The Paradyme Shift
Step into the evolving world of real estate investment with "The Paradyme Shift," a podcast hosted by Ryan Garland, the visionary founder and Chairman of Paradyme. This show is your gateway to uncovering the strategies, trends, and success stories that redefine the real estate landscape today.
On "The Paradyme Shift," each episode takes you behind the scenes of Paradyme's groundbreaking approach to real estate investment. Ryan Garland, alongside industry leaders, dives into the intricacies of Paradyme's holistic model—covering everything from direct lending and strategic investments to hands-on development. Discover how Paradyme's innovative crowdfunding platform and investment management software are not just tools but game-changers that are reshaping real estate by bridging housing gaps and nurturing community-driven projects.
Tune in to "The Paradyme Shift" to explore how Paradyme consistently delivers exceptional financial returns while positively impacting communities. This podcast is more than just about investing—it's about leading the charge in real estate innovation. Join us to stay ahead of the curve, gain exclusive insights, and become part of a community where expertise meets transformative ideas in real estate.
The Paradyme Shift
Global Markets & Real Estate Outlook: A Strategic Conversation | Webinar E37
Join Ryan Garland, Founder & Chairman of Paradyme, and Michael Reveley, Paradyme’s CEO, for an exclusive webinar exploring today’s global investment climate and how it impacts real estate and private equity strategies.
They’ll cover a high-level overview of Paradyme’s evolving investment approach and offer insights into:
✔ The macroeconomic environment
✔ Family Office movement
✔ How to become a family office and control your destiny
✔ Interest rate shifts and inflation pressures
✔ The effects of tariffs and global risk markets
✔ Lending trends and construction impacts
Whether you're an active investor or watching the markets closely, this session is designed to provide clarity, foresight, and positioning strategies amid an evolving financial landscape.
Hey everybody, Ryan Garland, founder and chairman of Paradigm. Thank you very much for joining us today. And for those of you that are going to be watching the recording, I uh have a sticky feeling this is gonna be very fruitful for you. So please uh uh take the time and and go through the entire uh video, especially if you're looking to do some business with us. And I think this is uh this is gonna be again very fruitful. So we have today our CEO, Michael Revley, and I tell everybody he is my secret weapon. He's the guy behind the scenes that's running the day-to-day operation. He'll be with us for almost three years now. And it's been an honor to get to know him, not only on a personal level, but his level of knowledge is rather impressive. And that's what I'm gonna try to highlight here today is really kind of the understanding of Wall Street meets Main Street. And uh, Mr. Revley has a background in Wall Street. So we're gonna start today with his background, and then we're gonna kind of chime in from there from you know all of these other little attributes of the company and the things that I think you guys will appreciate, how we built out our platform. And today the the idea is to talk about a few different topics, and these topics are gonna be mic macroeconomics. We want to talk a little bit about what's happening from a macro side when we're scaling our projects or scaling our platform and what it is that we look for down to the family office movement. I think some of you that have uh that know us know that we're opening up our headquarters and we're actually naming it the Family Office Society. Some people don't understand what that is, so we're gonna highlight kind of that movement now. And kind of uh the interest rate environment and the shifts and in inflation. That's gonna be uh a big topic because that has a massive impact on the forecast of profits on projects and which project projects we pick, along with locations in which we pick as well. Uh the effects on tariffs and the risk and how that takes uh matters, uh sorry, the risks in uh the uh the the tariffs and how that has an impact on all of our projects and really the economy overall. And then the lending trends and construction financing and how we have to navigate those waters uh more now than ever. And really the idea is to kind of talk more about what the institutional level is looking like and then how guys like us on the street level have to create that synergy to be successful. So, Mike, thanks again for joining us, my friend.
SPEAKER_01:Oh, appreciate it. It's great to be here and great to be on with you. I think it's should be a fruitful discussion for people. We'll we'll you know get into the paradigm platform a bit and obviously from a macro perspective, get into our thoughts on where we're gonna take the company, the things that are affecting us as a company. I think that's that's really important. Obviously, you and I spend an awful lot of time sort of going through granularly things that are impacting us, you know, as an entity, you know, whether it's macroeconomics or cost of copper, right? Uh everything from you know, all the way down to how many nails we've got to get or screws we have to get in our our next uh project. So all these things are important for us. I don't think there's, you know, there's there's nothing too small when it comes to you know running a business and in a platform like uh what we're doing. So hopefully people get a better sense of the things that we think are important.
SPEAKER_00:Yeah, no, and that's exactly it. You know, we we we have to, the devil's in the details, you know. So we really drill down into that, and that's kind of what we're gonna do today. So let's start with a little bit about your background. I think it's really important for people to understand who's really uh you know running the company internally on the day-to-day, and then we'll kind of uh kind of show how it highlights what it is that I do and and how that's that synergy uh has a massive impact on our platform.
SPEAKER_01:Yeah, my background's uh uh sort of interesting and and I think very different um historically, right? And it and it has moved and it shifted as everybody's careers shift, they they focus on different things. But when I first uh really started my career on Wall Street, I was like one of those geeks that was staring at Bloomberg screens all day long, right? And trading, you know, small movements and interest rates and you know, trying to make money from sort of looking at the big global macro picture and then you know, all the way down to trading minute changes in interest rates. So very focused on, you know, sort of the big picture and then but but basically trying to pull money out of the markets as uh you know, as you know, different trends changed, changed and and volatility increased. You know, basically there, I sort of viewed it as I'm I'm sitting on you know New York on Broadway and I'm reaching out, I'm sort of grabbing dollar bills as they flow down Broadway, right? That that was sort of the of uh you know, at one part of my career, my job, just trading and really trying to be really smart in terms of how you know I'm analyzing risks, how I'm analyzing markets, and how I'm making money day in and day out without any big drawdowns, right? So, so that you know, from a trading perspective, it's very different on Wall Street today. Most of that's being done with computers and there's less you know human interaction, which I could spend like four days on that topic alone. Uh, whether that's good or bad, I would say it's it's created a lot more volatility than it should. So, and then and then really migrated to uh from doing that to working as someone at a large institution. This is UBS, large bank, uh operating in the US and the capital markets arena, uh, but working with the major companies, all the big borrowers in the US, yeah, bringing them debt opportunities. So helping them fund their operations and doing so in a way that sort of met their objectives, balancing fixed and floating rate debt, uh hitting their targets in terms of uh where they want to uh raise money on a spread over LIBOR, things like that. So looking at uh arbitrage opportunities across various currencies and using derivatives to swap back the dollars and fixed and floating, and really just working with the CFOs and CEOs to make sure that they were positioned appropriately as a company and doing the same things we're doing, right? Reducing the overall volatility of the platform as it relates to the composition of their debt. Um, and and and and and then from there sort of gravitated because this this is sort of at a time where hedge funds were sort of beginning to sort of become relevant and the bank itself was moving into more of an asset management platform. Um, and I sort of got, you know, I got a bug. It's like, look, I just think the equity side, the asset side of the balance sheet is more interesting to me as, you know, just just as a professional, and sort of got the bug to start my own asset management company, which we did with another partner that had come out of another uh big asset management company here in Los Angeles. And really our focus was going to be uh was going to be China. And so we were taking my background in terms of trading interest rates, his background in terms of managing corporate bonds, and then sort of migrating that expertise ultimately to China into private equity, believe it or not, in the mainland of China. We were in we're taking US capital, raising that, and then investing in companies that are pre-IPO situations in China. So that really got me in the private equity. So I've gone from trading to bringing companies funds to, you know, to raising capital to investing that capital in private companies in Asia, and then sort of took that and sort of brought it out to you know to do it across Asia, Australia in particular. So we yeah, we brought capital from family offices from individual investors into Australia. This is post-GFC. Things are really cheap globally. So we saw opportunities where currencies were cheap, especially because that's the double am. If a currency is cheap and it strengthens, then you're gonna have a gain on the currency. And if you do things right, you're gonna have a gain, you know, just from the company's perspective as they sort of grow their way into prosperity, right? So we took a lot of distressed companies, brought them capital and helped manage their way out. We also did some other interesting transactions, which we were taking companies, private companies in the US and listing them uh in Australia. So very, very interesting time for me and really sort of put me in on the board of directors and operating positions, and then using sort of that background, Wall Street background in terms of how you position those companies, how you finance those companies, and and really what and and all that really comes to bear, I think, on the paradigm platform right now, because of the fact of where we are. I sort of view um uh us in a situation, and and we'll go through this, but we're not a small company anymore. You know, from a headcount perspective, you know, uh we're not a hundred uh person team, but from a platform perspective and the and what we're putting onto our platform and we'll put on our platform, and we've got a half a billion dollars, which which we're gonna be doing over the next you know, five to you know, 10 years or more. So, you know, these are not little deals. We've got 200 million right now that we're we're overseeing. So these are, you know, these are these are big, big projects, complicated projects. And you and I and the team are helping managing through the existing pipeline, but also you know, thinking about how we fund ourselves going forward and how that, you know, how that probably very likely will change uh what paradigm looks like and in you know how we sort of attack, I would say from a macro perspective, how we tack uh attack markets across the US, right? We're you know, you've done a great job of being a data nerd on this stuff, where we want to go, where the migration trends are, where land is cheap, where the demographics are aligned with our particular project. And a lot of these are in secondary markets, which takes more work. So, you know, the these are all things that we look at, but exciting because I think, and we'll talk about this, I think the overall market from a whether it's a private credit uh uh side of things, a family office side of things, or a bank side of things, they're looking at secondary markets as becoming their next big thing, right? So we're sort of ahead of that curve right now and putting our assets into those markets that other people are going to find attractive.
SPEAKER_00:So my you nailed it, buddy, and I really appreciate that because I really wanted people to understand more of your background and kind of really how you understand how money moves and how much you've had your hands and not only in understanding China, but that also uh going more global uh really has an impact on tariffs and how you understand it. And we won't get into the weeds on some of our private conversations, but this really kind of does allow us to uh create a niche and create an edge and mitigate risk all at the same time.
SPEAKER_01:I think you you've been in an interesting right since uh 200, you know, you've obviously paradigm predated COVID, uh, absolutely. And and we've had projects coming on just very near post-COVID where there's immense volatility in commodity markets and labor markets, and you know, we're managing all sorts of things, you know, within the platform post-COVID. And we're continuing to see volatility, but we're entering a more normal environment where I think we're gonna see capital open up. My expectation is yes, capital opens up. I think the economy generally does better on a go forward basis. We may have some bumps here over the next few months, but on a go forward basis, I think you're gonna see probably a little higher than trend growth rates and a little bit more uh capital available from like the larger banking institutions and family offices for sure. I think, and and and we're in the private credit sector, so we're a lender as well, right? So that private credit has just been huge post-COVID to fund projects that's ordinarily the banks with their balance sheets couldn't do, right? So yeah, I think we sort of sit in a nexus that's super interesting for people because we're a lender and we're a developer. And we're, you know, because we start off in the lending side and understanding the metrics that need to go and make a decision on a project whether to fund it or not, those are the same metrics that go into what we're doing on the development side, right? That you start there and then you build out your economics around that project and determine if you're gonna go for it or not. But those, you know, that underwriting process is extremely important and is critical to you know our construction side. And you you cut your teeth there. I mean, I've spent my entire career in sort of this funding capital markets arena. And I think, you know, as a as at some at some juncture, every company goes from, hey, this is a mom and pop, you know, type of raise to you know, two smaller investors, two family offices, and ultimately, boom, it goes to the point where, you know, if you want a hundred million dollars, you know, you can go get it. That's not a big deal. The banks are there, the larger family offices are there. It's but that's a matter of getting to the point where your your pipeline is sustainable and you can, you know, you can actually um perform, you know, on on what you say you're going to do. And that, you know, that that's just a you know, that's just simply a matter of experience.
SPEAKER_00:Yep. And and and how to marry that up, and that was perfect because you'd open up as kind of another way for me to think of it too, or at least explain it. No, when we let's say for our private credit debt fund now, you know, we're ultimately underwriting uh institutional grade transactions. And the reason is is because we do sell our notes. So when we fund loans, we know we're gonna sell them to a larger institution that has four or five hundred million dollars in buying horsepower and are actively buying anywhere between 50 million to 150 million a month and and uh in assets or loans very similar to what we're doing with other operators and fund managers. And when you start understanding how to liquidate assets and what who's gonna be your end buyer is really how you sharpen your blade to underwrite projects and underwrite those those loans because you know what the end buyer is gonna look for. So by having a debt fund and really a lending background, now we can really ultimately what you're doing is you're putting zeros behind it when you when you decide to scale the company or go do larger projects. But the underwriting practices for the most part are the same. And if you're gonna go to an institution for a big line of credit or a revolver, like say you're building a uh a subdivision and you have multiple phases, you need to roll that capital as you're liquidating and selling units and you're rotating what we do now in paradigm and how our practices, anyways. You know, you need to understand how those revolvers work and what they're gonna need to underwrite. And where I think a lot of, and I don't want to say think, I'm gonna say I know because I work with developers that are kind of big children. They see a piece of land and go, I can build this. And that's not how it works. You know, you really have to have the right data and supporting data. And there's a lot of obviously sophisticated people out there, but they're that's kind of where they come from. They haven't been able to under create the synergy necessarily between the institutional guys and then them being boots on the ground as an operator, they have a hard time being able to put it all together properly to then go get the capital that's necessary. And so where I the door continues to open up for us to scale is understanding, you know, who our exit uh what our exit plan is and then underwriting it very similar to what we're doing now. So if we're gonna look at a piece of land to buy it, now of course we're gonna scrutinize the heck out of it because it's a different pattern. But we're also gonna put the deal together very institutionally designed to be able to go get the capital. But ultimately, you know, we have a lot of sophisticated uh equity partners, you know, and and these some of these are wealth managers and some of these guys are you know, have been in other platforms and work with other guys like ourselves that have invested into. So we had to figure out a way to create a niche and understand the environment well enough. And really, the so the next kind of segment into this, Mike, was to talk about uh let's say a conversation we had this morning. I think this is the perfect time to explain uh to our network on what it is we're doing and how we're migrating and where how we're growing. Because really, at the end of the day, not only paradigm storage, but the barn caves has really put us on the map for institutions and larger family offices to really consider us for a larger debt piece, which is ironic because secondary markets never get those types of infusions. You know, right now, just given the environment, and this is why we want to talk about the microeconomics family office and you know risk impacts on and uh on on tariffs and so forth. But you know, let's talk a little bit about the conversation that we had today without going on too many names, but uh, you know, we always say until the fat lady sings, right?
SPEAKER_01:Uh but what's uh the interesting thing about the conversation uh that we had today, it's not just a single conversation. You know, these are this is one conversation of of many that we're having with larger players.
SPEAKER_00:We have had the same, but we've had the same conversation with the same people well for months and months. This has been a courtship for a while. Yeah.
SPEAKER_01:Well, this is uh yeah, it's a relationship that you know I sort of brought brought to the table. And at the right time, you know, you and I wanted to deploy uh those relationships at the point where we felt that the the likelihood of a close would be the highest. And and given our pipeline and given the and we're monetizing five projects in 2025, right? There's a lot happening this year for paradigm, which has really brought paradigm to the point where a larger player, if they're looking at a you know,$100 million debt facility, they're gonna say, Yeah, I can see that. There's your track record. Yes, this is your markets that you're in. We understand what you've done. You've you you know, you created a track record that's an institutional track record. So those conversations are what we're having right now as a company because we're looking forward. If we have a$400 million pipeline, you know, we're gonna have to, you know, that is gonna be a mix, right? A midst of uh family office capital, high net worth, and we're not talking$20,000 checks here, we're talking million dollar, three, three, four, five million dollar checks, plus yeah, you know, from high net worth, family office, and then ultimately that debt piece. So I think as the the conversations that we're having just on the debt side, you know, I don't think we could have had three years ago. You know, we from uh the scale that we've been able to operate in and the projects we've been able to complete or in the process of completing this year brings us to the point where there's believability and sustainability and predictability, right? So whether you're an investor, what are you looking for, right? You're looking for value. Where can you make money? Where do things look cheap? You're looking for safety and consistency, right? So for us, you know, are people looking at us? Okay, well, what's what do these guys do? What's their secret sauce? Well, we're we build fast, right? Steel and concrete for the barn caves and storage. And you know, so we're we're we're a builder that builds fast, and you know, our cost to build is less than industry competitors, right? So they're looking at value. So this is sort of okay, I get this. I'm they're in the storage space, they're they've done this great project that sort of marries their storage with residential, what they've done in other parts of the country. I get the story, and I like them as an operator. This is like immediately when I was in New York and had the meeting, it was like, I get what you guys are trying to do, and I get your edge. And I think if you uh, you know, that's one of our key uh points here is we do have an edge in the marketplace in terms of where we are as a market in the secondary markets, which are, you know, which basically that's where the migration is going to. The land is cheaper there, and we can identify the demographic. So they're like, I like those markets. They're now not, you know, I don't want to be in LA, I don't want to be in New York, I don't want to be in Chicago, I don't want to be necessarily in certain parts of Florida. I may want to be in Tennessee, I may want to be in Missouri, I may want to be in Arizona, right? In the secondary markets, because they the project pencil out there just land costs alone means it's easier to pencil these things out from a project perspective, and then from a demographics and a migration perspective, you know, that's where people are landing. And it's pretty clear. I mean, that's and and that's not going to change. But but the way they're looking at us is okay, they're smart, they're in these markets that we can understand, and their project sizes are not 13 million bucks, their project sizes are 75, 100, you know, that we're getting into the point where these projects are larger and larger and larger. And and those numbers are important, right? The conversation we had today was if I'm gonna give you 100, we want this to be, you know, you got to go fast, you got to draw this stuff down. We want this line utilized, you know. So give me your give me your pipeline that you can actualize over the next, you know, next 12 months, right? So so from that perspective, I get it. Right. This is capital that they have to set aside, they're gonna pay 8% on it. So that's a cost to them. They need to be making money, you know, from you know, from paradigm. Paradigm, because of the nature of our underlying projects, we don't have to argue about sofa plus 300 or sofa plus 450. You know, it doesn't matter to us. There's enough margin for us that those discussions really don't aren't key. What's key to us is availability of capital and then knowing how much equity we have to raise to support you know that facility. But you know, those these these are these are ongoing discussions. It's exciting for me to sort of see this. I mean, you know, in my career, a billion dollars was a small number. That's like, okay, that's that's a rounding error. We're gonna bring, you know, we from a financing perspective, I was bringing four or five hundred billion dollar deals to companies all the time. That was just what we did on Wall Street, right? And now we're yeah, paradigm, we're starting to get into those types of numbers, which says something about, you know, about the company that you founded, the company that we're trying to grow together, and the possibilities for us. And I I'm not saying this is you obviously we're excited as operators of paradigm, but I think I'm more excited about our investors and what we can bring to those investors, the opportunities that we can bring alongside that institutional debt piece, that institutional capital piece, to I think really make a difference, whether it's a small family office, you know, we're, you know, we we've got a ton of those now that that have that are in our network, or you know, or you know, high net worth individual. You know, I just think if you look at our platform and what we can bring on, I don't see anything like it. This is the strange thing for me. It's like, okay, as an investor, you you know, what what what projects are coming onto our platform and what's the competition, right? So what where else are you going to put your money? And and I've said this before to you, and I it just keeps ringing in my head. It's like the variables that we have to manage around to make our investors, you know, their 25 or 30 percent returns are so small. They're not that large, right? As long as we're smart and we can hedge out some of the macro risks. What to to be able to bring those types of returns does not require, you know, a thousand variables. It's very, very short. They're very few. There's three or four variables, we protect those. Those returns are our, you know, our investors get those returns. So I think that I think the banks see that, and I think our investors are increasingly the larger investors are seeing that sort of predictability, sustainability, and the ability to bring sort of outsized returns in a market that's, you know, if if you sort of look at it, the mech, the macroeconomic environment, I think is shifting, it's improving. Um, but with that, it's going to take, you know, it things will shift where people want to put their money, it will shift. And, you know, right now we've sort of seen this sort of it's it's you know from an equity market perspective, the US equity market is lagging most other equity markets, right? So people are saying, I don't know, man, I'm looking for value. I don't, I don't think that necessarily the US is providing the value from an overall equity market that I'm gonna find outside the U.S. And if you look at that, that's super interesting for me. That's value, like going back to what we do and how we perceive value. Everyone's looking for that. They're looking for value, they're looking for sustainability, right? So I think, you know, in in if you sort of take things from the headlines and what we're seeing right now, it's like people are looking, you know, away necessarily they they were looking at sort of this AI trend and just throwing money at AI and you know, five companies in the world got all the money. That sort of translated down to everything else too, like most of the big funds, private credit funds, the huge ones, they got all the money, you know, that sort of thing. Now they don't know what to do with it. I think, you know, it's sort of the same thing with the, you know, the the you know, the Mag 7 or whatever, they got all the capital now. How do we really deploy it? They're trying to tell the story that we're gonna do that through AI, and that could be true or not. But I think the market's beginning to say, well, you're expensive. Let's go try to find other ways to basically safer ways to create a return. And they're gonna be looking a little bit downstream. So I do think from a from a risk perspective, people are gonna be trying to look at at uh opportunities like Paradigm, forget the top, you know, the top 10 capitalized company in the world. Let's let's move down the value chain. And within this environment, if we're gonna see slightly higher economic growth, we're not growing at 1.5%, maybe we're growing at 3% or 3.5%. And then through this tax, you know, through these, the bill, the great big, beautiful bill, there's lots of incentives there for smaller companies to write off 100% write-off for equipment, right? There's a lot of stuff in there for the smaller companies where they can really use that. The bigger companies, maybe not so much, but the smaller guys can take advantage of this. And so I do think I'm I'm pretty bullish longer term about where the US is from a real estate perspective, not so sanguine about like financial assets, equity assets, that sort of thing. But I think from hard assets, real estate in particular, I think we're gonna have a tailwind. I really do, because I think overall, if I look at interest rates, they're sort of stable. We got a really flat curve. You know, the Fed's sort of on hold for the time being. But I think the Fed begins to sort of look at the overall economic environment and say, look, inflation will come down. We're gonna be able to lower rates, because the US from rate structure is way higher than Europe, for instance, or Japan or Australia. We're just at a very, very high level of interest rates. So there's no reason for the US, other than this terrible post-COVID inflation push, to have rates where they are, right? I think you look at the longer terms, inflation is trending down to 2%. That means you're gonna have a shift in the yield curve. It's gonna be upward sloping, but you can have you know lower rates overall over time, right? So from a real estate perspective, nothing's more geared towards, you know, towards interest rates than uh than real estate. And by the way, we're you know, from from just a housing perspective, we need to fill five to seven million dollars, seven million homes in the US over the next five years just to sort of catch up to trend. So if we get that sort of steeping in the curve, rates lower, then I think you know, maybe the dollar a little weak or two. Part of this, I think Trump is sort of a weaker dollar guy. And with this whole tariff discussion, what he's really trying to do is bring capital into the US, get supply chains sort of formed here, and then you know, work on exports. So with that sort of export uh focus, he's gonna want a little bit of a weaker dollar. So I sort of see that as something that uh I think you know people have to look at in terms of how to how to negotiate and uh how to uh manage their own personal wealth around that, right? The dollar probably has less persistent purchasing power over the next five years than maybe it had when the US was the only game in town, right? Post-COVID, right? So I I think with that sort of macroeconomic discussion and and sort of view, that's why I I get I get more and more bullish about banks are gonna be healthy. Banks are, yeah, I think from a from a regulatory standpoint, they will have some regulatory relief in terms of their capital that they need to set aside to make loans, because I, you know, Trump is gonna want them out there lending. So I think there'll be some changes from a regulatory standpoint that is gonna free up some of that embedded capital that banks have. And they're gonna want to get into projects, you know, like ours, like what we're doing, right? That's gonna be quick projects, you're in and out in five years. There's a, there's a, there's a, there's a ramp up period, there's a build period, but these are not office, you know, 50 50-story office towers, shopping malls, what have you. These are, you know, storage, residential focused MFR projects, which I think are imminently fundable. So I think, I think just from a tailwind perspective, and going back to our conversation today, I think that's exactly what they're seeing as well. It's like, let's go find projects which are a little bit off the runway, or not projects, but let's go find managers or developers, people like ourselves, which are doing things that are, you know, not right down the center of the fairway, but they see the value proposition and the deliverabilities that we can bring to them. So those I think very smart banks, very smart private credit, the bigger shops are looking for ways basically to say what we've been doing for the last five years is not going to work over the next five years. We've got to find something different, and they're looking for people like Paradigm.
SPEAKER_00:You nailed it, Mike, and I really appreciate that. There's a lot of fruit in there. And I'm going to kind of give a little bit more color too on maybe the more microeconomics I focus on because clearly you just were talking at a much higher level on the on the overall um governmental side down to you know institutional and how the institutional uh market is really shifting. What just I'm gonna kind of back up a little bit. So the paradigm, you know, a lot of people have been asking me, how the heck are you guys growing in such a unique environment? And I tell everybody where I actually built my business as is in the distressed market after 2008. I was a conventional lender and I was doing some hard money prior to that, but after the market crashed and losing everything, I ended up kind of rubbing elbows with a high net worth guy that wanted me to stay on the mortgage-backed security side and started doing more private lending and acquiring distressed assets. And that's how we were getting you know much lower loan to values and acquiring assets at a much lower price. And that's when I really started learning that for you to make money, it's all about your acquisition price. Uh, we're bringing that practice to our table now. Uh, hence secondary markets acquisition costs for land. The other side of it was I had a very unique um, I would say, vantage point. I actually was introduced to a gentleman who was actually providing back office services to the largest um auction platform in the world, which was called Rio Max. So back in 2008, and this is some of the details I really wanted to drill down into giving some of our network because I think a lot of not a lot of people know this about me. But in 2008, when the market crashed, you know, the FDIC really didn't have the liquidity to be able to bail out all these banks. You guys, for those of you that were in the space, you know, you had Wacovia, remember Wacovia got purchased, you had New Century countrywide. And what happened was is I actually was in the right place at the wrong time and was introduced to a gentleman to open up the door for me to come into an auction, like literally on a day, where I was watching billions of dollars of distressed assets and banks being bought by other billionaires, not the FDIC. This was people that were coming in and actually buying these banks. What this gentleman was doing was actually providing um the back office services for asset management. So, you know that that saying that uh, you know, the the people that made a bunch of money during the gold rush were the ones that provided the picks and the shovels, right? That's what this guy did. Yeah. Yep. So he was very smart. He brought a bunch of analysts in, he had all the software and technology at the time, and he would go to these billionaires and say, Listen, you don't have the back office, but you got the liquidity. Why don't you come in and I'll introduce you to all these banks, the Wakovias, the now B of A's, all these distressed portfolios. You can buy them, and then my asset managers and the back office will offload these and focus down to the macroeconomic side of these things because they're buying 2,500 mortgage-backed securities, 2,500 foreclosures, 3,000, 5,000, 10,000 foreclosures. I mean, it was insane how large these portfolios were, but they were buying them for 40, 50 cents on the dollar. So again, acquisition. The other side was how did they repurpose those? And this is where getting into private money and dealing with fix and flips and working from a more of a street level, I was able to identify what they were doing. So just to kind of give you some additional detail, inside this auction block, what they were doing is they were providing what you call heat signatures. They were able to collect the data on all the remember the option arms and the negAMs and 228 LIBORs and you know, uh uh, you know, adjustable rate mortgages and all of that fun stuff that people were really pushing into. What was happening is they had all the data on all of those mortgages. How many different so all the way down to let's say Pulti homes, KB homes, standard Pacific homes, they had their own in-house lender. They were able to identify all the even the track of homes that were being built and what those lenders were providing those buyers, the 228 LIBORs and so on and so forth, and they were narrowing it down to zip code. Well, with what was on for the foreclosure books or what was in notice of default, not quite foreclosure yet, they also had a metric that would track, okay, you have all these that are currently in foreclosure, going to an auction, you have all these that are in notice of default. And here are the ones that we expect to come up. So, what was happening was is they were ultimately offloading assets that were performing in the middle of non-performing and full tilt non-performing. And what was happening is I was narrow, they I was watching them on how they were narrowing down to how many women were on, you know, how many wives or how many women owned homes individually, down to married couples on mortgages, to just you know men that so on and so forth. And so the devil in the details, in essence, was so impressive on how they're narrowing that down and really the migration trends, the spending habits, the educational levels, um, uh generational trends, spending habits, all of that fun stuff was being implemented in this auction to project the asset value of these portfolios. And that's where I really started understanding the level of detail that you have to implement to underwrite to be able to, in essence, make a lot of money. And this is where these guys were making a lot of money. So when the pandemic hit, now obviously coming through that, and and I'll touch on one thing. So uh, if for those of you that were really knee deep into this, there was a forgiveness act, which Obama uh released some policy where if you short-sold your house instead of go through a foreclosure, the debt was forgiven. That deficiency from what you sold the house for and what you owed on your mortgage was forgiven. And then he obviously opened up the Kickstarter program, which allowed investors or operators like me to start soliciting, doing mass solicitation to raise capital. And that whole Kickstarter program was really to kickstart the economy and get the because small businesses are the ones that employ the majority of our people, right? The US uh is really driven by the small business owners. That's where you see Trump right now is trying to create that small business um uh growth by his policy now. So it's really not, it's really kind of that whole under idea of like understanding just how things go and how things happen you know back in the day and how many things are happening now, and seeing it kind of lay out for what it is. And then we're just implementing those growth strategies. And really the idea is people go, oh man, you really blew up during the pandemic. Yeah, because this is where I saw the opportunity going the worse the market gets, the more money we're gonna make. And so I actually looked at this as an opportunity of going, okay, this is when we start acquiring, people are gonna have to start offloading, all the way down to, and I hate to say this, but it's true, divorce rates and if you know, uh unemployment. We obviously we track all that all the way down to baby boomer spinning habits and migration trends, and all of that is obviously uh all over the news. You know, back in the day it wasn't there. You know, we didn't have the data uh software systems and technology that we have today. So it's a lot easier to understand the markets because that technology is now in place. So it takes a lot of the guesswork out of it, and it's really just kind of you know black and white, you know, positive, negatives type of thing. So that's where understanding the macroeconomics is a big deal because again, it's that devil in the details and really understanding it. So let's roll from there, let's go ahead and transition into the family office because we really did talk high level at institutional grade. And I like to, I've been telling people, you know, again, you you went from Wall Street to Main Street, and how a lot of wealth managers are leaving the larger institutions on the wealth management side and coming down to more of the street level and look going more mainstream, but how that actually provides a little bit more of a higher touch platform. As an example, back in the day when they had all those foreclosures, you know, you didn't have the asset managers that were just behind a desk and looking at numbers. They didn't have the intimacy and the intimate details of each asset and the the political environment in the area, or you know, what area has high crime rates and where these things are going to trade, right? It's really kind of understanding each location that you know uh that those assets were were in. We as a as a fund manager, uh, when you have a debt fund, as an example, a mortgage backed security fund, the it's we're every asset we lend money on, we're a lot more involved in that. Not only do we lend the money to them, but we're watching over that project as it's going through construction throughout the life of it. So we have a different vantage point to be able to watch how things are going on. So we're ultimately we're we're intimately involved into every asset that we manage, where banks just simply don't have that process. So let's go ahead and dive more into the family office, Mike, because I think you have a really good way of teaching people what that is.
SPEAKER_01:If you look at the family office um growth and and just the emergence of a family office, this is like this is like one of the most important changes that that I think the US has sort of seen. And it'll continue to really uh change the landscape about how things get funded, how investments get made. And and so it's it's a really interesting discussion, right? So what is a family office? Well, you know, it a family office is nothing more than, hey, somebody made a bunch of money in, you know, the the you know, they had a chemical company or they had a real estate company or they had, you know, a manufacturing company, and they accumulated usually it's multi-generational wealth, right? They get to the point where they need to create an investment. It's really an investment company that's gonna sit back either from the cash flow that's being generated from that underlying operating business or from selling that business, the money goes into essentially a a group of professionals, CIOs, attorneys, big staffs that are essentially nothing more than fund managers that manage those pools of assets. Right. And and so it it it it becomes for people that are let's say paradigm, all of a sudden we're like, okay, well, that this is a pool of capital that uh is available to from an equity position, from a uh a mes debt position. They're they want to be super creative in terms of how they deploy that capital. But it's it it, you know, they're it but think of it as a turn, think of it as a pool of money, right? So a family that has that money, they they're taking risks, they don't want to overexpose themselves on this pool of capital, right? So they this is this is the generational money that's gonna basically have this family living its best life for the next five to ten generations. So when you have a chief investment officer sitting over that pool of capital, there's usually, and there will be an investment committee, right? Just like if you have a PIMCO that has an investment committee, right? You have fund managers that are looking after certain, whether it's real estate or it's private equity or it's you know, you name it, more liquid investments, they have portfolio managers, whether it's one, two, three, that are just analyzing all those risks all the time. So these are professional, effectively money managers that are deploying capital and they're and they're writing loans, right?
SPEAKER_00:They're also and they're seasoning underwriting and vetting and yeah.
SPEAKER_01:Absolutely. And and so that this this is sort of an extension. And they pull those people out of Wall Street, they pull those people out of some of the endowment communities and pension funds, people that have been in that sort of seat, CEI, CIOs and deputy CIOs that have been in those seats before and know how to effectively not only deploy capital, but manage the capital and manage those investments once they've made them, because that's the ongoing decision. Do you want to do you want to stay in in this or do you want to migrate to something else? Right. So that's the job of the portfolio manager. But as you know, as the US, um, you know, these I I see this as just getting this pool of capital is gonna get bigger and bigger and bigger and bigger because of the amount of wealth that's been created in the US. Real estate's obviously a huge part of that, but other companies that have come up, you know, they've gone public or they're they're private and they're gonna be selling those businesses. So this pool of capital is just getting bigger and bigger, bigger. So that the quest, the quest for paradigm and for people like us is how do we communicate with that family office? What are the things that they what are they looking for? Can I understand what they're trying to accomplish as a family office? What risks are they trying to hedge out? What risks are they trying to take on? So you really have to assume a portfolio manager's mentality as you approach those family offices and then structure deals which fit within those risk buckets that they're that they're trying to manage against. So that, you know, it it's it's been a fascinating sort of period, I think, and it's really over the last 10 years, this has really become something that you pay attention to and you actually are trying to locate those family offices and pitch to them. And and I I think that that that absolutely is a trend that we're gonna see grow, grow, and grow. And it it it sort of takes, it's competing with private credit, it's competing with bank financing, it's competing, you know, for for private equity. You know, they're trying to become their own private equity shops too. So it's changing the landscape of how capital gets deployed and how capital gets raised, yeah, by let's say, a paradigm, right? So it it's purely, it's purely portfolio management. And it's interesting because the bigger picture on these guys is they've created the wealth. So they're not necessarily looking to take huge risks. They'll have they'll have a 10% of their portfolio, which is like, hey, let's go for the home run. But if that goes to zero, they don't care as much, right? But that's 90% of their other buckets are things that aren't going to lose them a bunch of money, right? This is about creating, if they can get 9 to 12% returns, they're happy as a fat clan. They're like, done. Buffett used to say if you can compound money at 10%, you'll own the world, you know, in your lifetime. So you don't have to get 30% returns all the time. You can have buckets that are going for those 30, you know, 20, 30% returns. And a lot of that is sort of in that sort of PE bucket. I have my own thoughts about the PE bucket. I don't think family offices are particularly good in the PE space, right? For lots of different reasons. But for those other buckets, whether it's real estate or you know, equities or bond trading, and those they're they're great at that stuff. That you know, that's just you know it's easier to to manage and and to navigate around. But again, these guys are like they're trying to create generational wealth. They're trying to say, what's the inflation rate? How do I grow this pool of money above that inflation rate? And if the dollar goes to zero, how where's my hedge there? Because their assets are in dollars. But they want to maintain a lifestyle where they can be anywhere in the world enjoying it, and therefore they can't just look at the uh at their investments as just dollar denominated portfolios. They've got to they're they're looking at this like I've got to outperform, you know, very in in not only just dollar terms, but in sort of global uh uh global currency terms. So there's that picture of it too. It's like they they're really looking at this holistically as as wealth preservation and wealth growth. And that, and again, you know, I don't know what the size of this. I haven't, I actually should know that. I don't know the size of the family. It's it's uh fairly opaque, but it's hundreds of billions of dollars that are under and growing.
SPEAKER_00:It's one of the fastest growing movements in the wealth management side. Exactly.
SPEAKER_01:So you'll be a trillion, you'll be a multi-trillion dollar pool of capital that the US in particular, you know, has going. I mean, it's yeah, it's amazing the capital in the U.S. that's available, whether it's a financial system, Wall Street, private capital from family offices, high net worth individuals. That's a really, you know, versus any other place in the world, whether it's China or Europe, or the US is so different. Our capital markets are so robust. There's so much capital that can be deployed, you know, it it makes it makes it from a company like Paradigm's perspective, we just have to think smart, right? So how do we grow and scale the company knowing that the capital is available, but knowing we've got to basically, you know, we've got to uh tune what we're doing into those risk buckets so they can say yes. And that's you know, that's generally what we do. Old school would have said you just go to a bank and they'll lend, you know, to put 20% equity, they'll lend 80%. And, you know, but but those days are over. You've got to have discussions with private credit shops, with banks, with family offices, with with high net worth, and even our crowdfunding platform, we're seeing, you know, that as that scales, we're seeing real advantages where where guys are coming in, they're writing three million dollar checks, four million dollar checks, right? So we're getting through some of that effort, we're sort of getting into some of these family, smaller family offices with let's say$100 million to manage, right? That's as a family office go, that's small, but those guys don't have the resources that some of the bigger family offices have, right? So they would really want to partner with people like Paradigm. They get to understand what we're doing and the repeatability and sustainability and what that pipeline looks like. It's very attractive for those people because they are more relationship-oriented as opposed to some of the larger players.
SPEAKER_00:You know, and I'm gonna get I'm gonna add to that, Mike. You know, one of the things that I've been kind of caught my attention over the last few conversations we've had with uh some other family offices, we're really educating them now. You know, they're very sophisticated in managing money and understanding from a global level or some macro uh economics level of you know, moving money around and kind of where we're where things are moving, heading. What we're realizing is that a lot of in a lot of these wealth managers that are really starting to allocate more capital to alternatives and specifically real estate, when they're more of a Wall Street background, they don't really have the real estate knowledge. You know, they may have you know bought and sold some of their own homes and so forth, but they don't really have that type of knowledge. Their education's at a different kind of a different direction. What we've done is we've kind of created really what we've done is we've been honest and opened up the floodgates of how this works. You know, a lot of people don't want to share the secrets or the secret sauce of what's going on, and that's not how we operate. We're going, listen, this is how it is, and this is what we're seeing, and here's the proof of it, and here's what we're buying the material for, and you know, this is how long it takes to build it, and here's the track record, right? We're just kind of saying this is where it goes. If you want to try to mimic it, good luck. It's a whole different level of management when you're dealing with people and hurting cats on site. Um, but there's there's it's a different, it's a different environment. A lot of people, because the nature of investment right now is going towards alternatives, again, a lot of gold, you know, silvers and so forth, even that. But what's happening is when we're talking to a lot of these wealth managers that are saying, hey, look, I have a mandate to allocate 10%, 15%, 20%, even to uh alternatives and mostly real estate. We need a firm that we can trust that's going to provide kind of a red carpet service, but really educate us and allow us to have an open book kind of conversation. And that's where the trust is made, really is kind of talking about the hardships of what we've gone through in the past, what we're like again, our track record, where I understood macroeconomics, kind of what I was talking about with Rio Mac, you know, down to what we've done and implemented and the mistakes we've made and how we're correcting those mistakes. And really the each individual, too, that has a big stick within the company and the decision making that they have in their track record. You know, that's really what's happening too in the space, is that people are really wanting to trust, you know, the right operators. And the way to do that is to say, come to our site, meet us, and then let me show you how it really goes down. And that's where the that's where the education and knowledge is coming in. So family office, because there's such a shift in the market, that's why we're talking about the trends, you know, really it's it's a high-level set of education now. We're we're having conversations of why we look at things the way we look at things, how we're we're underwriting the things, why we have a construction management division, and how that married up to fund control and the debts, the debt uh debt fund, and how that was seamless to oversee. And why did we choose this to our underwriting background on you know assets throughout the country? It's really kind of understanding what what you're we're able to do is articulate it in a way where it's a oh well that makes sense, and then show third-party data that is you know supporting our decision making.
SPEAKER_01:Um they also get data, they also get, like you said, they get data from us, right? Just think about okay, big picture real estate. Everybody, everybody macro understands real estate, and there's been a tremendous amount of wealth that's made in real estate. It's a real asset, it's a hard asset, people love it. So it's got all this halo effect, which people generally feel good. Oh, I like real estate, right? But once you get into the as a as a developer, you know, and and get into these projects, we've got like data on so much stuff. Like if you say, okay, you know, let's talk about the input costs that are going into our projects, where are they up down sideways, right? We if you want to get a peak about inflation, copper, steel, like it rolled steel, it's up 20 plus percent. That's but it's flat year over year, up 20% really since the tariffs. Copper, you know, it essentially, yeah, we saw copper through COVID spike like two times, and it's come down. Basically, it's up 3% year over year. These granular things, lumber price is another one, right? So we're dealing with this from an input perspective. Oh, you know, that's that's our core business and managing around those core businesses. And that's information that I think is really useful. People love that stuff. It's like the data that we get from our underlying operations are, you know, are incredible. From a, you know, if you're a data nerd at a family office and you're trying to make decisions about where inflation is going to be or where banks are, what liquidity in the overall economy is and where capital flows are coming. This is all information that basically is really, really helpful. So I think having, like you said, having an operator that they can when you make an investment, if you can't describe the investment in about 30 seconds, it's probably not a good investment, right? So from a simplicity perspective, I love that. I mean, you can get into in front of a uh a family office, describe how you're gonna build a storage facility out in probably 10 seconds. It's like for you, it's like done, right? Here are the inputs, here are the costs, here's the land cost, boom, boom, boom, boom. You know, start to finish this a two-year product, you know, everything you can describe in a very, very short period of time because you've got it, it's simple and it's repeatable. Same things with with our multifamily side of the business, right? So it, you know, I think that from an investment thesis standpoint, not only is it understandable, but people get valuable information about overall economic data from from operators like Paradigm.
SPEAKER_00:And let's let's from from there, let's move over to terrorists because we have a little bit more time left. So I because you brought it up and it caught my attention. I want to actually shift into that. So a lot of people go, hey, what are you doing with terrorists? The 90% of our conversations, uh, that that part of it does happen within our conversations. And what do we do to hedge against inflation? So what we've what we what we've created is really a uh relationship. So when you get to a certain point, and this is why people talk about how you know uh one or two operations within a city kind of dominates the space, right? You have one contractor in Lake Avasi that really kind of gets control over the majority of the the transactions. You know, you just it's the nature of of uh certain businesses. That's what's happened with us. We are acquiring so much steel that we are able to have a senior position with inside these uh manufacturers. What we've done is we've screened the existing manufacturers and new manufacturers to find out where they're getting their steel from. The majority of our steel right here in Arizona is actually coming from Mexico, which isn't being as impacted nearly as much as what was happening with China and all the you know stuff that's going on, and we won't go too far into it. But that's huge. And what we've also caught is that a lot of our manufacturers have been very smart, they've been they've been stacking the deck with uh old steel that they can actually recycle. And so we're doing much larger orders earlier on to try to lock in our price. And then one of the things that we did that was probably a little more outside the box was for those of you that know us, you'll know how many units we have at Paradigm Storage. We have Boathouse, we have Dover. What we decided to do was go ahead and do a mass order of all of the garage doors for every one of our projects in one shot. And what that did is it allowed us to compress our costs. And here's where the big, the big thing is is you see it all over the news and everyone's all stressed out about it, and rightfully so. But what's happening is is guys like us have a personal relationship with these manufacturers, and they don't want us to be out of business either. They want to try to ride this wave as well. So they're inheriting some of those costs while we're inheriting them as well. And so having an open book contract is really important, an open book plus a cost plus contract. So what's happening is we're not feeling it as much. They're also we're feeling it, but so is everybody that's involved. And they want to obviously supply some of their bigger buyers. So we're gonna get a senior spot. What we did with all those garage doors is we did one big order out of China to order all of the garage doors in one shot and have one um uh container delivered. And the delta was only a$30,000 difference for all of our projects and cost. So it's those types of decision making just to move and move quickly to get that stuff locked in so we can fulfill the commitments that we've already taken to get the projects completed, all the way down to our HVAC and so on and so forth with Paradigm. We ended up ordering all the units uh all at once and saving almost$200,000. So there's things like that when you have Cash is King, when you have the buying horsepower, things shift. We're also one of the larger contractors here in Havasu. So we were employing more subs and and for longer periods of time because our projects are so big that the line items are longer. So you're gonna get different treatment. And I know I hate to say it from a uh, I hope I don't sound arrogant, but that's just how it works. And and what's happening is we're continuing, we keep the respect high and we're keeping people moving forward. So we have to make the right decisions to keep our downline fed too. So it's not just our investors or our operation and the we us putting foot on the table. There's a lot of people involved, and we have to make those decisions sometimes on the fly, but right now we seem that we've made those decisions, uh, have been good. And and I think we're like you said, we do have some tailwinds coming, Mike. So I I'm not stressed about it. I think we're I think we all agree that things are starting to shift, inflation's come down, you know, so on and so forth. So um, with that said, that's some of the things that we've seen during the terrorists that have an impact on us. I think a lot of stuff that you see on the news is is I think it's just it's it's a bunch of high school kids fighting, and it's not as as aggressive on the on the ground. And that's where I wanted to take the time today to educate you know our network that we're not feeling it to the impact that I think most people are fearful of.
SPEAKER_01:Yeah, yeah, I think that's right. I mean, uh we we wrote, I mean, that's the nice thing about us too. We'll we'll you know, we do a quarterly, we for our security income fund investors, we spent a lot of time sort of on this macro side of things because I think people are interested in it. And you know, our our impression was wait a second, these tariffs, yeah, yeah, yeah. Don't let's not stress about the tariffs, it's a negotiation. Uh to be quite honest with you, I think you know, trade isn't free. There is no such thing as free trade. And I think Trump has sort of recognized that. And and therefore, let's normalize you know, those tariffs uh across countries and get them ultimately to remove their again. This is not about erecting trade barriers as much as it is reducing trade barriers in other countries. Sure, maybe there's a 10% tariff globally, fine on everyone. I think the the market can get past that, not a problem. It's it's it from his perspective, it's about removing and reducing trade barriers so US can export, whether it's ag or you know, whatever products we're exporting to those countries. It's more about removing those barriers as opposed to so I think we had the right take on it. And I think the market, you know, was down what 20% almost on this sort of tariff hysteria, and then has bounced right back, right? So there I think people are getting, you know, sort of wise to ultimately what we're trying to do here, or at least the Trump administration is trying to do with the tariffs. But you know, your conversation sort of ground up, micro granular, is like you got to value engineer constantly your budgets and find ways, you know, to save in other areas if you're gonna spend more in this area, right? So I I constantly hear you value engineering every piece of the project as we go through it, not as we go through it, but looking forward and saying, should we pull forward costs? How in and what's you know, what's that gonna mean to the overall uh project? What does that mean for our lines of credit? You know, what you know, from a you know, from a budgeting perspective, those are decisions that you make all the time. And I think our our our uh our development team does a good job of uh value engineering and finding those uh ways to save money and then and even you know looking at things you know on a bigger picture level. Do we as paradigm set up paradigm manufacturing? We've talked about that before. Like, are there things that we can bring to the table that from Manufacturing perspective, we can manufacture our inputs into our projects to try to basically then protect margins for our individual projects, right? So if if we're making the steel, if we're making the garage doors, if we're making, you know, uh other inputs that go into the barn caves or go into our storage projects, then we're gonna find ways basically to shave costs for you know for our investors at the end of the day. And that's so I think as a business, we, you know, yeah, we're we're we're we're looking into the solar area. We're having solar on our projects. Paradigm Solar is a company that we're gonna be, you know, getting online as a company. So looking at ways basically to horizontically and vertically integrate so that we can bring to bear pricing, power, uh, you know, as we as we develop our projects at the end of the day. So that you know, these are decisions that Paradigm makes as a company um all day long. And and are trying, as we grow, there'll be bigger and bigger decisions that we have to make in in terms of scale and how we scale up the business. Ryan, I think you hit mute.
SPEAKER_00:Sorry, buddy, can you see me too?
SPEAKER_01:I can see it. Yeah.
SPEAKER_00:Yeah, there we go. Perfect. Yeah, so I really appreciate that, Mike. I think we've been able to shed a lot of color on kind of the the marriage between you and I and how you and I both see things um and how that implements into Paradigm's platform. So is if there's anything else you want to add, my brother, I think we are pretty much good to go.
SPEAKER_01:Yeah, no, I I I think that that's I I think that's I think we, you know, we covered a lot of territory here, and these things are always hard because you know, we could probably spend three or four hours on a discussion like this. And, you know, I always get calls after these, like, why didn't you cover that one? But I think look, I I think paradigm is an institution. I think going back to your vision, you know, I love this. I mean, I love this every day because I'm I'm taking what I've done in my past and I'm applying it to a new new area, right? To to to a real estate company that's embedded in lending and ground up. I love this of what we're trying to build together. And I think, you know, that that's exciting. I think if you don't have the energy as a company, you you know, you're not making the right moves as a company. That's how that's how things get stale and don't grow. This company is just the opposite, right? There's so much energy right now within Paradigm. There's you know, we're constantly looking at you know what our pipeline is, how can we raise capital? How do we get more money in the security income fund? What's the next project that we're doing in Lake Havasu, right? You're having those discussions right now. You come back to me and say, I just found another one. Let's go, let's go raise some capital for it. Or I've had this thought. Let's, I uh this there's a distressed opportunity over here that I think we should be navigating into, right? So it's, you know, from a platform perspective, I couldn't be more excited about where the company's going and and what we're gonna do over the next. It's not, you know, like I I hear people that are running companies, you know, sort of look at the next 10 years. No, I think it's so exciting over the next two years, the next 24 months are gonna be really, really different from Paradigm's perspective. And looking back on it, I think even you are gonna be sort of excited, maybe a little bit shocked how far this company is gonna go over the next 24 months.
SPEAKER_00:You know, and it's a testament to the team too, Mike. I mean, I feel honored to have everybody, you know, that's in our back office or downline. I mean, you we couldn't do this without the support. Not at all. I try to I try to tell Brianna to jump on on uh video conference calls with some of our clients, and she's like, I don't want to do it, I don't want to put my makeup on today. You know, she's so funny, but you know, it's it we have the best, the best team, and I feel completely blessed. And and I think what we've realized is that we can utilize systems and technology to keep our overhead low. And we've really brought in a higher level of professionals to really take control over each department, and not only that, we've all been together for a while now. Yes, you know, and that really is uh a marriage, truly. And when you don't have as much turnover within a company, I think that's really important too. And that's obviously what Family Office decides to ask. Yeah, but I I feel blessed, I feel like we're on the right track. I think what it comes down to is keeping our head down and pushing hard forward no matter what, and really kind of having that that uh understanding that no matter what happens, we're in this together, you know. And uh, and I I feel I feel really good about where we're going to. So thank you very much for today. And I uh I'm actually looking forward to for our our our network and our audience to respond, ask us questions. We're gonna be go ahead and send this out uh in a recording to our entire network. And for those of you that uh registered wasn't able to make it. Um, thank you for watching the video. And really, guys, I appreciate all the support after all the years. And uh, see a lot of people, familiar faces, and I'm really looking forward to the next one. So, guys, thanks so much. Mike, thank you very much for uh the color, man. You you did great. Thank you. Thank you, sir.
