Turbine Capital Private Podcast

Waypoint Energy Series | Understanding GP Liability in Oil & Gas Investing

Tait Duryea and the Turbine Capital team walk investors through one of the most important questions around the Waypoint Energy Fund: how GP liability works and why it matters for active oil and gas tax benefits.  The conversation explains the difference between GP and LP treatment, how IDC deductions may offset W-2 income, what risk mitigation looks like through major operators and fund-level reserves, and how investors should think about titling, timelines, distributions, and tax documentation. They discuss: *  (0:00) Oil and gas tax benefits and GP liability overview *  (4:05) GP versus LP tax treatment *  (5:00) IDC and TDC deductions explained *  (7:13) Understanding GP liability in Waypoint *  (15:10) How to title investments for tax treatment *  (18:07) Fund timeline and GP-to-LP conversion *  (19:08) Breakeven pricing and fund sensitivity *  (20:32) Investor share classes and early discounts *  (27:23) K-1 timing and tax document expectations *  (33:03) No IDC recapture on active tax savings  Links & Resources: * Turbine Capital Events Calendar: https://www.turbinecap.com/calendar [https://www.turbinecap.com/calendar] * Waypoint Energy Deal Room: https://www.turbinecap.com/waypointenergy [https://www.turbinecap.com/waypointenergy] * Investor questions, KYC, subscription documents, or accreditation support: investors@turbinecap.com Turbine Capital Private Podcast: Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d [https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d]Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026 [https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026] If you have any questions, please feel free to email investors@turbinecap.com. Learn more about Turbine Capital: Website: https://www.turbinecap.com [https://www.turbinecap.com/] Facebook: https://www.facebook.com/turbinecap [https://www.facebook.com/turbinecap] Instagram: https://instagram.com/turbinecapital [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.

May 2026 Hangar Talk

Tait Duryea and the Turbine Capital team share the latest May Hangar Talk updates, including strong momentum behind the Waypoint Energy Fund and new details on Iron Horse production. The conversation also clears up common investor questions around KYC requirements, breakeven pricing, GP liability, IRA strategies, and Buddy Bidding, while giving a closer look at the Secured Income Fund and current deal flow across Turbine’s private market opportunities. They discuss: * (0:57) Waypoint Energy and KYC updates * (3:00) Iron Horse performance and distributions * (4:05) Breakeven pricing clarification * (5:45) Well production and timing updates * (10:03) Oil pricing and hedging questions * (14:04) Waypoint underwriting approach * (17:17) GP liability concerns explained * (25:12) IRA and Roth conversion strategy * (29:07) Buddy Bidding referral program * (32:24) Secured Income Fund overview * (39:46) Waypoint deal flow update Links & Resources: Investor support email: investors@turbinecap.com Accounting support email: accounting@turbinecap.com Turbine Capital Private Podcast: Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d [https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d]Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026 [https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026] If you have any questions, please feel free to email investors@turbinecap.com. Learn more about Turbine Capital: Website: https://www.turbinecap.com [https://www.turbinecap.com/] Facebook: https://www.facebook.com/turbinecap [https://www.facebook.com/turbinecap] Instagram: https://instagram.com/turbinecapital [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.

Waypoint Energy Fund 2026 Webinar

In this Waypoint Energy 2026 Fund webinar, Tait Duryea is joined by Mark Fleming and the Turbine Capital team to introduce Turbine’s new private energy vertical. They cover why oil and gas remain essential, how U.S. shale changed the global energy landscape, and why non-operative working interests may offer a compelling blend of diversification, cash flow, and tax advantages for high-income professionals.  The discussion also walks through fund structure, diligence, share classes, GP versus LP titling, expected deployment timelines, and common investor questions around risk, capital calls, production delays, and exit strategy. They discuss: (0:00) Launching Waypoint Energy 2026 (2:26) Mark Fleming’s oil and gas background (3:00) Why oil and gas still matter (9:41) How shale changed U.S. energy (12:47) Natural gas and LNG exports (17:12) Why non-op working interests work (21:07) How Waypoint evaluates deals (27:22) The 2026 fund structure (34:48) Tax benefits for W-2 earners (41:30) Share classes and early discounts (43:19) GP versus LP tax treatment (46:12) Investor questions on distributions (50:28) Exit strategy and tax recapture (52:24) Capital calls and risk mitigation (67:29) When cash flow may begin (69:23) Waypoint versus Iron Horse Links & Resources: * Turbine Capital Events Calendar: https://www.turbinecap.com/calendar [https://www.turbinecap.com/calendar] * Waypoint Energy Deal Room: https://www.turbinecap.com/waypointenergy [https://www.turbinecap.com/waypointenergy] * Investor questions, KYC, subscription documents, or accreditation support: investors@turbinecap.com Turbine Capital Private Podcast: Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d [https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d]Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026 [https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026] If you have any questions, please feel free to email investors@turbinecap.com. Learn more about Turbine Capital: Website: https://www.turbinecap.com [https://www.turbinecap.com/] Facebook: https://www.facebook.com/turbinecap [https://www.facebook.com/turbinecap] Instagram: https://instagram.com/turbinecapital [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.

April 2026 Hangar Talk

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 [https://docs.google.com/spreadsheets/d/157HY_Jp4GrEv7F_uvuy6yBB1wssl4S2QzAvc0BJess4/edit?gid=0#gid=0] Investor support email: investors@turbinecap.com Accounting support email: accounting@turbinecap.com Turbine Capital Private Podcast: Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d [https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d]Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026 [https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026] If you have any questions, please feel free to email investors@turbinecap.com. Learn more about Turbine Capital: Website: https://www.turbinecap.com [https://www.turbinecap.com/] Facebook: https://www.facebook.com/turbinecap [https://www.facebook.com/turbinecap] Instagram: https://instagram.com/turbinecapital [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.

March 2026 Hangar Talk

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 [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/ [https://turbinecap.investnext.com/portal/offerings/9681/]  Turbine Capital Private Podcast: Spotify: https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d [https://open.spotify.com/show/0IWgXJwFJY1Xiw13SfuCnZ?si=87be61dfe5fb415d]Apple: https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026 [https://podcasts.apple.com/us/podcast/turbine-capital-private-podcast/id1831346026] If you have any questions, please feel free to email investors@turbinecap.com. Learn more about Turbine Capital: Website: https://www.turbinecap.com [https://www.turbinecap.com/] Facebook: https://www.facebook.com/turbinecap [https://www.facebook.com/turbinecap] Instagram: https://instagram.com/turbinecapital [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.