Beyond the Stock Market, a Groundfloor Production

Ep 08 Part 2: How Do Music Royalties Stack Up in Today’s Market Cycles?

Thu, 20 Aug 2026 07:45:00 -0400

Groundfloor CEO Brian Dally continues his conversation with Jillian Murrish, CEO and co-founder of Pier Asset Management, focusing on where specialty finance and music royalties fit in today’s volatile market. Jillian argues music royalties are largely non-correlated to stocks and unemployment, may hold up in downturns as streaming substitutes for other entertainment, and are relatively insulated from interest-rate moves. She also frames music as “AI-proof” because audiences value human artists and live performance. Jillian discusses portfolio construction across genres, songs, and royalty-rights types, Pier’s underwriting workflow, and why regulated banks create ongoing specialty finance opportunities, including institutionalization via securitizations.

00:00 Part Two Setup

00:34 Market Cycle and Noncorrelation

03:15 AI Proof Music Investing

05:17 Streaming Growth Drivers

06:57 Diversification and Royalty Types

10:09 Deal Flow and Underwriting

10:48 Future of Specialty Finance

12:37 Securitization and Scaling

15:49 Rapid Fire Q and A

17:53 Final Takeaways and Wrap

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

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

Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/

References:

Pier Asset Management: https://www.pieram.com/
Beeple: https://www.beeple-crap.com/
Goldman Sachs report: https://www.goldmansachs.com/insights/articles/global-music-revenues-are-forecast-to-double-to-200-million-in-2035

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.

Ep 08 Part 1: Specialty Finance and the Music Royalties Category with Pier Asset Management CEO Jillian Murrish

Thu, 06 Aug 2026 08:00:00 -0400

Groundfloor CEO Brian Dally hosts Beyond the Stock Market and interviews Jillian Murrish, co-founder and CEO of Pier Asset Management, a niche specialty finance investment firm. Jillian explains Pier’s focus on deal sizes that large institutions often overlook, and explains specialty finance as lending against portfolios of contractual cash flows such as loans, receivables, advances, and royalties. She describes Pier’s evolution from consumer and small business lending into music royalties, where distributor reports provide detailed streaming data. Jillian outlines why rights holders sell royalties, how music revenue typically cycles, and Pier’s emphasis across different types of catalogs.

00:00 Welcome and Guest Intro

01:22 Why Pier Started

03:10 What Is Specialty Finance

04:28 Early Strategy and Sectors

06:09 Underwriting Cash Flows

07:54 Music Royalties Data Edge

10:02 Deal Flow in Music

11:17 Why Sellers Need Liquidity

13:51 Pricing Risk and Decay

17:26 Portfolio Size

19:01 Wrap Up and Part Two Tease

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

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

Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/

References:

Pier Asset Management: https://www.pieram.com/

Ep 07 Part 2: Late Stage But Fragile: AI’s Impact on the Market and the K-Shaped Economy

Thu, 23 Jul 2026 08:15:00 -0400

Host Brian Dally continues his conversation with Stacey Schacter of VION Investments about where the U.S. is in the broader market cycle. They discuss the K-shaped economy, Social Security’s projected depletion, and how AI may cause near-term job losses but could ultimately drive retraining, entrepreneurship, and an employment boom if used as a tool. Stacey cautions about overreliance on opaque models and stresses understanding assumptions. He flags sovereign debt and potential weakening of dollar dominance as a major long-term risk. The episode closes with a rapid fire Q&A.

00:00 Welcome Back Part Two

00:27 Late Cycle Fragility

02:45 Distress And Divergence

04:33 K Shaped Economy

05:19 Social Security Squeeze

07:45 AI Horizon And Jobs

11:00 Models Need Assumptions

14:32 Signals To Watch

15:54 Politics Tech And Debt

20:52 Rapid Fire Investing Qs

23:15 Alternate Life Paths

24:42 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 Stacey Schacter on LinkedIn: https://www.linkedin.com/in/staceyjschacter/

References:

VION Investments: https://www.vioninv.com/
The Beige Book from the Fed: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm
Ray Dalio Principles Around Debt Cycles: https://www.principles.com/big-debt-crises
Sliding Doors film: https://www.imdb.com/title/tt0120148/

Ep 07 Part 1: VION Investments’ Stacey Schacter on Distressed Receivables, Specialty Finance, and Risk Management

Thu, 09 Jul 2026 08:00:00 -0400

Host Brian Dally interviews Stacey Schacter, founder and CEO of VION Investments, a liquidity provider focused on performing and non-performing consumer and commercial receivables. Stacey recounts moving from tax and securities law into major bankruptcy and liquidation work, becoming CEO of a receivables division, then founding VION 17 years ago with backing from a New York private equity group. He explains VION’s approach across varied transactions,, discusses fraud seen in auto finance, and outlines how VION evaluates opportunities via specialized knowledge, avoiding over-leverage and binary bets, using data-driven stress scenarios, and favoring deals with wider margins for error.

00:00 Welcome and Mission

00:43 Meet Stacey Schacter

02:48 Early Career Pivot

05:36 Founding VION in 2008

07:04 What VION Actually Does

09:38 Fraud Stories in Auto

10:18 Performing vs Nonperforming

12:50 Froth Leverage and Patience

14:20 Private Credit vs Spec Fin

18:49 Managing Distress Risk

21:46 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 Stacey Schacter on LinkedIn: https://www.linkedin.com/in/staceyjschacter/

References:

VION Investments: https://www.vioninv.com/
DeLoreon Motor Company: https://delorean.com/
Advanta Bank: https://www.advantabankcorp.com/
SpaceX: https://www.spacex.com/

Ep 06: The Problems With Private Markets: Host Brian Dally Shares His Perspective

Thu, 25 Jun 2026 08:00:00 -0400

In this episode of Groundfloor’s “Beyond the Stock Market,” host Brian Dally unpacks the negative headlines about private credit and argues the turmoil reflects structural issues and a liquidity/transparency mismatch. He contrasts the Wall Street aggregator models, where investors are forced to take on “manager of manager” risk, with Groundfloor’s direct, retail-first approach. After describing Groundfloor’s history since 2013, its focus on real estate debt, Brian emphasizes asset-level transparency, short-term loans, and vertical integration in origination, underwriting, and recovery as key differences in managing risk.

00:00 Intro

00:35 Private credit’s negative headlines

01:12 Groundfloor origin story

03:25 What are the issues behind private markets

06:59 Why Groundfloor is different

08:11 Retail investor takeaway

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

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

Ep 05 Part 2: Market Trends, AI CapEx Signals, and More About Stock Finance with Serengeti Asset Management

Thu, 11 Jun 2026 07:45:00 -0400

Groundfloor CEO Brian Dally continues the conversation with Ray Yousefian of Serengeti Asset Management on where the market cycle stands, key signals like interest rates, demand, and hyperscaler CapEx. They discuss volatility across public equities and private credit, including pressure on software values, semiconductor strength, and credit stress from over-levered software firms. Ray contrasts equity’s compounding returns with private credit’s income-oriented cash yield and says both markets remain healthy absent major macro dislocations. They outline the Groundfloor–Serengeti partnership, positioning stock finance as a way to offer downside protection with capped upside relative to direct late-stage equity.

00:00 Welcome Back

00:27 Market Cycle Signals and AI CapEx

02:39 Public Equities vs Private Credit

05:50 Equity Compounding vs Credit Income

07:02 Groundfloor Serengeti Partnership

08:19 Big Cat Fund Return Profile

10:30 What’s Next for Serengeti

12:20 Rapid Fire Investing Q&A

14:57 Closing

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 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