Tait Duryea hosts Turbine Capital’s 2025 Annual Shareholder Event, reflecting on the firm’s most successful year to date. With Brittney Atiburcio and guest advisor Mark Fleming, the team shares company growth, portfolio performance across 30 active deals, and insights into today’s economic reset. They also share updates on multifamily, industrial, and energy opportunities, plus news on an executive order that could open 401k access to private equity. Discover why Turbine is doubling down on oil and gas, how Buddy Bidding expands access, and what to expect from upcoming offerings.

Show notes:
(0:00) Intro
(3:29) Meet the Turbine Capital team
(6:39) Introducing Mark Fleming, oil & gas advisor
(8:26) Core values: stewardship, transparency, adaptability
(10:14) Inflation, interest rates, and market reset explained
(19:00) Why Turbine is buying at the cyclical low
(28:25) Rate outlook and macro trends with Jonathan Chang
(28:47) Executive order: private equity meets 401k
(34:34) Tiger 21 and high-net-worth portfolio allocation
(43:01) Navigating challenges and capital calls in Phoenix deals
(52:04) Miticus factory and investor weekend details
(1:00:06) Oil & gas tax benefits and new offering
(1:01:06) Buddy Bidding: new share class for investors
(1:05:15) Save the date: Utah in-person unveiling
(1:08:21) Turbine Capital private podcast announcement
(1:09:34) Q&A: deal forecasting, non-accredited options, asset classes

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, starting with the fast-approaching August 15th subscription deadline for the Houston storage deal. Hear about Azara Tempe, a 56-unit multifamily near ASU with strong occupancy, solid returns, and significant depreciation benefits. Then meet Mark Fleming, Turbine Capital’s new oil and gas advisor, as he outlines the reduced risk, upfront cash flow, and 80–85% W-2 tax benefits of the upcoming 2025 Oil & Gas Fund. 

Mark Fleming is a petroleum engineer with over 20 years of experience at Chevron, Hess, and in the financial sector evaluating oil and gas portfolios. Specializing in unconventional assets, Mark has advised on drilling programs across major U.S. basins. Now serving on Turbine Capital’s advisory board, he ensures the firm’s oil and gas acquisitions meet rigorous technical and economic standards.

Show notes:
(0:00) Intro
(1:33) Annual shareholder event details
(4:41) Oil & gas deal timeline and intro to Mark Fleving
(10:57) Expected cash flow ramp and well decline curves
(13:25) How diversification across wells reduces risk
(16:23) Why oil & gas offers rare W-2 tax offsets
(19:12) How modern drilling tech lowers risk
(21:27) Tax benefit ranges and conservatism
(25:57) Well life expectancy and hold strategy

Helpful Links:

Annual Shareholder Event Registration Link: https://us02web.zoom.us/webinar/register/WN_UARDy1xgQI6m8irPBIBNKg#/registration

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

Mark Fleming: https://www.linkedin.com/in/mark-e-fleming/

Mark Fleming Oil and Gas Recommended Reading:

• Fossil Future – A.Epstein
• The Prize – Daniel Yergin
• Liberty Energy Website – Bettering Human Lives (by Chris Wright, Secretary of Energy)

Tax Benefits of Oil & Gas eBook:
https://www.turbinecap.com/oil-and-gas-ebook

New upcoming deal Turbine Capital is about to launch - Azara: https://turbinecap.investnext.com/portal/offerings/8718/azara-tempe/

Houston Storage:
https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/

Passive Income Pilots Episode 119 - Asset protection through LLC or Trusts

• https://open.spotify.com/episode/3Ykx90A3PuDuUPAypw2LxG?si=c4328bcc484b4423
• https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000717765661

Book a call Adam Knightly - https://nchinc.com/about-us/our-experts/adam-kintigh

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 welcomes Nathan Sosa for the first guest appearance of the Hangar Talk series to break down one of the most powerful and misunderstood tax advantages available to high-income earners: oil and gas investing. They unpack how working interests can offset W-2 income, why structure matters, and how the upcoming Iron Horse Energy Fund is designed to maximize benefits while managing risk. You’ll hear how diversification across 100+ wells, partnerships with top-tier operators, and smart fund structuring can deliver both strong cash flow and extraordinary tax efficiency. 

Nathan Sosa, Manager of National Tax at Hall CPA, advises investors nationwide on advanced tax strategies. A real estate investor and small business owner himself, Nathan brings both technical expertise and real-world insight, most recently co-authoring an e-book on oil and gas tax benefits with Tait.

Show notes:
(0:00) Intro
(0:18) Nathan’s tax & investing background
(1:14) Oil & gas tax advantage explained
(4:01) Investing via stock, royalties, working interest
(6:01) How the 80–90% deduction works
(9:14) De-risking with diversification & operators
(13:00) Active loss treatment rules
(17:05) Fund timeline & cash flow outlook
(20:02) State tax factors for high earners
(23:51) Break-even pricing & assumptions
(26:04) Expanded 1202 exemption benefits

Helpful Links:

• K-1 Tax Document tracker: https://docs.google.com/spreadsheets/d/1oZAnEOesvJH228aOiZqUB9P-_vc1DEpzymZAudvNfCw/edit?usp=sharing
• Oil & Gas Tax Benefits eBook (written by Tait and Nathan): https://drive.google.com/file/d/1-esh5ZpdRJkKiBDO05QS2VFUYKzfdEPR/view?usp=sharing
• Passive Income Pilots’ latest episode with Nathan Sosa - Big Beautiful Tax Bill:
  • Apple Podcast:
  • https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000716846641
  • Spotify Podcast:
  • https://open.spotify.com/episode/0exEKvvBnijuZXSVaLGlCu?si=bf12aa083c3648e0
• Houston Storage Deal Room - https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/
• To book a call with Nathan at Hall CPA: https://bit.ly/HallCPA
• Contact Nathan to get access to HALL Community $100 off for the year access for PIP and TC brand: [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.

What do “7% preferred return” and “70/30 split” actually mean for your investment? 

In this Hangar Talk episode, Tait Duryea breaks down how cashflow and waterfalls work in GP-LP real estate deals. Using relatable rental property examples, he explains preferred returns, equity multiples, liquidity events, capital account reductions, and the tax treatment of distributions. You’ll learn how GP–LP structures align incentives, when projections hold up (and when they don’t), and how refinancing can return your capital while keeping you in the deal. 

Show notes:
(0:00) Intro
(01:21) Year-one cashflow on $100K investment
(02:29) Deals that pay monthly vs. development plays
(03:53) Preferred return as first step in the waterfall
(05:19) How accrued preferred return works
(08:15) Liquidity events and return of capital
(10:24) Capital accounts and preferred return calculation
(13:40) When the preferred return disappears
(14:02) Rewarding early investors in a deal
(18:54) Do real-world results match projections?
(20:29) How distributions are taxed before and after return of capital
(26:25) DSTs, TICs, and 1031 exchange considerations
(26:32) Why invest via Turbine Capital vs. directly

Helpful Links:

• StealthPoint Deal Room: https://turbinecap.investnext.com/portal/offerings/8265/
  
  This Hangar Talk discussed the StealthPoint investment, which is no longer open and accepting investors. You can still view the details in the deal room, but be sure you’re signed up for the Turbine Capital Investor Club to get first notice of new and upcoming Skunk Works offerings.
  
  
• Turbine Capital Calendar: https://www.addevent.com/calendar/Tj858910
• PIP Episode with Trevor Flor on 1031: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000616864912 
• Cost Segregation Episodes on PIP:
  • Episode #14 with Toby Mathis: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000611466826
  • Episode #32 with Yonah Weiss: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000624538776
  • Episode #85 with Erik Oliver: https://podcasts.apple.com/us/podcast/passive-income-pilots/id1675913577?i=1000677510087

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.

What makes a deal boring, and why might that be a good thing? 

In this episode of the Turbine Capital Private Podcast, Ryan Gibson joins Tait Duryea for a candid conversation about their latest Houston acquisition and why it may be the strongest deal they’ve done to date. 

With $30M already committed and closing set for late August, Tait Duryea and Ryan Gibson break down why this off-market, mom-and-pop portfolio could outperform riskier development deals. At 84% occupancy with major marketing and management upgrades ahead, this Houston acquisition is built for growth. If you’re looking for high-quality cash flow with low downside, now’s your chance.

Ryan Gibson is the President and CIO of Spartan Investment Group and a frequent collaborator with Turbine Capital. Known for his sharp underwriting and operational acumen, Ryan brings deep experience in self-storage, portfolio scaling, and market strategy. 

Deal Room: https://turbinecap.investnext.com/portal/offerings/8449/ 

Show notes:
(0:00) Intro
(00:07) Deal status and commitment update
(00:21) Reserved allocation for pilots
(00:41) Why this is the best deal yet
(01:14) The Portland trio vs. Houston
(05:03) 11% NOI growth, no marketing
(07:28) Massive marketing upgrade coming
(08:29) Underwriting 3.6% with room to beat

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 launch of the Turbine Capital Private Podcast, your insider track to everything happening at Turbine, from deal flow to strategy, directly from the source. Host Tait Duryea introduces the platform, and he is joined by Jon Yost and TJ Johnson, who share their aviation backgrounds, personal investing journeys, and key roles within the firm. Whether you’re looking to diversify beyond mutual funds or curious about how Turbine vets deals across asset classes, this intro sets the tone for what’s to come. Get ready to learn how pilots like you are reclaiming financial control through alternative investments.

Tait Duryea

Tait Duryea is the Founder and CEO of Turbine Capital, a private equity firm purpose-built for pilots seeking smarter, tax-efficient investment opportunities. His mission is to help fellow aviators break free from overexposure to Wall Street by offering access to carefully vetted alternative investments. With a passion for education and transparency, Tait leads Turbine Capital in delivering institutional-quality deals to everyday pilots who want passive income with purpose.

Jon Yost

Director of Acquisitions at Turbine Capital and a seasoned pilot flying both 777s and A-10s, Jon brings over two decades of hands-on real estate investing experience, from single-family homes to industrial assets. A strategic operator with deep due diligence expertise, he sources deals that meet Turbine’s high standards for return and reliability.

TJ Johnson

Investor Relations Liaison at Turbine Capital, TJ is a former F-15 pilot and current A220 captain who began his journey as a Turbine investor. Now, he’s the first point of contact for fellow investors, guiding them through deals, onboarding, and ongoing communication with clarity and care.

Show notes:

(0:00) Intro
(0:12) What to Expect on This Platform
(0:52) Who Turbine Capital Serves
(1:32) Diversifying Beyond 401(k)s
(2:07) Meet Jon Yost: Flying & Investing
(3:13) Jon's Real Estate Journey
(5:28) What Jon Does at Turbine
(6:15) Meet TJ Johnson: F-15 to A220
(7:25) TJ’s Role in Investor Relations
(8:44) Subscribe & Stay Tuned

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.