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Brandywine Cares: A New Future for Renters in Atlanta

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Investing in People — Investing in Communities Brandywine Cares, a nonprofit organization, is on a mission to transform the future for renters in Atlanta. Through initiatives in career coaching, financial education, and the power of planning, the organization strives to ensure that individuals not only establish and meet their career goals but thrive as a result of being stronger and more resilient financially. In 2024 alone, 166 participants have received coaching, with 48 people gaining employment, leading to an average salary increase of $22,000. These efforts have resulted in a total community impact of $1.1 million this year, with 280 total participants across all programs. Lafayette RE: Building the Foundation for Brandywine Cares The foundation of Brandywine Cares was laid with the support of Lafayette RE, a private equity firm managing over $1 billion in assets and 5,000 homes across the Southeast part of the United States. Recognizing the challenges renters face, Lafayette RE, led by CEO Thibault Adrien, made an investment beyond property management. “Everything started from the realization that our responsibility to communities goes beyond managing assets — we needed to create opportunities for people to understand and reach their potential,” says Thibault. With this vision, Lafayette funded Brandywine Cares’ first year, focusing primarily on career coaching as a means to address the gaps in opportunity and financial stability that have long persisted in underserved neighborhoods, affecting housing and food security, among other things. A Vision for Lasting Change The mission of Brandywine Cares is driven by Heidi Coppola, the organization’s President. With extensive experience in nonprofit leadership, Heidi is passionate about addressing the systemic barriers that prevent many Atlanta residents from finding well-paying, sustainable employment and opportunities for personal, career, and financial growth. Her dedication has been instrumental in bridging the income and opportunity gaps in underrepresented communities. For Heidi, Brandywine Cares is a vehicle to create a lasting impact on individuals’ lives and the communities in which we all live and work. “Our goal is to create pathways to stability and opportunity, so people aren’t just surviving—they’re thriving,” says Heidi. Under her guidance, Brandywine Cares has launched initiatives that provide practical skills, career coaching, and financial literacy tools. These efforts are not just about temporary relief; they are about planning and executing on the plan, laying the groundwork for long-term success and prosperity. Empowering Communities, One Story at a Time One of the many lives touched by Brandywine Cares is Keianne Hardy, who was passionate about transitioning from a career in the education field to technology. Through Brandywine Cares, Keianne received one-on-one coaching and a revamped résumé that helped her shift into a higher-paying role in the education sector, giving her room to explore additional credentials and the transition to the technology sector. She joined CareerProsper, Brandywine Cares’ six-week program designed for those transitioning into new fields, and then secured a job with a technology company, also being accepted into a technology training program through a Brandywine Cares partner. Today, Keianne has not only increased her salary but has fulfilled her dream of transitioning into a new field that offers her opportunities for personal, professional, and financial growth. As part of its comprehensive programming, Brandywine Cares offers small business bootcamps. Aleisha Kelly, a graduate from the Spring bootcamp, credits this program with helping her find the self-confidence to tell her story in an entrepreneurship elevator pitch competition, where she took first prize with a substantial cash award, reinforcing her belief in setting and achieving high goals for herself. A Ground-Level Commitment to Change While Heidi’s strategic vision shapes Brandywine Cares’ direction, Brandywine Cares’ participants benefit from the very high-quality work of its Director of Workforce Development, Tamara Allen, who leads career coaching and program development. Additional support comes from individuals like Jackie Lee, CEO of Brandywine Homes. Jackie joined the Fundraising Committee to help organize the nonprofit’s upcoming event, leveraging her deep connections in Atlanta to bring together sponsors and donors. As someone who sees firsthand the challenges renters face, Jackie is passionate about making a difference. Her efforts reflect her belief that the real estate industry has a role to play in creating a more equitable community. “Every day, I see families working hard to make ends meet yet struggling to keep up with rent and rising costs. We have to use our resources to give them a fair shot at stability and opportunity,” says Jackie. “This is a subject that matters deeply to me because I believe in the potential of our residents and the communities we serve.” For Jackie, this work is not about her vision — it is about lending her support to the cause during her free time, ensuring that Brandywine Cares achieves the impact of which it is capable. Bridging the Gap in Atlanta’s Real Estate Market Brandywine Cares’ work is particularly significant in Atlanta, where rental and home purchase prices and limited affordable housing have created hurdles for many families. As the city grows, so does the divide between those who can afford the cost of living and those left struggling to keep up. Heidi and the Brandywine Cares team understand that these challenges require more than just providing housing; they require creating opportunities for financial independence and growth. Their programs are designed to equip participants with the skills and knowledge needed to find careers, not just jobs, advance in their careers, manage their finances, and continue on the path to prosperity. This holistic approach ensures that more Atlanta families can afford safe, quality housing without being displaced from their neighborhoods. Looking Ahead: A Call to Action The upcoming fundraiser on November 21st at the Trolley Barn in Inman Park, Atlanta, marks a pivotal moment for Brandywine Cares. This event will bring together industry leaders, community advocates, and supporters united by a vision of a more inclusive future. The funds raised will enable the nonprofit to expand its programs, reach more individuals like Keianne and Aleisha, and continue creating opportunities for those who need them most. The event

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Creating a Best-in-Class Experience

Building a New Wholesale Broker Paradigm by Ezra Dweck and David Jacob IceCap Group is one of the largest private money lenders in the country providing business purpose loans for both short-term bridge and long-term fixed rate rental loans for 1-4 family, 5+ multifamily, and mixed-use real estate properties. IceCap Group is institutionally managed and backed by a family office with a 30+ year history of successfully investing in real estate. In March of 2023, IceCap Group launched the BluFin Group as its new wholesale origination channel to extend its capital resources to a nationwide broker network. In tandem with the BluFin Group, a streamlined, tech forward, and client-service-focused platform was developed to support this network of brokers by offering alternative debt origination and funding solutions through unapparelled expertise. The firm immediately began expanding wholesale lending operations and closed its first wholesale division loan on June 2, 2023. IceCap Group had developed a burgeoning broker business prior to the launch of BluFin, but after seeing the competition in the marketplace, they realized that there were inefficiencies that needed to be addressed. To cure this void, they went out and sought additional talent by identifying the right team in Thomas DeMartin, Dalton Harben, and Chad Saunders. With a long pedigree in the wholesale market and closing thousands of successful broker transactions prior to joining IceCap, they knew firsthand what was absent in the processes of other lenders. The new partnership was a seminal moment for Ice Cap arising from a vision of excellence born out of opportunity realized from vast combined industry experience. The firm is presently constructing a best-in-class, one-stop lending solution for investor financing by breaking down barriers and offering solutions to various challenges plaguing this industry and markets. This solution includes enhancing the broker and consequently, borrower experience, by providing full transparency, self-service technology, and common-sense underwriting guidance. Credit and underwriting departments often achieve a bad reputation and are viewed as a necessary evil by those in production; however, BluFin has flipped the script by combining the forces of production and credit to achieve a common goal: a clear path to closing. It is not just all about closing, though. How a broker and lender partnership arrive at closing is often neglected by industry competition, leading to nail biters, head scratchers and often times painful experiences. BluFin’s approach is to fill the gaps and refine the process. The firm focuses on the total experience by offering a streamlined and problem-solving approach to achieve a closing and impart a legacy experience that maintains broker retention well above the industry norm. A Unique Capital Base and Experienced Team While many competitors and brokers might say BluFin and all of its capabilities sound great, they might also feel they have heard this similar type of message from other lenders in the private lending space. Despite IceCap’s firm belief that it has created a new lending paradigm for the broker community which should be experienced by all brokers and borrowers, the firm also believes it offers the industry a unique capital base which enables BluFin and IceCap to be more than just a “sell everything” conduit. Aside from access to the traditional bridge and term note buyers, the firm offers a sophisticated departure from the norm in managing three different internal debt funds in addition to an insurance fund and extensive access to the securitized markets. By lending the firm’s own capital, IceCap can focus on both “conduit” type originations and discretionary deals that offer attractive risk-adjusted returns for the firm’s dedicated funds. This includes multifamily and mixed-use bridge loans, ground-up loans and five-year term loans, allowing the firm to serve a diverse range of client needs. The coupling of prudent lending standards and innovative technology ensures that the firm can remain agile and focused, while providing brokers with consistent and reliable lending solutions. The past four-plus years since COVID have been anything but stable and smooth sailing in the real estate lending space especially as interest rates and cap rates moved appreciably higher. The industry has seen many lenders disappear, capital standards tightening and now the GSEs are cracking down on bad actors, especially in the title industry. While all of the above has been occurring, IceCap continued to lend and has expanded its capital base without suffering any real credit stress on its discretionary or sold loan originations. The firm abstained from overly aggressive lending practices which had unintended consequences across the competitive landscape. Much of this success is grounded on a strong leadership team with real estate equity and lending backgrounds combing decades of Wall Street experience with entrepreneurial hustle. Empowering Brokers for Success BluFin’s mission is to expand on IceCap’s explosive growth in this space by leveraging the capital base developed by a trail blazing team of experienced finance executives. This is accomplished by extending Ice’s diverse suite of flexible funding solutions to a network of brokers that were ripe for something more refined and empowering for their client base. A critical component to this is market-based pricing through its wide array of counterparties, including alternative asset managers, private equity firms, and insurance companies keeping them nimble and consistently ahead of price moves. IceCap is not beholden to any one capital source which many other lending outfits are subject to as consolidation has increased in the private lending space. IceCap counterparties provide a clear vision of the overall market which is then extended to its clients daily using a self-service full-process platform. The firm offers no origination fee loans and provides raw par pricing with the ability to earn yield spread premium or buy down interest rates. Fees are vastly different across the competitive landscape and often overlooked by lending partners. BluFin observed various areas to reduce fees across product lines without sacrificing service and capabilities. It has lowered underwriting fees, cut the junk, and allowed brokers to earn more while saving their client’s money which is a crucial component to winning more business in the investor

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Cornerstone Building Brands

Bringing Relentless Customer Focus to Investors Everywhere By Carole VanSickle Ellis When Cornerstone Building Brands director of retail sales Jorge Castro talks to a potential or current client about their door-and-window needs for a project, he tends to ask a lot of questions. However, they are not always the questions his customers expect from their suppliers. That is the key, Castro says, to Cornerstone’s history of satisfied, repeat clients. “The thing I always ask first is, ‘What drives you?’” Castro said. “That helps me really understand the need they have for the project. It is far more effective than just telling someone about every single product right off the bat. I want to know the biggest things they want to do and why they are investing in the property so we can give them the best products that will fit that need.” As the largest manufacturer of exterior building products in North America, Cornerstone can usually offer an array of products that fit the bill. Mike Castillo, Cornerstone’s national account manager on the company’s Retail Pro business, explained. “Our company offers consumers big things because our brand and portfolio extend across the country. Whether you are in Florida or Washington, we can help you.” Castillo, a former marine who has been with the company more than eight years, noted that one his team’s top priorities is making sure customers have all the information they need and the support Cornerstone can offer in order to make sure they choose the right product for an asset. “We view every relationship with a client not just as a point of sale but as a partnership,” Castro said. “If there are issues, then we get someone dedicated to going to a job site with the customer to figure it out. There have even been times we rebuilt windows and delivered them next-day because when it comes to that partnership, we will do what is necessary to help our customers get the job done.” Diagnosing Problems, Asking Questions & Implementing Solutions Sometimes, helping get the job done involves identifying places where the customer is missing vital information. For example, Castro noted many new Cornerstone clients struggle with understanding how to make sure they are meeting all code requirements when they install windows and doors. For many investors, in particular, who may own assets in multiple markets across the country and deal with myriad variations on common code requirements, the line between energy efficiency (often oversimplified to simply mean any product meeting federal ENERGY STAR certifications) and local code regulations becomes blurred. Then, Castro said, an owner can end up with a building that does not meet code requirements even if it has environmentally supportive windows, doors, and other appliances. “We have to know the requirements everywhere, whether you are in the Pacific Northwest, Florida, Texas, or California. Building codes are standards to which a builder must build the property, and those vary from place to place, whereas ENERGY STAR goes by region, and there are only four regions,” Castro explained. “However, a lot of property owners end up going by ENERGY STAR because they think that will take their building to code, which can end up being a very costly mistake. They are not the same thing. You have to go with the code first.” Castro recalled an experience with one customer who had not replaced windows in a multifamily building before. Some of the units had burned in a fire, so a large number of windows and doors needed to be completely replaced and dramatically updated. “They were kind of at a loss because it was their first time; the building had been built in the 70s so it was not an easy swap, and they were not sure exactly what they needed to do,” Castro said. Ultimately, the customer and Cornerstone worked together to entirely outfit one unit with the new windows Castro recommended so they could see how they worked out, and this helped them understand the process and tackle the larger project with confidence. “They were calling us and sending pictures, and then we would get them products. We ended up delivering more than 1,500 windows.” Castro said. “That was 10 years ago, and they are still working with us because they left that project feeling confident and satisfied. I feel so comfortable knowing that is the kind of company I work for: where we are encouraged to treat our customers that way.” “The number one thing our teams do is know the vital details: what kind of latches you need on a window, how to factor in what types of things are close to the project that might affect the product you choose, and the best way to get those things delivered the best way possible,” Castillo chimed in. “We make sure we have those answers up front so transactions are smooth and clients get the right products.” A Focus on the Community: Helping Families Come Home for Good Sometimes, getting the right products to the right places involves more than just helping out clients with projects. Cornerstone also dedicates large volumes of resources to helping families struggling to find stable housing secure a safe place to land — permanently. Cornerstone Building Brands “Home for Good Project” partners with Habitat for Humanity and the LadyAID Fund of the Community Foundation of Middle Tennessee to help build affordable housing for families in need. Cornerstone donates products, facilitates house builds, and works with Grammy-winning trio Lady A (founders of LadyAID) to “use music to strengthen and inspire our communities,” according to the project website. So far, the Home for Good Project has:  »         Participated in building or remodeling more than 720 homes  »         Impacted 135 communities via these projects  »         Donated $3.4 million in products and resources These projects have helped families that were living in unstable housing situations or facing homelessness access a “forever place they can always come back to.” For example, Kentucky resident Sallie and her son, Casey,

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Creating Opportunities

Mino Lending Solutions Prioritizes What Investors Need Most By Carole VanSickle Ellis When you think of private lending, the word “scrappy” is not usually the first word that comes to mind. However, when you think of Mino Lending Solutions, the Detroit-based, full-service, nationwide mortgage originator specializing in financing for real estate investors and actively engaged in making loans that other lenders simply cannot tackle, “scrappy” seems to fit the bill. “From the beginning, we have had that scrappy, gritty, creative element ingrained in us because it is in the culture that drives us in Detroit,” said Cason Thorsby, co-founder and CEO of Mino Lending Solutions. Although the company is based in Detroit, it operates nationally and makes not only the lower-dollar loans that investors are desperately seeking in that market but also higher-end loans on what Thorsby calls “million-plus fix-and-flips.” “If a deal makes sense, we love it and we are going to do it, period,” Thorsby said proudly. “It sometimes might seem to real estate investors that no one wants to play in the smaller-dollar sandbox, but if that is what investors need, we are going to be there.” Thorsby and co-founders Chad Skop (COO/CFO), Grant Drzyzga, and John DeSilva started the company in response to the need for real estate investors and property managers to access equity in their current portfolios, fund new acquisitions, and grow their businesses, Thorsby explained. Drzyzga and DeSilva, who are also founders of property management software platform Revela, initiated the conversation when they noticed an ongoing flow of requests from their clients for more funding for their investments. “Our clients are smaller, non-institutional real estate investors driving positive change in local economies, and there is no market where that opportunity and the need for funding is more evident than in Detroit,” Thorsby said. “Smaller investors’ appetite for risk and willingness to take on hard work and hard projects helps stabilize neighborhoods and shore up local markets. We believe they should have access to the same type of financing as the ‘big guys.’” Providing a New Point of Access to Profitability & Cash Flow When the co-founders first broached the idea of a lending company with each other, they did so in response to a clear gap in the market when it came to serving individual investors engaged in markets like Detroit, Michigan, where Mino Lending is based. Although investors are often able to get into deals with short-term loans in markets like Detroit, of which there are many in the Midwest in particular, it can be difficult to exit that funding to create profitability and cash flow. “We have roots in Detroit, and the characteristics of this market bleed into others like Cleveland, Ohio, or St. Louis, Missouri, to name just a few,” Thorsby said. He continued, “In these types of markets, valuations and properties can vary greatly street by street and even block by block, and asset prices are still relatively inexpensive compared to the rest of the country. This means there is an opportunity for people to create portfolios here that they could not create anywhere else. We are determined to help them do that.” Thorsby recalled his early days in private lending just after leaving his food-and-beverage business to become a lender. “I had a lot of experience raising money, but I had not seen how it usually worked in the real estate space up to that point,” he said. “From the ‘outside’ looking in, it just did not make sense that someone with good credit, good experience, and good liquidity could not get financed for a deal in a place like Detroit. If there is money to be made, it can be a good loan, and we are proud of our success in lending to investors in Detroit with a 0% late payment, 0% delinquency track record. We are proud that we saw something that needed to change and we are helping change it.” The Truth About “Small” Loans “Small” real estate loans are hard to come by, and this can make investing in highly attractive deals in certain markets extremely difficult for investors who rely on loans to finance acquisitions and renovations. Historically, the investor maxim regarding borrowing was, essentially, “If you’re willing to pay the price, you can borrow on anything.” However, this has never fully applied to small property loans, typically defined as $100,000 or less. To Thorsby, that inaccessibility was a problem. “In markets like Detroit, which is our home base, you can still buy a house for $50,000 and put $30,000 into it for a cost basis of $80,000. That is huge for an investor with decent liquidity who wants to invest in the Midwest,” Thorsby said. “They can create portfolios with many cash-flowing properties despite higher interest rates, but only if someone will make the loans.” Mino Lending has prioritized these types of borrowers from the beginning. “We have roots in Detroit,” Thorsby said. “As a private money lender, we understand what makes a good deal and we believe it is important for investors to be able to do those deals when they make sense.” With the average home loan amount in the U.S. today hovering just over $400,000, most lenders, “conventional” and private, tend to avoid making loans below $100,000 because they simply are not as cost-effective as larger loans. It costs roughly the same amount to originate a loan of any size, and most lenders do not choose to specialize in these small loans since relatively few of them are originated each year. While these reasons might make good business sense for lenders, Thorsby said, the truth is that the practice of only making larger loans leaves investors active in some of the most affordable markets in the country out in the cold. For Mino Lending, which already specializes in making loans of all sizes nationwide, the correct course of action was clear. “The feather in our cap is that we are an up-and-comer willing to do financing in cities

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Frame it and Forget About It

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JELD-WEN Windows and Doors When you are investing in properties to rent or to sell, you want to frame it and forget about it. Investors know that replacements and repairs can dramatically influence the potential ROI of an asset. Enter JELD-WEN® doors and windows to help get it right. Beautiful and durable. That is the simplest way to describe JELD-WEN’s doors and windows. An extensive range of interior and exterior doors, as well as wood and vinyl windows that bring beauty and security to the spaces that touch lives. JELD-WEN ensures that building professionals have access to products that can be trusted to perform. Think about it: Doors and windows are the workhorses of any home. Each morning, back doors everywhere are opened to start the day by letting out the beloved family dog, while curtains are pushed to the sides, letting in the sunshine as the coffee brews. A gaze out the window can be an invitation to go, or an invitation to stay. Opening the door to run a routine errand or embark on a major adventure holds as much promise as closing that same door to settle in for a home-cooked meal, game night with friends or a quiet night reading a book with the window cracked just enough to let in some fresh air. With the importance of doors and windows to everyday life, you want quality products and materials that will last. And you want to be able to trust a manufacturer that has proven to last. For nearly 65 years, JELD-WEN has stood the test of time by consistently delivering trustworthy quality and striving to enhance living experiences through innovative, aesthetically pleasing and energy-efficient products. “We’ve grown from 15 employees and one millwork plant that was purchased at an auction in 1960 to manufacturing facilities in 16 countries across North America and Europe,” explained John Marchionda, chief operating officer, Windows, N.A. “We are makers, first and foremost. Makers of high-quality products. Makers of a lasting impression on people and the planet.” Don’t just take their word for it — their reputation for quality is widely recognized. For the past two years, JELD-WEN tops the windows and doors company in the construction industry category on Newsweek’s “Most Trustworthy Companies in America” list. 3 Pro “Need to Knows” “Repair or replace” is the most important question Determining how best to tackle a problematic door or window is an important undertaking. When it comes to windows, consider lower-cost fixes that can extend the life of existing windows when facing one of these problems:  » Cracked or broken glass  » Minor water leakage  » Stuck sash  » Broken muntins or mullions  » Missing or damaged drip cap  » Damaged exterior window casing Replacement can be the best option with the following issues:  » Foggy glass  » Structural issues  » Major water leakage  » Broken faux muntins or mullions Of course, it can be advantageous to consider the investment and operational upside of new windows — as well as the opportunity for a fresh look. When it comes to exterior doors, start by asking some basic questions:  » Is the door dented, scratched or weathered?  » Are the edges of the door panel cracked?  » Does the door let in drafts? Is it missing a weatherstrip?  » Is the door hanging unevenly on the hinges?  » Is it often a hassle to close and lock the door? It is possible to infuse new life into a struggling door. If it is scratched or weathered, fresh paint can do the trick, with the potential to add a bold statement to the home’s design. If you notice a draft, try installing a new threshold or weatherstrip. Even a sagging door can often be resurrected by simply adjusting the hinges or rehanging it. When it comes to door replacement, bigger issues such as structural damage, termites, rot, warping or significant weathering may signal it’s time to replace. The upside is, research from Zonda’s Cost vs Value report suggests that when you sell a property, you are likely to recoup most of what you spent on a new door. Knowing it is an investment with a measurable return can help in the decision-making. Expenses can be determined with the range of choices available with a new exterior door. Consider different sizes, architectural styles, aesthetic options and slab materials. Customization allows for a variety of glass openings, glass designs, stains and paint colors. Sustainability is a priority Whether your audience consists of renters or homebuyers, it is noteworthy that millennials are one of the most environmentally focused group of those seeking housing. From the National Association of Homebuilders to Green Builder, studies show sustainability is a priority and people will pay for eco-friendly options, including energy efficiency and healthy homes. As an investor, it pays to address these priorities. There are many ways to make homes more sustainable, efficient and healthy. Here’s how JELD-WEN can help:  » Offer Forest Stewardship Council (FSC) certified doors and windows, a sustainable choice that’s mindful of resource consumption, and they are built in the closest available facility and with locally sourced materials whenever possible.  » The solid foam used within JELD-WEN’s fiberglass and steel doors creates an effective barrier between the indoor climate and the outside elements, providing superior energy efficiency. According to the U.S. Department of Energy (DOE), fiberglass entry doors can offer more than five times the insulating value of solid wood.  » AuraLast® pine, a patented wood product exclusive to JELD-WEN, uses a water-based treatment process, which produces up to 96% fewer volatile organic compounds (VOCs) during the manufacturing process than traditional treated wood. It also resists rot and termite damage.  » All Low-E performance glass from JELD-WEN uses industry-leading laminate glass technology that blocks up to 95% of harmful UV rays. This layer of protection can help protect furniture from sun damage over time and lower heating and cooling costs. JELD-WEN has been an ENERGY STAR® Partner since 1998. According to the DOE,

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An “Extreme” Solution to Pressing Housing Questions

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Toni Moss & AmeriCatalyst Present the 2024 Climate & Housing Conference Toni Moss, CEO of AmeriCatalyst LLC, never intended to produce conferences. An expert on global mortgage markets, Moss spent much of the 1990s in Europe working as the Director of Corporate Development for Bouwfonds, a division of the Dutch government that was created to rebuild Holland after World War II. Moss’s background in corporate intelligence, scenario planning and due diligence served her well in this position and, during her experiences across 23 countries during that time, she saw how mortgage markets were heading toward trouble by the early 2000s and tried to do something about it. In 2002, she launched the annual Eurocatalyst (now AmeriCatalyst) conference to discuss the impact of globalization on the mortgage and real estate industries. Last held in 2020, this year AmeriCatalyst is coming back with a new event, AmeriCatalyst’s “GOING TO EXTREMES: The Climate, Housing, and Finance Leadership Summit.” REI INK sat down with Moss to discuss the conference, climate change, real estate, and the surprising ways they all fit together. There are a lot of conferences in the real estate space. What makes AmeriCatalyst conferences unique? My focus is on the actual purpose of the event and not its profit, and, as a result, these events are known for being quite intellectually challenging and unconventional. I apply some “quirky” things to the format to make the event valuable from a business perspective, fun from a personal perspective, and entirely unique to the industry. The seating is cabaret-style, to build community. I use music to editorialize each session, which is often very funny. I use clever (and snarky) session titles with double entendres and everyone knows to read between the lines of my programs because the more they look, the more there is to see. I keep these events to a smaller audience of invite-only attendees numbering no more than 300 because I want the smartest minds in the room together. Each year, every session is a chapter in the bigger “story” of the conference so that by the end of the event, you have a very clear view of the “big picture” issues that are driving the market and can anticipate what will happen next. By the way, this will be the first year in our history that an AmeriCatalyst event has ever been open to media coverage.  What are examples of past themes at your events? In 2010, I added an entire day onto the main AmeriCatalyst event and called it “Renting, the Future.” The day was focused on the emergence of the unknown and amorphous collection of individuals and companies buying single family homes and renting them out. Single-family rental (SFR) was not even a defined industry sector at the time because most people thought that it was a short-term trade on house price appreciation and not a long-term trend. But in calling it “Renting, the Future” I was making an editorial statement that renting literally is the future because homeownership would increasingly become out of the reach of the average American – and it certainly has. In 2011, the event was themed “Convergence” in reference to the convergence of the housing-finance side of the industry and the real estate sector. I predicted real estate agencies would become mortgage lenders due, in large part, to the emergence of Single Family Rental (SFR). I also wanted to show the similarities between the mortgage industry and SFR on the servicing and property management side. In 2013, I themed the event “Rorschach” because I noticed an interesting trend of people dismissing conventional facts and paying more attention to what they wanted to see rather than what really was. In retrospect, other than 2002, which was the earliest event on record naming the crisis of 2007/2008, perhaps the most profound theme was our last event in 2020. It was themed “ENTROPY: Surviving the New Abnormal”. In early February of 2020, the market was doing quite well; I came along and called its condition an advanced state of entropy. At that time, I wrote, “The housing industry suffers from a pathologically short attention span. We predict that almost 40% of today’s companies in the housing ecosystem will not survive over the next five years”. At the time I had written that, the party was going strong. Covid hit three days later. This year’s event is titled, “Going to Extremes.” How did you decide on that? The ravages of extreme climate now impact every single region of the US, accelerating the frequency and severity of catastrophic weather events and leading to a very volatile and unpredictable future. Belief in climate change is inconsequential at this point; extreme climate is here and now — not five or ten years away — and it is affecting practical elements of our lives (and portfolios). We must analyze the issue and prepare for how it will change our lives and our investments in the near future. Think about this for a minute: we live in a world where the greatest change is the pace of change. We expect social, political, and technological change, but none of us grew up anticipating environmental change. Our climate is changing far faster than at any other time in human history, and these changes are permanent. Yet, we have built our entire housing and finance infrastructure under the assumption that the climate is stable. Contrast that against a property and casualty insurance policy, which is an annual product. See the duration mismatch? By assuming stability in the future, we have embedded all of our greatest vulnerabilities into the very foundation of the housing ecosphere. Now, we’re seeing insurance companies pull out of Florida, California and Louisiana; some are even considering leaving Texas due to hail damage and flooding. The entire housing-finance system is built upon insurance as the greatest risk-transfer mechanism, but we can no longer count on that. This is the proverbial canary in the coal mine. Are we headed toward an uninsurable future?

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