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JF 4046: Private Credit Alpha, Cannabis Lending and Regulatory Moats ft. Peter Sack
Manage episode 509948698 series 2713647
On this week’s episode of Passive Income Playbook, Pascal Wagner interviews Peter Sack. They dig into why Chicago Atlantic targets underserved private credit niches, especially state-by-state cannabis lending where limited competition can mean first-lien structures at lower leverage with mid-teens to ~20% returns, plus classic lender protections. Peter explains how regulatory moats, disciplined underwriting, and downside focus beat “sexy” equity stories, and how potential legalization would likely trigger refinancings, prepayment fees, and warrant upside rather than harm. They also compare private funds to public options through Chicago Atlantic’s BDC and mortgage REIT tickers, LIEN and REFI, and outline what LPs should evaluate in credit managers from lien position to non-accruals and third-party administration. Peter Sack
Current role: Managing Partner, Chicago Atlantic
Based in: Miami, Florida
Say hi to them at: https://www.chicagoatlantic.com/ | LinkedIn | [email protected]
This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing.
Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER
Join the Best Ever Community
The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.
Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow.
Apply now at www.bestevercommunity.com
Podcast production done by Outlier Audio
Learn more about your ad choices. Visit megaphone.fm/adchoices
4063 episodes
Manage episode 509948698 series 2713647
On this week’s episode of Passive Income Playbook, Pascal Wagner interviews Peter Sack. They dig into why Chicago Atlantic targets underserved private credit niches, especially state-by-state cannabis lending where limited competition can mean first-lien structures at lower leverage with mid-teens to ~20% returns, plus classic lender protections. Peter explains how regulatory moats, disciplined underwriting, and downside focus beat “sexy” equity stories, and how potential legalization would likely trigger refinancings, prepayment fees, and warrant upside rather than harm. They also compare private funds to public options through Chicago Atlantic’s BDC and mortgage REIT tickers, LIEN and REFI, and outline what LPs should evaluate in credit managers from lien position to non-accruals and third-party administration. Peter Sack
Current role: Managing Partner, Chicago Atlantic
Based in: Miami, Florida
Say hi to them at: https://www.chicagoatlantic.com/ | LinkedIn | [email protected]
This is a limited time offer, so head over to aspenfunds.us/bestever to download the investor deck—or grab their quick-start guide if you’re brand new to oil and gas investing.
Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER
Join the Best Ever Community
The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.
Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow.
Apply now at www.bestevercommunity.com
Podcast production done by Outlier Audio
Learn more about your ad choices. Visit megaphone.fm/adchoices
4063 episodes
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