POWERS

On this episode of The FORT, Clayton and Chris discuss Clayton's journey from the banking world to discovering entrepreneurship via search funds. They discuss his acquisition of HousingWire.com and housing/construction trends over the last 90 days. As president and CEO, Clayton Collins leads HousingWire’s corporate strategy, product and editorial roadmap, while building a world-class team of business media professionals. He is also the founder and managing partner of Riomar Capital, an entrepreneurial investment firm that acquired HousingWire in 2016. His drive to increase HousingWire’s impact earned him a spot on the 2018 Folio: 100, a prestigious list of thought leaders in the magazine and media industry. Enjoy! Follow Chris on Twitter For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com 02:27 — Clayton’s Story Leading Up to HousingWire.com 03:18 — Why did you leave the banking world and purchase a media company? 05:44 — What was the search fund model experience like? 08:16 — How long was your search and how many businesses did you look at? 10:53 — Why did you choose HousingWire and how did the transaction go? 15:25 — Have you made any other acquisitions since? 16:38 — How do you value a media business? 17:48 —  How much has the business grown since you bought it? 18:43 — How is the team structured? 21:19 — How do you convince someone to use your paid service versus the many free options available? 23:34 — Who is your target market? 24:27 — What’s the environment around housing-lending like right now? 28:36 — Do you see the housing market doing well coming out of COVID-19? 32:27 — Are you able to track where the demand is? 35:37 — Do you see a wave of people motivated to sell right now? 36:48 — Has COVID shined a light on any new housing innovations? 38:58 — Do you have any insight on changes in residential construction costs? 40:00 — Are there any companies that you have your eye on in Fintech or REtech? 42:38 — Do you have any insight on the single-family rental sector? 44:35 — First-Time Homebuyer Trends 48:10 — Smaller Home Trends 50:18 — Clayton's Thoughts on Airbnb Post-COVID The FORT with Chris Powers is brought to you by Straight Up Podcasts

On this episode of The FORT, Chris provides a 60-day COVID-19 update where he'll touch on topics like the reopening of capital markets and the effects we are seeing in the multifamily & industrial sectors. Chris also shares the latest changes and updates happening at Fort Capital such as their property management integration and new software tools built by the team. Enjoy!  Learn more about Fort Capital and Chris at www.FortCapitallp.com Follow Chris on Twitter 00:49 — Capital Markets Opening Back Up 02:10 — New Deals in the Multifamily & Industrial Space 03:36 — Update on the State of Texas 05:35 — Rents & Reliefs 08:14 — Industrial Sector in Texas 09:04 — The Fort Capital Portfolio & The Rush to Texas From The Coasts 10:55 — Multifamily & Industrial Collections 12:05 — Construction is Still Booming 13:41 — 'Work From Home' Becoming the New Future 15:57 — Fort Capital's Buying Plan 18:00 — What Fort Capital Has Done the Last 30 Days Operationally 19:28 — CORE in Fort Capital’s Culture 21:08 — Construction Costs & Predictions for Oil & Gas 22:12 — Fort Capital Property Management 23:38 — Fort Capital's Use of the FOS Platform 26:41 — Go Watch 'The Last Dance' on ESPN The FORT with Chris Powers is produced by Straight Up Podcasts

James Hill is the Chief Strategy Officer / Fort Worth Market President at Access Bank. He has 12+ years of expert banking experience, specializing in commercial and real estate lending. Born and raised in Fort Worth, Texas, James is a graduate of the Business Honors Program at the University of Texas at Austin as well as TCU, receiving his MBA in the Accelerated Program. He is currently adjunct faculty in the finance department of the business school at TCU and was elected to the Tarrant Regional Water District Board in May 2017.  On this episode of The FORT, James and Chris dive deep into the world of banking, lending, and the importance of having a great relationship with your banker. Chris also touches on how the pandemic brought him to James for an in-depth "Banking 101" class in order to be as informed as possible when navigating the future. They also answer some questions from Twitter! Enjoy.  For more information on Chris Powers & Fort Capital, visit www.FortCapitalLP.com Follow Chris on Twitter 02:26 — James’ Background  03:53 — Not Being the “Prototypical” Banker 05:40 — Relationships Are Important During COVID 07:13 — How do you view your relationship with borrowers and how should borrowers think about their relationships with their bank?  10:25 — How do banks set their reserve methodology? 12:30 — If a loan is going into default, are the banks the first to lose out but also make interest? 13:11 — How does the bank approach a potentially bad situation? 15:59 - What happens when you have a good relationship with a bank but you're about to be in a default situation? 21:02 — If a bank has a lot of bad loans on its balance sheet, does that affect its ability to borrow from the Federal Government? 21:44 — If you have personal recourse on a loan, and the delta was not met, how do they figure out how it's paid out over time? 23:55 —   How do non-recourse loans work? 28:28 —  Should I move everything over to one bank or should I use multiple banks? 29:33 — When were you notified about the idea of PPP, what did the process of implementing it into your daily life look like as a banker? 32:36 — Question from Twitter for James: “To what extent does the reputation of the borrower matter? 34:37 — What are the 'C’s' in your credit program?  35:14 — What might change in banking coming out of the crisis? 36:57 — What does it mean for a bank to be more well-capitalized now vs. during the ’08 crash? 38:24 — Foreclosure Protocols Across Different States 40:34 — Pinpointing Value In This Climate 42:05 — If I have a loan maturing in the next 4-5 months, how does one evaluate whether to extend their loan? 48:21 — Given the current environment, when are banks suggesting is a good time to buy again? 50:55 — How do you start a bank and how much liquidity do you need to get one up and running? 53:07 — Where is the banking industry headed over the next decade? The FORT with Chris Powers is produced by Straight Up Podcasts

Adam Blake is a real estate and technology entrepreneur that has started, scaled, and exited multiple ventures and private equity-backed companies. He and Chris met early in their studies at Texas Christian University as they developed their own real estate careers.   Adam has played a huge role in Chris's life as he served as the inspiration and provided the mentorship that led Chris to make his first real estate purchase during his freshman year at TCU.  They have since held a close relationship over the last 16 years.  On this pod, they talk about Adam building his first real estate company in college, his first million dollar deal, pivoting into Solar software, the process of exiting multiple companies, and his thoughts on a future with COVID-19. Enjoy!  To learn more about Chris Powers and Fort Capital, visit www.FortCapitalLP.com Follow Chris on Twitter! @FortWorthChris 02:05 — Adam’s Story and What Lead Him to Be an Entrepreneur 06:32 — Adam’s Father and The Impact His Death Had on Him 07:38 — How did your first real estate company come together while you were at TCU? 11:08 — When was the first time you did a deal that made you a significant amount of money? 12:34 — How did you raise the money for that deal at only 18 years old? 13:34 — Adam’s Experience Winning The Global Student Entrepreneur of the Year Award & Meeting Chris Powers 15:41 — Adam’s First Million Dollar Deal 17:18 — Adam’s Journey Through The '08 Recession and His Success Through a Dallas Condo Deal 21:31 — Moving to Kansas City and Pivoting Away From Real Estate and Into the Solar industry 23:51 — What did you like about the solar industry and what was your experience like growing & exiting this company? 28:50 — You started building software at Brightergy yet how does a non-technically oriented leader create a software culture? 32:32 — Why did you exit the solar industry? What mistakes were made during this process that you’ll never forget? 37:23 — Is there anything you would’ve done differently in the selling process? 39:16 — How did you get the inspiration for your next company, Zego? 42:10 — What made you decide to sell Zego at an early stage? 46:05 — Should more people take the route you did in selling Zego? 47:57 — What is it about Vista that makes them such a great PE company? 49:17 — How do you develop an "awesome" product? 50:52 — How has your perspective changed over time with a wife, 4 children, and a son with Autism? 53:58 — Adam’s Son 56:17 — Adam’s Core Values in His Weekly Rundown and How He Came Up With This Concept 58:36 — What are you thinking, seeing, and feeling right now as it relates to the COVID-19 situation? 1:01:49 — What do you see happening for yourself in the next year? 1:06:05 — Does this give you a different perspective as to what your next career move will be? The FORT is produced by Straight Up Podcasts

Brent Beshore is the Founder & CEO of Permanent Equity, a family of companies investing in family-owned companies.  Permanent Equity invests with no intention of selling and with little to no debt.  Brent published "The Messy Marketplace" in 2019 as a resource to "demystify the buyers, the process, and the inevitable emotional journey that is selling a company".  Permanent Equity has been a leader providing valuable content and resources to small businesses all over - especially in the midst of the COVID crisis.  In this episode, Brent and Chris discuss Permanent Equity's navigation through the pandemic, Brent's Safe Harbor project, 'The Small Business Toolbox', outlooks for life after COVID-19, and much more. Enjoy!  For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com Follow Chris on Twitter! @FortWorthChris 01:04 — Can you recall the specific moment when you realized how real COVID-19 was? 02:33 — What data are you seeing that’s most alarming to you? 06:24 — How do you invest in a market like this where it’s a win-win right now? 10:48 — Are there any additional filters that you’re adding into the questions for buying a business right now? 13:30 — Can you explain what Safe Harbor is and what interesting things have come of it? 16:13 — What is the 'Small Business Toolbox' and how do you decide what to write next? 18:37 — What is the biggest challenge you’re facing today that you feel you lack wisdom on? 21:03 — If you could consult a crystal ball about the future, what would you like to know so you can change your trajectory? 23:35 — What happens when a business shuts down but needs to start back up again? 28:45 — What's your outlook on the rest of the year? 33:43 — Is there anything you want to see come out of Washington? 36:45 — What do you think is going through Warren Buffet’s head right now? 38:40 — What is your haircut going to be? Books Mentioned:  Living Life Backward by David Gibson The Fourth Turning: An American Prophecy by Neil Howe and William Strauss For more on Permanent Equity: www.permanentequity.com The FORT with Chris Powers is produced by Straight Up Podcasts

Cullen Aderhold is the Senior Director of Capital Markets at JLL. JLL is a global commercial real estate service across all major asset classes.  JLL provides tenant-rep/leasing solutions, property management, project design/management, capital markets solutions, and technology/it solutions to companies across the globe.  In this episode, Chris and Cullen discuss the most recent trends in capital markets due to the COVID-19 pandemic, lender strategies, private fund structures vs. REIT structure, hotel & retail loans, and much more. Enjoy! Follow Chris on Twitter @FortWorthChris For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com 01:03 — If you had to describe your job, what do you do? How did you get to where you are today? 02:17 — What asset classes do you work with? Are they nationwide? 03:28 — Did you know you would get into this line of work, or did you stumble upon it? 06:20 — Are there certain things that great real estate investors do that set them apart from the rest? 10:27 — What has the last month been like in capital markets as an owner? 13:58 — Did you have a signed deal before this situation started? Did it move forward or could the lender rescind? 16:44 — Is anyone acquiring debt right now? If lenders are moving forward, are they borrower-dependent or asset-dependent? 19:21 — How are lenders pricing right now? 24:43 — Is a private fund structure similar to the mortgage REIT structure? 25:42 — Hotels and retail have been hit hardest—will they be the last loans to come back? 29:39 — What things are people getting loans for that we wouldn't have seen before? 31:15 — Is there a pent up demand for refinancing as soon as things recover? 33:02 — What will happen to loans that were going to be refinanced or sold? 35:40 — Do you or JLL deal with distressed debt situations? What happens to distressed debt that comes to market? 37:05 — Do you remember the moment that the COVID-19 pandemic began to feel very real?

Matt Lasky serves as Managing Partner and Senior Vice President of Equity Velocity Funds. He has advised clients nationally on over 1.3 million square feet of retail, mixed-use, and medical property since 2011. At Equity, he leads a team whose focus is on providing customized analytics and financial solutions to market strategy and capital markets clients nationally. The team brings deep experience in both multi-unit rollouts and acquisition/disposition work. In today's episode, he and Chris discuss lender attitudes during the COVID-19 pandemic, Matt's perspective on working as a principal owner in the medical real estate world, and much more. Enjoy!   For more information on Chris Powers and Fort Capital, visit www.FortCapitalLP.com Follow Chris on Twitter! @FortWorthChris  01:18 — Matt’s Background and His Career Up to This Point 04:41 — What was it about healthcare that intrigued you and brought you to Equity? 05:32 — What is it like focusing on both the service side and principal owner side of the business? 10:34 — How does a deal in this space come together? 13:10 — Is your fund a generalist fund or does each have its own mandate? 16:20 — What are you seeing on the front lines of Retail that you can share? 19:04 — Are lenders changing their attitudes during this COVID-19 crisis vs. the ’08 crash? 20:24 — Are there any best practices for handling rent relief? 23:55 — What is the difference between borrowing from CMBS vs. borrowing from a bank? 26:05 — Is there anything that's been permanently damaging for retailers? 28:33 — What worries you going forward after COVID-19? 32:30 — Are insurers paying receivables quicker to close the gap? 33:09 — Did you go into this pandemic with anything under contract? Has anything with these contracts changed due to COVID-19? 36:03 — Is Equity on pause with acquisitions? What’s would your plan be if a deal presented itself right now? 39:27 — Where do you see the rest of 2020 and 2021 going? When do we get back to ‘normal’? 42:17 — Are you seeing any leasing activity or has it halted? 45:12 — Do you see retail rents taking a huge hit w/ social distancing or will a new player come in and take advantage of it? 47:54 — Is there anything interesting you suspect we might see 18 months from now?   The FORT is produced by Straight Up Podcasts 

Moses Kagan, CEO of Adaptive Realty, joins Chris for his second appearance on The FORT Podcast. In this episode, they discuss how COVID-19 has affected the real estate market in Los Angeles. Moses gives his perspective on best practices providing rent relief to tenants, the effectiveness of Adaptive's all-cash buying strategy in this environment, capital markets, financing, opportunity zones, and much more. Enjoy! Follow Chris on Twitter @FortWorthChris For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. 01:00 — Multifamily and COVID-19 in Los Angeles 02:30 — How is Los Angeles handling this compared to other parts of the country? 04:45 — How are you offering relief to tenants? 06:36 — What does “you don't have to pay rent” really mean? 07:23 — What could others learn from the way you’re providing rent relief? 11:35 — Now Until July: Worse, Better, or Same? 13:21 — What does the leasing experience look like now? 13:51 — Will this situation lead to an influx of tenants who were originally planning to buy? 15:03 — Did you have anything under contract prior to the pandemic? 15:54 — With an all-cash purchase strategy, has financing worked in your favor? 16:58 — What are you seeing in capital markets right now? 20:13 — How does getting a loan look different now versus 60 days ago? 22:08 — Has your underwriting process changed in terms of becoming comfortable with a price? 26:10 — 15% Drop in Rent vs. Purchase Price 27:08 — What does your equity environment look like? Are you currently raising capital? 31:29 — What are you doing in opportunity zones? 33:15 — Is there a specific time frame when capital needs to be deployed into an opportunity zone? 34:55 — If a deal walked in today, what would it have to look like for you to pursue it? 38:00 — Are you making distributions to investors or are you holding back to create a safety margin? 40:08 — What is different between now and ’08-’09? 43:11 — Are you changing your focus at all with hotel and retail becoming so cheap? 46:06 — Is there anything you're hoping to hear from Washington that you haven’t already? 49:24 — If you had to make a bold prediction for the end of 2021, what would most people not agree with you on? The FORT with Chris Powers is produced by Straight Up Podcasts

In this episode, Chris sits down with Rob Gandy—the Founding Principal of Cielo Property Group in Austin, TX. Rob is responsible for capital market engagement, financing, and acquisitions for Cielo. Prior to founding Cielo, Rob built a $60 million commercial real estate loan portfolio as a banker and previously served as a Vice President for Sandler O’Neill and Partners in New York where he traded municipal debt, agency debentures and collateralized mortgage obligations. They discuss Cielo's massive development in downtown Austin, entitlement risk in real estate deals, the effect of COVID-19 on Austin, and much more. Enjoy! Follow Chris on Twitter @FortWorthChris For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. 01:44 — Founding Cielo Property Group and Rob’s Background 05:31 — A Single Tenant Focus 06:07 — Chapter 380 Development: Was Sam’s Club a distress deal? 09:02 — What should an owner think if the borrower knows there is an issue with the bank? 11:56 — Were you living in Austin during this deal? 13:59 — What was your source of capital? 16:23 — What was the original intent of the Austin Music Hall development and how did it become this ‘creative office’? 22:38 — What data gave you the confidence to build a spec office building? 26:22 — Are there any indicators that Austin is being over-built? 30:55 — When you buy a deal like this, is it fully-entitled or are you taking on the risk? 33:15 — Is single-tenant NNN something you’ve always done? 34:20 — What is the status of leasing / transacting in Austin right now? Is it paused due to COVID-19? 36:49 — How are retail tenants responding to the current climate? 38:54 — Are office tenants responding any differently? 40:12 — What are your best practices for providing rent relief to tenants? 42:04 — What is your outlook for the remainder of 2020? Is Cielo going to be actively seeking opportunities? 43:48 — When do you see normal activity resuming?

Bryan Perkins joins Chris for his second appearance on The FORT Podcast. Bryan is the CEO of Novaria Group, a manufacturer in the aerospace industry that makes parts for airlines and government defense groups—an industry that has clearly been hit hardest by COVID-19. Bryan is offering great insight into how Novaria has responded, the landscape his industry finds itself in right now, Bryan's recent sale to KKR, the future of M&A in the airline industry, the Boeing situation, and more. Enjoy! For more information on Chris Powers and Fort Capital, visit www.fortcapitallp.com. Follow Chris on Twitter @FortWorthChris 01:46 — How has COVID-19 impacted your world and your industry? 03:55 — How does this impact compare to the impact of 9/11? 04:33 — How does this impact an airline? 06:44 — What has the transformation been in new aircraft transactions? 09:24 — Have you seen any declines in the defense industry? 11:26 — What have you seen, in terms of making new parts, over the last 30 days? 13:48 — Selling the Business to KKR 16:16 — How did you pick a banker to lead the charge on the deal? 18:00 — With KKR as a partner, is this situation more strategic and agile? 22:24 — What does KKR provide that allows you to obtain more robust data? 24:10 — What is the role of people who are solely finding lean solutions? 26:24 — What will the M&A landscape look like for Novaria as you navigate COVID-19? 31:08 — You were optimistic in ’09, do you have that same outlook now? Are sellers more interested in selling now because of this environment? 33:35 — If I was a seller, how long would it take me to sell my business to Novaria? 34:33 — Is the Boeing 737 MAX issue less impactful because of the current environment? 37:36 — With this paradigm shift in consumer behavior, are people going to figure out that they don’t need to fly as often? 40:44 — What are your thoughts on private aviation? Will it be the last to come back? 43:53 — Do you see an opportunity from this situation that will strengthen the aviation industry? 46:37 — What information does the public need to hear in order to become comfortable flying again? 49:52 — What did you tell everyone after you won the Gilbert W. Speed Award? 51:50 — How have you shifted operations in a manufacturing factory to practice social distancing? 53:21 — How are you, as a leader, communicating with your team throughout this?