought: the cash-in-the-bank fallacy vs. institutional reporting discipline

12:12 Owner dependency, lifestyle businesses, and why personal/business expense mixing kills exit value

14:25 Clean entity structure: HoldCo, OpCo, IP co, real estate -- the two core principles (tax efficiency + liability isolation)

16:28 "Flooding the zone" -- how to introduce structural and operational conversations without overwhelming the client

18:14 People vs. systems: why people are 70% of the equation and why AI doesn't change that -- yet

19:55 The five-year operating roadmap: finance first, reduce concentration, build the team, governance and capital allocation framework

23:51 High Point's four-phase institutional roadmap: Phase 0 (OpCo stability) -> Phase 1 (portfolio visibility) -> Phase 2 (capital and decision controls) -> Phase 3 (optionality and scale)

26:12 How the RIA uses the roadmap: introducing the capital allocation conversation, spotting trapped cash, and growing AUM

29:34 Capital allocation discipline: the four doors for free cash flow (acquire, reinvest, distribute, pay down debt) and the written framework with return hurdles

32:07 The nine-dimension Family Office Readiness Assessment -- a scoring tool for RIAs to use with business owner clients

37:14 Cybersecurity as a due diligence risk in lower middle market acquisitions

38:16 Capital allocation deep dive: WACC, return hurdles, and the cadence of deploying cash intelligently

44:05 War story #1: $15M construction deal collapses to $3M cash at close -- no inventory system, no job costing, no way to track COGS

46:30 War story #2: Miami construction company, $5M EBITDA, handwritten invoices only -- four LOIs, zero closed deals, $150K in financial cleanup they refused to pay

48:48 Advisor's role summary: quarterly cadence, quarterback the relationship, bring in High Point for the operational assessment

49:04 High Point's free evaluation offer: value creation plan, minimum 300% ROI on findings

50:37 Three-years-to-exit action plan: who to call and what to do this week

Key Takeaways

• 90% of a business's value is created or destroyed during the operating years -- not at acquisition or exit. The RIA's job is to be in that conversation, not just waiting for the phone to ring when a check clears.
• The single most common gap in lower middle market businesses: finance treated as an afterthought. No accrual accounting, no monthly close, no reporting package. A $60M business on cash accounting is essentially flying blind.
• Good operating infrastructure means: accrual-based GAAP financials, monthly reporting, a governance board with documented meeting notes, systems that answer questions without a two-week delay, and a management team that can run the business if the owner disappears for a month.
• Clean entity architecture -- HoldCo at the top, separate OpCos, IP company, real estate entity -- protects wealth and dramatically simplifies an exit. The two principles: tax efficiency and liability isolation.
• People are 70% of the equation. AI and systems matter, but you can't automate trust. A new executive who started last week creates enormous buyer risk. Time in seat is irreplaceable.
• The four-phase institutional roadmap: Phase 0 (OpCo cash flow) -> Phase 1 (portfolio visibility) -> Phase 2 (capital and decision controls) -> Phase 3 (strategic optionality and scale). Most business owners are stuck between Phase 0 and Phase 1.
• The nine dimensions of the Family Office Readiness Assessment: governance & controls, legal & entity architecture, financial infrastructure, capital allocation discipline, risk management & asset protection, human capital & shared services, tech & data, strategic optionality, and exit readiness.
• Capital allocation requires a written framework with return hurdles and approval thresholds -- not gut feel. The four doors for free cash flow: acquire, reinvest in the OpCo, distribute to the family, or pay down debt.
• High Point's current offer: free operational evaluation for businesses referred by RIA partners. Findings have generated minimum 300% ROI for clients. If the owner enters a long-term engagement, any upfront cost is credited back.
• The RIA's quarterly business review questions: What does adjusted EBITDA look like? What multiple could we achieve today vs. in two years? What's the capital allocation plan? Is there a governance cadence in place?

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Introducing our three-part masterclass for RIAs advising business owner clients: From Acquisition to Exit: The Comprehensive Guide for RIAs and Business Owners

Part 1 of 3: The Hidden Asset Class: A Framework for Buying a Business

Most RIAs treat their client's operating business as a black box — reviewing it only when a liquidity event is imminent. But for business owners in the lower middle market, that operating company often represents 70–80% of total net worth. In this first episode of a three-part Masterclass series, host Andres sits down with Brad Gunter, Founder & CEO of High Point Advisory Group, to explore what it really means to help a client buy a business — and why getting involved early changes everything.

Brad brings a rare perspective: post-MBA experience at Deloitte's strategy group, M&A work inside a private equity platform, and a front-row seat to the advisory gap that exists below the $100M business threshold. Together, Brad and Andres walk through how to source acquisition targets (inbound vs. strategic outbound), why a Quality of Earnings report is non-negotiable — and how it can return 100x its cost — and how to structure a capital stack that protects the buyer without leaving the seller dead in the water.

Whether you're an RIA looking to position yourself as a true business growth partner, or a wealth advisor trying to have a more integrated conversation with your most sophisticated clients, this episode will give you the frameworks, vocabulary, and war stories to engage at a completely different level. The hidden asset class is hiding in plain sight — and your clients need you to pay attention to it.

Tune in for Episodes 2 and 3, where Brad and Andres tackle operating a business for value creation and preparing for a successful exit.

Takeaways:

• The wealth management industry often overlooks the operating company, which constitutes a significant portion of a business owner's net worth, necessitating a more integrated approach to asset evaluation.
• Institutional-grade oversight for lower middle market businesses involves rigorous financial reporting and proactive monitoring to ensure optimal performance and strategic decision-making.
• Effective acquisition strategies must be grounded in a disciplined 'Buy Box' framework, ensuring that targets align with the operational strengths and strategic vision of the acquiring company.
• The Quality of Earnings (QoE) analysis is essential in uncovering hidden financial realities that can dramatically alter acquisition valuations, thereby protecting the buyer's financial interests.
• Understanding the nuanced landscape of capital financing options, beyond traditional SBA loans and cash purchases, is critical for optimizing the capital structure and mitigating risks associated with acquisitions.
• Finally, assembling the right advisory team in a structured sequence is paramount; initiating with the RIA, followed by transaction advisors and legal counsel, can streamline the acquisition process and enhance outcomes.

To learn more about High Point Advisory Group and how Brad’s team supports the full lifecycle of business ownership — buying, funding, operating, and exiting — connect with him here:

https://www.highpointadvisorygroup.com/contact

To learn more about Gramercy Park Wealth Advisors, our alternative investment platform called EnduranceX, and how we assist business owner clients and RIAs - connect with us here:

https://calendly.com/sandate/aboutgpwa

Companies mentioned in this episode:

• High Point Advisory Group
• EnduranceX
• Gramercy Park Wealth Advisors

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What do you tell a client sitting on a multi-million-dollar position in a pre-IPO company who needs liquidity today but doesn't want to sell and forfeit the upside? For most wealth advisors, private bankers, and RIAs, the honest answer has been "there isn't a great option." Ian Leisegang, CFA, Managing Partner of 3Spoke Capital, has spent the last 15 years building one with his fellow Managing Partner and Co-Founder Steve Gold.

In this dual-release episode of Asset Backed and ATLalts, Ian walks through the structured secondaries strategy that 3Spoke pioneered — a hybrid solution that sits at the intersection of equity, debt, and alternatives. Rather than buying a shareholder's position outright, 3Spoke advances liquidity against the position and becomes a joint venture partner through the eventual exit, sharing in the upside while taking first-money-out downside protection.

Ian covers:

• His path from South African CPA to Deutsche Bank derivatives to JP Morgan private banking — and the single $2M liquidity problem he couldn't solve for a client that led him and partner Steve to launch 3Spoke
• The mechanics of a structured secondary: how a $100 position becomes a $30–$50 advance with no taxable event, no forfeited upside, and a partnership through to IPO or sale
• Why "growth equity" — the crossover between late-stage venture and early private equity — is the most underserved liquidity zone in the market
• The use cases: common shareholders, option-holders facing expiration, LP fund interests, GP-led secondaries, and GP carried-interest advances
• Portfolio names from 3Spoke's history, including DocuSign, Airbnb, Uber, Canva, Databricks, and eToro
• The "three spokes" origin story: why no structured deal closes without aligning the capital provider, the seller, and the underlying company or GP
• Information asymmetry on pre-IPO platforms and why retail buyers of common stock are routinely paying the wrong price
• The risk framework: targeting companies with $250M–$500M revenue, $1B+ enterprise values, 30–100% growth — and underwriting to 75–95% of investments returning at least 1x with 60–70% downside mitigation
• The problem 3Spoke solves: shareholders, employees, founders, GPs, and LPs who need liquidity from a private position but don't want to forfeit the upside of a sale
• The structure: an advance (typically 30–50% of position value) against the equity, paired with a minority share of the upside through to exit — not a loan, not a buyout
• The "growth equity" sweet spot: late-stage venture meets early private equity — companies with $250M–$500M in revenue and $1B+ enterprise values
• Five use-case categories: common shareholders, preferred shareholders, option-holders facing expiration, LP fund interests, and GP-led secondaries (including carry advances)
• The asset allocation case: structured secondaries offer asymmetric returns — equity-like upside with debt-like first-money-out protection
• The competitive edge: 15 years of structured deal experience, deep cap-table information, and partnership flexibility through to liquidity event

If you advise clients with concentrated pre-IPO positions, sit on an investment committee evaluating secondaries managers, or run a GP that needs to deliver DPI to LPs without exiting a winner, this conversation is for you.

Learn more about 3Spoke Capital by visiting their website at 3spokecapital.com. Listen, subscribe, and access manager profiles at EnduranceX.io

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Launched in 2019, Coromandel Capital offers flexible, non-dilutive, growth-oriented asset-based lending solutions to businesses in specialty finance, fintech, and technology-enabled sectors that generate predictable, recurring revenue. As one of the few non-bank lenders specializing in small-ticket debt capital solutions, Coromandel Capital and similar entities—willing to provide financings below $20 million—are vital players for capital-intensive specialty lenders. The firm's financings typically range from $5 million to $50 million and have a three-year term.

Co-Founder and Managing Partner Rob McGregor and I engaged in discussions on a variety of topics, including:

• The role of debt financing in empowering startups and other early-stage and growing companies, particularly in relation to venture capital funding.

• The risks associated with double pledging assets, including explanations thereof, especially in light of the recent collapse of First Brands.

• The utilization of debt as a strategic tool for business growth.

• The hidden costs related to venture debt.

• The untapped potential inherent in the specialty finance sector.

• The significance of diligent monitoring within lending relationships.

• Strategies for growing as a private lender while safeguarding and maintaining capital.

• Navigating the crowded and competitive private, non-bank lending industry to establish enduring relationships with borrowers and investors.

Among the characteristics Coromandel seeks in ideal borrower partners are:

• Balance-sheet intensive businesses (those originating or acquiring assets, tangible or intangible) that would otherwise finance these assets through equity.

• Companies that have raised equity from Seed to Series B (or similar stages within their lifecycle), possess adequate capitalization to support operational expenses and maintain sufficient 'runway,' with a portion of this equity potentially serving as a contribution (also known as "haircut capital," "first loss capital," or "overcollateralization") for Coromandel's credit facility.

• Subject matter experts and/or executives who are trailblazers with deep industry roots, a robust track record, and a validated business model.

• Companies operating within sizable markets and differentiating themselves through cost-effective customer acquisition strategies, as well as firms that have identified an untapped or "greenfield" opportunity to address underserved or unserved markets.

Key Takeaways for RIAs:

• RIAs have primarily used direct lending to gain private credit exposure, and this conversation delves into the opportunity offered by asset-based lending as a diversifying and complementary strategy for client portfolios.
• RIAs seeking to diversify in growing areas of private credit, such as asset-backed and asset-based strategies, can benefit from understanding how the fund manager underwrites, structures, and monitors their underlying credit exposures.
• Asset-based lending as a non-dilutive financing solution for growing specialty finance, tech-enabled lending businesses, and other growing firms in sectors generating predictable, recurring revenues, is an essential tool for strategic growth.
• Diligent monitoring and assessment of asset-backed loans are crucial in mitigating risks associated with double pledging, as evidenced by the recent First Brands collapse.
• The specialty finance sector harbors untapped potential that will only grow as more lending migrates away from banks, requiring RIAs to develop an in-depth understanding of risk management and strategic growth methodologies being employed by these alternative fund managers providing debt financing.
• Maintaining a competitive edge in the private lending landscape, even in emerging and exciting areas such as asset-based lending and asset-backed finance, requires building enduring relationships with borrowers while preserving capital for fund LPs.
• Venture debt, while a viable option for some startups, carries hidden costs that must be critically evaluated in the context of overall business strategy and capital structure.
• A thorough understanding of the unique dynamics of asset-based finance and asset-based lending strategies is essential for lenders, borrowers, and fund allocators as they navigate the complexities of this evolving market, where alternative investment and non-bank lending industry experts predict significant growth in the years ahead.

Thank you for joining the ATLalts and Asset Backed podcast. To catch all the latest content of ATLalts or Asset Backed, our sister show, subscribe today and follow Endurance Strategies and Andres Sandate on LinkedIn or the Asset Backed YouTube Channel. This audio represents Endurance Strategies' intellectual property.

Podcast Disclaimer

This podcast is produced and hosted by Andres Sandate, and is the property of Endurance Strategies, LLC.

Andres Sandate is a Financial Advisor with Gramercy Park Wealth Advisors, LLC, and a Registered Representative of GPWA, LLC, a member of FINRA/SIPC.

Gramercy Park Wealth Advisors, LLC and GPWA, LLC are not responsible for the content of this podcast and do not offer investment, legal, or tax advice, nor do they recommend or endorse any securities, products, or strategies discussed.

No part of this podcast may be published, reproduced, transmitted, or rebroadcast in any media or any form without the express written permission of Endurance Strategies, LLC.

This podcast does not constitute an offer to sell or a solicitation of an offer to buy any fund interests, securities, or other financial instruments, nor does it constitute a solicitation on behalf of Endurance Strategies, LLC, its affiliates, or any third-party investment managers, their affiliates, products, or strategies. Any such offer or solicitation may only be made pursuant to the delivery of formal offering documents.

Endurance Strategies, LLC has no obligation to update or revise any information contained herein. The company makes no representations or warranties as to the accuracy or completeness of the information, and this podcast should not be relied upon as the basis for investment decisions or for any other purpose.

This material may be protected by copyright. © Endurance Strategies, LLC. All rights reserved.

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Brian Seidensticker and Kiah Hochstetler discuss how they built Mount North Capital, a Last Best Partners portfolio company, into a data-driven, technology-enabled real estate investing platform that enables passive real estate investors to access the tax sale investment marketplace.

The firm has strategically positioned itself to capture opportunities during economic slowdowns or downturns, as the tax sale investment market often presents increased opportunities during such periods.

• Mount North Capital aims to offer asset-backed investment opportunities in the distressed property space to passive investors, all supported by data, technology, and a team of experienced real estate professionals.

• Sister company Tax Sale Resources provides users with centralized access to tax sale data, designed to help these real estate investors save time and money while navigating this complex landscape.

• Many of these users are real estate investors, and one of their most significant challenges in pursuing more deals is access to capital.

• Seidensticker and Hochstetler explain Mount North Capital's capital partnership program and how their two-sided solution, which aids both real estate operators and passive real estate investors seeking asset-backed investment opportunities, came together in forming Mount North Capital.

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The podcast episode serves as an in-depth exploration of the multifamily investment landscape in Phoenix, featuring insights from Ben Leybovich, co-founder of WhiteHaven. The discussion commences with a contextual overview of Phoenix as a compelling MSA for multifamily investments, emphasizing the city's exponential population growth and the resultant demand for housing. Leybovich details how demographic trends and economic policies converge to create a fertile ground for multifamily real estate investment. He emphasizes the importance of understanding the macroeconomic backdrop that influences real estate dynamics, elucidating factors such as job growth, migration patterns, and construction costs that collectively shape investment opportunities.

As the conversation progresses, the episode delves into WhiteHaven's strategic positioning within this vibrant market. Leybovich shares the firm's approach to identifying undervalued assets and leveraging construction expertise to enhance property value through strategic renovations. He highlights the critical role of thorough due diligence in navigating the complexities of the multifamily sector, especially in a market where competition for quality assets is intensifying. By showcasing real-time examples of WhiteHaven’s investment strategies, Leybovich provides listeners with practical insights into the operational challenges and triumphs inherent in multifamily investments. The episode culminates in a forward-looking perspective, encouraging listeners to consider the long-term potential of investing in Phoenix's multifamily market, backed by WhiteHaven's expertise and local market knowledge.

Takeaways:

• The multifamily investment landscape in Phoenix is particularly appealing due to the confluence of robust population growth and insufficient housing supply, creating a favorable environment for rental price appreciation.
• Ben Leybovich emphasizes that the unique macroeconomic factors in Phoenix, including a stable regulatory framework, contribute significantly to its attractiveness as a multifamily investment destination.
• Whitehaven's investment strategy involves identifying opportunities in both new construction and value-add multifamily properties, particularly focusing on acquiring assets below replacement cost.
• The current economic climate presents a strategic opportunity for savvy investors, as institutional capital remains on the sidelines, allowing smaller firms like Whitehaven to capitalize on discounted properties.
• With the anticipated population growth in Phoenix, projected to rise by approximately 1.2 million by 2030, demand for multifamily housing is expected to surge, emphasizing the necessity for new developments.
• Ben's insights reveal that the construction industry is currently experiencing significant challenges, including escalating costs and labor shortages, which may limit future supply and further enhance rental growth potential.

Links referenced in this episode:

• www.atlalts.com
• www.Whitehaven.com
• www.gpwealthadvisors.com

Companies mentioned in this episode:

• Whitehaven
• ATLalts
• Gramercy Park Wealth Advisors, LLC

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This timely ATLalts podcast episode highlights the multifaceted landscape of private credit and alternative investment solutions, with a particular emphasis on the strategic considerations necessary for optimizing portfolio allocations in an increasingly volatile market environment. Our guest, Brook Scardina, Managing Partner - Capital Markets & Investments at Oak Real Estate Partners, brings a wealth of experience from his extensive tenure in institutional investing, where he adeptly navigated the complexities of asset management for noteable foundations and endowments such as UNC Management Company, UPS Pension Plan, and Georgia Tech Foundation.

In a market characterized by recent stock market volatility, daily headlines of tariffs, uncertain fed policy, and fluctuating economic indicators, Scardina argues for the critical importance of incorporating alternative investments and private credit into investment portfolios as a means of enhancing diversification, mitigating risk, and earning attractive risk-adjusted yields, particularly in light of the diminishing returns expected from traditional equity markets. Furthermore, he articulates the structural advantages inherent in certain areas of the private credit space, such as reduced competition and the ability to capitalize on niche lending opportunities in short-duration real estate bridge lending, that larger institutions and banks overlook or can't pursue, thus providing a compelling rationale for investors to re-evaluate their asset allocation strategies. This discussion not only seeks to educate and inform but also to engage listeners in a deeper understanding of how nuanced approaches to private credit can serve as a cornerstone for achieving robust financial outcomes in a fluctuating and rapidly evolving economic landscape.

The conversation delves into the intricate dynamics of private credit as a pivotal component of alternative investment strategies, and how investors can benefit from the different areas of this rapidly growing market. He emphasizes the necessity for investors to reassess their portfolios, particularly in light of the potential for a more protracted low expected return environment from equities and fixed income, advocating for an incremental allocation to private credit as a means of enhancing risk-adjusted returns.

Scardina’s extensive background in managing large-scale investment portfolios for prestigious institutions at endowments, foundations, and corporate pension plans, equips him with the insights necessary to help educate listeners on the growing field and inherent complexities of private credit. He explores the various iterations within the private credit sector, such as subordinated debt and mezzanine financing, highlighting their distinct risk-return profiles. The episode elaborates on OREP's strategic approach to risk mitigation, underscoring the importance of customized financing solutions that align with the specific objectives of institutional investors.

Moreover, Scardina’s case studies during the episode serve as practical illustrations of how OREP effectively addresses the financing needs of borrowers within the real estate private credit space where OREP competes, particularly in sectors where traditional lenders are typically hesitant to engage. This comprehensive examination of the real estate private credit landscape not only highlights the unique opportunities available to smaller, specialized lenders with institutional investor-grade capabilities but also reinforces the critical role these solutions can play in pursuing overall portfolio efficiency.

Takeaways:

• The fundamental role of private credit as an optimal alternative investment, particularly in mitigating portfolio risk and enhancing diversification amidst prevailing market volatility.
• The discussion highlighted Oak Real Estate Partners' strategic approach to structuring highly customized debt solutions in real estate bridge lending, which are designed to align with the investment objectives of institutional and private wealth clients while maintaining a focus on credit risk mitigation.
• A salient point made was the increasing interest in private credit allocations to smaller, specialized, and niche sponsors among institutional investors, driven by the current restrictive lending environment at banking organizations, the larger firms pursuing similar strategies, and the scarcity of capital available for smaller lending opportunities due to the size of publicly traded alternative asset managers.
• Scardina emphasized the necessity of employing a rigorous underwriting process at OREP that mirrors institutional and securitization standards, ensuring the preservation of capital while generating competitive returns for investors.
• The episode underscored the significance of effective communication and education in bridging the gap between institutional and high-net-worth investors regarding alternative investment strategies.
• Scardina's insights on the evolving landscape of capital markets reinforced the importance of niche private credit managers in capturing unique opportunities that larger institutions may overlook or are unable to pursue due to structural disadvantages.

Companies mentioned in this episode:

• Oak Real Estate Partners
• Georgia Tech Foundation
• UNC Management Company
• UPS

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This episode of ATLalts features an AI focused conversation with the founders of venture growth equity firm Quartus Capital Partners, co-led by Founder, Managing Partner, and CIO, Al Tarar and Partner, Rizwan Muhammad. Quartus invests in growth-stage AI and technology ventures and aims to transform them into market leaders by applying extensive growth and performance improvement expertise. A special thanks to Mark Dziuba, Managing Director—Distribution, Pinnacle Capital Group for introducing me to Quartus Capital Partners.

The firm, which has garnered recognition as a Private Equity Wire US Emerging Manager Award Winner in 2024, demonstrates an unwavering commitment to harnessing AI-driven solutions aimed at addressing some of society's most pressing challenges across sectors such as healthcare, education, and cybersecurity. Our conversation delves into the intricacies of AI's evolution from rudimentary pattern recognition to the contemporary realm of generative AI and its multifaceted applications across diverse sectors such as finance, logistics, and supply chain. We examine how the firm's investment philosophy, rooted in over three decades of collective expertise, prioritizes growth equity strategies that are meticulously designed to yield attractive risk-adjusted returns, as substantiated by extensive research from Cambridge Associates.

As we engage with the nuances of AI’s transformative potential, we underscore the imperative of not merely seeking out innovative technologies, but rather discerning viable business solutions that substantiate sustainable growth and profitability in an ever-evolving AI market landscape often dominated by hype, soaring private markets valuations, and buzzy media headlines. As we dissect the operational ethos of Quartus Capital Partners, it becomes clear that their investment framework is not merely about capital allocation and asset gathering, or B2C consumer AI bets, but is deeply rooted in a philosophy of fostering B2B innovation employing AI and AI-based software while ensuring sustainable growth in core sectors of the economy.

The episode culminates in a forward-looking perspective on the future of investment in AI, as the founders articulate their vision for leveraging technology to catalyze significant societal advancements, thereby reinforcing the notion that the true value of investment lies in its potential to effectuate meaningful change.

Takeaways:

• Quartus Capital Partners, under the leadership of Al Tarar and Rizwan Muhammad, a team of AI pioneers, technologists, and seasoned operators, explores venture growth equity investing in a rapidly evolving AI landscape often dominated by B2C and consumer AI-related stories and strategies.
• Vertical applications of AI across education, healthcare, finance, security, logistics, and supply chain are often overlooked yet could have a profound impact on these industries and offer unprecedented opportunities for growth equity investors.
• The firm's extensive experience, spanning over three decades, empowers them to navigate the complex landscape of venture growth equity where they are investing in Series B, C, and D stage companies who required additional capital to grow.
• The partners have extensive growth and performance improvement expertise gained from working with some of the world’s largest businesses and believe this is a distinguishing advantage of their platform.
• With a focus on mid-stage technology companies, Quartus Capital Partners seeks to invest in businesses that have established product-market fit and sustainable revenues.
• As the AI domain continues to evolve, Quartus Capital Partners aims to make a global impact by supporting AI and technology companies that address real-world challenges.

Links referenced in this episode:

• quartuscap.com
• Cambridge Associates Research on Growth Equity
• Goldman Sachs Artificial Intelligence Research and Thought Leadership

The information provided herein is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. It should not be considered a recommendation to purchase or sell any financial instruments or adopt any investment strategies. Past performance is not indicative of future results; all investments carry inherent risks, including the potential loss of principal. Before making any financial decisions, you should consult with a qualified professional who can assess your individual circumstances and objectives. We disclaim any liability for actions taken based on the information provided.​ Andres Sandate is the creator and host of ATLalts and is a financial advisor and Head of Alternative Investments at Gramercy Park Wealth Advisors, LLC. Gramercy Park Wealth Advisors, LLC and GPWA, LLC, Member FINRA/SIPC, are not responsible for this content and the views of the host and the guests are their views only.

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On this episode of the ATLalts podcast we explore the burgeoning opportunities in middle market private equity, particularly within the manufacturing sector in the United States, as articulated by the founders of Del Cam Capital. Joining us on the episode are Richard Gibble, Managing Director and Partner, Stephen 'Steve' Trotta, Managing Partner, and Stuart Chanin, Managing Director and Partner. I was joined this episode by the CEO and Founding Advisor of Gramercy Park Wealth Advisors, LLC, Brian Cote. Gramercy Park Wealth Advisors is where I recently affiliated and am building the Atlanta, GA market as a Financial Advisor and Head of Alternative Investments. Not included in the episode but a member of the Del Cam Capital team is Zachari Triner, Partner.

As Head of Alternative Investments at Gramercy Park Wealth Advisors, I meet with alternative investments managers throughout the course of my work to learn more about their strategies and approach to private markets. Brian Cote and I met the Del Cam team in 2024 and we continue to explore opportunities in middle market private equity. The middle market represented 60% of deal flow in 2024 and the U.S. middle market accounts for one-third of the nation's economic output. 99% of middle-market companies are privately held and much like our previous episode with Fruition Capital, bears understanding if you are an investor seeking alternative investment opportunities in equity and credit. It is our view at Gramercy Park Wealth Advisors that private equity focused in the middle market could be particularly well-positioned in a higher for longer interest rate environment and given the Trump administration's domestic policy and fiscal priorities.

On the episode with Del Cam Capital we delve into the concept of a "golden era" for manufacturing, driven by multiple macroeconomic factors and the strategic insights of our guests, Steve, Rich, and Stu. Their collective expertise reveals a transformative approach to private equity investment, emphasizing the importance of operational efficiencies, technological advancements, and the nurturing of enduring relationships within niche markets. Moreover, we examine Del Cam's distinctive methodologies for generating value post-acquisition, leveraging frameworks such as the Entrepreneurial Operating System (EOS) to foster accountability and drive employee engagement. Join us as we unpack these compelling narratives and gain invaluable perspectives on the future landscape of middle market private equity and its role in revitalizing American manufacturing.

The Discussion Covered the Following Topics

1. Introduction of the Team and Building Del Cam as a new Private Equity Platform Focused on Manufacturing
2. The Case for U.S. Manufacturing: A Golden Era
3. Macro Tailwinds for U.S. Manufacturing (particularly relevant with tariffs being enacted in February 2025 with Canada and Mexico)
4. Del Cam's Investment Processes including deal sourcing, due diligence, and post-acquisition value creation
5. Portfolio Highlights of The Shortening Shuttle and Space Age Electronics

Links referenced in this episode:

• delcamcapital.com
• gpwealthadvisors.com
• atlalts.com
• EOS Worldwide

Companies mentioned in this episode:

• Gramercy Park Wealth Advisors, LLC
• Del Cam Capital, LLC
• Fidelity Investments
• Space Age Electronics
• Shortening Shuttle
• EOS Worldwide

Learn more about DelCam Capital, LLC by contacting them:

Del Cam Capital, LLC

101 Arch Street

Boston, MA 02110

www.DelCamCapital.com

Disclaimer

The information provided in the ATLalts podcast and newsletter is for general informational purposes only and should not be construed as financial, investment, tax, or legal advice. This information provided should not be construed as a solicitation or offer to buy or sell any securities or any other financial instruments, financial products, or financial services. The views and opinions expressed in this podcast and newsletter are solely those of the speakers and do not necessarily reflect the official policy or position of ATLalts or its affiliates. All information or data provided is not warranted as to timeliness, completeness or accuracy and is subject to change without notice. Past performance may not be an indication of future results.

Listeners should consult with a qualified professional advisor before making any investment decisions based on the information presented. Gramercy Park Wealth Advisors, LLC and GPWA, LLC, Member FINRA/SIPC are not responsible for any errors or omissions in the content of this podcast and newsletter.

Securities are offered through GPWA, LLC / Member: FINRA & SIPC

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The podcast features a deep dive into the world of small business acquisitions, highlighting the significant opportunity presented by the ongoing transfer of ownership from retiring Baby Boomers.

What is acquisition entrepreneurship? It is the practice of searching for and buying established, profitable small businesses - usually from a retiring owner. Fruition Capital invests in these businesses.

I invited Jason Ehrlich, Managing Partner of Fruition Capital on ATLalts to discuss why he believes investing in the acquisition of small businesses can allow investors to take advantage of what he believes are four key factors:

1. Generational transfer of US small businesses owned by Baby Boomers is underway. Greater then 3 million profitable businesses owned by 65+ year-old owners will change hands in the next 5-10 years
2. Attractive acquisition prices of 3x-5x avg. acquisition multiples (of EBITDA) for target businesses.
3. Probability of failure is low as only 2.1% of SBA 7a Business Acquisition Loans defaulted in 2023
4. The Chance of attractive performance is high as 75% of sesarch entrepreneur investors achieved an IRR of 20% according to one study.

Jason Ehrlich, Managing Partner of Fruition Capital, discusses how his firm focuses on investing in B2B companies with stable earnings and a repeat customer base, which he refers to as "enduring profitability." The conversation emphasizes the attractive valuations available in this space, often at 3x-5x multiples of EBITDA, and the low failure rates associated with these businesses, particularly in the context of SBA 7a loans. Ehrlich also elaborates on the unique structure of Fruition Capital, which differentiates itself by partnering closely with entrepreneurs while providing significant capital and operational support. As the episode unfolds, listeners gain insights into the strategies and criteria that make Fruition Capital a leader in this niche market, ultimately aiming to preserve and grow local businesses in communities across the U.S.

The impending retirement of Baby Boomer small business owners creates a unique landscape for investment, one that Fruition Capital is keen to navigate. Jason Ehrlich, managing partner of Fruition Capital, discusses the firm’s distinctive approach to acquiring established B2B companies that showcase not only a history of profitability but also a strong customer base. The podcast sheds light on the economic opportunities that arise from the generational shift in business ownership, particularly in light of the favorable valuations available—typically three to five times EBITDA for these enterprises. With a low default rate of approximately 2.1% on SBA 7(a) loans, the primary financing method for such acquisitions, investors are presented with a compelling case for entering this market.

Ehrlich elaborates on Fruition Capital's stringent investment criteria, underscoring the firm’s commitment to stability and enduring profitability. By intentionally avoiding tech-heavy or cyclically volatile industries, Fruition ensures that its investments are grounded in businesses that have demonstrated resilience over time. The conversation also touches on the structural elements of deals, such as seller notes and equity rollovers, which serve to align the interests of the sellers and the new owners, thus facilitating a seamless transition of leadership while preserving the legacy of these local businesses. This model not only safeguards the interests of investors but also places the entrepreneurs in a position to succeed as they take the reins of these established firms.

Furthermore, the episode highlights the broader societal impact of Fruition Capital's investment strategy. By empowering a new generation of entrepreneurs to take over small businesses, Fruition aims to keep jobs within local communities and foster economic stability. This commitment to community revitalization aligns perfectly with the firm’s investment philosophy, showcasing that financial returns and social responsibility can go hand in hand. As listeners delve into this discussion, they gain a deeper understanding of how strategic investments can not only yield strong financial outcomes but also contribute to the health and vibrancy of local economies.

Takeaways:

• The transfer of small business ownership from Baby Boomers is creating unique investment opportunities.
• Fruition Capital focuses exclusively on B2B companies with established customer bases for stability.
• Investors can benefit from attractive valuations, often at 3x-5x EBITDA multiples.
• The default rate for SBA loans used in acquisitions is impressively low at 2.1%.
• Jason Ehrlich emphasizes the importance of investing in enduringly profitable businesses with longevity.
• The podcast highlights the need for experienced entrepreneurs to guide successful acquisitions.

Companies mentioned in this episode:

• Fruition Capital
• Gramercy Park Wealth Advisors, LLC
• GPWA, LLC, Member FINRA/SIPC

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Drew Holley, Managing Partner of BIS Benefits, emphasizes the critical importance of employee benefits and health insurance in today's competitive business landscape, where retaining top talent is paramount. With a focus on serving clients with excellence, BIS Benefits has evolved into a one-stop shop for group health and business insurance since its inception in 1997. Drew shared how investing in growing and developing people and the organizational focus on mission, vision, and core values at BIS has allowed the firm to grow significantly. Drew shares insights on the growing need for businesses to review and adapt their insurance strategies, start the renewal process early, especially in a time of rising costs and changing market dynamics, and work with a trusted advisor. He highlights the significance of fostering strong relationships between business owners and their insurance advisors, ensuring proactive communication and support during critical moments. Listeners will gain valuable advice on navigating the complexities of employee benefits and the impact of proper coverage on workforce satisfaction and retention.

Takeaways:

• Understanding the true costs of health insurance is essential for business owners today.
• Drew explains that affordability of healthcare plans directly impacts employee satisfaction and retention.
• People are everything to a business and by far the most critical asset. One of the most important factors employers can easily overlook is the importance of employee benefits.
• The insurance industry is evolving, with technology playing a crucial role in operations.
• More private equity has entered the space than ever before on both the brokerage and client side.
• BIS Benefits focuses on building relationships and providing exceptional service to their clients.
• Becoming the trusted advisor transforming each organization's approach, design and implementation of healthcare is the vision of BIS
• BIS seeks to be a place where growth on the professional and personal level can take place and puts a significant emphasis on community, giving back, family, and more
• Hiring for values and personality fit is more important than industry experience in the insurance field.

Links referenced in this episode:

• bisbenefits.com

Companies mentioned in this episode:

• BIS Benefits
• State Farm
• Liberty Mutual
• Blue Cross
• Aetna
• United
• Travelers
• Hartford
• Innovative Outsourcing
• United Benefit Advisors

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Unlocking financial value through alternative credit is a central theme in this engaging conversation with Sreeni Prabhu, co-founder, Managing Partner, Co-CEO, and Group Chief Investment Officer at Angel Oak Capital. With a keen focus on the structured credit space, Sreeni discusses how Angel Oak, one of the largest securitizers of non-qualified mortgages in the nation, skillfully navigates market dynamics to create strategic long-term value for investors. He highlights the current opportunity in mortgage-backed securities (MBS), as inflation stabilizes and interest rates are expected to decline, presenting a historic chance to enhance fixed-income allocations. Furthermore, Sreeni elaborates on the burgeoning second lien mortgage market, emphasizing the significant equity homeowners possess and the untapped potential for strategic financing solutions. Through this episode, listeners will gain insights into the evolving landscape of fixed income and the innovative approaches that Angel Oak employs to meet the needs of both institutional and individual investors.

Sreeni Prabhu, co-founder, Managing Partner, Co-CEO and Group Chief Investment Officer of Angel Oak Capital, shares his insights on alternative credit and the unique opportunities within the non-qualified mortgage sector during his conversation with ATLalts host and creator Andres Sandate. Beginning with his personal journey, Srinivas recounts his transition from a tennis player in India to a prominent figure in finance, highlighting the importance of networking, resilience, and a willingness to pursue an unconventional path. He emphasizes Angel Oak's strategic positioning as a leader in the mortgage-backed securities market, particularly in non-QM loans, and how the firm's comprehensive investment platform creates long-term value for its clients.

As the discussion progresses, Sreeni delves into the current economic landscape, noting the potential for fixed-income investments amid declining interest rates and controlled inflation. He points out that mortgage-backed securities are trading at historically attractive spreads, presenting a compelling case for investors. The conversation underscores the significance of education in the financial sector, with Sreeni advocating for transparency and trust-building between Angel Oak and its clients. This commitment to educating advisors and investors is a cornerstone of the firm's strategy.

The episode also explores the emerging second lien mortgage market, where homeowners can leverage their home equity for various financial needs. Sreeni highlights the substantial addressable market, estimated at $1.6 trillion, and discusses how Angel Oak is prepared to meet this demand with innovative financial products. As the episode concludes, Sreeni shares his vision for the future of Angel Oak Capital, emphasizing the need for a patient, long-term approach to investing in the ever-evolving financial landscape.

Takeaways:

• Sreeni Prabhu's journey from India to Milledgeville, GA to leading a $20 billion asset management firm is inspiring for anyone pursuing their professional and personal interests, regardless of industry or career.
• Angel Oak's unique position in the mortgage-backed securities market offers compelling investment opportunities.
• The firm emphasizes a long-term perspective, focusing on sustainable growth and risk management.
• Understanding the second lien mortgage market can provide valuable insights for financial advisors.
• Investing in non-qualified mortgages offers significant potential returns in the current economic climate.
• Angel Oak's commitment to education and transparency enhances relationships with investors and advisors.

Links referenced in this episode:

• angeloakcapital.com

Companies mentioned in this episode:

• Angel Oak Capital
• Angel Oak Mortgage REIT
• SunTrust Bank
• Washington Mutual
• Fannie Mae
• Freddie Mac

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Jay Jackson, Chairman & CEO of Abacus Life (NASDAQ: ABL) joined ATLalts today to discuss life settlements. Jay has deep expertise in alternative assets and leads a company that has purchased over $4.6 billion in life insurance policies and helped thousands of policy holders maximize their value. Jay is a life settlements industry trailblazer as Abacus Life is the ONLY pure play, publicly traded life settlement company. Abacus recently acquired Carlisle Management Company for $200 million, making ABL the largest life settlement company in the world. On August 7, 2024 Abacus announced the acquisition of FCF Advisors. Press release below:

https://www.globenewswire.com/news-release/2024/08/07/2926361/0/en/Abacus-Life-Announces-Agreement-to-Acquire-FCF-Advisors.html

Finally, Jay is an innovative thought leader and a contributing author of ‘Pursuing Wealthspan,’ a book that discusses how individual lifespan affects wealth, and recently hosted a longevity summit that brought together some of the top minds in the industry. To learn more about Abacus Life you can visit the company's website at: https://abacuslifesettlements.com/

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Marissa Kim is Head of Asset Management at Abra Capital Management (ACM), a SEC-registered investment advisor and subsidiary of Abra, a global platform for digital asset prime services and wealth management. In April 2024, Abra announced the launch of Abra Private (led by Marissa), which provides HNWIs, financial advisors, trusts, and family offices with a comprehensive suite of digital asset & wealth management solutions (all of which are powered by their expertise in DeFi – a key differentiator of the firm:

Trade & Invest

Clients can buy and sell 100+ digital assets with deep liquidity and low slippage through Abra including both crypto/fiat and crypto/crypto pairs

Earn Yield

Abra offers a variable yield on BTC, ETH, SOL and stablecoins through separately managed accounts (SMAs).

Borrow

Clients can borrow against their digital asset collateral to unlock liquidity.

Customized Investment Strategies

For more sophisticated clients, Abra can create customized delta-neutral portfolio strategies combining DeFi trading, lending and market-making.

Abra’s RIA operates a separately managed account model, this is crucial for transparency and security, as clients are not liabilities on Abra’s balance sheet, and they retain title to their assets (i.e. they are never commingled – which has been a historic issue in crypto).

Before Abra, Marissa founded Quantum Global Management, an investment firm focused on thematic investment in the building blocks of Web 3 and lending and DeFi strategies in digital assets and cofounded Ark Advisors, an advisory and investment firm focused on the digital asset space.

Many HNWIs and accredited investors investing in crypto either hold bitcoin/ether or the spot ETFs, however, Abra Private is trying to educate sophisticated investors on how DeFi is powering a holistic set of asset and wealth management solutions that are better suited to the needs of sophisticated investors.

Firm Summary

Abra is a global platform for digital asset prime services and wealth management, leveraging trusted DeFi expertise to connect the on-chain and off-chain ecosystems for private clients and institutions. By integrating trading, borrowing, lending, yield services, and asset management into one offering, all underpinned by institutional risk management, Abra provides clients with actionable insights and a competitive edge. Abra’s client base includes a diverse range of private clients, family offices, hedge funds, venture capital, and crypto infrastructure firms.

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Crystal Capital Partners is a portfolio-centric alternative investment platform allowing financial advisors to seamlessly customize portfolios of industry-leading alternative investment funds with low minimums and operational simplicity.

Alan Strauss joined me to discuss the evolution of Crystal Capital Partners, how the firm partners with financial advisors and wealth management professionals to construct portfolios for discerning accredited investors and qualified purchasers, and where advisors are currently looking for exposures.

Crystal Capital Partners has more than 30 years of alternative investment experience, works with 200+ financial advisory firms, has created 500+ bespoke portfolios through their platform and has a curated roster of 50 private equity, private credit, venture capital, and hedge fund offerings available to clients.

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Howard Abrahams is an entrepreneur and founder of Morewood Funding, which handles complex situations for companies looking for debt financing and loans. After earning his BA from Binghamton University and Juris Doctorate from the Benjamin Cardozo School of Law, he spent 25 years on Wall Street at major investment firms like MAN Group working with complex investment strategies.

Morewood Funding helps businesses access capital when conventional lenders can't or won't lend. Howard helps companies secure loans ranging in size from $100,000 to $10,000,000. Companies seeking one or more of the following are typical clients of Morewood: purchase order financing, inventory financing, direct-to-consumer inventory financing, accounts receivable financing, lines of credit, term loans, SBA loans, startup loans, CRE loans, equipment financing, RIA loans for acquisitions and working capital, and acquisition financing.

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Ron Geffner, Partner, Sadis

Ron is a founding member of the firm’s Executive Committee and also oversees the Financial Services group. He regularly structures, organizes and counsels private investment vehicles, investment advisory organizations, broker-dealers, commodity pool operators and other investment fiduciaries. Ron also routinely counsels clients in connection with regulatory investigations and actions. His broad background with federal and state securities laws, and the rules, regulations and customary practices of the SEC, Financial Industry Regulatory Authority, Commodities Futures Trading Commission and various other regulatory bodies, enables him to provide strategic guidance to a diverse clientele. He provides legal services to hundreds of hedge funds, private equity funds and venture capital funds organized in the United States and offshore.

Ron began his legal career with the SEC, where he investigated and prosecuted violations of the federal securities laws with an emphasis on enforcement in connection with violations of the Investment Advisers Act of 1940 and the Investment Company Act of 1940. He also assisted federal and state criminal agencies, such as the Federal Bureau of Investigation, the U.S. Attorney’s Office and the Attorney General’s Office, in their investigations of possible criminal violations of federal and state securities laws.

Prior to starting Sadis & Goldberg, Ron was associated with two other New York City-based law firms, where he represented domestic and offshore private investment vehicles, as well as broker-dealers, registered investment advisers and registered investment companies.

He began his corporate legal career as in-house counsel in the Investment Management Industry Services group of PricewaterhouseCoopers LLP, where he provided legal advice regarding investment advisers, registered investment companies and broker-dealers.

Ron is often interviewed as a legal expert in the securities industry. He has appeared on Fox News, CBS Morning Show, CBS Evening News with Dan Rather, Squawk Box, Power Lunch and Closing Bell on CNBC, British Broadcasting Channel and Bloomberg Radio. He is regularly quoted in The New York Times, The Wall Street Journal, Bloomberg News, Barron’s, Barron’s Online, Reuters, Dow Jones, Financial Times, New York Newsday, London Daily News, TheStreet.com, Private Equity Week and other national and international publications.

https://www.sadis.com/professionals/ron-s-geffner

https://www.linkedin.com/in/rgeffner/

Robert Swarthout, Founder, CEO, and Portfolio Manager of Teton Crypto Capital

Robert, the Founder, CEO & Portfolio Manager of TCC, is a cryptocurrency veteran. He has been investing in the cryptocurrency space for over five years with a full-time focus for over three years. He is a calculated investor that understands that this new emerging market is a marathon rather than a sprint. By taking the long view he focuses on the tokens that will solve large problems over the long term rather than the flavor of the current news cycle.

In the first chapter of Robert’s career, he founded and sold two software businesses. The most recent venture (ShootProof.com) is a SaaS business that enables professional wedding and portrait photographers to serve their clients better. He co-founded ShootProof in 2009 and grew it to 43 employees, 43,000+ paying customers and $10M+ in annual recurring revenue, all with no outside funding. Being a multi-time founder, he is experienced in starting and scaling businesses and teams. He prides himself on building teams that thrive on adjusting to challenges in front of them. As of late 2018, a private equity group took a controlling interest in ShootProof.

https://www.linkedin.com/in/robertswarthout/

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XAI is focused on closed-end funds and helps clients build permanent capital vehicles including U.S. Listed CEFs, Interval Funds, CEF/REITs, London Listed Investment Companies, Tender Offer Funds and Auction Funds. XAI Consulting clients leverage XA's experienced team to launch innovative closed-end funds (CEFs) in traditional and alternative asset classes. In this interview, Kimberly and I walk through a typical client's feasibility assessment step-by-step before launching a CEF.

Kimberly Ann Flynn is a Managing Director at XA Investments. She is a partner in the firm and is responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.

Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional, and alternative investment funds, including CEFs, ETFs, UITs, and commodity pools.

Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.

Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.

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• My guest on ATLalts was Chief Investment Officer and Co-founder of Three Bulls Capital LLC Michael Liss.
• Three Bulls Capital is a real estate investment company focused on a community-driven investing approach to single family housing in former textile milling towns in Georgia.
• Three Bulls Capital focuses specifically on Middle Georgia communities where it can revitalize workforce housing neighborhoods through a sustainable model of secondary/tertiary market investments, self-management and a focused ESG component.
• Eventually the team plans to extend their platform to additional former textile milling towns throughout the Southeastern U.S.
• Middle Georgia has benefited from statewide efforts to develop new industry and Foreign Direct Investment (FDI) in these communities that have sticky populations but also are attracting newcomers seeking quality jobs
• Middle Georgia markets where Three Bulls Capital is most active sit along Interstate 75 and among major transportation arteries including the Atlanta Airport and the Port of Savannah
• Three Bulls Capital collaborates with city officials, employers, and other key stakeholders seeking to uplift neighborhoods and renovate historic SFR housing
• Three Bulls Capital differentiates itself by creating clusters of renovated properties, driving positive change in neighborhoods. SFR investing has evolved from buying cheap assets to generating cash and achieving efficiencies through scale.
• Three Bulls Capital operates in SFR 4.0, focusing on community-driven investing and revitalizing former mill towns to create communities that can thrive again.
• Their investment model aims to provide quality workforce housing, drive value at a community level, and promote home ownership.
• Buying right, managing costs, and maintaining high standards are crucial for uplifting neighborhoods and creating positive social impact.

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Robert Swarthout's LinkedIn Bio

Robert Swarthout has founded multiple technology companies during his career and his latest venture is running an investment firm called Teton Crypto Capital. Teton is focused on commercial utility in the alternative token marketplace. As one of the few managers running a digital assets firm who probably doesn't own Bitcoin or Ethereum, to call Robert a contrarian is perhaps an understatement.

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Cascade is a fintech platform democratizing access to institutional debt. Co-Founder & CEO Mike Shum and Co-Founder and COO Kyle Meade built a platform to help companies streamline complicated and time-consuming debt processes. Whether raising debt for the first time, or already using multiple debt facilities, Cascade can help.

Cascade website

Mike Shum's LinkedIn

On this episode of ATLalts, Mike Shum, the Co-Founder and CEO of Cascade, shares his journey and the mission of the company. Mike discusses the challenges in the private debt market and how Cascade is building solutions to simplify and streamline the process. Mike also provides insights on preparing for accessing institutional debt and the importance of the structuring phase in the debt raise process. In this conversation with ATLalts host Andres Sandate Mike discusses the importance of valuation and terms in debt financing. Mike emphasizes that price and size are not the primary concerns for early-stage founders, but rather factors such as leverage and flexibility should get more attention. Mike explains that interest rate is just one component of a term sheet and that founders should consider other factors like upfront fees and unused capital fees. Mike highlights the significance of eligibility criteria and concentration limits. Mike discusses the monitoring and compliance aspect of debt deals, emphasizing the need for accurate and real-time reporting. Mike concludes by explaining how Cascade provides solutions for asset managers in the private credit space and shares the company's vision for the future.

Takeaways

• Price and size are not the primary concerns in debt financing; factors like leverage and flexibility are important considerations as well, particularly for early-stage companies.
• Interest rate is just one component of a term sheet; founders should consider other factors like upfront fees and unused capital fees.
• Eligibility criteria and concentration limits are crucial aspects of debt deals that often get overlooked by founders who prioritize price and size.
• Accurate data and real-time monitoring and compliance are essential for successful debt deals.
• Cascade provides solutions for asset managers in the private credit space and aims to streamline the debt management process.
• The private credit market is growing rapidly, and Cascade envisions becoming a one-stop shop for managing all aspects of the debt stack.

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Trilogy Investment Co website

Jason Joseph Bio

Jason Joseph LinkedIn

Link to First Interview with Jason Joseph on ATLalts in 2021

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Michael Maroon's LinkedIn page

Glasfunds website

GLASfunds offers a digital and operational access point, bringing research, sourcing and reporting under one roof, driven by the idea that alternative investing should be streamlined yet customizable.

From finding the ideal investment manager to receiving consolidated reporting through its best-in-class organizational framework, the GLASfunds platform offers a comprehensive playing field for the active advisor or institutional investor all for a single management fee.

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17 Things to consider as you originate your first loans and begin building a tapeCheck out the Specialty Finance Blog at Sandate.Substack.comHost Andres Sandate email andres@atlalts.comX - @aesandateLinkedIn - https://www.linkedin.com/in/sandate/www.endurancestrategies.com

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Subscribe to the Specialty Finance and Fintech Lending blog at sandate.substack.com

The Blog contains all links referenced in the episode

E-mail me at andres@atlalts.com

Follow me on X at @aesandate

Follow me on LinkedIn at https://www.linkedin.com/in/sandate/

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Check out my new blog on Specialty Finance and Fintech Lending

sandate.substack.com

Email me at Andres@atlalts.com

Follow me on X at @aesandate

Follow me on LinkedIn at https://www.linkedin.com/in/sandate/

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MrPink is a seed stage VC Fund focused exclusively on making investments in CAPUC (Chile, Argentina, Peru, Uruguay and Colombia).

Hernan Haro LinkedIn Page

Hernan can be contacted at hh@mrpink.vc

MrPink Website English

MrPink Website Spanish

MrPink LinkedIn Company Page

Hernan Haro Twitter

Talks about #capuc #latam #seedstage #vcfunding #entrepreneurship

Hernan is a tech entrepreneur and Founding Partner of MrPink. As an entrepreneur, he ran operations for Pulpo Media, a California-based startup until its successful exit to Entravision. At ConsumerAffairs, he built the Data and Analytics team from scratch before running Finance and Growth. Over the past decade, Hernan has advised founders and been making angel investments in the region. Hernan earned his MBA from UC Berkeley (2010) as well as his MSc in Industrial Engineering from ITBA (2001) and BS in Computer Science (1997) from ORT.

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Robert Swarthout LinkedIn

Robert Swarthout's Podcast on Crypto

Mentioned in the podcast:

Ripple

Quant

WSJ Crypto Newsletter

CoinDesk

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https://www.soteriacapital.com/ (Soteria Capital website) https://www.soteriacapital.com/blog (Soteria Capital blog) https://www.soteriacapital.com/soteria-capital-about-the-soteria-difference (Difference between fund structures in life settlements) https://www.linkedin.com/in/michael-j-bradburn-3a571438/ (Michael J. Bradburn LinkedIn Profile) https://www.linkedin.com/in/jason-bokina/ (Jason Bokina LinkedIn Profile) E-mail info@soteriacapital.com Jason A. Bokina, Chief Operating Officer, Soteria Capital, Telephone 404-502-5525

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https://1776ing.com/ (1776ing Website) https://www.linkedin.com/in/seanotoole1776/ (Sean's LinkedIn Profile) Sean's E-mail The 1776ing platform enables accredited investors and institutions, in collaboration with their trusted advisors, to seek out, evaluate, diligence and then invest in opportunities to grow their wealth. 1776ing: (verb) - Taking action to create one's one wealth and prosperity 1776ing Sponsors are empowered through our tools to present their offerings to more investors and their advisors. We’ve created a compliant, frictionless and robust offering process while ensuring that investors and their advisors can evaluate, perform due diligence and invest.1776ing is an online platform business designed to become integral and invaluable to the capital raising community as well as to investment advisors and accredited investors who seek alternative investments. 1776ing built this tool, not as a competitor for each side of an investment offering, but to address the private equity and debt needs of existing businesses that seek capital for: Growth. Partner transitions. Financing needs. Liquidity. Recapitalizations and more.

1776ing enables accredited investors, their advisors, other institutional investors to seek out, evaluate, research and then invest in: Offerings across the capital stack. Funds and Direct Listings from Sponsors and Issuers.

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https://www.linkedin.com/in/jason-c-joseph-7b775a7/ (Jason Joseph), Managing Partner, Chief Investment Officer of Trilogy Investment Company Trilogy Investment Company, headquartered in Alpharetta, GA, is focused on developing market-rate, Build-for-Rent ("BFR") housing communities, including both attached townhomes and detached single-family homes. • 22+ years of entrepreneurial real estate investing experience spanning urban mixed used development and value-add repositioning. • Development and Investment Banking experience across both residential and commercial mixed use, including asset types such as Hotel/Mixed Use, Medical Office Buildings, Retail, Office, Land Entitlements & Development, and Multi-family. • Extensive experience in Capital Markets, development, acquisition and financial structuring capabilities and is charged with spearheading the debt and equity procurement for the strategy. • Co-Founder at http://www.mayfairstreetpartners.com/ (Mayfair Street Partners), with experience developing Urban Hotel/Hospitality, Retail/Mixed use, Medical Office, and Land Development

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https://overline.vc/ (Overline Website) https://www.linkedin.com/company/overlinevc/ (Overline VC LinkedIn Company Page) https://twitter.com/OverlineVC (Overline Twitter) https://www.linkedin.com/in/seanobr/ (Sean O'Brien LinkedIn) https://twitter.com/seanobrienatl?lang=en (Sean O'Brien Twitter) https://www.linkedin.com/in/michaelcohn/ (Michael Cohn LinkedIn) https://twitter.com/cohnhead (Michael Cohn Twitter)

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https://www.circadian.vc/ https://www.linkedin.com/company/circadianvc https://www.linkedin.com/in/dowdle/ Venture Capital Data from Pitchbook (must complete a form) https://pitchbook.com/news/reports/q4-2021-pitchbook-nvca-venture-monitor Companies mentioned in the podcast https://iralogix.com/ News on the Atlanta, GA Venture Capital Industry https://www.bizjournals.com/atlanta/inno/stories/inno-insights/2021/07/29/atlanta-investment-firms-raised-2021.html

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https://hello.h2crypto.io/ (H2crypt0 website ) https://www.linkedin.com/in/george-kushner/ (George Kushner LinkedIn Profile) https://www.linkedin.com/company/h2crypto/ (H2crypt0 LinkedIn Company Page) https://twitter.com/h2exch (H2cryptO Twitter) Resources mentioned in the episode: https://www.youtube.com/channel/UCmFZ5Pz4G-zZfnAmY4lJwxg (LA Blockchain Summit - Youtube Videos) https://www.michael.com/ (Michael Saylor ) https://www.coindesk.com/ (CoinDesk) https://cointelegraph.com/ (Cointelegraph) https://coinmarketcap.com/ (CoinMarketCap) https://www.coingecko.com/en (CoingGecko)

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https://www.climatecorecapital.com/ (Climate Core Capital website ) https://www.linkedin.com/in/rajeev-ranade-17795b9/ (Rajeev Ranade LinkedIn Profile) https://www.linkedin.com/in/owenwoolcock/ (Owen Woolcock LinkedIn Profile) https://drive.google.com/drive/folders/15MjMJzFmI_yezgDYKxkVhJItcAw3wcpm?usp=sharing (Documents and Research) - Papers and Infographics mentioned in podcast https://www.hks.harvard.edu/faculty/john-holdren (John Holdren) - Academic and Researcher Owen mentioned in podcast https://www.keenanclimate.com/ (Jesse Keenan) - Academic and Researcher Owen mentioned in podcast https://scholar.harvard.edu/jbradt/bio (Jacob Bradt )- Academic and Researcher Owen mentioned in podcast https://www.lse.ac.uk/granthaminstitute/profile/nicholas-stern/ (Nicholas Stern) - Academic and Researcher Owen mentioned in podcast https://www.risq.io/ (RisQ) - Climate modeling firm Owen mentioned in podcast If you are interested in additional materials on Climate Core Capital please contact andres@atlalts.com

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Part II of a two-part interview with the Co-Founders of https://www.atlalts.com/episode/www.stackcapitalgroup.com (Stack Capital) (TSX: STCK and STCK.WT) Part II of our interview with the Stack Capital Group team Jeff Parks and Jimmy Vaiopoulos discusses building a public company board of directors and advisory board, getting pension funds involved in the IPO, why companies are staying private longer, sourcing and underwriting private investment opportunities, due diligence on growth stage and pre-IPO companies, redeploying capital after the IPO, generalist versus sector specialization, cryptocurrencies and blockchain views, the content creator economy and other emerging spaces, life as a public company, overcoming the skeptics, looking ahead and outlook for the future. https://www.atlalts.com/episode/stack (Part I) of our interview on ATLalts Part I focuses on the formation of the company, the decision to form an investment holding company versus a traditional private investment fund to invest in growth-stage, late stage and pre-IPO companies, and the steps to taking Stack Capital public on the Toronto Stock Exchange For more information on Stack Capital Group please see the resources below: https://assets.website-files.com/5f5fa83e2e2b777d21ef5f98/6179c43780d8b82120d16caf_Stack%20Capital%20-%20Corporate%20Overview%20(Oct%202021).pdf (Corporate Overview) https://www.atlalts.com/episode/www.stackcapitalgroup.com (Stack Capital Website)  https://www.stackcapitalgroup.com/news (Stack Capital News)  https://www.stackcapitalgroup.com/investment (Portfolio)  https://www.linkedin.com/company/stack-capital-group/ (LinkedIn)  https://twitter.com/stackcapital (Twitter)  https://www.instagram.com/stackcapitalgroup/ (Instagram)  https://www.newswire.ca/news-releases/stack-capital-invests-5-million-usd-indirectly-into-spacex-841186681.html (Press Release) - SpaceX Investment https://www.newswire.ca/news-releases/stack-capital-invests-6-million-usd-into-bolt-financial-857579626.html (Press Release )- Bolt Financial Investment https://www.youtube.com/watch?v=WgCilwO0bOc (Ringing the Bell on the TSX)

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Part I of a two-part interview with the Co-Founders of Stack Capital (TSX: STCK and STCK.WT) Part I focuses on the formation of the company, the decision to form an investment holding company versus a traditional private investment fund to invest in growth-stage, late stage and pre-IPO companies, and the steps to taking Stack Capital public on the Toronto Stock Exchange Part II will focus on investment themes and opportunities, sourcing deals, and life as a public company A big thank you to Brian Viveiros, VP, Corporate Development & Investor Relations at Stack Capital for coordinating the interviews. brian@stackcapitalgroup.com For more information on Stack Capital Group please see the resources below: Stack Capital Website - www.stackcapitalgroup.com https://www.stackcapitalgroup.com/news (Stack Capital News) - https://www.stackcapitalgroup.com/news https://www.stackcapitalgroup.com/investment (Portfolio) - https://www.stackcapitalgroup.com/investment https://www.linkedin.com/company/stack-capital-group/ (LinkedIn) https://www.linkedin.com/company/stack-capital-group/ https://twitter.com/stackcapital (Twitter) https://twitter.com/stackcapital https://www.instagram.com/stackcapitalgroup/ (Instagram) https://www.instagram.com/stackcapitalgroup/ https://assets.website-files.com/5f5fa83e2e2b777d21ef5f98/6179c43780d8b82120d16caf_Stack%20Capital%20-%20Corporate%20Overview%20(Oct%202021).pdf (Corporate Overview) https://www.newswire.ca/news-releases/stack-capital-invests-5-million-usd-indirectly-into-spacex-841186681.html (Press Release) - Stack Capital Invests $5 Million USD Indirectly Into SpaceX https://www.newswire.ca/news-releases/stack-capital-invests-6-million-usd-into-bolt-financial-857579626.html (Press Release )- Stack Capital Invests $6 Million USD into Bolt Financial

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https://prepare4vc.com/ (Prepare4VC Website ) https://twitter.com/prepare4vc (Prepare4VC Twitter) https://www.linkedin.com/company/prepare4vc/ (Prepare4VC LinkedIn Page ) https://www.facebook.com/Prepare4VC/ (Prepare4VC Facebook Page) https://prepare4vc.com/the-team/ (The Team at Prepare4VC) https://prepare4vc.com/2021/11/16/the-startup-oasis/ (The Startup Oasis) https://www.linkedin.com/in/jkraus23/ (Jason Kraus LinkedIn) https://www.linkedin.com/in/christopherrdube/ (Christopher Dube LinkedIn)

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00:50 Introduction to Anthony 2:37 From underperforming student to college entrepreneur 7:20 What it was like at an Ivy League school and having the entrepreneurial bug 8:58 Selling sunglasses and sweatshirts and entering commercial real estate 10:28 One of the pivotal books that got me interested in real estate 12:14 Going all in January 2020 with Red Knight Properties 17:45 Leveraging experience and networks and growing to an $80 million real estate business 20:47 Adding value to the community through education 23:55 Setting up the firm and our target markets 27:43 Investment thesis and screening deals 31:35 The purpose behind what we are doing at Red Knight Properties 35:03 Sourcing deals 37:40 Partnering with our investors and developing a reputation of performing 41:09 Systems and the operating model at Red Knight Properties 45:33 Bumps along the way and growing pains 48:10 Getting the information you need as a real estate investor 50:21 Legislation, taxes, and will anything change for RE investors and developers 53:13 Managing a company, producing content, and structuring my week

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1:12 Background 8:42 The rise of the fractional CFO 14:02 Indications it may be time to consider a fractional CFO 17:34 The typical engagement and what we do as fractional CFOs 24:35 The skill sets of an executive team and where a fractional CFO makes sense 29:06 Bringing a different perspective than the founders 35:04 Discussion of VC and PE-backed companies 36:44 SAFEs 38:06 Differentiation in VC and PE 40:44 Evolution of the PE industry and model 43:00 Platforms at PE firms, succession planning, and more 46:21 Governance and interacting with the ownership and the board 49:51 Dealing with supply chain challenges today 54:51 Today's business owners versus those from prior eras 57:01 Continual learning and consuming information to share with clients 1:00:34 Recharging, refocusing, and more

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00:30 Mark shares his background 1:29 Journey to becoming a VC 5:06 The ups and downs of forming a VC firm 7:59 Building a network and the value of relationships 12:59 Getting confident in your own ideas 15:19 Why so many startups fail? 18:35 Investing in founders and their well being 23:37 Financial, relational, and intellectual capital 26:48 The focus of 11 Tribes Ventures 30:34 The qualities of backable founders 35:19 11 Tribes Ventures principles of investing 41:11 Industries and themes we are investing in at 11 Tribes Ventures 44:55 What investors are seeking today 47:50 Finding balance and fulfillment in your work

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3:23 Greg gives background on Rubicon Crypto 10:39 Greg gives his experience of 9/11 having lived and worked in the NYC area and on Wall Street 18:40 Greg's entrepreneurial journey and the formation of Rubicon 24:28 The digital divide 28:22 Digital assets, cryptocurrency, blockchain discussion 33:56 How individuals are engaging with digital assets 37:56 Allocating to crypto and how to think about diversification 43:14 Crypto - an equal opportunity wealth creator 50:10 Financial advisors and crypto, where to begin 54:20 Building a digital assets business - what have been the challenges? 58:58 The new generation of technologists and the excitement of the digitization of money

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Brian Adams 01:43 Brian shares his professional journey and background Brian Adams 02:57 Brian discusses his aha moment Brian Adams 06:36 Stopping full press to pursue Excelsior Capital Andres Sandate 06:57 Background of alternative investment population in the U.S. Brian Adams 08:45 Getting started Brian Adams 12:35 How I got meetings initially and built a network Brian Adams 13:09 Key skills to success in deal making and real estate Brian Adams 14:05 Asking the right questions Brian Adams 15:40 Raising capital efficiently Brian Adams 15:53 Identifying your logical investor base Brian Adams 20:02 What you need to know about institutional investors Brian Adams 22:27 Taxes, inflation, and educating investors Brian Adams 26:44 REIT discussion Brian Adams 28:29 Non-correlated investments Brian Adams 31:12 The different types of real estate exposure Brian Adams 34:50 Investment philosophy and process and Excelsior's target markets Brian Adams 40:46 When to redeem and what are the red flags with certain fund managers Brian Adams 41:16 Common traps and mistakes managers fall into Brian Adams 45:07 Building Excelsior Capital for the long term and for scale Brian Adams 46:17 Learning from mistakes Brian Adams 47:29 What kind of firm I want to build Brian Adams 48:52 Investor education Brian Adams 51:36 Recharging and daily routines Andres Sandate 53:38 Wrapping up Brian Adams 55:08 Final comments Andres Sandate 55:16 End

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01:13 Debunking the mythical startup origin story 04:09 Why startup founders are not all happy - the fake narrative. The realities of raising money as a founder and what many founders often don't hear about the process. 09:05 The VC track, alternatives, and the most important thing in any company 12:47 One important lesson to be learned from Steve Jobs, Jeff Bezos, Mark Zuckerberg, and Bill Gates. Workplace culture and its role in attracting talent. 16:12 What we did wrong at CapLinked in the early days and what we got right eventually. 20:14 Revenue based financing and other VC alternatives 21:19 Importance of working backwards when building and financing a startup 23:41 AngelList, WeFunder, SeedInvest discussion. Importance of having right team and capital partners in place. around the Founder. 27:56 Hiring the right team and setting achievable and realistic goals 33:07 Discussion of concept of blitzscaling, burn rates, and hiring people at CapLinked given ARR and profitability 38:11 Angel investing and discussion of syndicates run well 44:33 Lifehacks and controlling your own time 46:51 Conclusion

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00:00 Andres introduces Jen Hicks, Client Development Director at Capital Fund Law Group, a boutique law firm focused on alternative investment management fund formation across hedge, private equity, real estate, private placements, digital assets, and more. 02:30 Jen discusses her transition from a career in law enforcement to a career in alternative investments 5:50 Jen talks about women in the investment industry, gives advice on how female fund managers can be their own best advocates, discusses the evolution of the alternative investment industry, and shares a insightful story of a female fund manager who pitched her strategy 12:56 Andres shares his own personal journey in the alternative investment business and his perspective on being an "outsider" and having to find his path forward 16:13 Jen shared her advice on marketing and getting out in front of prospective investors to fundraise 19:43 Andres shared insights on how diverse and female-led investment firms have outperformed 22:08-25:52 Jen discusses how the different alternative investment managers can learn from one another's strengths and tendencies 29:49 Jen discusses fund domicile decisions 33:27 Jen discusses strategies to raise capital, build a brand, leverage PR and the press, access emerging manager programs and public pension assets 39:20 Jen discusses alternatives to traditional funds such as pre launch services and incubator strategies allowing managers to market and get started 46:06 Jen discusses importance of learning from mistakes 48:18 Jen discusses what she does to recharge and some new hobbies she started during COVID 50:30 Jen wraps up and shares why she is optimistic about the future of the alternative investment industry

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00:00 Intro - Erik Bullen discusses importance of execution and self awareness for Founders/CEOs 4:47-9:52 Erik Bullen's background and journey to VC and the corporate innovation space 11:14 Erik Bullen talks about his portfolio approach and making the transition from the corporate arena to the startup/angel investment/VC space 16:20 Erik Bullen discusses why he is focused on pre-seed and seed stage companies 19:09 Erik Bullen discusses his investment approach and mindset of founders/CEOs he looks for when investing 24:40 Erik Bullen discuses building teams at early stage companies 27:09 Erik Bullen talks about why startups fail and founders having a learning mindset and asking for help 30:04 Erik Bullen talks about The Founders Toolkit and how it was created 33:23 Erik Bullen shares his motivation behind doubling down on diversity, equity, and inclusion and making a difference through his actions 35:49 Erik Bullen discusses the state of the VC industry including valuations 40:13 Erik Bullen discusses crowdfunding platforms like Republic, WeFunder and increase in individual investors appetite for early stage investing 43:44 Erik Bullen discusses importance of financial education for retail investors interested in early stage investing 45:47 Erik Bullen discusses his approach to managing so many activities, roles, and what a typical day looks like 49:42 Erik Bullen discusses his favorite things to do outside of work 50:21 Erik Bullen looks ahead 20-30 years and shares some thoughts on what the VC and technology industry looks like 52:57 Erik Bullen shares some of his favorite books 54:14 Conclusion

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Neil Takemoto is the Founding Director of Be The Change Cooperative based in Washington D.C. Neil is also the founder of CSPM Group. In this episode Neil discusses community cooperative development and the inspirations behind the movement including his Hawaiian upbringing, Burning Man, the Jobs Act and more.

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In this episode: Antonio Luck and Adriana Suarez, Managing Partners at MatterScale Ventures, a venture capital firm that invests in early-stage Latin startups with a global mindset, located in the US and LatAm, that apply technology to offer high quality, affordable, and accessible services for the majority. Key sectors include the future of jobs, education, healthcare, productivity, and financial services. Show notes Personal background – Antonio Luck 3:06 Personal background – Adriana Suarez 4:38 Getting started in venture capital and Endeavor – Antonio Luck 10:11 Explaining the Endeavor platform – Antonio Luck 11:52 The beginnings of MatterScale Ventures takes shape – Antonio Luck 12:52 Developing an investment strategy at MatterScale Ventures – Antonio Luck 14:23 How a career in government translated to venture capital and angel investing – Adriana Suarez 17:40 Building an angel investment portfolio – Adriana Suarez 22:00 What are the characteristics of founders that you are looking for? – Antonio Luck 24:35 How have entrepreneurs evolved in LatAm? – Adriana Suarez 30:35 What does MatterScale look for in companies that can scale and grow rapidly? – Antonio Luck 35:02 Sourcing investment opportunities? – Adriana Suarez 37:09 The team at MatterScale – role of venture partners? – Antonio Luck 41:55 What have been the biggest learning experiences in starting MatterScale? – Adriana Suarez 43:59 Thoughts on current market opportunities – Antonio Luck 46:33 Characterizing the current economic environment, investment outlook – Adriana Suarez 49:03 Things I do for fun, what I am reading? – Adriana Suarez 52:55 Things I do for fun, what I am reading? – Antonio Luck 53:51 Getting more information on MatterScale Ventures – Andres Sandate 56:08 References to books and websites in the episode http://www.matterscale.com/ (www.matterscale.com) Fernando Fabre, Managing Partner of MatterScale Ventures on Remote Leadership May 13, 2020 https://medium.com/@fernando_90271 (Medium Article on Remote Leadership) https://medium.com/@fernando_90271 (https://medium.com/@fernando_90271) Books recommended in the episode https://www.blitzscaling.com/ (https://www.blitzscaling.com/) https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205 (https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205) https://www.amazon.com/How-Raise-Adult-Overparenting-Prepare/dp/1250093635 (https://www.amazon.com/How-Raise-Adult-Overparenting-Prepare/dp/1250093635) Have questions/comments/show ideas? Email us at info@atlalts.com

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In this episode: Carlos Torres de la Cuba, Managing Partner of AMG Block, a seed stage venture capital firm headquartered in Mexico City focused on investing in the FinTech and blockchain sector in Mexico and Spanish-speaking Latin America, talks to Andres about his journey to starting his venture capital firm, the market and investment dynamics in the LatAm region, how technology can improve financial inclusion for the underbanked and underserved, and what characteristics he looks for in founders. Have questions/comments/show ideas? Text us at (404) 550-8081. Show notes Personal background 3:21 Educational background 4:27 Transitioning from working with family to a career in banking 6:05 Lessons learned from working in banking 7:39 Diving into the startup and venture landscape 8:55 Working at a FinTech startup 9:50 Hard lessons learned in getting funded, but the beginning of a new opportunity 10:43 Starting a venture capital firm 11:10 Fintech laws and regulation in Mexico 11:36 Living abroad 12:47 Building relationships globally through the MBA program 13:27 The educational gap in FinTech and the VC asset class 15:02 Comparisons between SE Asia and Latin America 16:09 The VC landscape in Peru, Argentina, and Brazil 17:05 The VC landscape in Mexico; Case study in a unicorn born in Mexico/Kavak 17:34 Market dynamics across Mexico and Latin America 18:47 Differences in valuations 19:25 Message to entrepreneurs in Mexico seeking venture backing 20:14 Taking a more human approach to venture investing 20:47 A human approach to investing – going beyond the term sheet 21:11 Advice for founders 22:13 What we look for in founders 23:18 Looking beyond the team and screening investment opportunities 23:45 Business verticals AMG Block is excited about today 25:13 Disrupting the current system and fixing broken processes in banking   27:46 Market expansion across LatAm and to the United States for local startups 29:18 Venture capital solving convenience issues (USA) versus fundamental problems (LatAm)   30:23 Mexico is more than Los Cabos and Cancun 31:54 Rapid Fire Q&A – books, shows, tech tools, work-family dynamics 32:41 Lessons learned from the past year? 34:57 More information on Carlos Torres and AMG Block 37:08 Preview of Episode #2 – Antonio Luck and Adriana Suarez of MatterScale Ventures 37:39 Thank you and engaging with us on social media 38:00