Offshoot: The Fident Capital Podcast

On this episode, Kevin chats with Derek Myron, Managing Partner of Centura Wealth Advisory, a San Diego-based registered investment advisor specializing in ultra-high-net-worth families. Since founding Centura in 2014, Derek and his team of 62 professionals have grown to $1.4 billion in assets under management.Derek walks us through how Centura has built a practice that goes well beyond traditional asset management into comprehensive tax planning and financial engineering. He gets into how sophisticated strategies around index replication, hedging, and tangible property regulations can materially change the tax picture for high income earners, and why that planning conversation is fundamentally different from what most advisors offer.He also gets into how RIAs like Centura think about allocating into real estate, where private market investments fit within a UHNW portfolio, and why real estate remains a core tool in the tax planning conversation, not just an asset class.On the business side, Derek shares how he thinks about building a firm, designing accountability around roles before people, extracting genuine core values from top performers, and why he prioritizes his team's growth above everything else. His advice for entrepreneurs is straightforward: stay humble, find good mentors, and build a peer network that functions like a real board of directors.

Kevin chats with Jay Rollins about his 40-year journey building and selling four companies, from RTC-era distressed acquisitions to growing JCR Capital to $1.6 billion in AUM before selling to Walker Dunlop in 2018. Now Jay's doing something different with Canopy Real Estate Partners—scouting real estate operators between 35 and 45 who've proven they can do deals but have never recruited institutional capital. His pitch: let Canopy put discretionary capital in your hands, teach you fund management, and help you build a platform, taking no equity in your company beyond what's earned at the project level. Jay discusses how he's matched his fund product to investor appetite with a structure that behaves like a real estate bond—6% current return, four-year duration, 18% at exit, with only 50-55% leverage—designed for LPs tired of "trust me, I'll call you in five years." The conversation covers why having discretionary capital in the middle market is a massive competitive advantage, how proper promote structures and vesting drive team alignment, and why basic interpersonal skills like looking someone in the eye and remembering their name will put you ahead of 95% of the younger generation.

On this episode, Kevin chats with Mark Roppolo of HFS Capital Partners about operating in the space between family office and traditional fund. Mark explains how this structure allows HFS to maintain unusual discipline—sometimes doing just two deals a year when market conditions don't warrant more. The conversation covers their approach to sourcing deals exclusively through operating partners rather than marketed opportunities, why they underwrite the sponsor as much as the asset itself, and how they've deployed $280MM across over 70 deals without a single failed capitalization. Mark shares his philosophy that success in real estate comes from tenacity and deal flow rather than being the smartest investor, discusses the accountability framework he learned at the Naval Academy, and explains why staying closely connected to operating partners through daily conversations drives better investment decisions than spreadsheet analysis alone.

On this episode, Kevin chats with Tony Yousif, Executive Managing Director of SVN, about building a nationwide distressed real estate advisory platform through relationships rather than transactions. Tony shares his journey from working at a convenience store and borrowing from his now-wife's salary to survive, through 2.5 years of 100-hour weeks before his first $25,000 commission check. The conversation explores how he positioned himself as a "conductor of the orchestra" between lenders and local market experts rather than just a broker, working with institutions like Wells Fargo, Bank of America, and Fannie Mae to navigate troubled assets. Tony explains why he operates as a farmer rather than a hunter—planting seeds and nurturing relationships instead of chasing deals—and how this approach has given him the freedom to fire clients and walk away from $80,000 monthly retainers when relationships aren't mutually respectful. They discuss the difference between relationship brokers and transaction brokers, why banks' "extend and pretend" strategy looked genius through the last crisis, and Tony's philosophy on harmony versus balance across the three circles of life: business, friends and family, and self.

On this episode, Kevin chats with Jeff Pensiero, founder of Baldface Lodge, a legendary backcountry snowcat skiing operation in British Columbia's Selkirk Range that many consider the pinnacle of snowboarding lodges. Jeff shares his 26-year journey starting with $40,000 borrowed off a stated-income mortgage, bootstrapping the operation from a canvas dome and single snowcat into a world-class facility with 3,000 people on the waiting list and wait times stretching 8 years or longer. The conversation explores how falling in love with his wife Paula led him to Nelson, BC and sparked the vision for the lodge, his connections with snowboarding legend Craig Kelly and even the Foo Fighters, and the reality of reinvesting every dollar back into the business for 17 years with little to no personal income. Jeff opens up about the realities of entrepreneurial commitment, his refusal to accept failure, how high standards and strong vision helped weather countless challenges, and the role trusted mentors played in cutting the path forward.

On this episode, Kevin chats with Damien Farrell, founder of West Modular, a construction company manufacturing modular apartment buildings from a 210,000 square foot facility in Tijuana that can produce 1,500-2,000 apartments annually in half the time of conventional construction. Damien brings over $500MM in completed developments to the conversation, including three major hotels—Dream Hollywood, Thompson Hollywood, and Tommie Hollywood—plus a hospitality portfolio that grew to 20 venues across three states before being acquired by Las Vegas-based Hakkasan Group. The conversation explores how his frustration with cost overruns, delays, and change orders on those projects, combined with experience entitling and permitting over $1B in developments, drove him to commit to what he calls "the future of construction." Damien discusses the technical and financial challenges plaguing development today, and how modular construction addresses not just the product itself but the myriad of external challenges that make housing unaffordable and projects difficult to fund.

On this episode, Kevin chats with Jack Cohen, Managing Director of ArrowMark Partners and founder of Dark Knight Ventures, a business consultancy focused on helping smart, creative salespeople become more successful. Jack shares his journey taking Cohen Financial from a single office with $200MM in annual loan production to 25 offices with $6B in annual production and a loan servicing portfolio over $30MM before a successful exit. The conversation covers what Jack calls "stupid human tricks"—lessons learned along the way through countless scenarios—including his split with his father over business philosophy, the difference between efficiency with things versus effectiveness with people, and why the real estate capital advisory business is about doing the work rather than outsmarting it. Jack discusses how standing for something provides common ground for teams to rally around, why risk equals volatility of outcome and smart investing is about identifying and pricing that risk, how self-awareness enables entrepreneurial clarity and conviction, and why 2026-2027 might produce some of the best vintage real estate deals in a decade as overleveraged assets get repriced.

On this episode, Kevin chats with Connor Mitchell, Managing Director at Cascadia Capital, the #2 independent investment bank in the nation, about selling founder-led businesses in the human capital and professional services sector. Connor works with companies valued between $100MM and $350MM, with 65% of Cascadia's business coming from family and founder-led companies. The conversation unpacks why many founder-led businesses struggle to sell and the mindset shifts that accompany liquidity events, covering where the market is trading today, how buyers create value post-acquisition, and why selling is less about "can I sell" and more about whether the price justifies walking away. Connor explains the objective measures sellers should consider before going to market—like the mix of 1099 versus W2 employees, customer concentration, employee utilization rates, and percentage of business originated by the founder—along with what Quality of Earnings is and why it matters. They discuss the typical timeline from building a deck to closing, why a soft touch on sales beats blasting deal memos everywhere, and the importance of putting a plan in place if a sale is truly where you want to land.

On this episode, Kevin chats with Bill Vanderstraaten, President and founder of Chief Partners, a Dallas-based family office that invests LP equity into commercial real estate as part of the Trever Rees-Jones holdings. With a team of just 6 professionals typically investing $5MM to $15MM per deal, they manage about $1.2B across 80 assets with 30 GP operating partners and have built over 8MM square feet of commercial space since 2007. The conversation explores how family offices differ from opportunity funds, why holding too long is a common mistake family office investors make, and how culture and integrity are central to Chief's underwriting of potential operating partners. Bill discusses where flexibility shows as a competitive advantage for family office equity, the merit of providing investors an earnest assessment of risk, and why Chief sees itself as more than commodity capital. They cover the value of curiosity in leveling up skills, why people remain at the heart of real estate due to the high degree of trust required, what a high idle brings to your career, and how a sailing analogy applies to the challenge of being an entrepreneur.

On this episode, Kevin chats with Jimmy Silverwood, president of Affirmed Housing Group, a San Diego-based affordable housing developer that's completed $2.8 billion in projects and created over 5,500 apartments across 70 communities since 1992. Jimmy shares his journey from growing up in the affordable housing business to working at Turner Construction, then joining Affirmed as an acquisitions and finance analyst before eventually becoming president under his father James, who started the company after getting blown up in the S&L crisis. The conversation dives deep into the complexity of affordable housing, breaking down the critical distinctions between workforce and affordable housing, the intricate process of securing and monetizing tax credits, and how developers navigate both 4% and 9% credits to build their capital stack. Jimmy explains the competitive landscape of tax credit awards, managing crucial timelines between credit awards and development permits, the strategic use of 90% land loans for acquisitions, and the scoring systems that determine project viability. They discuss Affirmed's business model of positioning themselves as essential vendors to cities while maintaining control through an integrated general contractor approach, and why mastering financial models is the true key to unlocking success in affordable housing development.

On this episode, Kevin chats with Josh Volen, Principal and Co-founder of CIRE Equity, an $890MM NAVREIT that functions like Blackstone's BREIT with market-to-market transparency and limited redemption. Josh shares his journey from becoming a top broker at Marcus & Millichap over 6 years to starting CIRE in 2010, funding acquisitions entirely through high net worth syndications until 2019 when they combined 13 assets into the NAVREIT and partnered with a broker dealer to accelerate growth. The conversation covers how six years in the Marcus & Millichap boiler room built his skill set, why CIRE views themselves as operators rather than capital allocators, and Josh's philosophy that his primary job is replacing himself a little bit more every day. They discuss how successful remote work requires intentional accountability and robust meeting structures, CIRE's risk-first underwriting approach, their unique positioning as a professionally managed family office nimble enough to beat institutional competitors, and how their fee structure and employee compensation drive alignment. Josh opens up about the distinction between transaction shops and sustainable businesses, why hiring better than yourself is critical, and the importance of showing up for yourself first with intention, clarity, and continual learning.Because it didn’t come out in the pod, for those interested in investing with CIRE, you can find the group at CIREequity.com. 

On this episode, Kevin chats with Josh Volen, Principal and Co-founder of CIRE Equity, an $890MM NAVREIT that functions like Blackstone's BREIT with market-to-market transparency and limited redemption. Josh shares his journey from becoming a top broker at Marcus & Millichap over 6 years to starting CIRE in 2010, funding acquisitions entirely through high net worth syndications until 2019 when they combined 13 assets into the NAVREIT and partnered with a broker dealer to accelerate growth. The conversation covers how six years in the Marcus & Millichap boiler room built his skill set, why CIRE views themselves as operators rather than capital allocators, and Josh's philosophy that his primary job is replacing himself a little bit more every day. They discuss how successful remote work requires intentional accountability and robust meeting structures, CIRE's risk-first underwriting approach, their unique positioning as a professionally managed family office nimble enough to beat institutional competitors, and how their fee structure and employee compensation drive alignment. Josh opens up about the distinction between transaction shops and sustainable businesses, why hiring better than yourself is critical, and the importance of showing up for yourself first with intention, clarity, and continual learning.Because it didn’t come out in the pod, for those interested in investing with CIRE, you can find the group at CIREequity.com. 

On this episode, Kevin chats with Jason Luker, Principal and Founder of Cardinal Group, a vertically integrated institutional asset manager and developer focused on student housing that's grown from a P.O. Box office and four founders in 2006 to 2,000 employees, 100,000 beds, and $2B in gross asset value under management. Jason shares the raw reality of launching with nothing but conviction, including how he pitched a $30MM acquisition with almost no capital, backed only by unwavering determination and a promise to succeed or die trying. The conversation explores Cardinal Group's obsession with culture and operational excellence, their strategy of becoming the employer of choice by investing heavily in people while maintaining flexibility for anyone to grow into any role, and how they've scaled through strategic capital partnerships from internal funds to sophisticated LP vehicles. Jason discusses the weekly acquisition offers they receive, their unique three-principal partnership dynamic where any one partner can veto a decision, the challenges of building an executive team that enabled explosive growth, and how they position themselves as the tip of the spear in consolidating the fragmented student housing industry. Perhaps most remarkably, they've never lost money—a testament to their rigorous approach and Jason's philosophy of knowing what you don't know while having the confidence to figure it out through your network.

On this episode, Kevin chats with Jason Luker, Principal and Founder of Cardinal Group, a vertically integrated institutional asset manager and developer focused on student housing that's grown from a P.O. Box office and four founders in 2006 to 2,000 employees, 100,000 beds, and $2B in gross asset value under management. Jason shares the raw reality of launching with nothing but conviction, including how he pitched a $30MM acquisition with almost no capital, backed only by unwavering determination and a promise to succeed or die trying. The conversation explores Cardinal Group's obsession with culture and operational excellence, their strategy of becoming the employer of choice by investing heavily in people while maintaining flexibility for anyone to grow into any role, and how they've scaled through strategic capital partnerships from internal funds to sophisticated LP vehicles. Jason discusses the weekly acquisition offers they receive, their unique three-principal partnership dynamic where any one partner can veto a decision, the challenges of building an executive team that enabled explosive growth, and how they position themselves as the tip of the spear in consolidating the fragmented student housing industry. Perhaps most remarkably, they've never lost money—a testament to their rigorous approach and Jason's philosophy of knowing what you don't know while having the confidence to figure it out through your network.

On this episode, Kevin chats with Tony Cardoza, Principal and Managing Director of Cityview, a vertically integrated institutional asset manager and multifamily developer based in LA. Tony brings over 20 years of real estate experience, previously helping acquire and develop 5,000 units for Real Estate Capital Partners and working in land and multifamily acquisitions at Prometheus. The conversation gets technical as Tony breaks down how top-tier developers think about the component parts of the development business, from initial site selection and entitlement risk to construction management and capital stacking. They discuss the complexities of multifamily development today, how sophisticated operators evaluate markets and underwrite deals, the interplay between debt and equity in the capital structure, and the challenges of navigating zoning, permitting, and political landscapes. Tony shares insights on timing the market, managing construction risk, building relationships with municipalities and capital partners, and the operational expertise required to successfully execute large-scale development projects. His personality and approach to the acquisitions role come through as he unpacks the intricate decision-making process behind institutional multifamily development.

On this episode, Kevin chats with Matt Beaudreau, co-founder of Apogee Strong, about disrupting education to reseed sovereignty and freedom. Matt founded his first school in California in 2017 and co-founded Apogee Strong with partner Tim Kennedy in 2021, going on to create mentorship programs for men, women, and teens, help launch over 100 K-12 campuses, and establish 2 non-profit foundations supporting families in expanding their education. The conversation explores the concept of sovereignty and self-governance, what education is versus what it could and should be, and how public schooling functions as a form of indoctrination. Matt discusses his unexpected journey into education, the foundational skills necessary for effective learning, and the business model of running physical schools—or as he prefers, "places of leadership." They cover the financial aspects of education compared to free public schooling, the critical lack of critical thinking skills in current frameworks, why teaching the same subjects to all students simultaneously is absurd, and how Apogee students and universities view each other. Matt positions Apogee as an investment in the human spirit and our innate desire for growth, while addressing the challenge of enrolling parents without losing the school's core mission.

On this episode, Kevin chats with Matt Beaudreau, co-founder of Apogee Strong, about disrupting education to reseed sovereignty and freedom. Matt founded his first school in California in 2017 and co-founded Apogee Strong with partner Tim Kennedy in 2021, going on to create mentorship programs for men, women, and teens, help launch over 100 K-12 campuses, and establish 2 non-profit foundations supporting families in expanding their education. The conversation explores the concept of sovereignty and self-governance, what education is versus what it could and should be, and how public schooling functions as a form of indoctrination. Matt discusses his unexpected journey into education, the foundational skills necessary for effective learning, and the business model of running physical schools—or as he prefers, "places of leadership." They cover the financial aspects of education compared to free public schooling, the critical lack of critical thinking skills in current frameworks, why teaching the same subjects to all students simultaneously is absurd, and how Apogee students and universities view each other. Matt positions Apogee as an investment in the human spirit and our innate desire for growth, while addressing the challenge of enrolling parents without losing the school's core mission.

On this episode, Kevin chats with Jim Griffin, Managing Director and Co-Founder of Derivative Logic, about how middle market operators can systematically analyze and manage cash flow risk through derivatives and hedging strategies. Jim brings experience trading interest rates, currency, and commodity derivatives for UBS, Wells Fargo, Wachovia, and Bank of Tokyo-Mitsubishi before starting Derivative Logic with his partner Rex Evans over 11 years ago. The conversation covers how Jim provides clients with valuable technology to initiate the sales process while conserving internal resources, creative approaches borrowers can use to address lender-imposed rate caps, and why bank swaps are the most lucrative products—plus what borrowers need to understand about the premiums they pay. Jim discusses how regulatory requirements and compliance stifle value creation in larger institutions, the current lack of distress in the real estate market, and why understanding fixed-rate loans requires examining the lender's credit and internal costs. They explore why inefficient execution is common in real estate, the necessity of both vision and execution for success, and how integrity and relationships remain central to his practice working with publics, real estate finance companies, ultra-high net worth individuals, family offices, money managers, and tech companies.

On this episode, Kevin chats with Jim Griffin, Managing Director and Co-Founder of Derivative Logic, about how middle market operators can systematically analyze and manage cash flow risk through derivatives and hedging strategies. Jim brings experience trading interest rates, currency, and commodity derivatives for UBS, Wells Fargo, Wachovia, and Bank of Tokyo-Mitsubishi before starting Derivative Logic with his partner Rex Evans over 11 years ago. The conversation covers how Jim provides clients with valuable technology to initiate the sales process while conserving internal resources, creative approaches borrowers can use to address lender-imposed rate caps, and why bank swaps are the most lucrative products—plus what borrowers need to understand about the premiums they pay. Jim discusses how regulatory requirements and compliance stifle value creation in larger institutions, the current lack of distress in the real estate market, and why understanding fixed-rate loans requires examining the lender's credit and internal costs. They explore why inefficient execution is common in real estate, the necessity of both vision and execution for success, and how integrity and relationships remain central to his practice working with publics, real estate finance companies, ultra-high net worth individuals, family offices, money managers, and tech companies.

On this episode, Kevin chats with Leo Simpser, Founder and head of LLJ Ventures, a private equity firm focused on real estate that he started in 2008. As part of three affiliated companies managing a collective $8B of high net worth and institutional capital, LLJ's 8-person team has delivered investors a 24% IRR and 2.3x multiple while remaining boutique and bespoke by design, employing one-off investment structures rather than traditional funds. The conversation explores the inevitability of failure in entrepreneurship and the transformative power of our responses to setbacks, the importance of taking breaks from the daily grind, and Leo's concerns within today's market landscape. Leo discusses the potential pitfalls of investing in funds, the significance of discerning between institutional and private capital, and creating bespoke investment structures like deals with zero preferred returns. They cover the crucial role of local expertise in operating partners, Co-GP investing where LLJ may take up to 97% of the equity in a deal, aligning portfolios with investor risk profiles, and the tradeoffs of opportunistic investing. Leo emphasizes the primacy of relationships over transactions, empowering long-term employees to share in wealth creation, giving back through interest-free loans, and the necessity of saying no to opportunities that don't align with your vision—ultimately underscoring the importance of following your entrepreneurial calling with unwavering conviction.

On this episode, Kevin chats with Eric Naslund, Co-founder and Principal of Studio E, a 30-person San Diego-based architectural firm he started with his partners 37 years ago that works on housing, mixed-use, civic, institutional, and urban planning projects. The conversation explores the dichotomy between a practice-centered business and a business-centered practice, emphasizing the importance of remembering that people will ultimately inhabit the spaces they design. Eric shares his vision of creating environments worth fighting for, the joy of being paid for creativity, and how experience drives artistic growth. They discuss turning project constraints into expressions of creativity rather than limitations, managing development constraints from site specifics to contractor relationships, and challenging the notion that design quality and cost are inherently linked. Eric delves into the intricacies of risk management in developer-architect-contractor relationships, the importance of intentional organizational development, and the value of declining projects unless you can provide exceptional value. He reflects on AI's potential impact on architecture and society, drawing parallels to historical shifts in artistic mediums, stresses approaching business partnerships with the gravity of marriage proposals, and acknowledges the resilience required for entrepreneurship even in challenging times.

On this episode, Kevin chats with Ben Miller, co-founder and CEO of Fundrise, about how he transitioned from being a "deal junky" from a real estate family to leading a tech-first company that prioritizes processes, specific market segments, and scalability over individual transactions. The conversation explores Fundrise's fundamental principle of prioritizing investor interests and their innovative fee structure in which neither their fund companies nor real estate operating firms take a carry through vertical integration. Ben discusses the inherent fragility of individual deals and why building diversified portfolios is wiser for investors, the art of recognizing good deals while avoiding bad ones, and why great deals are rarely handed to you on a silver platter. They cover the value of developing talent internally versus hiring externally, the difficulty in identifying talent before they prove their abilities, and how interest rate changes influence capital flows into real estate and impact values. Ben shares his views on how AI will certainly impact real estate even if the exact mechanisms remain uncertain, and emphasizes the value of determination, perseverance, and fulfilling responsibilities while taking time to recharge. The discussion highlights how noble intentions often fail to overcome incentive structures and why being tech-first rather than real estate-first fundamentally changes perspective.

On this episode, Kevin chats with Sarah about how she entered her family business through circumstance rather than design and became a powerhouse in commercial real estate, leading Monarch Group's team of 14 that punches way above its weight. The conversation explores the family adversity that brought her into the business and navigating that bittersweet time, Monarch's mandate to get every deal right while building assets to own long term, and creating team alignment through a lean and mean culture with financial incentives. Sarah discusses the importance of staying in your niche and avoiding style drift, how tumultuous times in real estate often bring the best deals, and the critical role of investment conviction when uncertainty is high. They cover avoiding a merchant building reality by putting real skin in the game, working on complex sites to secure a great basis, and keeping time on your side. Sarah emphasizes the importance of great relationships and teams, getting out there and taking risks to learn and grow by "showing up," and the necessity of taking care of yourself so you can take care of others. Her insights offer a window into the attributes that feed her success and Monarch Group's continued progress in the juiciest part of the apartment business.

On this episode, Kevin chats with Kristian Peterson about his two decades of experience as managing partner at Catalyst, where he's refined impact investing to create both profit and positive change in investment communities. The conversation explores the polarizing response their impact investing strategy receives from the marketplace and how Catalyst quantifies social impact through an ingenious scorecard that objectively assesses impact independently from financial analysis. Kristian explains their innovative dual-mandate fund structure with two classes of investors—one embracing lower returns for the greater good while the other seeks market-rate returns—and the thinking behind this boundary-breaking approach. They discuss the art of allocating joint venture equity and why having top-notch local development partners is crucial for successful impactful development deals. Kristian shares his fiduciary mindset navigating the balance between short-term gains and long-term vision, and how Catalyst has weathered generational challenges in real estate including Covid, supply chain disruptions, inflation, high interest rates, soaring operating expenses, and higher property taxes. His expertise reveals how resilience and innovation keep Catalyst at the forefront of impact investing while demonstrating that you can make a positive difference in the world through strategic investment decisions.

On this episode, Kevin chats with Jeff Brown about his entrepreneurial journey that began in 2011 when he joined forces with his friend John Southard to pursue a single deal, eventually leading to the birth of T2 Capital Management. Jeff and his team of 14 have since invested over $1.5B across various markets, property types, and investment strategies. The conversation explores the importance of grounding your business, expectations, and actions in reality, always hiring high-capacity and high-caliber people, and collaborating with the industry to navigate uncertain times. Jeff discusses the significance of capturing scale when entering new markets, securing concurrence from debt and equity partners, aligning strong convictions with a defensible strategy, and being aligned with a "why" that goes beyond just putting dollars on the table. He emphasizes that there are no shortcuts to success—while systems and processes create efficiency, there's simply no substitute for the grind. Jeff highlights that their business strategy is for "right now" and subject to change, offering nuggets of wisdom for both aspiring entrepreneurs and seasoned veterans navigating the complexities of real estate investment and company building.

On this episode, Kevin chats with Howard Katkov, CEO and co-owner of Red Mountain Resort in Rossland, British Columbia, about his 45 consecutive years pulling a steady paycheck from seven different companies he's started and successfully operated. Howard shares his love for the game of business and building successful ventures from vision to execution with strong teams, exploring how you don't always have the luxury of confidence in decision making yet still need to lead. The conversation emphasizes the critical importance of truly understanding the risks in real estate deals, especially regarding time required to properly execute—accepting a mismatch between the deal and investor timelines is a recipe for trouble, making patient money and autonomy essential to secure upfront. Howard discusses being a rule breaker rather than a rule maker, balancing the interests of capital and community while being a steward of both, and his conviction that pound for pound there's no better ski location in North America than Red Mountain. They cover building teams as a partner rather than a conventional top-down boss, removing inter-departmental communication walls, choosing investors carefully, empowering younger team members to influence company direction when they reflect your target market, possessing active humility to listen and observe, and looking back to learn instead of looking back with regret.

On this episode, Kevin chats with Jennifer Hernandez, a land use attorney from Holland and Knight, about how California's Environmental Quality Act has been corrupted from its original environmental protection purpose into a tool for special interest groups to advance ulterior motives. Jennifer expertly draws connections between CEQA's flaws and the rights of California citizens to have attainable shelter, revealing how the Act is now used by those with money to stop development through NIMBY tactics, secure project labor agreements for local unions, stop competition, and provide bounty hunting lawyers fertile ground to extort cash from developers. The conversation explores the importance of humility and recognizing how much you don't know beyond your narrow expertise, the role a home played for Jennifer's mother and grandmother in tough times and why that's worth protecting, and how CEQA's strictest interpretation would freeze California in 1972. Jennifer discusses how government agency discretion plus any environmental change triggers CEQA, the fact that only 13% of CEQA complaints come from pre-existing entities while 87% are filed by entities created just for the complaint, how CEQA challengers need not identify themselves, how bounty hunting lawyers employ bots to monitor for new Environmental Impact Reports to extract payments, the complete mess of affordable housing, and why not understanding politicians is their problem—insist on policies that make sense.

On this episode, Kevin chats with Dr. Christopher Thornberg, Founder of Beacon Economics, an uncommon economist equally at home with philosophy as the nuts-and-bolts of economics and forecasting. Chris was one of the few who called the collapse of the housing market alongside figures like Hank Paulson, and one of the few economists who can call it like it is with beliefs rooted in facts rather than opinion. The conversation explores big wisdoms worth learning and relearning, government spending where every dollar of COVID income loss was met with $2.60 in government spending, and how the current economic picture looks like 2005 with too much capital in the system. Chris discusses how political narratives are overtaking the utility of data and why nailing the facts before guiding policy is essential, his inflation outlook suggesting we need 20% more inflation to balance things based on M2/Nominal GDP ratios, and calling crypto a generational Ponzi scheme. They cover the appropriate role of government, the reality of class divides in the USA today, the value of uncertainty in a world of social media-induced isolation, the benefits of good business partners, and why knowing history matters—what's happening now has happened many times over the last 500 to 600 years.

On this episode, Kevin chats with Jon Lotter, founder and Managing Director of Appian Capital, a boutique investment manager that has invested in over 140 transactions deploying over $400MM of equity in $2.2B of real estate value. Jon's innate curiosity, tenacity, and intentional efforts have delivered Appian from startup to 20-year veteran player executing some of the stronger investment deals in the country. The conversation covers why larger deals pay more and you should do them, how conservative underwriting serves as a differentiator and competitive advantage, and how force majeure provisions are impacting GMAX contracts and cost containment. Jon discusses what it looks like to be opportunistic and seek the best deals throughout the investment cycle, how to narrow the target and shoot at less, and why co-mingled discretionary closed-end funds are fundamentally mismatched to real estate investment. They explore why being able to pass on deals forever is a competitive advantage, the "first who, then what" philosophy of prioritizing the developer before the project, expecting headwinds and being happy when they don't happen, how fulfillment and success serve as blessing role models for your children, keeping it simple because it isn't that complicated, and being intentional with what you do to stay on track.

On this episode, Kevin chats with Carrie Nikols, co-founder and Chief Executive Officer of The Nikols Company, a private lender that has originated over 500 loans without a single foreclosure or loan loss. Carrie brings vast experience in commercial real estate lending with strong underwriting expertise and a talent for creating win-win situations that benefit borrowers, sponsors, and investors. The conversation explores how she hedges credit cycle risk by keeping loan terms short, why putting underwriting ahead of origination is central to her company's success, and what it means to be a real fiduciary truly protecting investor interests. Carrie discusses using daily prayer to maintain awareness that money isn't a god, bring a winning mindset into every transaction, and find center before walking into the office. She shares how some credit issues can be overlooked but character cannot, why speed and certainty of execution is a critical component of her company's value proposition, and how women can thrive in the commercial real estate industry through expertise, integrity, and intentional practice.

On this episode, Kevin chats with Bruce Stachenfeld, a NYC-based lawyer running a boutique firm of 40 lawyers specializing in pure-play real estate. From a difficult start in 1997, Bruce has found his power niche consummating joint venture equity deals and become an effective leader bringing decades of experience and wisdom to the conversation. Bruce discusses driving business with a purpose and vision that becomes real for clients and employees, not just something on the conference room wall, and his philosophy of ranking focus by importance—employees, customers, shareholders. He shares their growth mandate for talent covering attract, train, and retain, and his leadership journey from brutal honesty to leading with vision and conviction. The conversation explores buying where there's less pressure and appreciation for nuance like retail, how securing JV equity is like "playing chess in the future" where relationship skills are critical as business, personal, and legal issues come together in contracts needed only when things go sideways, and how recourse becomes the hot potato between joint venture equity and banks. Bruce discusses the difference between old and new retail, why virtual offices will fail without the glue to keep culture together, how outperformance may become less of a focus as "real estate as an asset class" makes average the dominant benchmark, and where AI will begin impacting commercial real estate.

On this episode, Kevin chats with Max Sharkansky, founding partner of Trion Properties, a value-add investor that finds mismanaged properties in top growth markets to turn around, historically focusing on the West Coast with recent expansion to the southeast. Max oversees all aspects of Trion's business from acquisition, disposition, and property management to capital raises from lenders and equity partners, as well as creating and managing their internal discretionary funds. Since Trion's 2006 founding, Max has been involved in over $700MM of multifamily business as a principal, capturing average IRR returns exceeding 30% with a large roster of private investors grown organically through years of success and word of mouth. The conversation goes deep on multifamily specifics and what it takes to execute at the highest level, covering Max's philosophy to own real estate for the long term, how Trion bought assets through COVID by assessing downside and staying committed while others balked, and why you make money on the buy. Max discusses not over-leveraging holdings, how a reputation for doing what you say and being easy to work with brings acquisition opportunities, why vertical integration with in-house management and renovation provides competitive advantage, the importance of hiring top talent and paying up for it, how crowdfunding improved their business and network, getting mentors to make the journey smoother and more successful, thinking long term on all decisions while being more than fair in the short term, and taking care of your health as the foundation of everything.

On this episode, Kevin chats with Peter Kleinberg, Vice President of ESI Ventures, a diversified and opportunistic commercial real estate investment firm focusing on acquisition, development, and repositioning of value-add and adaptive reuse projects through various positions in the capital stack. ESI operates in the CO-GP investing space, placing money alongside project sponsors as they concurrently raise commodity LP equity investment, while also providing credit enhancement for operating partners who lack the net worth and liquidity to secure bridge or construction debt. The conversation goes deep on the nuance and complexity of credit enhancement loaded with significant downside risks, exploring the deal attributes and structures ESI uses to mitigate these risks. Peter demonstrates thoughtful awareness of the fact patterns in his investments and the industry as a whole, discussing where ESI invests in the capital stack up to 98%, the size of their investments and attached assets, and the nature of emerging manager partnerships with high levels of expertise. They cover why ESI is truly discretionary as an extension of a small family office versus institutional managers constrained by their box, why net worth and liquidity are central to commercial real estate, CO-GP investment and credit enhancement pricing mechanisms, how the real estate business is pursuit of transactions with people at the core, respecting unknown unknowns as huge blind spots, running development like a business with persistence and thoughtfulness, and making pitches professional with marketing aspects that draw readers in.

On this episode, Kevin chats with Andrew Jobst from HG Capital, a firm that since 1995 has specialized in providing joint venture equity for value-add and opportunistic real estate investments throughout the Western US, uniquely investing $8MM and less per transaction. This deliberate strategy to place equity into a market portion with less buying pressure, essentially "buying where others are not," has proven very successful over their 25-year history. Andrew brings exceptional intelligence and education, holding a B.S. in Biology, B.A. in Economics, and Master's in Engineering Economic Systems and Operations Research from Stanford, applying insatiable curiosity and thoughtfulness to structuring over 100 investments with completed value exceeding $2 billion. The conversation covers the wall of capital in the market and implications for real estate, why capital is not on the sidelines because of COVID-19, and the idea that there is no real estate market but only a basket of discrete deals the media likes to call the market. They discuss why HG's smaller equity checks and platform represent a vibrant strategy, COVID-19 as a "grand natural experiment" catalyzing and accelerating changes, incentives as central to partnership alignment and deal structuring, "Greener Grass Syndrome" where operators drift into competitors' spaces, and the critical question of asking developers why they like a deal now.

On this episode, Kevin chats with Lorne Polger, co-founder and Senior Managing Director of Pathfinder Partners, about his journey from practicing real estate and environmental law at Procopio for over 20 years to leaping into the operator role with partner Mitch Siegler just before The Great Recession. Pathfinder is a vertically integrated real estate company whose funds deploy investor capital directly into their projects, avoiding double promotes associated with traditional equity funds, playing on the value-add and opportunistic side of the risk spectrum in smaller transactions than the largest funds. Raising their 11th fund, they've gone full cycle on about 100 assets and acquired about 135 deals, targeting secondary markets in California, Arizona, Colorado, Washington, Oregon, and Nevada. The conversation covers how relationships are central to commercial real estate, choosing investment markets wisely by looking to job growth and diversity of sectors, why Colorado and Arizona appear more favorable than Oregon and California due to political environments, and relying on principles like creating alignment between investors and operators, investing in people through equity, being transparent about bad news, and acting for investors as you would for yourself. Lorne discusses coming buying opportunities in hotels capitulating in 2021, adaptive reuse from hotel to apartment, buying multifamily at less than 100 cents on the dollar with cheap debt, why this is a good time to be picky about quality, how NODs and bankruptcies are ticking up, building an advisory board for accountability and expanded vision, and his two tips for success: work your passion and be focused.

On this episode, Kevin chats with Ian Formigle, Chief Investment Officer of CrowdStreet, about building one of the nation's preeminent crowdfunding platforms from a 2013 startup to over 30 people, nearly 500 deals, and $1.3B invested in multifamily, build-to-rent single family, industrial, hotel, office, and retail. With over 50,000 investors on the platform, the average deal at $40MM, and average investment at $50k, CrowdStreet invests capital across the entire risk spectrum from joint venture equity to preferred equity, mezzanine debt, and senior loans. As the single team member charged with making go/no-go investment decisions for the platform, Ian brings astute insights with an incredible grasp on the texture and nuance of commercial real estate investing at a national scale. The conversation covers how multifamily and industrial remain strong, the implications of monetary policy for cap rate compression, managing risk today by betting on long-term markets and underwriting to post-pandemic normalcy while assessing basis and costs to "clear the chasm," why build-to-rent is here to stay, and how overweight allocation to commercial real estate as an asset class will provide tailwinds for incumbent investors. Ian discusses knowing demand exists and markets are growing when starting a company, building teams that fill weaknesses and cover company needs with others' skills, how crowdfunding promotes greater capital efficiency, being tenacious without fearing failure, and how tenacity inspires teams.

On this episode, Kevin chats with Josh Sasouness, Co-CEO of Dwight Capital, a NYC-based mortgage banking platform that became the number one multifamily FHA/HUD lender in the nation after just six and a half years when Josh and his brother Adam started the business in 2014. Beyond their HUD business, Dwight also originates FNMA, Freddie, and CMBS mortgages, while the leadership holds positions in Dwight City Group (direct multifamily investor around Philadelphia), Dwight Mortgage (direct bridge lender), and Dwight Funding (provider of early-stage growth capital to smaller firms). Josh brings thoughtful, driven, competitive leadership with charisma that's been foundational to Dwight's sales success and team building, likely making him the most prolific originator of multifamily mortgages in the USA ever. The conversation covers nuts and bolts of HUD lending and borrowing alongside broader discussions about daily habits and entrepreneurial mindsets, including how it stopped being about money and winning became the most powerful driver, seeking forgiveness not permission, how corporate priorities change and sparked going it alone, active management with open-door offices, creating workspaces that remove impediments so people can thrive, HUD misperceptions and the power of the lowest cost longest term non-recourse fixed-rate mortgage product, high-leverage construction take-outs with 223(f) loans allowing cash-out refinance after 30 days at 90% occupancy, the joy of relationships and learning from each other, betting on America every time, and keeping walking no matter what business throws at you.

On this episode, Kevin chats with Brian Shirken, Cofounding Partner at Mountain Pacific Opportunity Partners and founder of its precursor Mountain Capital Partners, who also co-founded Columbus Pacific in 1995. Brian has been principally involved in millions of square feet of retail, over 10,000 student housing beds, development of over 3,000 multifamily units, 5 assisted living projects, and provided more than $200 million in mezzanine and equity capital, with Mountain Pacific currently focusing on investing in QOZ projects across the West. This talented entrepreneur brings deep expertise in commercial real estate finance and development as a South African immigrant with residences in Los Angeles and Park City. The conversation explores how in the beginning of your real estate career you're not smart enough to get in your own way and action carries the day, why it's all about the people and they give up returns for great projects in great areas with great developers but never give up on great developers, and how Mountain Pacific brings debt financing to deals for developers who aren't credit worthy. Brian discusses not relying on momentary variance but underwriting to long-term trends, locking in low financing now while using appropriate leverage to hold through any cycle, how developer co-invest isn't their main concern as fee subordination can substitute, staying small by contracting commodity services to keep agile low-cost teams since cyclical businesses and fixed overhead are a mismatch, focusing where they make money while letting vendors handle services at scale, and finding passion that drives you to enjoy the work.