Turbine Capital Private Podcast

Tait Duryea hosts a wide-ranging Hangar Talk covering investor updates, Iron Horse performance, and how Turbine Capital is positioning capital heading into the next market cycle. He explains recent returns from Iron Horse, clarifies fiduciary responsibility, and outlines why natural gas may be the smartest way to participate in AI-driven demand without taking data center risk. The conversation also explores self-storage, industrial real estate, bonus depreciation, and why the next 12–18 months could present a prime buying window for disciplined investors.

Show notes:
(00:26) Iron Horse sale and investor returns
(01:09) Updating tax addresses and K-1 prep
(03:11) Fiduciary responsibility explained
(06:02) What’s inside the Iron Horse fund
(07:24) Energy funds returning next year
(12:21) Reef demographics and investor outlook
(15:00) Self-storage and industrial real estate outlook
(18:12) AI demand and natural gas strategy
(21:36) Why real estate pricing is stabilizing
(24:13) Bonus depreciation and capital flows

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 hosts a live Hangar Talk with Mike Peterson from Reef Capital Partners to answer investor questions directly from the source. The conversation covers how Reef reports performance, how quarterly distributions work, and why early cash flow may be lower due to depreciation and tax credits. They break down K-1 taxation, SDIRA and UBIT considerations, reinvestment strategy, and when investors can expect return of capital. Mike also shares insight into future Reef developments, including golf-focused resort communities and the long-term portfolio vision driving equity growth.

Show notes:
(02:40) Reporting and quarterly updates explained
(04:18) How Reef distributions are taxed
(07:12) Why Reef distributes 52 percent
(08:31) Reinvesting profits for higher IRR
(11:00) Future Reef developments overview
(13:31) When investors get capital back
(15:18) SDIRA and UBIT considerations
(18:19) Cocoa Palms project discussion

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.

We are thrilled to announce the opening of our Iron Horse Energy Fund, a $100M domestic drilling program offering accredited investors access to high-quality wells alongside major operators like EOG, ConocoPhillips, and Continental. Founder Tait Duryea, joined by Courtney (Iron Horse Energy), Mark Fleming (30-year oil & gas veteran), and CPA Nathan Sosa, break down the macro case for fossil fuels, fund structure, tax benefits, and risk management. Discover how the team built a diversified portfolio across top U.S. basins with low breakeven prices, strong downside resilience, and powerful 2025 tax advantages.

View on Vimeo: https://vimeo.com/1123795259 

View on Spotify: 

Visit the deal room.

Show notes:
(0:00) Intro
(3:08) Courtney’s background and drilling experience
(6:03) Why fossil fuels still dominate global energy
(12:09) Collapse of institutional funding and market opportunity
(19:01) Iron Horse Energy Fund overview and structure
(25:23) Due diligence process with Mark Fleming
(30:30) First Colorado well package and production timeline
(36:49) Fund transparency, fees, and contingency reserves
(44:07) Conservative modeling and downside resilience
(49:34) Tax advantages and IDC explanation with Nathan Sosa
(56:09) Liability, GP/LP transition, and investor protection
(59:52) Risk factors and diversification strategy
(1:08:11) Q&A: oil pricing, contingency, and exit strategy

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.

What’s the smartest way to position yourself in today’s real estate market? 

Tait Duryea and Hunter Thompson dissect the capital stack and explain how investors can use private debt, common equity, and preferred equity to balance risk and reward. They reveal why banks hold the safest seat at the table, how leverage amplifies returns, and why PREF equity is gaining traction in today’s market. Plus, they discuss how inflation reshapes wealth strategies, the role of depreciation, and how to think like a sophisticated investor.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:00) Intro
(0:37) Debt vs. equity explained
(3:14) Why banks hold the safest seat
(7:01) Risk, reward, and loan-to-value
(11:05) Equity investors and amplified returns
(20:10) Preferred equity defined and positioned
(23:50) How PREF works in current deals
(28:44) Blended returns with split investments
(31:23) Why PREF equity is capped
(36:07) Understanding accrued preferred return
(39:26) Inflation as real estate’s best friend

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 does it really take to grow wealth as a high-income professional? 

In this Hangar Talk, the team shares updates on the upcoming Investor Weekend in Colorado, including property tours, golf at Four Mile Ranch, and fireside conversations with oil and gas advisor Mark Fleming. You’ll also learn about the “buddy bidding” program, self-directed retirement accounts, tax strategies like Roth chunking, and how bonus depreciation offsets capital gains; the so-called “lazy man’s 1031.” Finally, the group breaks down the Iron Horse Fund, its tax advantages, risk protections, and long-term potential in oil and gas.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:46) Investor Weekend update in Colorado
(3:29) Buddy bidding explained for investors
(5:35) Investor portal updates and transfers
(7:52) Using self-directed retirement accounts
(12:01) Strategic Roth conversions for pilots
(13:14) Bonus depreciation and the “lazy man’s 1031”
(16:05) Why five-year holds are common
(24:42) Hall CPA and oil & gas tax guidance
(35:39) Iron Horse Fund overview and structure
(39:22) GP to LP transition explained
(45:03) Natural gas, data centers, and energy demand
(51:19) Oil & gas returns vs. real estate
(55:05) Investor protections and contingency planning

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.

Join Turbine Capital CEO Tait Duryea and Asym Capital founder Hunter Thompson as they sit down on-site at Azara Tempe. In this 15-minute conversation, Hunter shares why Phoenix remains one of the strongest multifamily markets in the U.S., how today’s challenges are more about financing than fundamentals, and why this property’s location, basis, and conservative debt structure make it a compelling opportunity for investors.

To learn more about the Azara Tempe investment opportunity or to submit a commitment, please visit the deal room.

Show notes:
(0:00) Intro
(0:52) Multifamily as real estate’s bread and butter
(3:37) Why multifamily remains a core strategy
(4:42) Competitive edge: specialization and localization
(6:40) Defensible underwriting and risk management
(9:02) Rent growth reversing in Phoenix market
(12:00) Why the seller is selling now
(15:04) Turbine’s GP role and capital commitment

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 episode, we hosted a Live Q&A Forum for Azara Tempe, giving investors the opportunity to ask questions, discuss the business plan, review underwriting, explore different share classes, understand the location, and hear more of the backstory behind this multifamily investment opportunity.

To reserve your spot or discover more about Azara Tempe, please visit the deal room.

Show notes:
(0:00) Intro
(03:00) Phoenix market distress creates opportunity
(07:30) Why Tempe location stands out today
(12:00) Falling knife or perfect timing?
(19:00) Lease rollovers and occupancy strength
(24:00) Cap rates, conservatism, and underwriting
(29:00) Breakeven occupancy and positive leverage
(37:00) Prepayment penalties and tax benefits
(42:00) Water security and Tempe’s growth story
(54:00) Bonus unit discovery and upside

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 episode, we share the full investor webinar for Azara Tempe, a 56-unit multifamily community in the premier North Tempe submarket of Phoenix, Arizona. The Turbine Capital and Asym Capital teams walk through the opportunity, business plan, and share classes available to investors.

For more information or to submit a commitment, please visit the Azara Tempe Deal Room.

Show notes:
(0:00) Intro
(2:06) Why Asym pivoted to Phoenix multifamily
(5:08) Deal overview and investment highlights
(7:03) Location, location, location: North Tempe advantage
(10:19) Property features and unit mix
(13:35) Sponsorship team backgrounds
(16:21) Long-term ownership and blank slate upside
(22:11) Debt terms and financing structure
(26:55) The “hidden unit” Easter egg discovery
(33:02) Phoenix fundamentals: job and population growth
(42:11) Market cycle analysis and why now

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 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.