Due Diligence Report July 2024 | Chapter 1
Politicization of ESG has shaped attitudes and practices in sustainable investing but if anything has caused investors to sharpen their focus on the key sustainability issues.
READ MOREBallast Rock Asset Management provides diversification with arisk-mitigation focused approach to private market investing.
At Ballast Rock we understand how hard you have worked to earn your investable capital which is why we create investments and manage your capital with a significant focus on diversification, and why we always invest our own capital alongside our investors. Our Asset Management and Wealth Management teams are dedicated to delivering curated portfolios with attractive risk-adjusted returns, accurate and timely advice, high quality frequent reporting, and direct access to management.
We leverage our leadership’s Wall St. risk management experience and Southeast regional relationships to originate opportunities and manage funds in real estate, venture capital, and private equity.
At Ballast Rock Asset Managment our mission is to create and manage exclusive access to alternative investment funds for accredited investors that offer attractive risk-adjusted returns with a positive social or environmental impact. This includes real estate, private equity, and venture capital funds.
Excellence in Workforce Multifamily Real Estate
LEARN MORE →Exclusive Mandate to Invest in Growth Stage Stage Venture Capital Deals
LEARN MORE →The Ballast Rock Private Credit Fund provides exposure to short-duration lending opportunities to late-stage commercial-scale solar project developments.
LEARN MORE →Ballast Rock Private Wealth is an SEC regulated Registered Investment Advisor providing tailored holistic financial advice to accredited investors, with a focus on alternative investments, generating alpha while reducing volatility and risk.
To provide objective institutional grade financial advice and bespoke solutions for accredited investors and their families.
Politicization of ESG has shaped attitudes and practices in sustainable investing but if anything has caused investors to sharpen their focus on the key sustainability issues.
READ MOREThe latest Sunbelt fund will continue Ballast Rock Real Estate’s focus on workforce multifamily in the U.S. Southeast.
READ MORENo.1,145 on Inc. 5000’s List of Fastest Growing Private CompaniesBallast Rock
Learn MoreBallast Rock Group’s Simon O’Shea shares insights on the launch of the firm's new SEC registered broker/dealer and why it felt the move was necessary.
READ MOREBallast Rock Group has announced the formation of Ballast Rock Capital (BRC), a SEC-registered broker dealer.
READ MOREEstablishing a broker-dealer is part of Ballast Rock’s continued evolution as a diversified investment management firm, focused on private-market opportunities for investors and advisors.
READ MOREFrom mass layoffs to rising interest rates, venture capital is entering a uniquely challenging environment. Yet, with crisis and chaos comes opportunity, and this type of economy is also ripe for innovation.
READ MOREBallast Rock Group is an integrated investment management company. CEO Tom Carroll gives an overview of the company as it operates Ballast Rock Asset Management, Ballast Rock Private Wealth, and Ballast Rock Capital.
READ MOREIt may seem like mere semantics, but the words used to describe any investment asset class outside of publicly trade stocks or bonds matter now more than ever before. In 2022, the publicly traded stocks and bonds that make up the standard 60/40 portfolio had one of their worst performances on record.
READ MOREAfter getting a discount, the apartment owner closed on the 132-unit Bentree Apartments.
READ MOREThe agencies remain in the game, but questions surround other debt sources.
READ MORE“Obviously, the Fed was hiking funds,” said Thomas Carroll, founder and CEO of Charleston, South Carolina-based owner and manager Ballast Rock Group. “At the same time, that was driving what’s going on in the long end of the market, which ultimately drives our cost of borrowing.”
READ MORESunbelt Multifamily Fund II (SB2) has completed its final acquisition, Bentree Apartments. With the SB2 acquisition stage now fully completed and all investor capital deployed, Ballast Rock expects to launch Sunbelt Multifamily Fund III (SB3) shortly.
READ MOREBallast Rock Group anticipates launching its third Southeast-focused workforce multifamily fund in Q1 2023.
READ MOREBallast Rock Group will internally reorganize to create distinct asset management and broker-dealer divisions to support its private equity, real estate, and venture capital offerings.
READ MOREThe pandemic underscored the strength and vitality of workforce housing, which all too often has been seen as a solid but unexceptional corner of the multifamily market. During the past year, suburban workforce housing assets outperformed Class A urban properties, with rents and occupancy maintaining pre-pandemic levels.
READ MOREBallast Rock Capital, a Charleston, South Carolina-based investment group, continues to grow its multifamily portfolio with its latest purchase in Alabama. The firm purchased the 95-unit Coleman Place apartments in Anniston, Alabama, located at 2320 Coleman Road and sold for $7.25 million, or about $76,000 per unit, according to CoStar data.
READ MORECharleston, South Carolina-based Ballast Rock Capital acquired the Gleneagle Apartments in Columbia, South Carolina, for $17.5 million, or approximately $78,125 per unit.
READ MOREManaging partner Thomas Carroll shares why he thinks this multifamily sector will be one of the most resilient in commercial real estate.
READ MORE
Assets Under Management for Sunbelt Funds I, II, and III are based on internal asset valuations, completed in accordance with our Internal Valuation Policy and reflective of asset values as of 6/30/24.
"I have invested with over 200 sponsors, and the monthly asset management reports for Ballast Rock's real estate funds are the best updates I receive. They are clear to understand, focused on the most important performance indicators and demonstrate accountability to investors. Just another testament to the management team's commitment to clear and effective communication.”
Most firms are only giving me quarterly updates with thoughts and feelings. I love having ex-Goldman guys managing my CRE investment.
I invest with 6 other real estate operators. You are one of the only operators to put out commentary addressing potentially extreme market/national conditions and how it may impact our investment and you always put it out before anybody else does. I find it very helpful and it shows you and the team are mindful of these broader macro issues as you build and manage the real estate portfolio.
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Historically, ballast rock provided stability to ships at sea. Our name is both a nod to the English river stones that pave the streets of historic downtown Charleston, where Ballast Rock was founded, but also a reflection of our diversified risk-focused approach to investing.
At Ballast Rock we understand how hard you have worked to earn your investable capital which is why we create investments with a significant focus on diversification and why we always invest our own capital alongside our investors.
“Our team is dedicated to delivering curated portfolios with attractive risk-adjusted returns, high quality frequent reporting, and direct access to management.”
Thomas Carroll, Founder & CEO
We are dedicated to our investors and operate by these core principles
Founder & CEO
Tom lives in Florida and has been an active real-estate investor for more than twelve years. He founded Ballast Rock and built the team needed to originate and manage both the Ballast Rock Sunbelt and Ventures funds as well as establishing Ballast Rock Capital and Ballast Rock Private Wealth Management.
Chief Investment Officer
Based in Charleston, Simon O’Shea directs investment and strategy for Ballast Rock, leveraging his almost twenty years working in a variety of Institutional Fixed Income sales management positions for companies like Morgan Stanley, Lloyds Bank and BNP Paribas.
CEO, Sunbelt Properties
As CEO, Danielle heads our in-house property management division Sunbelt Properties, where she brings substantial local experience as a property manager focused in the Carolinas. Her real estate interest started when she bought her first distressed property in 2004, and she has continued to build her own real estate and rental portfolio since then, personally renovating dozens of homes.
Managing Director - Private Credit Portfolio Manager
Based in San Francisco, Max is a former CPA and experienced investment banking professional that oversees our private credit strategies as well as leads our M&A advisory business. Prior to joining Ballast Rock, Max was a Vice President at KeyBanc in their Utilities, Power & Renewable Energy Capital Markets team. Offering a wide range of investment banking services and strategies to individuals, businesses, and institutional investors, he has advised on over $1 billion in transactions and more than 500 assets transacted.
As a growing, nimble company we think of social impact as not only “do no harm”, rather as actively and positively contributing to improving the lives of our team, our investors, our residents, and the communities in which we invest, all of which raises the bar for our industry.
Creating a Culture of Diversity, Equity, and Inclusion
“We strive to balance our leadership’s broad corporate experience with diverse, fresh energy, and a high level of professionalism.”
Thomas Carroll, Founder & CEO
As a growing, nimble company we think of social impact as not only “do no harm”, rather as actively and positively contributing to improving the lives of our team, our investors, our residents, and the communities in which we invest, all of which raises the bar for our industry.
For us, diversity is bringing people of different backgrounds, experiences, and cultures together to question what is best for our clients and to poke holes at industry norms.
We are committed to being strategic drivers of change and equality for all of our stakeholders — our team members, clients, partners, local communities, and society at large. We believe we have a broader responsibility to the world in which we live and work.
to drive positive change for our team members by providing professional opportunities to people of all backgrounds including different races, ethnicities, nationalities, genders, sexual identities, disabilities, and others.
by example, aim to be transparent with our expectations, and model inclusion. In keeping with our mission and values, we understand that to best manage risk we need to create a questioning, collaborative, and thoughtful culture driven by experience and differing viewpoints.
diversity brings valuable perspectives to our work. Inclusion ensures that those perspectives make for more intelligent and innovative solutions for our clients. We are committed to cultivating an environment that fosters respect, equity, and opportunity for all our stakeholders.
Curating access to investments that offer attractive risk adjusted return, that historically have only been available to institutional & high net worth individuals.
Upgrading the communities in which we invest; creating safe, clean and affordable homes for working families.
Being part of the solution to combating climate change by financing energy transition projects.
Bringing you over 200 years of combined wealth advisory, financial planning, real estate, venture capital, and private equity experience.
We are dedicated to our investors and operate by these core principles
Our executive leadership team spent their first careers at some of the largest financial institutions in the world, working globally to lead teams of institutional risk managers and traders. We bring this Wall St. trained risk management expertise to every decision we make in every asset class, and complement it with a commitment to client service and reporting.
The Ballast Rock Foundation was established by the Ballast Rock team to help alleviate housing insecurity and educational inequality in all its forms. The Ballast Rock Foundation provides a vehicle to engage our employees and investors in giving back by working closely with our carefully selected charitable partner organizations that help us fulfill this mission.
At Ballast Rock Asset Management we understand how hard you have worked to earn your investable capital which is why we create investments with a significant focus on risk-reducing diversification and why we always invest our own capital alongside our investors. Our team is dedicated to delivering attractive risk-adjusted returns, high-quality frequent reporting, and direct access to management.
Ballast rock was used to provide stability to ships at sea. Our name is both a nod to the English river stones that pave the streets of historic downtown Charleston, where Ballast Rock Asset Management was founded, but also a reflection of our diversified risk-focused approach to investing.
We appreciate your trust and confidence in Ballast Rock and look forward to helping you achieve your long-term financial goals.
Thomas Carroll, Founder & CEO
The Ballast Rock Foundation was established by the Ballast Rock team to help alleviate education inequities and housing insecurity in all its forms. The Ballast Rock Foundation provides a vehicle to engage our employees and investors in giving back by working closely with our carefully selected charitable partner organizations that help us fulfill this mission.
We partner with local and national charities that maintain the highest standards, using research tools such as Guidestar and Charity Navigator to verify sound financial standing. If you would like to recommend an organization that helps us further our mission please contact us.
[Note for client][On the live site the SOS Children’s Villages and CaringWorks LEARN MORE buttons are cross-linked to each other’s websites; corrected here — please confirm. Card titles shown as text; live cards are image-based with charity logos.]
The Ballast Rock Foundation is powered by GVNGorg, a 501(c)(3) tax-exempt organization. All funds are collected and distributed by GVNG.
Click below to make your donation. Reach out to learn more about upcoming donation matching campaigns.

Workforce Multifamily
Southeast

Workforce Multifamily
Southeast

Workforce Multifamily
Southeast
Our strategy is to target secondary and tertiary locations with significant industrial presence, a strong workforce, and a diversified economy.
We target locations where there is also a significant spread between retail size deal cap rates and the cap rates for institutional sized deals.
Our team carefully researches the markets and deals that best fit our investment thesis.

Stone Ridge Apartments is a 176-unit community built in 2001, located in the affluent submarket of Homewood in Birmingham, AL.
LEARN MORE →Windtree Apartment Homes is a 254-unit community in the western half of Fayetteville, NC.
LEARN MORE →Stone Brooke and Arbordale Apartments are 139-unit and 78-unit communities in Dalton, GA.
LEARN MORE →Landmark Woods and Basswood Apartments are 104-unit and 56-unit communities in Florence, SC.
LEARN MORE →Spring Lake Apartments is an 89-unit complex in Leesburg, GA (part of the Albany, GA metropolitan statistical area).
LEARN MORE →If you would like more information about investing in a Ballast Rock fund or learn about the team and our strategies, please contact us through email by clicking the button below or at IR@ballastrock.com.
Exclusive Mandate to Invest in Growth Stage Stage Venture Capital Deals
Acronym Venture Capital (“AVC”) is a thesis driven venture capital firm led by an experienced management team focused on atypical founders operating in less defined markets, and in sectors where the AVC team can add direct value to their portfolio companies. AVC has a New York City and South Florida based team.
BR AVC Growth Fund is a relatively short-duration venture capital fund, leveraging the AVC team's deal origination access to invest in growth stage (Series B/C and later) private companies. This fund has a Preferred Multiple on Invested Capital ("MOIC") structure which gives investors a fee structure that is performance fee free up to the Preferred MOIC.
Acronym Principal Mat Kaliski is a founder of FirstGeneration, a non-profit initiative to increase access to venture-scale entrepreneurship for first generation & immigrant (FGI) founders with an emphasis on economic inclusion.
While FirstGeneration is an independent initiative, AVC has worked with FirstGeneration founders to originate deals for AVC, proving that unique and diverse backgrounds create exciting opportunities to invest.
The Ballast Rock Private Credit Fund provides exposure to short-duration lending opportunities to late-stage commercial-scale solar project developments.
The Ballast Rock Private Credit Fund, which is open only to accredited investors, provides loans to small-to medium-sized solar developments in specific attractive US markets. The fund targets projects that are late-stage, i.e., ideally, where most of the early-stage binary development risk items have been completed by the developer. By financing major last-mile pre-development expenses, such as utility interconnection deposits, the fund enables projects to reach construction-ready status, maximizing project value for developers and enabling the fund to generate a return.
This fund is for investors seeking differentiated private credit exposure to energy infrastructure, with a different volatility profile compared to public markets. The fund does not provide regular income distributions, but targets enhanced economics by occupying a priority cash position in the project capital stack with the loan structured to be repaid first when projects monetize — aligning investor returns with the natural exit cycle of solar project development.

Underserved Capital Gap: Most institutional players target $20M+ projects; we focus on <$5M last-mile

Policy Tailwinds:
Federal incentives (ITC/Section 48) and state programs enhance project economics

Time-Sensitive Demand:
Developers must accelerate starts before July 4, 2026 to qualify for tax credits

Loan Structure:
Origination and disposition fees plus loan interest with structural downside protection
The Ballast Rock Team
The Fund is led by a seasoned team with decades of combined experience in real estate and infrastructure development, having executed 500+ transactions totaling over $1 billion+ in solar projects specifically.
Firm News
Ballast Rock Asset Management, the diversified alternative investment manager, today announced that it has appointed Michael G. Welch, CFA, as Head of Investor Relations and Capital Formation.
Read more →
Private Credit
Ballast Rock Asset Management's proprietary AI Market Selection Tool combines artificial intelligence and market research to uncover investment opportunities and support informed portfolio decisions. Learn how the technology fits into BRAM's investment process.
Read more →
Private Credit
The ITC sunset creates urgency in the near term and a more disciplined market in the medium term. For lenders who understand the asset class, the opportunity window remains wide open.
Read more →
Private Credit
After two and a half years of deliberate restraint, Ballast Rock's Sunbelt Multifamily Fund III is seeing the market it was built for finally arrive. Lender-led deal flow is accelerating, new supply is collapsing, and distressed sponsors are running out of options—creating what we believe is one of the most compelling buying windows for Southeast workforce multifamily in years.
Read more →
Private Credit
Urgency, Opportunity, and the Road Ahead for Community Solar Lending
Read more →
Private Equity
Private Equity
Ballast Rock Asset Management is thoughtfully integrating artificial intelligence across its operations—from private credit deal sourcing to multifamily underwriting, investor reporting, legal review, and property management. These tools are already driving measurable efficiency gains and helping the team focus on what matters most: identifying high-quality opportunities and delivering value for investors.
Read more →
Private Equity
As the Southeast multifamily market evolves, so must the value-add strategy. In this piece, Kyle Fitzgerald explains why we are shifting from 1960s–70s assets toward 1980s–2000s “modern maturity” properties—using data-driven insights to pursue stronger risk-adjusted returns, greater operational stability, and more durable long-term performance.
Read more →
Private Equity
In January 2026 Tom Carroll and Simon O’Shea had the privilege of speaking at PWC’s private equity conference in Miami. It was an energizing and thought-provoking event that brought together leaders from academia, government, and the institutional investment community to explore the forces reshaping the private equity industry.
Read more →
Real Estate
Throughout 2025, the Ballast Rock Asset Management and the Sunbelt Properties teams worked hand-in-hand to improve the operational performance of our apartment communities, while also respecting and treating them as just that: communities.
Read more →
Private Credit
Carbon removal investing is still early-stage, mostly private, and high-risk—but it complements decarbonization and offers long-term climate potential.
Read more →
Private Credit
Investors Must Move Quickly to Capture Overlooked Opportunity in Solar Development
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Key stories and press releases elevating the Ballast Rock brand.
“The communication and reporting is excellent. Getting monthly updates property by property on occupancy levels and income, as well as commentary on maintenance and upgrades has been so reassuring. I feel like I know exactly what’s going on in the portfolio at all times.”
— Sunbelt Fund I Investor
How to invest in a current Ballast Rock offering in the investor portal.
How to make payments through the investor portal.
Ballast Rock Group is an investor and client centric business developing best in class investment.

Multifamily workforce real estate funds seek to offer both income generation and capital gains returns.
LEARN MORE →
Exclusive mandate to invest in established early-stage and growth-stage venture capital backed companies.
LEARN MORE →Learn about open investment fund opportunities with your Ballast Rock account. We'll connect you directly with our leadership team to answer any of your questions through the process.
Fund Details
Get exclusive access to all our materials about open funds.
Real-Time Updates
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If you would like more information about investing in a Ballast Rock fund or learn about the team and our strategies, please contact us through email by clicking the button below or at IR@ballastrock.com.
The information contained on the web site has been prepared by Ballast Rock Capital LLC MEMBER: FINRA / SIPC (“Ballast Rock”), which is located at 460 King Street Suite 200, Charleston, SC 29403. 800-204-2513. Information is presented without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities. An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest. Any private placement securities transactions or related activities offered by a registered representative are conducted in their capacities as registered representatives of Ballast Rock. Please see our Form CRS.
The information contained on the web site has been prepared without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities. An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest.
YOU MUST CAREFULLY REVIEW THE RELEVANT OFFERING MEMORANDUM AND SUBSCRIPTION DOCUMENTATION BEFORE DECIDING TO INVEST. Ballast Rock has created this web site solely for the purpose of providing interested parties with an introduction to the business of Ballast Rock in order for the interested party to evaluate whether to proceed with a more in-depth investigation of any offerings obtainable through a registered representative. This site is not, and under no circumstances is it to be construed as, an offer to sell the securities of any fund or company, which may only be made at the time a qualified offeree receives the relevant confidential offering documentation, which contain important information about the investment and the risks of investing in it. Any potential offer would not be valid in a jurisdiction where the offer or sale of the securities is unlawful.
Past performance is no guarantee of future results. An investor can lose money. Diversification and asset allocation do not ensure a profit or guarantee against loss. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk.
The information contained herein is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as legal, tax, or investment advice, or as an offer to sell or a solicitation of an offer to buy an interest in any security. Such an offer can only be made by providing qualified investors at their request Offering Documentation, which will be furnished to qualified investors for their consideration in connection with any such offering. The information contained herein will be qualified in its entirety by reference to the Offering Documents, other agreements, and documents referred to therein, which contain additional information about the investment objective, terms, risks, and conditions of an investment in the fund. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor, the offering sponsors, or their respective affiliates. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made on this website, in other materials, or orally, such information, representation, or warranty cannot and should not be relied upon, nor is any representation or warranty made as to the accuracy, content, suitability, or completeness of the information, analysis, or conclusions, or any information furnished in connection herewith contained on this website.
Ballast Rock is not registered, licensed, or supervised as a broker dealer or investment adviser by the Securities Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), or any other financial regulatory authority or licensed to provide any financial advice or services. Neither FINRA, the SEC, or any other regulatory organization endorses, indemnifies, or guarantees the business practices of Ballast Rock, its selling methods, the shares, or any offering referenced on this website.
This website contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “outlook,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, or state other forward-looking information. Our ability to predict future events, actions, plans or strategies is inherently uncertain and actual outcomes could differ materially from those set forth or anticipated in our forward-looking statements. You are cautioned not to place undue reliance on any of these forward-looking statements.
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Founder & CEO
Tom has been an active private asset investor for well over a decade. After a successful career on Wall Street, he founded Ballast Rock in 2018 as a vertically integrated real estate investment firm.
By building an exceptional team and leveraging their collective experience in risk mitigation, operational excellence, regulatory compliance and with a relentless focus on our investors, Tom and the team have grown Ballast Rock into a diversified financial services company. Ballast Rock currently comprises:
Prior to founding Ballast Rock, Tom spent fourteen years working in finance. Most recently, he concluded nine years at Goldman Sachs & Co. as a trading desk head on the New York Fixed Income, Currencies and Commodities trading floor. His international career at both Goldman Sachs and HSBC, led him to live and work in New York, London, Dubai, and Sao Paulo. He has headed multiple desks primarily focused on structured finance, complex derivative transaction execution, and institutional investor marketing.
Tom lives in Boca Raton, Florida with his wife and two young children. He received an MA (Hons) in Economics from the University of Edinburgh in Scotland.
Licenses: Series 24, 7 & 63

Co-Founder and CIO
Based in Charleston, Simon O’Shea directs investment and strategy for Ballast Rock, leveraging his almost two decades in a variety of leadership roles at Morgan Stanley, Lloyds and BNP Paribas.
Simon has spent his career covering some of the largest Global Institutional Investment Managers and has a deep understanding of raising and deploying capital.
Before moving into banking Simon qualified as an actuary with KPMG, where he worked in their non-life Actuarial practice. He also spent time in KPMG's management consultancy practice, advising organizations on optimizing systems, processes, change management and project management.
Licenses: Series 7 & 63

Co-Founder and Sunbelt Funds COO
Based in Atlanta, Ian directs Ballast Rock's workforce multi-family operations including deal identification, monitoring, and structuring. He works with our in-house property management team to oversee assets and deliver our value add strategy and positive social impact. Ian is a graduate of The Wharton School of Business at The University of Pennsylvania. From 2009 to 2016, Ian worked at Goldman Sachs & Co. in New York City, becoming responsible for the structuring and marketing of various financial products. His transaction experience includes products in currency and interest rate derivatives, equity derivatives, infrastructure financing, collateralized lending, and mortgage securitization. Ian is a self taught computer programmer and has studied various computer science topics including algorithm analysis and data structures.
Licenses: 7 & 63

Chief Financial Officer, Ballast Rock
Mike Schmansky responsibilities as CFO of Ballast Rock include maintaining accounting records, producing financial reports and helping analyze potential acquisitions for all Ballast Rock funds. Mike is also responsible for supporting the CEO of our in-house property management division Sunbelt Properties. Mike has been the CFO for Watermark Partners Real Estate since 2016 and brings this experience to Ballast Rock.
Mike is a Certified Public Accountant and has held multiple roles as finance director at leading digital technology companies before entering the real estate sector. Prior to that, he spent nearly ten years working in Ernst & Young's Advisory Services practice, both in Detroit and in Frankfurt, Germany, focusing on building best in class finance organizations. Mike is an active real estate investor personally and professionally. Mike holds a BA in Accounting from Michigan State University. He also holds his MS in Accounting from the Eli Broad Graduate School of Management at Michigan State University.

Co-Founder and General Counsel
Nate has more than 20 years’ experience in real estate and corporate legal matters. Before joining Ballast Rock, Nate has been the General Counsel for Watermark Partners Real Estate since 2018 and brings this experience to Ballast Rock. Prior to this he served as Vice President and General Counsel for a privately-held real estate owner/operator where he closed hundreds of acquisitions, dispositions and financing events, oversaw litigation and advised the company on general corporate and structuring matters. Nate is a graduate of Hillsdale College and the Ave Maria School of Law.

Director of Investor Support
Brad leverages his previous experience to help engage with current and potential Ballast Rock clients as the Director of Investor Support.
After graduating from Central Michigan University Brad started his career in the mortgage industry, in 2003. In 2009 he found his way to banking and from banking he sprang into an investor relations role for a real estate private equity firm.
Through this investor relations role Brad met the founders of a startup investment management platform called InvestNext (which Ballast Rock uses for its investor portal software).
Brad has both extensive experience in client support, investor portals and sponsor commitment flows.

Foundation Director
Jana lives in Florida and directs the operations of the Ballast Rock Foundation. She brings her experience in both the non-profit sector (having worked at Doctors Without Borders among other non-profits) and corporate philanthropy (having working for Goldman Sachs’ Office of Corporate Engagement) to the role. As Foundation Director she identifies charities that best fulfill the mandate of the BR Foundation, allocates contributions, and manages donor relations.
Jana received her B.A. from New York University and her M.A. from Columbia University.

Corporate Controller, Ballast Rock & Sunbelt Properties
As Corporate Controller Steve Ponce is responsible for executing and overseeing the day to day transactions and accounting activities of all the Ballast Rock funds. This includes not only the fund level, but it also our in-house property management division Sunbelt Properties. One of his main priorities is improving the accounting information systems to allow more efficient workflow and reporting, both internally and externally.
Steve has worked with many different businesses to handle their accounting needs from the day to day bookkeeping to year-end tax preparation. While working at a CPA firm, he worked with hundreds of small businesses and eventually coordinated all of their workflow amongst the firm’s staff and provided consulting services to small businesses needing accounting support. His most recent experience working with a property management company has proven of great value to the Ballast Rock team as he oversees our in-house property management team. Steve holds a BA in Accounting from Western Michigan University.

Director of Human Resources
Sarah Spence Morgan joined Ballast Rock and Sunbelt Properties in December 2022, leading all Human Resources functions. Her career began in the luxury hospitality industry in Switzerland, and later Portugal, before returning to the U.S. in 2019. Since then, Sarah Spence has been working in the property management field supporting the entire employee lifecycle. Her main areas of focus are employee growth, retention, and engagement.
Sarah Spence Morgan earned her B.A. in International Hospitality & Tourism from Universidade Europeia in Lisbon, Portugal. She currently resides in Chattanooga, TN.

Investment Director
Kyle Fitzgerald is based in Atlanta and joined Ballast Rock as our first team member back in January 2018. Kyle has grown into his role as Director and is in charge of developing and maintaining broker and lender relationships, managing our deal-flow and active investment pipeline, and assisting in all aspects of due diligence and asset management.
Calling Atlanta home and attending school in Georgia, Kyle graduated from Emory’s Goizueta Business School with concentrations in Finance, Information Systems Operations & Management, and Real Estate Finance.

Managing Director - Private Credit Portfolio Manager
Based in San Francisco, Max is a former CPA and experienced investment banking professional that oversees our private credit strategies as well as leads our M&A advisory business. Prior to joining Ballast Rock, Max was a Vice President at KeyBanc in their Utilities, Power & Renewable Energy Capital Markets team. Offering a wide range of investment banking services and strategies to individuals, businesses, and institutional investors, he has advised on over $1 billion in transactions and more than 500 assets transacted.
Prior to KeyBanc, Max worked at MVP Capital followed by Fifth Third Securities, both national investment banks/commercial banks. Before his career as an investment banker Max was senior auditor in Deloitte’s audit practice for four years, where he provided assurance services to both private and public companies with over $1B in revenue in the Retail, Green Tech and Financial Services industries.
Max holds a bachelor’s degree from the University of California, Los Angeles where he majored in Business-Economics and minored in both Environmental Systems in Society and Accounting.
Licenses: Series 63 and 79 certified.

General Partner, Acronym Venture Capital
Joshua oversees the day to day activities and operations including evaluating early stage software, technology and consumer companies seeking funding, assisting current portfolio companies with corporate development / revenue generation, leading LP relationships, and developing Acronym's professional network. Joshua sourced and led investments into such companies as Daily Harvest, Super Coffee, Superhuman, Penny, Confiant, Easyknock, Todaytix, Easyship and Bespoke Post to name a few.
Joshua has extensive experience and connections in software, technology, real estate, luxury lifestyle brands, digital media, and CPG. Previously, Joshua was the General Partner of Rubicon Venture Capital, a top performing US VC, Director of Market Intelligence at Citicorp Debt Capital Markets, Manager of Eastern European Banking Systems at Citibank and was with the Overseas Private Investment Corp (OPIC).
Joshua received his BA degree from Boston University in Economics and Business Administration and received his MBA from Georgetown University’s McDonough School of Business in Finance and Entrepreneurship in 2000. He also holds a Degree in Gastronomy from the Institute of Culinary Education in New York. Joshua was born and raised in New York City, attended Horace Mann, but recently moved to the Palm Beach area.
Video Interviews with Joshua Siegel

Principal, Acronym Venture Capital
Mat focuses on sourcing and evaluating early stage companies, conducts diligence on potential investments and supports Acronym's portfolio companies and fund operations. Mat sourced investments in NexHealth, Maestro, Agent IQ and Marqii.
Prior to joining Acronym, Mat was a Principal at Rubicon Venture Capital and an Investment Banking Analyst in the TMT Group at Cowen, a growth-focused investment bank where he worked on financings and mergers and acquisitions for technology focused companies.
Mat is an active community builder in New York City, he co-leads Founders Friday NYC and started FirstGeneration VC, a passion project to help immigrant and first generation entrepreneurs build generational wealth and capabilities.
Mat graduated from Boston College, cum laude, with a BS degree in Finance and a minor in International Studies for Management with a focus on Eastern Europe. While at Boston College, Mat was a three-year member of the Boston College Venture Competition executive committee where he helped to foster the entrepreneurship culture at BC.
Mat was born and raised in Poland and currently resides in New York City. Outside of Acronym, Mat is an avid traveler having backpacked through 43 countries (and counting) and is passionate about building resilient communities.
Video Interviews with Mat Kaliski

Co-Founder and Chief Executive Officer, Sunbelt Properties
As CEO, Danielle heads our in-house property management division Sunbelt Properties, where she brings substantial local experience as a property manager focused in the Carolinas. Her real estate interest started when she bought her first distressed property in 2004, and she has continued to build her own real estate and rental portfolio since then, personally renovating dozens of homes. Danielle started her career serving in the U.S. Army Reserve for 13 years in assignments that included Military Police Investigator, Physical Security Specialist, Anti-Terrorism Officer, and Security Manager. She also served as a police officer for several years before retiring as a result of a service injury.
Her unique experience in law enforcement and risk management led her to build, grow, and ultimately sell a successful property management firm in Charleston that managed over 800 single and multi-family properties.
Danielle still has a portfolio of real estate in Charleston, SC but now lives in Chattanooga, TN where she enjoys being involved in the local community, and is a strong believer in giving back.