Better Know The Yieldstreet Team: Mitch Rosen

We’re introducing a new series to highlight some of the amazing team members that make Yieldstreet possible. Up first is Mitch Rosen, Senior Director, Head of Real Estate, and a favorite among the Yieldstreet community since he joined in 2018. He discusses how his career has shaped how he views investments, and where he hopes Yieldstreet ends up in the next few years. 

What do you do at Yieldstreet?

I head the Real Estate division at Yieldstreet, meaning that I lead the team looking into originations and doing the proper due diligence on all of the opportunities offered on Yieldstreet in the real estate space. I also do webinars from time to time to help explain what I love about certain deals.

How did you get started in the commercial real estate space?

I got started in 2001 in the real estate space at a publicly-traded mortgage REIT called Capital Trust.  The company specifically focused on subordinate debt on CRE assets of all types.  I learned how to critically look at CRE and more importantly, how to think creatively about ways to structure these investments to insulate our position from problems arising.  The company was co-founded by Sam Zell, who also served as the chairman of the company.  I did not have much contact with him but it was always an interesting day in the office when he would come in.  

I worked at Capital Trust from October 2001 through May 2004.  I then joined an alternative asset management firm called Marathon Asset Management. I spent close to nine years there. The first five of them were focused on the underwriting of the bridge loan space. I had two great mentors who ran the group. I learned a great deal from both of them and we still keep in touch to this day. After the GFC in 2008, I began to spend more of my time on the securities side, mostly CMBS, CRE CDO’s, and subordinate debt opportunities. I left Marathon in February 2013 and joined another alternative asset management firm called Brigade Capital. Brigade, which at the time had around $15B of AUM, is best known as a high-yield corporate credit and distressed shop. I was hired to be the lead credit analyst and trader for the CMBS and CRE debt business. I thoroughly enjoyed my time at Brigade and they have a great team of people over there.  I spent 5.5 years there and left in the summer 2018. 

I met Milind and Michael in July 2018, and they brought me on to run the Real Estate Business. I was the first dedicated investment head to join the company. Having spent close to 20 years on the traditional buy-side, I was certainly cautious about joining a financial technology company that was looking to change the way retail investors allocate capital. I accepted my offer and started in October 2018. 

What was your biggest learning experience, and has it shaped how you approach investing? 

Going through the 2008 crash early in my career gave me tremendous insight into when things go bad, what does it look like and how do you solve the problems. We had a fairly large portfolio, over $2 billion of real estate loans and securities, that all had distress. That meant we had to work through them, take our lumps, pivot where we could, and take back anything that we couldn’t work out of. The problem was that our borrowers weren’t just getting hit on what they had with us, but every property they owed in some capacity was impacted. Having gone through that dislocation and then coming out on the back of that and making a lot of money by buying distressed bonds and other assets that were attractively priced was frankly invaluable. 

What’s the future of real estate investing? How does real estate investing evolve from your seat specifically, not just tied to Yieldstreet but in market terms?

The future is tied to Yieldstreet though, to be frank. I think that the ongoing acceptance of retail crowd raising capital for real estate is going to only continue to flourish. Certainly there are going to be investors who pick the wrong deal or the wrong partner, but the key is diversification. As I see it, crowd platform investing for CRE is going to be the most accepted and earliest adopted retail segment for investing, and I’m of the opinion that even institutional companies and managers, who historically shied away from it, will start to embrace and partake in it. And my guess is that we’re in the third inning of that — there’s a whole runway for the field to evolve. 

What happens with the disruption to the incumbents? When the big players are reduced in size, what impact does that have?

It sounds cliche, but that disruption is providing access to investors that historically would not have access to these types of opportunities. Typically, these managers had friends and family capital they would crowdfund with: They found a deal, put it under contract, and would call their 100 buddies to say, ‘I’m doing this deal, I’m looking to raise $5 million.’ And they’d come and collect $20K-$25K checks, they’d raise the money, close, and the deal is off to the races. It’s the same process. Technology has just made it far more efficient, quicker, and through a better interface. And so when we talk about “crowdraising” … it’s been done for 40 years but what Yieldstreet has done is formulated a more efficient and transparent process.

How is Yieldstreet unique in that crowdfunding space?

We’re providing multi asset class access which no one else really has and we’ve historically focused on debt — though we are starting to ramp up the equity business. That was partly why we were more known within the Commercial Real Estate space in particular — we’re trying to offer not just access, but good access. We spend a lot of time thinking about who we play with, invest with, how we think, and are looking to ensure added protection is what Yieldstreet brings to the crowdfunding space.

Where do you find yourself at 7pm on a Friday?

Usually I’m at home with my family having Friday dinner! I love being together after a long week, just sitting down and connecting with them. I’m getting to bed pretty early on Fridays as I’m just exhausted from a long week.

And then do you have fun weekend activities planned?

My kids are in sports — so my little guy plays soccer, my daughter plays lacrosse. My oldest daughter just turned 13 so that is a whole different story there. She is with her friends a lot and I try to give her the space she desires. I will definitely go for a run and likely BBQ. 

Where do you see yourself when you are able to retire and generate passive income for yourself?

I’d like to be my own owner of real estate, of assets that can generate passive income and enable me to do other things that I don’t have the free time for currently. That’s the dream for a lot of people, and it’s one that we should all be thinking about — we’re living longer, thank god — but there are implications of what that means. It’s about setting small goals and putting a little bit aside every day…I saved up for many years before having a downpayment for my house. 

How helpful is this content?

Since inception, over $1.6B has been invested on Yieldstreet

Join today for free to access alternative investment opportunities.

1 Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses.

3 "Annual interest" or "Annualized Return" represents an annual target rate of interest or annualized target return and "term" represents the estimated term of the investment. Such target interest or target returns and estimated term are projections of the interest or returns and or term and may ultimately not be achieved. Actual interest or returns and term may be materially different from such projections. This targeted interest or returns and estimated term are based on the underlying investments held by the applicable.

4 Reflects the initial quarterly distribution declared by the board of directors on February 6, 2020, which will be payable to stockholders of record as of June 10, 2020, and the initial offering price of $10 per share.

5 The Fund will cease investing and seek to liquidate the Fund's remaining portfolio no later than 48 months after the Fund's initial closing. It may take up to twelve months thereafter to fully monetize any remaining illiquid investments in the Fund's portfolio.

6 Represents the sum of the interest accrued in the statement period plus the interest paid in the statement period.

7 The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments weighted by the investment size of each individual investment, made by private investment vehicles managed by YieldStreet Management, LLC from July 1, 2015 through and including June 4th, 2021, after deduction of management fees and all other expenses charged to investments.

8 Investors should carefully consider the investment objectives, risks, charges and expenses of the Yieldstreet Prism Fund before investing. The prospectus for the Yieldstreet Prism Fund contains this and other information about the Fund and can be obtained by emailing [email protected] or by referring to www.yieldstreetprismfund.com. The prospectus should be read carefully before investing in the Fund. Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party.

300 Park Avenue 15th Floor, New York, NY 10022

844-943-5378

No communication by YieldStreet Inc. or any of its affiliates (collectively, “Yieldstreet™”), through this website or any other medium, should be construed or is intended to be a recommendation to purchase, sell or hold any security or otherwise to be investment, tax, financial, accounting, legal, regulatory or compliance advice. Nothing on this website is intended as an offer to extend credit, an offer to purchase or sell securities or a solicitation of any securities transaction.

Any financial projections or returns shown on the website are estimated predictions of performance only, are hypothetical, are not based on actual investment results and are not guarantees of future results. Estimated projections do not represent or guarantee the actual results of any transaction, and no representation is made that any transaction will, or is likely to, achieve results or profits similar to those shown. In addition, other financial metrics and calculations shown on the website (including amounts of principal and interest repaid) have not been independently verified or audited and may differ from the actual financial metrics and calculations for any investment, which are contained in the investors’ portfolios. Any investment information contained herein has been secured from sources that Yieldstreet believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no liability therefor.

Private placement investments are NOT bank deposits (and thus NOT insured by the FDIC or by any other federal governmental agency), are NOT guaranteed by Yieldstreet or any other party, and MAY lose value. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through the website. Investors must be able to afford the loss of their entire investment.

Investments in private placements are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Additionally, investors may receive illiquid and/or restricted securities that may be subject to holding period requirements and/or liquidity concerns. Investments in private placements are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

Alternative investments should only be part of your overall investment portfolio. Further, the alternative investment portion of your portfolio should include a balanced portfolio of different alternative investments.

Articles or information from third-party media outside of this domain may discuss Yieldstreet or relate to information contained herein, but Yieldstreet does not approve and is not responsible for such content. Hyperlinks to third-party sites, or reproduction of third-party articles, do not constitute an approval or endorsement by Yieldstreet of the linked or reproduced content.

Investing in securities (the "Securities") listed on Yieldstreet™ pose risks, including but not limited to credit risk, interest rate risk, and the risk of losing some or all of the money you invest. Before investing you should: (1) conduct your own investigation and analysis; (2) carefully consider the investment and all related charges, expenses, uncertainties and risks, including all uncertainties and risks described in offering materials; and (3) consult with your own investment, tax, financial and legal advisors. Such Securities are only suitable for accredited investors who understand and willing and able to accept the high risks associated with private investments.

Investing in private placements requires long-term commitments, the ability to afford to lose the entire investment, and low liquidity needs. This website provides preliminary and general information about the Securities and is intended for initial reference purposes only. It does not summarize or compile all the applicable information. This website does not constitute an offer to sell or buy any securities. No offer or sale of any Securities will occur without the delivery of confidential offering materials and related documents. This information contained herein is qualified by and subject to more detailed information in the applicable offering materials. Yieldstreet™ is not registered as a broker-dealer. Yieldstreet™ does not make any representation or warranty to any prospective investor regarding the legality of an investment in any Yieldstreet Securities.

Banking services are provided by Evolve Bank & Trust, Member FDIC.

Investment advisory services are provided by YieldStreet Management, LLC, an investment advisor registered with the Securities and Exchange Commission.

Our site uses a third party service to match browser cookies to your mailing address. We then use another company to send special offers through the mail on our behalf. Our company never receives or stores any of this information and our third parties do not provide or sell this information to any other company or service.

Read full disclosure
Copyright © 2021 YieldStreet, Inc.