We manage a portfolio of cash flowing assets that are uncorrelated to stock market. We invest in special opportunities in small biz, consumer, & real estate debt:.1. Buy portfolios of loans at a discount from stressed sellers.2. Asset based lending to non-bank lenders.

Tune in for a breakdown of some of the niche verticals we invest in @pierassetmgmt . Music royalties, litigation finance, and more.

What do you want to know?.

Will be in NYC next week - let me know if you're around and want to meet up!.

I’d like to put our team (and myself) through an AI Prompt training course - any recommendations?.

At Pier, we provide credit facilities to specialty finance firms, requiring a Key Person clause. We hunt for borrower CEOs who will honor the debt and bleed for every last dollar . because integrity’s non-negotiable.

I’m a big believer in decentralized influence and empowerment in company building. I've seen firsthand that shifting from top-down control to inspiring ownership builds a company of happy people doing better work.

Borrowers beware: legal fees for sub-$20M credit facilities can balloon. Big Law may overcomplicate, charging 6 figures when $30-75K suffices. Use smaller firms or tightly manage big ones to save capital.

RT @ConorNeu: Here is a deal you all may find interesting. In December, Pier purchased a portfolio of $21.7MM of subprime auto loans for 57….

We’ll be at the Specialty Finance forum in Dana Point on Thursday - LMK if you’ll be there and want to catch up!.

In this month's issue of our Planks & Pilings newsletter, @ConorNeu talks about Nvidia chip lending. I discuss how age groups engage with forms of content. Short form video is most engaging across all ages. so here we go!. Newsletter sign up here:

@Upstart.

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In various stages above, an originator may instead form an internal fund to finance its loan product. This generally comes with lower cost of capital, though its riddled with regulatory/compliance pitfalls and complexity. I always try to steer founders away from this. 6/7.

With a $15M+ loan book, originators can access larger credit institutions for a $50M facility. Longer terms and lower costs come with these facilities. 5/7.

As an originator proves itself (typically a track record of at least $500k-$1M in loans), it seeks its first institutional credit facility (usually $10M or so in size). This type of facility requires an SPV to hold the loan portfolio. Pier is active here. 4/7.

At this stage, some founders opt to fund origination with friends and family financing via unsecured promissory notes. These fixed-rate loans (e.g., 12%) fund those first loans without using expensive equity directly. 3/7.

Begin by raising equity capital, usually a few million dollars. This funds tech/ops infrastructure and borrower acquisition channels, with a portion reserved to fund initial loan origination. 2/7.

Thanks to Upstart for having me on the Leaders in Lending Podcast!. I share capital markets insights for early stage specialty finance companies. How can early stage firms who have some sort of lending or financing product fund those first loans/advances/etc? . 1/7.

RT @moseskagan: Writing w exciting news for early career real estate & adjacent peeps:. My friend @utekkare at Manufactured is sponsoring t….

Systematic risk always has 3 characteristics:. Concentration.Leverage.Inter connectivity . Listened to a talk by Harvey Schwartz, CEO of Carlyle - the nugget above stuck with me.