Asset Backed

About Asset Backed

Experts estimate that the asset-based finance (ABF) and specialty finance market represents a $40 trillion opportunity. ABF and specialty finance primarily finance things that touch our daily lives, including housing, medical/healthcare, communication, and the workplace. Additional areas include sports, media, data, education, clean energy, and manufacturing. The Asset Backed podcast by Endurance Strategies, LLC, hosted by Andres Sandate, features in-depth and timely conversations with leaders across these vast, growing, and rapidly evolving credit markets. Conversations with investors and allocators, lenders, NBFI originators, borrowers, bankers, lawyers, data, analytics, and technology infrastructure providers, and many other industry experts will help build your knowledge, understanding, and network across this important area of private credit.

Publisher

Andres Sandate

Category

business · business

Language

en

Explicit

No

First episode

12 Apr 2024

Latest episode

18 Sept 2026

Latest episodes

17 episodes in the feed.

1. 

   18 Sept 2026

   From Fighter Pilot to CIO: The Net Lease Strategy Most Advisors Are Missing with Matt Sandretto

   From the cockpit of a Navy jet to the helm of a $115M real estate fund — Matt Sandretto's path to becoming CIO of Prairie Hill Holdings is unlike any other in the alternatives space. In this episode of Asset Backed, host Andres sits down with Matt to unpack one of the most misunderstood and underallocated corners of private markets: net lease real estate. If you've heard of multifamily or industrial but never really dug into net lease — this is the episode that changes that. Matt breaks down: ✅ Why he walked away from private equity after discovering real estate inside manufacturing deals ✅ What a net lease actually is — and why it changes the entire risk profile for investors ✅ The Lululemon example: why owning the real estate beats owning the business ✅ Industrial tailwinds: onshoring, falling construction, and tight fundamentals in key markets ✅ Retail's secret: ~4% national vacancy after 20+ years of underbuilding ✅ Why informational arbitrage still exists in real estate — and how PHH exploits it ✅ Why single-asset syndications are dangerous for the wealth management channel ✅ How RIAs and family offices should think about a real estate allocation Prairie Hill Holdings is the newest manager in the EnduranceX marketplace — an alternatives platform built to connect independent RIAs and family offices with institutional-quality managers that fly below the radar. This is Episode 1 of a multi-part series. Episode 2 will go deeper into deal case studies, PHH's right to win, and how advisors can access the strategy. ━━━━━━━━━━━━━━━━━━━━━━━━ 🔗 CONNECT WITH PRAIRIE HILL HOLDINGS Website: www.prairie-hill.com Email: investors@prairie-hill.com LinkedIn: linkedin.com/in/matthewsandretto Q2 2026 Quarterly Update: https://lnkd.in/dNEpw7fz 🔗 CONNECT WITH ENDURANCEX Website: www.endurancex.io Email: andres@endurancestrategies.com LinkedIn: https://www.linkedin.com/in/sandate/ ━━━━━━━━━━━━━━━━━━━━━━━━ ⏱ TIMESTAMPS 00:00 — Intro & how EnduranceX found Prairie Hill Holdings 02:42 — Matt's background: Navy, Wharton, and buying manufacturing businesses 08:04 — The mindset shift: real estate vs. private equity risk 10:05 — The Lululemon example: owning the business vs. the real estate 13:59 — The 10x equity deal that started it all 16:27 — Informational arbitrage in real estate 29:39 — What is net lease real estate? 36:04 — Industrial tailwinds: onshoring & falling construction 41:17 — Retail's hidden strength: 4% national vacancy 45:46 — What RIAs get wrong about real estate allocation 56:09 — Portfolio approach vs. single-asset syndications 1:03:37 — What's coming in Episode 2 ━━━━━━━━━━━━━━━━━━━━━━━━ #NetLease #RealEstateInvesting #AlternativeInvestments #PrivateMarkets #RIA #FamilyOffice #IndustrialRealEstate #AssetBacked #EnduranceX #PrairieHillHoldings ━━━━━━━━━━━━━━━━━━━━━━━━ ⚠️ This content is for informational purposes only and does not constitute an offer or solicitation to purchase an interest in any fund. Past performance is not indicative of future results. Investment in private funds is speculative and subject to risk of loss.

2. 

   31 Mar 2026

   Venture capital with Half the Risk, a conversation with Ian Leisegang of 3Spoke Capital

   On this special dual episode of  ⁨@AssetBacked⁩  and  ⁨@ATLalts,⁩  I interviewed Ian Leisegang, CFA, of 3SPOKE, a provider of structured liquidity for the venture capital ecosystem. 3SPOKE is a private investment firm providing structured liquidity solutions to owners of late-stage venture assets. Ian is the Co-Founder and Managing Partner of 3SPOKE and is responsible for all aspects of the management and strategic direction. Ian co-directs the firm’s investment process, leads the firm’s investor relationships, finance & operations, and co-directs the 3SPOKE Investment Committee. 3SPOKE invests in the next generation of visionary and disruptive global companies. These innovative companies continue to mature and grow larger and more valuable while remaining privately held, creating enormous pent-up demand for liquidity from their stakeholders. 3SPOKE addresses this need by providing structured liquidity solutions for this dynamic ecosystem. 3SPOKE provides shareholders, venture funds, and their investors with highly flexible capital, allowing them to continue to participate in future growth without locking in current market discounts, taxes, or a change in control. 3SPOKE offers investors risk-mitigated access to the most successful private companies, while taking growth rather than concept risk. 3SPOKE’s focus is to provide an alternative to the direct secondary sale of late-stage venture assets among employees at venture-backed firms, as well as across the entire portfolio of interests with limited and general partners. The common denominator for 3SPOKE is counterparties in need of liquidity who would prefer to leverage their strong assets and retain upside, rather than sell into the secondary market at potentially large discounts. 3Spoke Website/Bio https://www.3spokecapital.com/ Ian Lesegang's LinkedIn Profile linkedin.com/in/ian-leisegang-3spoke Podcast Disclaimer This podcast is produced and hosted by Andres Sandate, and is the property of Endurance Strategies, LLC. Andres Sandate is a Financial Advisor with Gramercy Park Wealth Advisors, LLC, and a Registered Representative of GPWA, LLC, a member of FINRA / SIPC. Andres Sandate is the Founder and CEO of EnduranceX. EnduranceX is a marketplace for RIAs, Family Offices, and other Accredited Investors, and Institutions to transact in private markets and alternative investments. Learn more at www.EnduranceX.io. Guests of the Asset Backed and ATLalts podcasts may have a commercial relationship with Endurance Strategies, LLC,  EnduranceX, and GPWA, LLC. Gramercy Park Wealth Advisors, LLC and GPWA, LLC are not responsible for the content of this podcast and do not offer investment, legal, or tax advice, nor do they recommend or endorse any securities, products, or strategies discussed. No part of this podcast may be published, reproduced, transmitted, or rebroadcast in any media or any form without the express written permission of Endurance Strategies, LLC. This podcast does not constitute an offer to sell or a solicitation of an offer to buy any fund interests, securities, or other financial instruments, nor does it constitute a solicitation on behalf of Endurance Strategies, LLC, its affiliates, or any third-party investment managers, their affiliates, products, or strategies. Any such offer or solicitation may only be made pursuant to the delivery of formal offering documents. Endurance Strategies, LLC has no obligation to update or revise any information contained herein. The company makes no representations or warranties as to the accuracy or completeness of the information, and this podcast should not be relied upon as the basis for investment decisions or for any other purpose. This material may be protected by copyright. © Endurance Strategies, LLC. All rights reserved.

3. 

   24 Oct 2025

   Unlocking the Secrets of Specialty Finance with Coromandel Capital's Co-Founder and Managing Partner, Rob McGregor

   Launched in 2019, Coromandel Capital provides flexible, non-dilutive, growth-oriented asset-based lending solutions to specialty finance, fintech, and technology-enabled businesses with predictable, recurring revenue. One of a handful of non-bank lenders focusing on small-ticket debt capital solutions, Coromandel Capital and its peers, willing to do sub-$20 million financings, are critical players for capital-intensive specialty lenders. The firm's financings typically range between $5 million and $50 million, with a 3-year term. Co-Founder and Managing Partner Rob McGregor and I discussed a variety of topics, including: - How debt financing empowers startups and other early-stage and growing companies relative to venture capital financing - The risks of double pledging assets (and explanations), which is timely given the recent collapse of First Brands' - Using debt as a tool for business growth - The hidden costs of venture debt - The untapped potential of specialty finance - The importance of monitoring in lending relationships - Growing as a private lender while protecting and preserving capital - Navigating the crowded and competitive private, non-bank lending industry to build lasting relationships with borrowers and investors Some of the characteristics that Coromandel seeks out in ideal borrower partners are: Balance-sheet intensive businesses (i.e., those originating or acquiring an asset, whether tangible or intangible) that would otherwise finance these assets with equity. Have equity raised from Seed to Series B (or similar stages in their lifecycle) that have adequate capitalization to support operational expenses and 'runway', and a portion of this equity can serve as a contribution (otherwise known as "haircut capital", "first loss capital", or "overcollateralization") for Coromandel's credit facility. Subject matter experts and/or executives blazing their own trail with deep roots in an industry, a solid track record, and a proven business model. Companies participating in sizable markets and doing so in a differentiated manner at attractive customer acquisition costs, as well as firms that may have found an untapped, "greenfield" opportunity to address an underserved (or even unserved) market.

4. 

   13 Jun 2025

   Data-driven real estate lending with Mount North Capital's Brian Seidensticker and Kiah Hochstetler

   Brian Seidensticker and Kiah Hochstetler from Mount North Capital discuss their data-driven approach to real estate lending and how their local partner model sources distressed properties, in this interview.

5. 

   9 May 2025

   Specialty Finance Masterclass with Monachil Capital Partners Founder & CIO Ali Meli

   Host Andres discusses specialty finance evolution and opportunities with Monachil Capital Partners Founder & CIO Ali Meli, exploring non-bank lending trends.

6. 

   7 Apr 2025

   Strategically Investing and Navigating Through Market Volatility with Brook Scardina, Managing Partner - Capital Markets & Investments, Oak Real Estate Partners

   Host interviews Brook Scardina, Managing Partner at Oak Real Estate Partners, on navigating market volatility and the benefits of private credit for investors.

7. 

   11 Oct 2024

   Sreeni Prabhu, co-founder, Managing Partner, Co-CEO & Group Chief Investment Officer, Angel Oak Capital

   Host interviews Sreeni Prabhu, Co-founder and Group Chief Investment Officer at Angel Oak Capital, about his career journey and building a successful financial firm.

8. 

   30 Sept 2024

   The Asset Based Lending Masterclass Part III of III. Raising Debt Capital for your Specialty Finance, Fintech Lending, or Alternative Lending Platform with Special Guest and Asset Backed Podcast Contributor Matt Edgar, Founder & CEO of Edgar Matthews

   Host Andres discusses raising debt capital for specialty finance platforms with Matt Edgar, Founder & CEO of Edgar Matthews, covering securitization and market trends.

9. 

   9 Aug 2024

   A Masterclass in Asset Based Finance Part II of III. Raising Debt Capital for your Specialty Finance, Fintech Lending, or Alternative Lending Platform with Special Guest and Asset Backed Podcast Contributor Matt Edgar, Founder & CEO of Edgar Matthews

   Host interviews Matt Edgar, Founder & CEO of Edgar Matthews, on raising debt capital for specialty finance platforms, detailing key structures and investor types.

10. 

    9 Aug 2024

    A Masterclass in Asset Based Finance Part I of III. Raising Debt Capital for your Specialty Finance, Fintech Lending, or Alternative Lending Platform with Special Guest and Asset Backed Podcast Contributor Matt Edgar, Founder & CEO of Edgar Matthews

    Host [Host Name] interviews Matt Edgar, Founder & CEO of Edgar Matthews, on raising debt capital for specialty finance platforms, covering the capital raising process and facility structures.

11. 

    31 May 2024

    Cesar Bello, Partner, Research and Portfolio Management at Corbin Capital Partners, L.P.

    Cesar Bello, Partner at Corbin Capital Partners, explains the litigation finance asset class and Corbin's unique investment approach in this interview.

12. 

    29 May 2024

    Derek Pilecki, CFA, Managing Member and Portfolio Manager, Gator Capital Management

    Host interviews Derek Pilecki, CFA, Managing Member and Portfolio Manager at Gator Capital Management, discussing his investment process in financial stocks and private credit.

13. 

    23 May 2024

    Vadim Verkhoglyad, CFA dv01

    Host interviews Vadim Verkhoglyad, CFA, Head of Research Publication at dv01, to explore consumer balance sheets, loan performance trends, and the financial health of American households.

14. 

    1 May 2024

    Part I Interview with Lucas Timberlake, General Partner, Fintech Ventures Fund

    Part I of my interview with Lucas Timberlake, General Partner at Fintech Ventures Fund. Luke and I discussed alternative lending business models, what founders of tech-enabled specialized lending startups need to know before raising capital, and some of the red flags he sees in startups who think they have created something unique in the alternative credit space. Part II of our interview will cover related topics in more depth and how fintech lending startups can accelerate originations, deliver unique customer experiences, and more.

15. 

    29 Apr 2024

    Interview with Morewood Funding, LLC Founder and President Howard Abrahams

    Howard Abrahams, Founder and President of Morewood Funding, LLC discusses how companies can access alternative source of lending and debt capital. Howard is ex-MAN Group, Perella Weinberg, and Vida Capital and spent 25 years mostly in sales roles across these alternative asset management firms. He specializes in complex situations and companies overlooked or not financeable by traditional banks and financing sources. He has developed a network of 250+ lenders, primarily finance companies and other specialized lenders who provide various types of lending solutions and debt products to borrowers. His sweet spot is $7M to $12M financings with deals up to $25M and as small as $1M.

16. 

    24 Apr 2024

    Interview with Karus Co-Founders Aaron Travis, CEO, and Jamie Harrison, COO

    Karus is the AI Engine for consumer auto finance. Co-Founder and CEO Aaron Travis and Co-Founder and COO Jamie Harrison join Asset Backed host/creator Andres Sandate for a discussion of the consumer auto lending space. Aaron and Jamie discuss how Karus products and solutions help consumer auto lenders achieve better financial outcomes with cutting-edge AI tools and data analytics. Consumer auto lenders face numerous challenges including - manual underwriting & app review - unsophisticated loan structures & pricing - lengthy and outdated loan origination processes - suboptimal lending strategies & decisions - lack of real-time portfolio performance, predictive analytics & current market pricing capabilities - inability to manage app flow sources and more. Aaron and Jamie discuss how their platform helps those active in the auto finance marketplace including indirect lenders, banks, credit unions, private credit firms, asset managers, and more enhance and optimize their existing consumer auto finance underwriting, decisioning, scoring, structuring, pricing, approval, forecasting, Creators & Guests Andres Sandate (https://assetbacked.transistor.fm/people/andres-sandate) - Host Aaron Travis (https://assetbacked.transistor.fm/people/aaron-travis) - Guest Jamie Harrison (https://assetbacked.transistor.fm/people/jamie-harrison) - Guest loan portfolio management process using data, AI, and much more.

17. 

    12 Apr 2024

    Asset Backed Podcast Launch

    Description of the Asset Backed podcast and what listeners and viewers can expect if they engage and listen or watch. The Asset Backed podcast will feature 1:1 interviews with investors, asset managers, founders, CEOs, and other professionals executing transactions in this $20 trillion dollar market. My name is Andres Sandate and I am the Founder and CEO of Endurance Strategies, LLC. I have spent the past 15 years working in the alternative investment industry and prior to this I was a debt capital markets banker. You can follow me and engage via the following: Specialty Finance blog on Substack https://sandate.substack.com/ X/Twitter @aesandate on X, linkedin.com/in/sandate email contact@endurancestrategies.com. I welcome your feedback and suggestions on how to make the Asset Backed podcast and related content most beneficial to your understanding, knowledge, and awareness of this important and growing space.

Who has been a guest on Asset Backed

Names identified in recent episode analyses. Showing up to five guests.

• Brian Seidensticker
• Kiah Hochstetler
• Ali Meli
• Brook Scardina
• Sreeni Prabhu

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

3 ratings

Spotify

5.0 / 5

2 ratings

Podcast Authority Score: 19 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

26

Social presence

0

YouTube

0

Engagement

32

Contact Asset Backed

Guest appearances

Does not typically book guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

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Questions about Asset Backed