Beyond the Stock Market, a Groundfloor Production

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

Thu, 28 May 2026 07:30:00 -0400

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

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Ray Yousefian on LinkedIn: https://www.linkedin.com/in/raymond-yousefian/

References:

Serengeti Asset Management: https://serengeti-am.com/

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

Thu, 14 May 2026 07:30:00 -0400

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

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Michael Davis on LinkedIn: https://www.linkedin.com/in/michaeldavisbuilds/

References:

Homegrown: https://joinhomegrown.com/
The Hard Thing About Hard Things by Ben Horowitz: https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205
Acquired Podcast: https://www.acquired.fm/

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

Thu, 30 Apr 2026 08:30:00 -0400

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

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Michael Schwartz on LinkedIn: https://www.linkedin.com/in/mjschwartz4/

References:

Hive Financial Assets: https://www.hivefinancialassets.com/
Author Erik Larson: https://eriklarsonbooks.com/about-the-author/

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

Thu, 16 Apr 2026 09:00:00 -0400

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

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/

References:

Groundfloor Lending: https://lending.groundfloor.com/
Five Dysfunctions of a Team by Patrick M. Lencioni: https://a.co/d/0gckczD1

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

Thu, 16 Apr 2026 08:45:00 -0400

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

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Patrick Donoghue on LinkedIn: https://www.linkedin.com/in/patrick-donoghue-60723723/

References:

Groundfloor Lending: https://lending.groundfloor.com/
Shark Tank: https://abc.com/show/535e2b07-18a9-4d94-9803-9ed8257b9d23

Ep 01 Part 2: Private Market Trends, Groundfloor Notes, and Staying Calm Through Market Cycles

Wed, 01 Apr 2026 14:45:00 -0400

Brian Dally continues his conversation with Groundfloor head of investments Robert Varghese on lessons from past downturns amid inflation and rate volatility, emphasizing not panicking, having a plan, and diversifying, including through private markets. Varghese says Groundfloor’s 300,000 investors are seeking higher yield, diversification, access to new asset classes, and lower volatility supported by hard assets. He explains how Groundfloor’s Notes are positioned as CD-like but backed by pools of real estate loans and offering higher returns. He outlines plans to expand private market offerings beyond real estate lending and contrasts Groundfloor’s origination-first approach with competitors.

00:00 Welcome Back Part Two

00:36 Lessons From Downturns

03:08 Why Retail Investors Shift

04:51 Notes Program And 2026

08:51 Notes Versus Bank CDs

11:06 What Makes Groundfloor Different

15:29 Rapid Fire Q And A

18:03 Misconceptions About Hard Money

19:22 Career Advice For Managers

21:13 Final Thanks And Outro

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Robert Varghese on LinkedIn: https://www.linkedin.com/in/j-robert-varghese-cmt-b340338/

References:

Groundfloor Notes: https://groundfloor.com/notes/
Clayton Christensen: https://www.christenseninstitute.org/
High Yield Investor by Sam Smith: https://www.youtube.com/@SamuelDividends
Public Enemy, Fight the Power: https://www.youtube.com/watch?v=mmo3HFa2vjg

Ep 01 Part 1: Introducing Beyond the Stock Market, a Groundfloor Production, with Groundfloor’s Head of Investments

Wed, 01 Apr 2026 13:30:00 -0400

Host Brian Dally, CEO and cofounder of Groundfloor, launches the Beyond the Stock Market Podcast with first guest Robert Varghese, Groundfloor’s head of investments, to introduce the show and discuss private market trends. Varghese recounts 30+ years across investment banking and mutual fund management, before moving into fintech and private credit and joining Groundfloor. He defines alternatives and private markets (private debt, private equity, real estate, infrastructure), explains their growing mainstream access, and argues portfolios benefit from combining public and private assets to address stock volatility. He emphasizes all investing involves risk and investors must be appropriately compensated, highlighting risks beyond volatility such as duration, term, and liquidity. The episode ends teasing part two on future investing trends and Groundfloor updates.

00:00 Welcome to the Podcast

00:44 Meet Robert Varghese

01:43 Roberts Career Journey

06:10 Defining Private Markets

08:28 Why Not Just Stocks

10:34 Risk and Return Basics

14:19 What’s Next in Private Markets

17:07 Part Two and Wrap Up

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Robert Varghese on LinkedIn: https://www.linkedin.com/in/j-robert-varghese-cmt-b340338/

References:

Treasury Bills: https://www.treasurydirect.gov/marketable-securities/treasury-bills/
State Street: https://www.ssga.com/us/en/intermediary