Beyond the Stock Market, a Groundfloor Production

Ep 05 Part 1: Serengeti’s Structured Approach to Late-Stage Private Tech

Groundfloor CEO Brian Dally hosts Ray Yousefian, Senior Managing Director at Serengeti Asset Management, to discuss how Serengeti structures investments around some of the world’s fastest-growing private technology companies. Ray explains how Serengeti helps founders, employees, and early investors unlock liquidity without fully selling their equity positions, while offering investors a more downside-protected way to gain exposure to late-stage private markets. The conversation explores overcollateralization, private market liquidity, downside protection, and why structured private credit strategies may appeal to investors seeking alternatives to traditional equity exposure. 00:00 Welcome and Guest Intro 01:30 Ray’s Career Journey 04:05 What Special Situations Investing Means 06:10 Why Employees Need Liquidity 08:15 Overcollateralization Explained 10:05 Managing Downside Risk 11:40 Where This Fits in a Portfolio 14:00 Building Exposure to Private Tech Leaders 17:05 Understanding the Big Cat Fund 20:15 Return Structure and Investor Liquidity 22:10 Closing and Part 2 Preview Beyond the Stock Market podcast: https://groundfloor.com/podcast [https://groundfloor.com/podcast] Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ [https://www.linkedin.com/in/bdally/] Connect with Ray Yousefian on LinkedIn: https://www.linkedin.com/in/raymond-yousefian/ [https://www.linkedin.com/in/raymond-yousefian/] References: * Serengeti Asset Management: https://serengeti-am.com/ [https://serengeti-am.com/]

Ep 04: Homegrown’s Revenue-Based Capital for Brick-and-Mortar Businesses

Groundfloor CEO Brian Dally hosts Michael Davis, CEO and co-founder of Homegrown, a fintech providing growth capital to proven brick-and-mortar operators such as restaurants, fitness studios, and retailers. Michael shares how his parents’ struggles getting bank financing inspired Homegrown and explains why traditional bank lending often fails these entrepreneurs due to regulatory risk limits and a cumbersome process. Homegrown offers revenue-based expansion capital via capped-return revenue contracts, designed to protect business cash flow and provide investors monthly payments with upside tied to growth. Michael discusses underwriting signals like performance through disruptions, diversification from existing locations, and the idea that local businesses can help absorb AI-driven job dislocation. He also describes investor appeal: regular cash flow, risk-adjusted returns, and backing tangible local businesses. 00:00 Welcome and Guest Intro 01:55 Homegrown Origin Story 03:50 Why Banks Say No 06:46 Underwriting Real Risk 09:22 What Homegrown Funds 12:05 Revenue Contract Explained 17:47 AI Shock Absorber 20:57 Staying Resilient Now 24:34 Winning Investor Trust 28:59 Rapid Fire Round 33:28 Closing and Where to Find Beyond the Stock Market podcast: https://groundfloor.com/podcast [https://groundfloor.com/podcast] Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ [https://www.linkedin.com/in/bdally/] Connect with Michael Davis on LinkedIn: https://www.linkedin.com/in/michaeldavisbuilds/ [https://www.linkedin.com/in/michaeldavisbuilds/] References: * Homegrown: https://joinhomegrown.com/ [https://joinhomegrown.com/] * The Hard Thing About Hard Things by Ben Horowitz: https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205 [https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205] * Acquired Podcast: https://www.acquired.fm/ [https://www.acquired.fm/]

Ep 03: How Hive Financial Assets Uses AI-Driven Underwriting to Power Consumer Private Credit

Groundfloor CEO Brian Dally hosts Michael Schwartz, Chief Administrative Officer of Hive Financial Assets, a direct-lending private credit fund that has raised $160 million to finance non-bank consumer lenders. Michael explains Hive’s niche approach: embedding its algorithm into partner lenders’ workflows to help consumers facing event-driven needs like auto repairs, medical bills, appliance failures, and increasingly living expenses. He contrasts Hive’s simple-interest installment loans and borrower-friendly policies with predatory payday lending, noting repeat-borrower benefits. They discuss resilience from short-duration loans and real-time model adjustments to economic changes, and outline how the Hive-Groundfloor partnership formed. 00:00 Show Intro 01:35 What Hive Does 02:55 Private Credit Headlines 05:37 Middle America Borrowers 06:50 AI Underwriting Edge 11:15 Unit Economics Alignment 13:22 Loan Use Cases 16:48 Rates Terms Collections 18:30 Installment Loans Explained 19:48 Why Repeat Borrowers Matter 22:34 Short Duration Advantage 23:39 How Partnership Formed 27:38 Rapid Fire Insights 32:31 Closing And Next Deals Beyond the Stock Market podcast: https://groundfloor.com/podcast [https://groundfloor.com/podcast] Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ [https://www.linkedin.com/in/bdally/] Connect with Michael Schwartz on LinkedIn: https://www.linkedin.com/in/mjschwartz4/ [https://www.linkedin.com/in/mjschwartz4/] References: * Hive Financial Assets: https://www.hivefinancialassets.com/ [https://www.hivefinancialassets.com/] * Author Erik Larson: https://eriklarsonbooks.com/about-the-author/ [https://eriklarsonbooks.com/about-the-author/]

Ep 02 Part 2: Building Groundfloor Lending: Lessons in Culture, Capital Trends, and What’s Next

Host Brian Dally continues his conversation with Patrick Donoghue, VP and GM of Groundfloor Lending, reflecting on Patrick’s 10-year journey helping build Groundfloor’s lending operations and proprietary technology as the company grew to over $1B in loans and more than $2B in platform investments. They discuss key milestones, challenges and early culture mistakes, and how the company improved by handling conflict more professionally while emphasizing transparency, authenticity, and community. Patrick explains how real estate project financing has evolved since 2016, with more capital availability, lower costs, and Wall Street-driven securitization replacing “hard money” norms. Looking ahead, he expects Groundfloor to expand longer-term exit capital options. 00:00 Welcome Back and Setup 00:24 Ten Years Building Groundfloor 02:57 Milestones and Growing Pains 05:00 Culture Shift and Values 07:23 Handling Conflict Better 08:28 Capital Trends Since 2016 10:42 Whats Next for Lending 11:51 Rapid Fire Real Estate QandA 14:06 Mission People and Wrap Up Beyond the Stock Market podcast: https://groundfloor.com/podcast [https://groundfloor.com/podcast] Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ [https://www.linkedin.com/in/bdally/] Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/ [https://www.linkedin.com/in/patrick-donoghue-60723723/] References: * Groundfloor Lending: https://lending.groundfloor.com/ [https://lending.groundfloor.com/] * Five Dysfunctions of a Team by Patrick M. Lencioni: https://a.co/d/0gckczD1 [https://a.co/d/0gckczD1]

Ep 02 Part 1: Inside Private Credit: How Groundfloor Powers Real Estate Entrepreneurs

Host Brian Dally, CEO of Groundfloor, interviews Patrick Donoghue, Vice President and General Manager of Groundfloor Lending, about his lending background, early exposure to private/hard money lending, and joining Groundfloor in 2016. Donoghue explains how Groundfloor Lending is an end-to-end “factory” that originates, underwrites, closes, and services fix-and-flip and new construction loans, and describes how loans now flow not only to the retail investor platform but also into securitizations, creating a mix of private credit opportunities for retail and institutional investors. He outlines why borrowers choose Groundfloor—especially deferred interest to preserve cash flow—and shares market observations from recent years. Donoghue expects 2026 to remain sluggish, driven by affordability constraints and employment uncertainty. 00:00 Welcome and Guest Intro 01:48 Patrick’s Career Journey 04:34 What Groundfloor Lending Does 06:17 Where Loans Get Sold 08:05 Retail and Institutional Mix 09:53 Who Borrows and Why 12:14 Deferred Interest Advantage 14:08 Housing Market Trends Now 16:28 Outlook for 2026 18:04 Wrap Up and Next Steps Beyond the Stock Market podcast: https://groundfloor.com/podcast [https://groundfloor.com/podcast] Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/ [https://www.linkedin.com/in/bdally/] Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/ [https://www.linkedin.com/in/patrick-donoghue-60723723/] References: * Groundfloor Lending: https://lending.groundfloor.com/ [https://lending.groundfloor.com/] * Shark Tank: https://abc.com/show/535e2b07-18a9-4d94-9803-9ed8257b9d23 [https://abc.com/show/535e2b07-18a9-4d94-9803-9ed8257b9d23]