Beyond the Stock Market, a Groundfloor Production

Groundfloor CEO Brian Dally continues the conversation with Ray Yousefian of Serengeti Asset Management on where the market cycle stands, key signals like interest rates, demand, and hyperscaler CapEx. They discuss volatility across public equities and private credit, including pressure on software values, semiconductor strength, and credit stress from over-levered software firms. Ray contrasts equity’s compounding returns with private credit’s income-oriented cash yield and says both markets remain healthy absent major macro dislocations. They outline the Groundfloor–Serengeti partnership, positioning stock finance as a way to offer downside protection with capped upside relative to direct late-stage equity.00:00 Welcome Back00:27 Market Cycle Signals and AI CapEx02:39 Public Equities vs Private Credit05:50 Equity Compounding vs Credit Income07:02 Groundfloor Serengeti Partnership08:19 Big Cat Fund Return Profile10:30 What’s Next for Serengeti12:20 Rapid Fire Investing Q&A14:57 Closing Beyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Ray Yousefian on LinkedIn: https://www.linkedin.com/in/raymond-yousefian/ References: Serengeti Asset Management: https://serengeti-am.com/ The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Groundfloor CEO Brian Dally hosts Ray Yousefian, Senior Managing Director at Serengeti Asset Management, to discuss how Serengeti structures investments around some of the world’s fastest-growing private technology companies. Ray explains how Serengeti helps founders, employees, and early investors unlock liquidity without fully selling their equity positions, while offering investors a more downside-protected way to gain exposure to late-stage private markets. The conversation explores overcollateralization, private market liquidity, downside protection, and why structured private credit strategies may appeal to investors seeking alternatives to traditional equity exposure.00:00 Welcome and Guest Intro01:30 Ray’s Career Journey04:05 What Special Situations Investing Means06:10 Why Employees Need Liquidity08:15 Overcollateralization Explained10:05 Managing Downside Risk11:40 Where This Fits in a Portfolio14:00 Building Exposure to Private Tech Leaders17:05 Understanding the Big Cat Fund20:15 Return Structure and Investor Liquidity22:10 Closing and Part 2 PreviewBeyond the Stock Market podcast: https://groundfloor.com/podcastConnect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/Connect with Ray Yousefian on LinkedIn: https://www.linkedin.com/in/raymond-yousefian/References:Serengeti Asset Management: https://serengeti-am.com/

Groundfloor CEO Brian Dally hosts Michael Davis, CEO and co-founder of Homegrown, a fintech providing growth capital to proven brick-and-mortar operators such as restaurants, fitness studios, and retailers. Michael shares how his parents’ struggles getting bank financing inspired Homegrown and explains why traditional bank lending often fails these entrepreneurs due to regulatory risk limits and a cumbersome process. Homegrown offers revenue-based expansion capital via capped-return revenue contracts, designed to protect business cash flow and provide investors monthly payments with upside tied to growth. Michael discusses underwriting signals like performance through disruptions, diversification from existing locations, and the idea that local businesses can help absorb AI-driven job dislocation. He also describes investor appeal: regular cash flow, risk-adjusted returns, and backing tangible local businesses.00:00 Welcome and Guest Intro01:55 Homegrown Origin Story03:50 Why Banks Say No06:46 Underwriting Real Risk09:22 What Homegrown Funds12:05 Revenue Contract Explained17:47 AI Shock Absorber20:57 Staying Resilient Now24:34 Winning Investor Trust28:59 Rapid Fire Round33:28 Closing and Where to FindBeyond the Stock Market podcast: https://groundfloor.com/podcastConnect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/Connect with Michael Davis on LinkedIn: https://www.linkedin.com/in/michaeldavisbuilds/References:Homegrown: https://joinhomegrown.com/The Hard Thing About Hard Things by Ben Horowitz: https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205Acquired Podcast: https://www.acquired.fm/

Groundfloor CEO Brian Dally hosts Michael Schwartz, Chief Administrative Officer of Hive Financial Assets, a direct-lending private credit fund that has raised $160 million to finance non-bank consumer lenders. Michael explains Hive’s niche approach: embedding its algorithm into partner lenders’ workflows to help consumers facing event-driven needs like auto repairs, medical bills, appliance failures, and increasingly living expenses. He contrasts Hive’s simple-interest installment loans and borrower-friendly policies with predatory payday lending, noting repeat-borrower benefits. They discuss resilience from short-duration loans and real-time model adjustments to economic changes, and outline how the Hive-Groundfloor partnership formed.00:00 Show Intro01:35 What Hive Does02:55 Private Credit Headlines05:37 Middle America Borrowers06:50 AI Underwriting Edge11:15 Unit Economics Alignment13:22 Loan Use Cases16:48 Rates Terms Collections18:30 Installment Loans Explained19:48 Why Repeat Borrowers Matter22:34 Short Duration Advantage23:39 How Partnership Formed27:38 Rapid Fire Insights32:31 Closing And Next DealsBeyond the Stock Market podcast: https://groundfloor.com/podcastConnect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/Connect with Michael Schwartz on LinkedIn: https://www.linkedin.com/in/mjschwartz4/References:Hive Financial Assets: https://www.hivefinancialassets.com/Author Erik Larson: https://eriklarsonbooks.com/about-the-author/

Host Brian Dally continues his conversation with Patrick Donoghue, VP and GM of Groundfloor Lending, reflecting on Patrick’s 10-year journey helping build Groundfloor’s lending operations and proprietary technology as the company grew to over $1B in loans and more than $2B in platform investments. They discuss key milestones, challenges and early culture mistakes, and how the company improved by handling conflict more professionally while emphasizing transparency, authenticity, and community. Patrick explains how real estate project financing has evolved since 2016, with more capital availability, lower costs, and Wall Street-driven securitization replacing “hard money” norms. Looking ahead, he expects Groundfloor to expand longer-term exit capital options. 00:00 Welcome Back and Setup00:24 Ten Years Building Groundfloor02:57 Milestones and Growing Pains05:00 Culture Shift and Values07:23 Handling Conflict Better08:28 Capital Trends Since 201610:42 Whats Next for Lending11:51 Rapid Fire Real Estate QandA14:06 Mission People and Wrap UpBeyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/References: Groundfloor Lending: https://lending.groundfloor.com/ Five Dysfunctions of a Team by Patrick M. Lencioni: https://a.co/d/0gckczD1

Host Brian Dally, CEO of Groundfloor, interviews Patrick Donoghue, Vice President and General Manager of Groundfloor Lending, about his lending background, early exposure to private/hard money lending, and joining Groundfloor in 2016. Donoghue explains how Groundfloor Lending is an end-to-end “factory” that originates, underwrites, closes, and services fix-and-flip and new construction loans, and describes how loans now flow not only to the retail investor platform but also into securitizations, creating a mix of private credit opportunities for retail and institutional investors. He outlines why borrowers choose Groundfloor—especially deferred interest to preserve cash flow—and shares market observations from recent years. Donoghue expects 2026 to remain sluggish, driven by affordability constraints and employment uncertainty.00:00 Welcome and Guest Intro01:48 Patrick’s Career Journey04:34 What Groundfloor Lending Does06:17 Where Loans Get Sold08:05 Retail and Institutional Mix09:53 Who Borrows and Why12:14 Deferred Interest Advantage14:08 Housing Market Trends Now16:28 Outlook for 202618:04 Wrap Up and Next StepsBeyond the Stock Market podcast: https://groundfloor.com/podcast Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/References: Groundfloor Lending: https://lending.groundfloor.com/ Shark Tank: https://abc.com/show/535e2b07-18a9-4d94-9803-9ed8257b9d23

Brian Dally continues his conversation with Groundfloor head of investments Robert Varghese on lessons from past downturns amid inflation and rate volatility, emphasizing not panicking, having a plan, and diversifying, including through private markets. Varghese says Groundfloor’s 300,000 investors are seeking higher yield, diversification, access to new asset classes, and lower volatility supported by hard assets. He explains how Groundfloor’s Notes are positioned as CD-like but backed by pools of real estate loans and offering higher returns. He outlines plans to expand private market offerings beyond real estate lending and contrasts Groundfloor’s origination-first approach with competitors.00:00 Welcome Back Part Two00:36 Lessons From Downturns03:08 Why Retail Investors Shift04:51 Notes Program And 202608:51 Notes Versus Bank CDs11:06 What Makes Groundfloor Different15:29 Rapid Fire Q And A18:03 Misconceptions About Hard Money19:22 Career Advice For Managers21:13 Final Thanks And OutroBeyond the Stock Market podcast: https://groundfloor.com/podcastConnect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/Connect with Robert Varghese on LinkedIn: https://www.linkedin.com/in/j-robert-varghese-cmt-b340338/References:​Groundfloor Notes: https://groundfloor.com/notes/Clayton Christensen: https://www.christenseninstitute.org/High Yield Investor by Sam Smith: https://www.youtube.com/@SamuelDividendsPublic Enemy, Fight the Power: https://www.youtube.com/watch?v=mmo3HFa2vjg

Host Brian Dally, CEO and cofounder of Groundfloor, launches the Beyond the Stock Market Podcast with first guest Robert Varghese, Groundfloor’s head of investments, to introduce the show and discuss private market trends. Varghese recounts 30+ years across investment banking and mutual fund management, before moving into fintech and private credit and joining Groundfloor. He defines alternatives and private markets (private debt, private equity, real estate, infrastructure), explains their growing mainstream access, and argues portfolios benefit from combining public and private assets to address stock volatility. He emphasizes all investing involves risk and investors must be appropriately compensated, highlighting risks beyond volatility such as duration, term, and liquidity. The episode ends teasing part two on future investing trends and Groundfloor updates.00:00 Welcome to the Podcast00:44 Meet Robert Varghese01:43 Roberts Career Journey06:10 Defining Private Markets08:28 Why Not Just Stocks10:34 Risk and Return Basics14:19 What’s Next in Private Markets17:07 Part Two and Wrap UpBeyond the Stock Market podcast: https://groundfloor.com/podcastConnect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/Connect with Robert Varghese on LinkedIn: https://www.linkedin.com/in/j-robert-varghese-cmt-b340338/References:Treasury Bills: https://www.treasurydirect.gov/marketable-securities/treasury-bills/State Street: https://www.ssga.com/us/en/intermediary