Asset Backed

From the cockpit of a Navy jet to the helm of a $115M real estate fund — Matt Sandretto's path to becoming CIO of Prairie Hill Holdings is unlike any other in the alternatives space.

In this episode of Asset Backed, host Andres sits down with Matt to unpack one of the most misunderstood and underallocated corners of private markets: net lease real estate. If you've heard of multifamily or industrial but never really dug into net lease — this is the episode that changes that.

Matt breaks down:
✅ Why he walked away from private equity after discovering real estate inside manufacturing deals
✅ What a net lease actually is — and why it changes the entire risk profile for investors
✅ The Lululemon example: why owning the real estate beats owning the business
✅ Industrial tailwinds: onshoring, falling construction, and tight fundamentals in key markets
✅ Retail's secret: ~4% national vacancy after 20+ years of underbuilding
✅ Why informational arbitrage still exists in real estate — and how PHH exploits it
✅ Why single-asset syndications are dangerous for the wealth management channel
✅ How RIAs and family offices should think about a real estate allocation

Prairie Hill Holdings is the newest manager in the EnduranceX marketplace — an alternatives platform built to connect independent RIAs and family offices with institutional-quality managers that fly below the radar.

This is Episode 1 of a multi-part series. Episode 2 will go deeper into deal case studies, PHH's right to win, and how advisors can access the strategy.

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🔗 CONNECT WITH PRAIRIE HILL HOLDINGS
Website: www.prairie-hill.com
Email: [email protected]
LinkedIn: linkedin.com/in/matthewsandretto
Q2 2026 Quarterly Update: https://lnkd.in/dNEpw7fz

🔗 CONNECT WITH ENDURANCEX
Website: www.endurancex.io
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/sandate/
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⏱ TIMESTAMPS
00:00 — Intro & how EnduranceX found Prairie Hill Holdings
02:42 — Matt's background: Navy, Wharton, and buying manufacturing businesses
08:04 — The mindset shift: real estate vs. private equity risk
10:05 — The Lululemon example: owning the business vs. the real estate
13:59 — The 10x equity deal that started it all
16:27 — Informational arbitrage in real estate
29:39 — What is net lease real estate?
36:04 — Industrial tailwinds: onshoring & falling construction
41:17 — Retail's hidden strength: 4% national vacancy
45:46 — What RIAs get wrong about real estate allocation
56:09 — Portfolio approach vs. single-asset syndications
1:03:37 — What's coming in Episode 2

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#NetLease #RealEstateInvesting #AlternativeInvestments #PrivateMarkets #RIA #FamilyOffice #IndustrialRealEstate #AssetBacked #EnduranceX #PrairieHillHoldings
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⚠️ This content is for informational purposes only and does not constitute an offer or solicitation to purchase an interest in any fund. Past performance is not indicative of future results. Investment in private funds is speculative and subject to risk of loss.

On this special dual episode of  ⁨@AssetBacked⁩  and  ⁨@ATLalts,⁩  I interviewed Ian Leisegang, CFA, of 3SPOKE, a provider of structured liquidity for the venture capital ecosystem.

3SPOKE is a private investment firm providing structured liquidity solutions to owners of late-stage venture assets.

Ian is the Co-Founder and Managing Partner of 3SPOKE and is responsible for all aspects of the management and strategic direction. Ian co-directs the firm’s investment process, leads the firm’s investor relationships, finance & operations, and co-directs the 3SPOKE Investment Committee.

3SPOKE invests in the next generation of visionary and disruptive global companies. These innovative companies continue to mature and grow larger and more valuable while remaining privately held, creating enormous pent-up demand for liquidity from their stakeholders. 3SPOKE addresses this need by providing structured liquidity solutions for this dynamic ecosystem.

3SPOKE provides shareholders, venture funds, and their investors with highly flexible capital, allowing them to continue to participate in future growth without locking in current market discounts, taxes, or a change in control.

3SPOKE offers investors risk-mitigated access to the most successful private companies, while taking growth rather than concept risk.

3SPOKE’s focus is to provide an alternative to the direct secondary sale of late-stage venture assets among employees at venture-backed firms, as well as across the entire portfolio of interests with limited and general partners. The common denominator for 3SPOKE is counterparties in need of liquidity who would prefer to leverage their strong assets and retain upside, rather than sell into the secondary market at potentially large discounts.

3Spoke Website/Bio
https://www.3spokecapital.com/

Ian Lesegang's LinkedIn Profile
linkedin.com/in/ian-leisegang-3spoke

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. 

Andres Sandate is the Founder and CEO of EnduranceX. EnduranceX is a marketplace for RIAs, Family Offices, and other Accredited Investors, and Institutions to transact in private markets and alternative investments. Learn more at www.EnduranceX.io. 

Guests of the Asset Backed and ATLalts podcasts may have a commercial relationship with Endurance Strategies, LLC,  EnduranceX, and GPWA, LLC.

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.

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.

“Thank you for joining the Asset Backed podcast. To catch all the latest content, subscribe today and follow Endurance Strategies and Andres Sandate on LinkedIn, the Asset Backed YouTube Channel, and find our sister show, ATLalts, anywhere you listen to your podcasts. 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.

We spend a lot of time speaking with managers and investment professionals across asset-backed finance, asset-based lending, and specialized, niche areas of credit, seeking out teams and platforms that are not just engaged in private credit but are winning due to distinctive, hard-to-replicate edges with competitive moats around their sources of return. 

Recently, I sat down with Brian Seidensticker and Kiah Hochstetler, co-founders of Mount North Capital, to discuss how they source and execute opportunistic real estate investments. One standout takeaway from that conversation was this: Mount North’s unique local partner model is a big reason they can consistently find, vet, and turn distressed properties, which most listeners may not associate with private credit, into yield. In addition to their unique partnership model, Mount North Capital utilizes data and in-house proprietary technology, unlike real estate sponsors I have met previously as part of the underwriting.

Here’s the idea in a nutshell:
👉 They combine proprietary data with boots-on-the-ground local expertise.
👉 Local partners — people who know their markets inside and out — act as both the eyes and execution arm for sourcing overlooked distressed real estate that institutional platforms simply can't pursue due to inefficiencies, a lack of data, and their scale.
👉 Many local investors and operators know how to identify attractive opportunities but often lack the capital to scale beyond a few properties at a time.
👉 Mount North steps in with funding, data, and a repeatable process, empowering these local partners to do more deals than they could alone, while Mount North retains ownership and control of the asset throughout. It offers a unique way to gain exposure to short-duration real estate credit, and I found their competitive pillars to be distinctive. One of the biggest advantages Mount North Capital explained in the episode is the combination of the data (just the raw amount is impressive in its own right) and the technology tools they have built internally over the past decade. They utilize it on every single deal for screening and to aid underwriting. They don't pursue deals that waste what is most valuable to all smart capital allocators - time.

The partnership model they have created at Mount North Capital solves two key industry problems in distressed and opportunistic real estate:
1️⃣ It vastly increases deal flow — more local relationships mean access to more auctions, more insider knowledge, and faster boots-on-the-ground diligence. What real estate investor doesn't want to see more deals that fit their investment criteria?
2️⃣ It reduces risk — local partners share upside and have a vested interest in executing on budget and on time. If something goes off track, Mount North still owns the asset outright and can step in directly. No foreclosure, no mortgage, simply an operational decision to move on.

The result? A repeatable, scalable model that taps into local know-how while keeping tight asset-level control and institutional standards.

In a world where many private real estate funds chase the same on-market deals, Mount North’s local partner network is a powerful advantage — one that came up again and again in our conversation.

If you’re an advisor, family office, or investor exploring asset-backed investments in real estate or private credit alternatives with a shorter duration, the Mount North Story is fascinating in my opinion.

Follow Asset Backed and our sister podcast ATLalts for more insights from private market innovators. If you liked the conversation and learned something, we would appreciate it if you left us a positive review. If you found the topic helpful, please tell a friend about our show. 

#ATLalts #AlternativeInvestments #MountNorthCapital #RealEstate #PrivateCredit #LocalPartners #DealFlow #Podcast

https://www.atlalts.com/ - Our flagship pod, ATLalts, provides education, insights, and analysis of alts and private markets to RIAs and HNWI

https://www.endurancestrategies.com/ - Learn, invest, educate and partner with us on alts, private markets, and non-traditional strategies

https://sandate.substack.com/ - Check out my blog on asset backed finance

YouTube Video of this episode: https://youtu.be/9OsDqg6bk1g

https://www.linkedin.com/in/sandate/ - Connect with me on LinkedIn

https://calendly.com/sandate - Book time on my calendar

email me at [email protected] or [email protected]

Ali Meli is the Founder, Chief Investment Officer, and Managing Partner of Monachil Capital Partners. Since launching the firm in 2019, Ali has been at the helm of the firm's overall management, guiding strategic initiatives and spearheading investment decisions and capital raising activities.

Prior to establishing Monachil, Ali spent 14 years at Goldman Sachs, where he spearheaded some of the firm's most notable and lucrative structured credit transactions. He most recently served as a Partner and Global Co-Head of Structured Finance, Investing and Lending ("SFIL"). His previous roles included European Co-Head of Principal Funding and Investments ("PFI"). 

Ali earned a Bachelor of Science in Electrical Engineering and Management Science from the Massachusetts Institute of Technology.

On this episode of Asset Backed, Ali and I discuss a wide variety of topics which specialty finance investors, practitioners, fund managers, and industry participants will find interesting. 

Among the many topics Ali & I discussed in this episode:
- His background and motivation behind forming the firm and launching his first fund.
- Evolution of specialty finance from mid 2000s (Prosper, peer to peer)
- The shift to and addition of smaller originators and the key drivers of their success and the magnitude of this change over the longer term
- Why bank business models did not support these smaller originators and their gravitation towards larger credits and borrower relationships 
- Why smaller originators are interesting as an asset class and secular trends propelling this part of the credit markets (e.g. reduced cost of technology, AI, data driven decisioning), which could help them grow

Why this episode? 
- Non-bank lenders and specialty finance companies across areas such as structured consumer finance, commercial finance, transportation, factoring and invoice financing, MCAs, and ABL require funding partnerships to make loans to customers. 
- Firms such as a Monochil provide capital to these niche but massive segments of the lending or credit markets where they have seniority, access to data, books, records, and controls as the senior, first-lien, first position lender.
- Examples of niche credit markets aka specialty finance include non-bank consumer lending, SME and invoicing/receivables financing among many other sub-verticals within what is called specialty finance
- Specialty finance is only just beginning to become familiar to wealth advisors and RIAs, which is one of the key reasons I launched this podcast and run a sister podcast called ATLalts. 
- Many RIAs have allocated to large direct lending strategies and stopped looking at additional opportunities to gain exposure in private credit

Why Specialty Finance?
- It is less correlated to corporate sectors
- Lending is moving away from banks
- Banks used to have a monopoly on "lead-gen", "payment infrastructure", "servicing", "consumer data", and "funding". As these four "moats" are being democratized, barriers to entry are easing. 
- Funding is turning from a competitive strength for commercial banks to weakness (payment technologies are making them more flighty and elastic)
- What 20 years ago was mainly possible through having a bank account, is now achievable with an investment account (you can simply link your debit card to your brokerage/wealth account)
- Banks are not only losing their monopoly as the source of consumer financing, but also to manage savings for customers...no longer best option for either saving or lending arguably 
- All of this creates opportunity for investors to earn attractive risk adjusted returns with private credit firms like Monochil who specialize in lending to niche markets or industries and areas such as structured credit

Disclaimer: Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. This conversation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Viewers should not construe the contents of this conversation as legal, regulatory, tax, accounting or investment advice or a recommendation. Viewers should consult independent counsel, tax and financial advisors as to legal and related matters concerning any transaction.

Brook Scardina is a Managing Partner - Capital Markets & Investments with Atlanta, GA-based Oak Real Estate Partners (OREP). OREP is an institutional small balance sheet private credit bridge lender that invests in high-quality, short-duration senior-position loans on positive income-producing commercial real estate assets.

Brook and I discussed how investors can think about investing and navigating this period of volatility and market uncertainty, how alternatives and private credit generally, and real estate bridge lending specifically, can help mitigate portfolio volatility, offer enhanced diversification, and attractive risk-adjusted yields. 

The investment thesis at OREP is supported by increasing and tighter banking regulations which has created a unique investment opportunity for experienced private credit lenders to fill the lending void in the generation of attractive, uncorrelated returns that enhance diversification.

About Oak Real Estate Partners:
https://www.oakrepartners.com/about/

Brook Scardina Bio:
Brook Scardina is Managing Partner, Capital Markets & Investments, for Oak Real Estate Partners (OREP), where he leads the external capital markets strategy for the national fund manager focused on the institutional investment sector. He is responsible for advising on, solving and delivering alternative investment solutions that support the institutional return objectives of investors including foundations and endowments, sovereign wealth funds, family offices, and corporate and public pension plans.

Over the past two decades, Brook has been involved in the participation and underwriting of more than $12 billion in capital deployed across multiple asset classes including equity, fixed income, diversifying strategies, hedge funds and alternative assets, and complex investment strategies. His career includes roles managing the financial and investment risk complexities for well-known organizations such as the Georgia Tech Foundation, UNC Management Company and UPS Group Trust, a $29-billion defined benefit trust. Immediately prior to joining OREP, Brook was Head of Institutional Consulting for Crescent Wealth Advisory.

Brook, who holds a Series 65 certification from the Financial Industry Regulatory Authority (FINRA), earned master’s degree in business administration from Auburn University and a bachelor’s degree in finance from Georgia Southern University. He has served as a client advisory board member of the Bank of New York Mellon and is the current Chairman of the Board for the Roswell United Methodist Foundation in Atlanta, where he is based.

Disclaimer: Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. This conversation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Viewers, listeners, and subscribers should not construe the contents of this conversation as legal, regulatory, tax, accounting or investment advice or a recommendation. Viewers, listeners, and subscribers should consult independent counsel, tax and financial advisors as to legal and related matters concerning any transaction or financial matter. Any views expressed on this podcast, related websites, related blogs, or other related platforms related to this content that you may visit, watch, or listen to, or any articles, interviews, conversations, or discussions therein, are those of the participants and are not intended as a forecast or as investment recommendations. Information provided are as of the dates described in the content and/or the time of the recording and are subject to change at any time.

Sreeni is a co-founder, Managing Partner and Group Chief Investment Officer at Angel Oak Capital and is responsible for the overall investment strategy of the firm. He is also the Chief Executive Officer and President at Angel Oak Mortgage REIT, Inc. (NYSE: AOMR).
 

Prior to Angel Oak, Sreeni was the Chief Investment Officer of the investment portfolio at Washington Mutual Bank in Seattle where he managed a $25 billion portfolio. He was also part of the macro asset strategy team at the bank. Sreeni previously worked for six years at SunTrust Bank in Atlanta, where he was responsible for investment strategies and served as Head Portfolio Manager for the $3 billion commercial mortgage-backed securities portfolio. He began his career at SunTrust in 1998 as a Bank Analyst focused on asset/liability management and liquidity strategies. 

Sreeni holds a B.B.A. degree in Economics from Georgia College and State University and an M.B.A. in Finance from Georgia State University.

Sreeni and I discussed his backstory which includes his being born and raised in India, his university years as a collegiate tennis player, his first jobs out of college, his career progression in financial services and how that led to the background needed to form Angel Oak, getting his firm started following the GFC with his co-founders, and key decisions and milestones that have allowed Angel Oak to reach its current size and scale.  

Today I posted our third and final episode of “The Asset Based Lending Masterclass” where I had the pleasure of spending time with Matt Edgar, Founder and CEO of Edgar Matthews & Co., to discuss the nuts and bolts of financing specialty finance originators, from non-bank ABL through securitization. Edgar Matthews & Co. is a financial services sector-focused investment bank established last year and is quickly becoming a go-to advisor for unique financing solutions, as well as M&A advice, for the specialty and alternative lending spaces. Matt and his team cover the ecosystem comprehensively, with experience across commercial finance, consumer finance and more esoteric and emergent asset classes and bring “big bank” capabilities to specialty finance companies of all sizes. I look forward to watching the Edgar Matthews platform continue to grow into a leader in the space and hope to have Matt join the Asset Backed podcast again soon

Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. This conversation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Viewers should not construe the contents of this conversation as legal, regulatory, tax, accounting or investment advice or a recommendation. Viewers should consult independent counsel, tax and financial advisors as to legal and related matters concerning any transaction.

Topic we cover in Part III include:

Securitization
- At a stage where the track record is proven out and the firm is maturing, perhaps the ABS opportunity now is more realistic. What are those signals, markers?
- Why would you seek it out?
- What is a private securitization? Where does EM focus?
- What role do the rating agencies play, if any?
- At what stage should an originator begin to explore ABS and what type of advisors are typically required for an ABS transaction vs an asset-based financing for an early stage originator involving a warehouse or ABL facility?
- Will advisors and service providers differ in the private ABF space versus the earlier stages where the originator is setting up a warehouse, ABL or first facility or forward flow?

Specialty Finance
- Key considerations for specfin originators as they evolve and seek to tap the bank, securitization or broader cap markets?

Trends
- What costs are you seeing and how will these differ by stage and maturity of company?
- What do you expect to come from the private ABF market in the next 1-2 years?

Please reach out with any questions, comments, or thoughts about the show to [email protected].

The Asset Based Lending Masterclass Part II of III. Raising Debt Capital for your Specialty Finance, Fintech Lending, or Alternative Lending Platform with Special Guest and Asset Backed Podcast Contributor Matt Edgar, Founder & CEO of Edgar Matthews

Matt Edgar, Founder & CEO of boutique investment bank Edgar Mathews & Co., and I recently recorded part two of our three part series Masterclass in Asset Based Lending. This is episode II of III. 

In recent months specialty finance, asset based finance, and different related credit themes have gotten significant attention in the press and from market participants. Together Matt and I dive into the process of how a growing lending business raises debt financing. This content will be particularly beneficial we believe for growth-stage and middle-market sized originators and lending businesses who are seeking to execute their first securitization and rated transaction. Originators who have previously raised other financing and debt facilities from institutional capital providers and are evaluating the ABS market will find this conversation potentially relevant given the nuances and differences the ABS marketplace presents from other funding markets. I hope you enjoy and join us on each of these special episodes.

Disclaimer: Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. This conversation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Viewers should not construe the contents of this conversation as legal, regulatory, tax, accounting or investment advice or a recommendation. Viewers should consult independent counsel, tax and financial advisors as to legal and related matters concerning any transaction.

The topics in Part II of III include:
 

- Term sheet basics and advanced concepts once you have identified lenders interested
- What are the main structures through which a specialty finance originator can access capital?
- What are the different types of investors that can be approached? 
- What are considerations for each cohort of investor?
- We walk through some of the key structural features of ABL facilities

• Eligibility Criteria
• Excess Concentrations
• Minimum Utilization & Accordions
• Financial Covenants
• Collateral Quality Tests & Triggers
• Events of Default
• Other

- An overview of the closing and funding process of asset-based financing facilities
- Biggest mistakes borrowers make when raising

Please reach out with any comments, questions, or feedback about this series or previous shows. You can reach me at [email protected]

Asset Based Lending Masterclass Part I of III. Raising Debt Capital for your Specialty Finance, Fintech Lending, or Alternative Lending Platform with Special Guest and Asset Backed Podcast Contributor Matt Edgar, Founder & CEO of Edgar Matthews

Matt Edgar, Founder & CEO of boutique investment bank Edgar Mathews & Co., and I are recording a three episode Masterclass in Asset Based Finance. In recent months specialty finance, asset based finance, and different related credit themes have gotten significant attention in the press and from market participants. Together Matt and I dive into the process of how a growing lending business raises debt financing. This content will be particularly beneficial we believe for startup, emerging, growth-stage and middle-market sized originators and lending businesses who are seeking to raise debt facilities from institutional capital providers. I hope you enjoy and join us on each of these special episodes.

Disclaimer: Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. This conversation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Viewers should not construe the contents of this conversation as legal, regulatory, tax, accounting or investment advice or a recommendation. Viewers should consult independent counsel, tax and financial advisors as to legal and related matters concerning any transaction.

The topics in Part I of III include:

1. Intro: Firm overview, background, etc.
2. A broad overview of the capital raising process and how Edgar Matthews works with originators/lenders seeking to raise debt financing 
   1. The process for each issuer/lender will differ quite a bit depending on the vertical, stage of the company, collateral, debt solution required, etc. We focus on private ABL facilities more than securitizations in Part I. 
3. Preparing for the capital raising process
4. Key structural features of warehouse and ABL facilities
5. Best practices for moving from term sheet to closed transaction

The topics in Part II of III include: 

1. The main structures through which a specialty finance originator can access capital
2. The different types of investors (or providers of debt capital) that can be approached. Considerations for each cohort of investor.
3. Key structural features of ABL facilities

• Borrowing Base / Advance Rate (also covered previously)
• Eligibility Criteria
• Excess Concentrations
• Minimum Utilization & Accordions
• Financial Covenants
• Collateral Quality Tests & Triggers
• Events of Default

4. The closing and funding process of asset-based financing facilities

The topics in Part III of III include:

1. Biggest mistakes to avoid in the debt capital raising process
2. Biggest struggles for originators when working with investors
3. Advisors and specialists you may want to engage when executing an asset-based financing

4. Key considerations as specialty finance originators evolve and grow and want to tap into the bank, securitization or broader capital markets

5. The current cost of capital and market terms and how this differs by stage and investor type

6. The growth and evolution of private asset-based finance and what we may see over the next 12-18 months