This episode of Private Capital Perspectives goes inside how a modern family office is positioning itself in today’s real estate and capital markets.
In this conversation, Mark Stroud Jr., President & CEO of Lindell Investments, opens the playbook of a $200M Tampa-based family office. He shares how the firm has evolved from its entrepreneurial roots into a diversified investor across opportunistic real estate equity and private credit. Mark explains the flexible capital allocation that defines their philosophy, why private debt and preferred equity are increasingly central to the strategy, and why sponsor quality matters more than ever. The discussion also highlights Lindell’s sector outlook, the realities of today’s interest rate environment, and their 2025 focus on building a scalable credit platform while keeping dry powder ready for equity opportunities.
Key Takeaways
Entrepreneurial DNA: Lindell is a diversified family office built on entrepreneurial risk-taking, now applying that mindset to capital allocation.
Evolving Philosophy: Since 2022, volatility has reshaped how they approach real estate equity — patience and discipline now trump chasing yield.
Flexible Capital: With an informal structure, Lindell can pivot quickly between equity, credit, and liquidity — a major advantage in uncertain markets.
Credit > Equity (for now): Private debt and preferred equity are becoming central as stabilized acquisitions rarely pencil against treasuries.
Sponsor First: The most important factor in any deal is who you’re backing — a strong sponsor can salvage a tough deal, while a weak one ruins even the best opportunities.
Sector Outlook: Industrial and multifamily remain staples, retail is becoming increasingly attractive, while assisted living and hotels are off the table for equity.
Higher-for-Longer Rates: Structural inflationary forces (immigration, demographics, tariffs) point to elevated rates — equity assumptions must reflect that.
2025 Credit Platform: Lindell Capital, the new credit arm, is the firm’s top priority this year — already deploying capital through bridge loans and preferred equity.
Chapter Breakdown
00:00 – Entrepreneurial Roots
From car dealerships to a $200M family office platform.
03:01 – Investment Philosophy Shift
Why Lindell’s approach changed post-2022 and how they view risk today.
05:58 – Capital Allocation in Practice
The four “legs of the stool”: liquidity, private equity, private credit, and real estate.
08:52 – Credit Takes Center Stage
How preferred equity, mezzanine, and bridge loans became a core focus.
14:39 – Sponsor First, Deal Second
Why partner selection is the most important diligence step.
19:55 – Sector Focus
Industrial, multifamily, and retail opportunities—and where Lindell won’t invest.
28:49 – Evaluating Equity Deals
A case study in industrial development and how Lindell underwrote it.
36:00 – Rates & Inflation
Mark’s candid view on “higher for longer” and structural inflation drivers.
44:00 – Dual Strategy
Balancing credit and equity to stay positioned in any market scenario.
46:00 – Beyond Real Estate
The Slide Insurance bet and why entrepreneurial investments still matter.
48:39 – Where to Connect
How to learn more about Lindell Investments and reach Mark directly.