Turbine Capital Private Podcast

Tait Duryea and the Turbine Capital team share key investor updates in this month’s Hangar Talk, covering tax season logistics, new investment opportunities, and market insights across real estate, energy, and private credit.

They discuss:

• (0:00) K-1 timelines and tax filing options
• (3:24) New investor support contacts
• (6:12) Upcoming conferences and investor events
• (7:43) Industrial and senior living fund updates
• (13:33) Secured Income Fund overview
• (17:44) Stealth Point Fund 2 preview
• (22:48) Waypoint Energy Fund launch
• (29:41) Iron Horse tax benefits and distributions

Links & Resources:

K-1 Status Tracker: https://docs.google.com/spreadsheets/d/157HY_Jp4GrEv7F_uvuy6yBB1wssl4S2QzAvc0BJess4/edit?gid=0#gid=0

Investor support email: [email protected]

Accounting support email: [email protected]

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Tait Duryea and the Turbine Capital team break down key investor updates in this month’s Hangar Talk, from K-1 timing and account security to energy market shifts and the upcoming Waypoint Energy Fund. 

They discuss:

• (0:00) Investor updates on K-1 timelines and investor portal resources
• (3:49) Launch of the new Office Hours podcast for behind-the-scenes insights
• (10:34) Oil and natural gas market outlook and recent price volatility
• (12:13) Iron Horse Energy Fund update and expected production distribution
• (20:14) Introduction to the upcoming Waypoint Energy Fund strategy
• (32:18) Development progress and risk management for the Wildlight senior living project
• (42:08) Demand drivers and exit potential for senior housing investments 

Links & Resources:

K-1 Status Tracker:
https://docs.google.com/spreadsheets/d/157HY_Jp4GrEv7F_uvuy6yBB1wssl4S2QzAvc0BJess4/edit?gid=0#gid=0

Fellowship Wildlight Deal Room: https://turbinecap.investnext.com/portal/offerings/9681/ 

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Welcome to the first episode of Office Hours, a new series on the Turbine Capital Private Podcast where the team sits down for a candid conversation about what’s happening behind the scenes at Turbine.

In this episode, Tait is joined by TJ Johnson, Jon Yost, and Mark Fleming to talk through the questions investors have been asking most frequently over the past few weeks. The discussion covers:

• What the team saw on the ground at Wildlight Senior Living and why the operator stood out
• How investors are comparing Wildlight with the Industrial Growth Fund
• The biggest risks and tailwinds for both projects
• Recent moves in oil prices and what they mean for Iron Horse Energy investors
• Early thoughts on the upcoming Waypoint Energy Fund
• How Turbine aims to present a diversified mix of investment opportunities each year

The goal of this format is simple: share the same kinds of conversations happening inside the Turbine office as the team evaluates deals, answers investor questions, and thinks through market developments.

If you have feedback on the format or topics you'd like covered in future episodes, reach out to the team at [email protected]

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Demographics, Demand, and a 205-Unit Opportunity

Tait Duryea sits down with John LaHood and Kevin King to break down a $96 million, 205-unit senior housing development in Wildlight, Florida. With permits secured, land entitled, and sponsor equity already invested, this project is shovel-ready. 

They discuss:

• Senior housing projected to outperform on NOI growth
• Demographic tailwinds driving sustained demand
• Constrained new supply supporting pricing power
• Institutional-quality operator and developer partnership
• Proven lease-up and rent growth performance
• Conservative underwriting with upside potential
• Clear refinance and exit strategy targeting REIT and institutional buyers

Review the full investment deck in the deal room and secure your allocation before construction begins.

John LaHood is President and CEO of The Fellowship Family, a fourth-generation senior living operator based in Georgia, and serves in the Georgia House of Representatives. Active in the industry since 1997, he combines operational leadership with legislative advocacy focused on aging, healthcare policy, and senior living excellence.

Kevin King is CEO of BLDG Real Estate with over 30 years of experience in architecture, consulting, and real estate development. He has led senior living, multifamily, and charter school projects nationwide. Formerly a Principal at Ambling, Kevin specializes in disciplined execution, financing strategy, and building high-impact communities.

Deal Room: https://turbinecap.investnext.com/portal/offerings/9681/ 

Show notes:
(0:09) Project Overview and Executive Summary
(1:33) Timeline and Sponsor Equity Invested
(3:33) Fellowship Family Background
(5:49) BLDG Development Experience
(13:56) Senior Housing Demand Trends
(24:23) Jacksonville and Wildlight Growth
(35:05) Development and Unit Mix Explained
(47:16) Appraisal and Value Creation
(56:46) Construction and Lease-Up Timeline
(1:09:37) Hold Strategy and Exit Plan

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

The silver tsunami is no longer theoretical. It’s here.

Tait Duryea sits down with John LaHood to unpack why senior living may be one of the most compelling asset classes of the next decade. With occupancy surpassing pre-pandemic highs and development lagging far behind demand, the supply-demand imbalance is accelerating fast.

They discuss:

• Demographic surge of 80+ baby boomers driving demand
• Strong institutional REIT interest in senior living
• Labor challenges and workforce pipeline solutions
• Amenitized communities redefining the senior living experience
• Blended IL/AL models targeting ~40% NOI margins
• Master-planned development opportunity in Northeast Florida
• Macro tailwinds and operational realities of investing in dignified, high-quality senior housing

If you’re a high-income professional looking for recession-resilient demand and long-term demographic tailwinds, this conversation is worth your attention.

John LaHood is President and CEO of The Fellowship Family, a Georgia-based senior living organization, and a member of the Georgia House of Representatives representing District 175. A fourth-generation senior living operator, he grew up alongside Fellowship Brookside in South Georgia and has worked in the industry since 1997. In the legislature, he serves on committees impacting aging and healthcare policy and has been recognized by the Georgia Senior Living Association for his leadership and advocacy on behalf of seniors and providers.

Show notes:
(00:00) Senior living demographic tailwinds
(03:54) Pandemic occupancy collapse and recovery
(05:25) 18 quarters of occupancy growth
(07:40) Industry undersupply and aging inventory
(10:21) 370,000 unit shortage by 2030
(11:58) Reimagining modern senior living
(19:16) Solving labor and CNA pipeline
(27:56) Independent vs assisted vs memory care
(31:12) 40% NOI blended model
(34:10) Wildlight master-planned development

Connect with John LaHood: https://www.linkedin.com/in/john-lahood-3532a152/ 

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

In this month’s Hangar Talk, Tait and the Turbine Capital team share what’s been happening behind the scenes and where we’re headed next: a new CRM backbone, added in-house expertise, and fresh opportunities across real estate, credit, and energy.

In this episode:

• HubSpot transition – why we upgraded our communication system and what it means for response times, text messaging, and a central office line.
• Meet Noell Vinzon, Investor Relations Coordinator, and how she’ll help you with subscriptions, SDIRAs, and wiring logistics.
• Mark Fleming joins as Managing Partner of Oil & Gas and we introduce the Waypoint Energy Fund, bringing oil & gas fully in-house.
• K-1 timing: how to think about extensions vs. amending, and where to check the live K-1 status for every Turbine deal.
• SDIRA fair market value (FMV) reports – how we coordinate directly with custodians and where to find FMVs in your portal.
• Portfolio updates: Four Mile Ranch’s first distribution, Stealth Point’s breakout biotech company, and a record quarter for the Private Credit Fund.
• Why we’re bullish on industrial real estate and the long-term “silver tsunami” tailwind behind our upcoming senior living development.

Links & resources:
K-1 Status Tracker:
https://docs.google.com/spreadsheets/d/157HY_Jp4GrEv7F_uvuy6yBB1wssl4S2QzAvc0BJess4/edit?gid=0#gid=0

Happy Hour RSVPs:
Salt Lake City – White Horse Tavern: https://luma.com/ef9vgest
Houston – Stella’s Wine Bar: https://luma.com/rm1ig1uw

Connect on LinkedIn:
Mark Fleming
Noell Vinzon

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Tait Duryea sits down with Ben Fraser and Dan Schulte of Aspen Funds to unpack why industrial real estate is entering a new growth cycle driven by reshoring, supply chain risk, and shifting global trade. They explain how the Industrial Growth Fund targets raw land along the I-35 corridor, capturing value through entitlements, development, and strategic exits. From Kansas City’s “Golden Triangle” to Wichita’s industrial resurgence, this episode breaks down why smaller, flexible facilities are outperforming mega-warehouses and how investors can participate earlier in the value creation process.

Show notes:
(00:00) Industrial Growth Fund Overview
(03:42) Why Global Supply Chains Are Shifting
(05:35) Reshoring And Industrial Demand Surge
(08:25) Why The Midwest Is Winning
(10:18) Why Start With Raw Land
(13:47) Kansas City’s Golden Triangle
(17:58) Infrastructure, Labor, And Tax Advantages
(22:29) Multiple Exit Paths Explained
(26:28) Assets Already Inside The Fund
(36:01) How And When To Invest

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Tait Duryea and the Turbine Capital team welcome W. Schreiner Parker of Rystad Energy for a grounded, data-driven look at Venezuela, global oil supply, and what energy investors should actually be paying attention to. This episode cuts through media hype to explain why Venezuela’s production recovery is far slower and more capital-intensive than headlines suggest, how OPEC and geopolitics really influence pricing, and why oil and gas remain a long-term allocation rather than a short-term trade. A must-listen for pilots and high-income investors navigating volatility with perspective.

Show notes:

• (00:00) Venezuela market overview
• (03:22) Why this isn’t a supply shock
• (05:41) Capital required to restore production
• (07:54) Why majors avoid Venezuela
• (11:02) Short-term oil oversupply outlook
• (11:48) Long-term bull case for oil
• (18:12) Venezuela and OPEC membership
• (23:20) True reserves vs. headline numbers
• (26:15) LNG, AI, and natural gas demand
• (34:09) How oil investments create value

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Tait Duryea and the Turbine Capital team host a timely Hangar Talk focused on the Iron Horse Energy Fund as the funding deadline approaches. They break down current asset acquisitions, targeted 2025 tax benefits, funding flexibility, and how oil and gas pricing impacts performance. The conversation also covers IRA reporting, Roth conversion strategies, and why this fund structure offers flexibility unmatched by traditional real estate deals. The episode closes with a look ahead at 2026 opportunities, including industrial real estate, oil and gas, and upcoming investor events.

Show notes:

(00:06) Iron Horse fund deadline overview
(01:23) 21 assets and 86% write-off target
(02:07) Oil, gas, and basin diversification
(03:30) Funding deadlines and flexibility explained
(05:47) Dashboard funding and address updates
(07:53) IRA fair market value reports explained
(10:12) STR loophole vs Iron Horse comparison
(13:08) Portfolio updates and active projects
(14:24) 2026 pipeline and industrial strategy
(17:32) Roth conversion tax strategy explained

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.

Tait Duryea connects with Ellis Hammond from Aspen Funds to break down how private credit works and why it has become one of the most compelling strategies in today’s market. They walk through fund structure, deal selection, capital stack positioning, and how private credit can generate steady returns with less volatility than traditional equity investments. You’ll also hear how macroeconomic shifts, tighter bank lending, and disciplined underwriting have created unique opportunities for investors seeking consistency, diversification, and tax efficiency.

Ellis Hammond is the Vice President of Capital at Aspen Funds, where he oversees capital development and works closely with the acquisitions team on private credit investments. A real estate investor for nearly a decade, Ellis brings hands-on experience in underwriting, deal structuring, and portfolio management.

Visit the deal room.

 Show notes:
(00:13) Ellis Introduces Aspen Funds
(01:14) What Makes This Private Credit Fund Different
(06:32) Understanding the Capital Stack
(08:13) Interest Rates, Inflation, and Market Shifts
(10:52) Why Private Credit Is Growing Fast
(12:22) Fund Structure and Investor Options
(16:29) Loan Committee and Deal Approval Process
(20:01) How Returns Are Generated
(24:26) Why Borrowers Use Private Credit
(32:02) Key Reasons Investors Choose This Fund

Turbine Capital Private Podcast:
Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d
Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026

If you have any questions, please feel free to email [email protected].

Learn more about Turbine Capital:
Website: https://www.turbinecap.com
Facebook: https://www.facebook.com/turbinecap
Instagram: https://instagram.com/turbinecapital

The information discussed in this episode is for informational and educational purposes only and should not be considered investment, tax, or legal advice. Nothing discussed in this episode constitutes an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are those of the participants at the time of recording and are subject to change without notice. Investments discussed may not be suitable for all investors and involve risk, including the potential loss of principal. Past performance is not indicative of future results. Prospective investors should review all applicable offering documents and consult with their own financial, tax, and legal advisors before making any investment decision.