January 29, 2024

As many of you know, we’re navigating a number of deals that are either in workout or at risk, none more significant than [ ] as the rest have a relatively clear path to recovery. For [ ], the situation is a bit more complex as the path to recovery is contingent on the viability of the company long term and whether it can either raise more venture capital or turn profitable.

January 22, 2024

As we head into another board meeting this week, we are coming off of one of the most successful quarters in the company's history. The recap for 2023 will be short and sweet but it's about what we do with 2024 that is going to make all the difference. The key themes for this year that we will be going over with them are below:

January 16, 2024

Beyond just growing revenue in 2024, the name of the game is expense management as both levers have the ability to turn our company profitable. We're well versed in exactly what it will take to increase our revenues at this point so the big area of focus is going to be on ensuring we keep expenses flat to down.

January 8, 2024

With a year of history under our belt with third party underwriters bringing deals to market, we have to take our reporting one step further. In the same way that we've been keen to track investor behavior (cohort performance, churn, etc.), we're going to need to begin tracking the performance of our borrowers and underwriters across their entire lifecycle as well.

January 2, 2024

2023 is in the books and what better way to end it than with a stellar month of December performance. We started in January booking just $[ ]K in revenue and we're ending December with over $[ ]K in booked revenue for the month (excluding the usual year end accounting write-offs and deferrals), a testament to just how far we've come in 12 months.

December 26, 2023

Not much more needs to be said for this week because the numbers speak for themselves... what a year.

December 18, 2023

Bryan and I went to [ ] last week to visit a huge asset manager with thousands of advisors. Thanks to an introduction from one of our board members, we spent the day with them walking them through our story, our history, and what we could offer them with our blended notes. For an organization as large as this, they were incredibly receptive to what we could do for their advisory clients.

December 11, 2023

As we round out the year, there's been no shortage of predictions for 2024, including from us in our most recent private credit outlook. Most calls for an outright recession have faded but there is an undertone of volatility and general market uncertainty that is permeating throughout.

December 4, 2023

Another month and another one for the record books. We're coming in for November at $[ ]M in AUM, a $[ ]M increase from October. This makes for the best month ever for AUM growth, pushing last month into second place. Even more importantly, this is $[ ]M above the forecast we had just made and shared with the board, translating to a revenue beat of $[ ]K above forecast as well. 

November 27, 2023

After the board meeting at the end of October where we got buy-in around the general direction of the forecast for 2024, the next step was to fine tune all the details. Between updates on vendor negotiations, finalized contracts, and a better assessment of deal volume growth based on the latest numbers from the past few weeks, we presented the final locked-in plan for revenue and expenses for 2024 to the board this past week.

November 20, 2023

It has been a productive week in Japan as I’ve been on a roadshow with [ ] to find ways to enter the Japanese market. It’s a fairly unique market in and of itself, dominated by a select group of mega banks and anchored by several other investment banks, all of whom offer comprehensive banking services from deposits and wealth management to investment banking and capital markets. 

November 13, 2023

We’ve spent the past few weeks scrutinizing each line item of our expenses to try and squeeze every last possible cost saving. Over this time, we’ve reached out to every service provider and vendor to renegotiate pricing as we head into 2024. These are never easy or fun conversations to have but they are absolutely necessary as we continue to make our push towards profitability. The years of good will we’ve built up with these providers has paid off as we managed to shave tens of thousands of dollars off current and future expenses that keep our business going.

November 6, 2023

We've been tracking it all throughout the month but to finally have the books close on a record month of over $[ ]K in revenue for the marketplace is a step in the right direction. Prior to this, we could never reliably predict out even just one month ahead for revenue and AUM because we didn't have clarity around how much captive capital we had to deploy nor could we figure out how much deal flow we could confidently close as a result.

October 30, 2023

We launched our first ever institutional research report on Thursday, giving us additional credibility as we continue the push for institutional qualified purchaser investors. I recommend all of you give it a read through as the insights extracted from these interviews with a broad range of institutional investors (family offices, asset managers, and investment advisors) shed some light on where their interests lie.

October 23, 2023

As we close in on the last few days of the month, we can now safely take a look back at just how much we've accomplished in this first month where we had all the pieces in place post-broker dealer and post-credit facility.  And what a month it's been. We're looking at over $[ ]M in net new AUM, the largest increase ever in the history of the firm.