Q3 2023 Letter from the Chief Investment Officer

September 21, 20234 min read
Q3 2023 Letter from the Chief Investment Officer
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It’s been just over three months since I joined Yieldstreet, and I’m excited and honored to be a member of such a passionate and dynamic team, all of whom are dedicated to providing you with unprecedented access to the world of private market investments.

I joined Yieldstreet following almost 30 years at Citigroup, where I held numerous global leadership positions across banking, lending, and capital markets businesses. I worked across a range of alternative asset classes and was ultimately responsible for more than $100B in commitments.

Over the course of my career, I often thought about how powerful it would be if I could replicate the types of transactions I managed professionally within my own personal investment portfolio. However, the manner in which these types of investments were structured and the high minimums required to participate made these investments available only to banks, institutions, and the very wealthiest of individuals.

During my time at Citi, I had the pleasure of meeting Yieldstreet’s founders and was instantly drawn to their mission to deliver institutional-quality private market investments in a format that would be accessible to a broader base of investors. After retiring from Citigroup and taking some time to consider the next chapter in my career, I reconnected with the founders and decided Yieldstreet was where I wanted to be. 

Alongside a robust executive team led by our Founder and CEO Michael Weisz, I couldn’t be more excited to continue to build upon Yieldstreet’s mission.

Why private markets? Why now?

The current market environment, impacted significantly by inflation levels not seen in decades and drastically increased interest rates, has created a landscape most investment professionals have never before had to navigate. Add in other relevant factors such as lingering effects from the pandemic and political instability, and it’s easy to see why there has been so much volatility across public markets. 

This is where we believe private market investments make sense. 

At Yieldstreet, we focus on providing you with investments that we believe have very strong fundamental value, often involving real assets, such as real estate, art, equipment, and a wide variety of secured consumer and business-related loans and leases. The value of these investments is most often not influenced by, or correlated to, daily fluctuations in financial markets, but derived from the intrinsic underlying value of the asset, the contracted cash flows payable by the end-user or owner, and structural and credit enhancements that help protect the investor from asset underperformance.  

These real asset investments, supplemented with other unique strategies such as private equity, venture capital, private credit, and equity-linked structured notes, allow us to deliver a portfolio of private investments that can provide capital preservation, income, and capital appreciation, with attractive risk-adjusted returns relative to options available in the public markets.

More importantly, we take the utmost care and diligence in sourcing and structuring the transactions we offer to you. On average, we select less than 10% of all of the investment opportunities that we see, and our team of more than 40 experienced investment and legal professionals completes multiple levels of analysis to help ensure that the structure, controls, pricing, and terms provide a suitable investment for you.

What you can expect from us

These are exciting times at Yieldstreet, and our entire team is relentlessly focused on continually enhancing your experience as a Yieldstreet investor. Over the coming months, you will see from us:

  • An expanded selection of investment offerings, diversified by asset class, investment strategy, and risk/return dynamics, available in both standalone and fund formats.
  • The introduction of analytical tools and guidance that will allow you to build a model portfolio of private market assets that best suit your specific investment goals.
  • Improved educational and market-related content, so you can always remain well-informed as you evaluate your investment decisions.
  • Enhanced portfolio reporting, including investment performance updates, and account statements.

Going forward, you will receive a quarterly update from me regarding our offerings, portfolio performance, and market insights, along with other content we hope you will find interesting and informative.

Most importantly, thank you for being a Yieldstreet investor and for entrusting us with you and your family’s hard-earned assets. My 200+ colleagues and I come to work every morning with one thought in mind — to deliver to you an extraordinary investor experience.

I look forward to partnering with you.


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We believe our 10 alternative asset classes, track record across 470+ investments, third party reviews, and history of innovation makes Yieldstreet “The leading platform for private market investing,” as compared to other private market investment platforms.

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," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. “Term" represents the estimated term of the investment; the term of the fund is generally at the discretion of the fund’s manager, and may exceed the estimated term by a significant amount of time. Unless otherwise specified on the fund's offering page, target interest or returns are based on an analysis performed by Yieldstreet of the potential inflows and outflows related to the transactions in which the strategy or fund has engaged and/or is anticipated to engage in over the estimated term of the fund. There is no guarantee that targeted interest or returns will be realized or achieved or that an investment will be successful. Actual performance may deviate from these expectations materially, including due to market or economic factors, portfolio management decisions, modelling error, or other reasons.

4 Reflects the annualized distribution rate that is calculated by taking the most recent quarterly distribution approved by the Fund's Board of Directors and dividing it by prior quarter-end NAV and annualizing it. The Fund’s distribution may exceed its earnings. Therefore, a portion of the Fund’s distribution may be a return of the money you originally invested and represent a return of capital to you for tax purposes.

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

6 The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments, excluding our Short Term Notes program, 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 July 18th, 2022, after deduction of management fees and all other expenses charged to investments.

7 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.

8 This tool is for informational purposes only. You should not construe any information provided here as investment advice or a recommendation, endorsement or solicitation to buy any securities offered on Yieldstreet. Yieldstreet is not a fiduciary by virtue of any person's use of or access to this tool. The information provided here is of a general nature and does not address the circumstances of any particular individual or entity. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of this information before making any decisions based on such information.

9 Statistics as of the most recent month end.

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