In this episode of Real Talk, Dan Joseph and Eli Moghavem of Apparent Base join host Andrew Kirsh for a conversation on the preferred equity space and what’s ahead for 2026.
Dan and Eli discuss how their partnership came together, the sub-$8 million middle-market niche that defines their strategy, and how they price tailored, hard-to-replicate solutions where competition is thin. They share their outlook on deal flow, asset classes drawing their attention – small bay industrial and well-anchored retail – and how they navigate tougher lenders, regulatory unpredictability, and shifting market dynamics. They also lay out what a successful year ahead looks like: disciplined growth, a programmatic capital partner, and a credit culture built for the long haul.
You can watch it here or on any podcast app!