Q&A with potential Black Card clients in Fund Launch

27 deals, I believe, before Black Card, all in venture and all in, you know, syndicated venture capital space. He joined He's like, I don't even know what I'm doing, but I'm going to join. I want to do a fund. We helped him structure a fund. Right now they're looking to close on their $20 million fund, their first fund ever. They've done a lot of deals but never done a fund, and they've crushed it. We've actually now invested into— so we have a new fund called Funnel Launch Partners. We're actually investing into some of our black card members. So last year we actually wrote a check into Tom's fund and Jacques' fund. So actually why I had them on, they're like, these are phenomenal funds that came out of our of Black Card. We actually wrote checks. So last year we did 6 funds out of Black Card. We wrote, we committed about $1 million per fund. Now they kind of tranche in. We plan to do another 10 more this year. So our best and brightest people out of Black Card, we're always looking. We want to invest in your funds. We want to partner with you and be on your team and help you run. That's kind of the end result in Black Card we got there. So now I'll share a belief. I'm going to jump down a little bit. Yes, if you missed it, you missed it. I'm sorry. We might actually— we're going to do an encore webinar tonight. I'm going to talk more about Trump tariffs, Fed rates. You know what's happening April 2nd? We have a ton of stuff happening next week. And this week, I love to keep us up to date on the here and now. Like what is going on? All these tariffs affecting like how is it going to affect your business? How are we going to make money off this? You know what's Doge doing? What's the plan right now? 2% cut. This is like foreign investment happening in the United States right now. Short-term rates, how those are moving. So anyways. I try to keep our group very, very informed of what's going on. They keep me informed, by the way. One of my favorite things about Black Card is they're very, very smart people in Black Card. So I brought on, after I did all this, I brought on, if you keep me up for a second, if I brought on Jacques, he then educated me on, hey, this is what's going on in the real estate markets right now. This is what's happening in the macro. We're seeing a bunch of distressed property. He goes, I was with Stephen Wynn just last week talking about new hotels. And they're seeing this whole new thing branch out in the hotel space, and what this is how they're approaching the market. I mean, that's a pretty cool take from just a quote unquote regular member of Black Card talking about what's going on in the space. Tom also mentioned evaluation changes in venture capital. So for me, I'm not a I'm not a venture capitalist. I'm not a I have I have real estate investments, but I'm not a real estate fund manager. But it's very interesting to me to learn and to hear. From other people in the space, and you can put me back if you want. You've probably heard the quote, proximity is power. You're the average of the 5 people you hang out with. Those are cliché, those are dumb, you know, whatever. They're said so much though because they're true. Who you surround yourself with, the people, the room you're in directly influence how you play big business, how big or small you think, and how well you can, you know, do or not do in this world. So kind of cool. All right, let me, I'll share 2 minutes on Black Card and then we'll just open it up. So let me give you a background story a little bit. You can just leave me for a sec. So, and I might share my iPad here in a second. We'll see. So I grew up in Utah of all places. Not in New York, not in Greenwich, Connecticut, in Utah. I grew up in a normal house. My dad drove a car with a dent in the door. My dad was just an entrepreneur. He started, I believe, 14 businesses throughout his life. So we were, you know, As an entrepreneur kid, you know, things are up and things are down. And my dad's very conservative. We just kind of live in a normal house, drive a crappy car. I go on at the end. I grew up in Utah. I'm a member of the Church of Jesus Christ of Latter-day Saints. I'm a Mormon. If you guys know the Mormons, I'm in Utah, right? And what does a good Mormon or good member of the Church of Jesus Christ person do when they're 18, 19, 20 years old? They go on a mission, okay? I go on a mission. I get called to Taiwan. Okay, so and you don't know where you're going. You just put your papers in and they send you anywhere in the world. I'm assigned to go to Taiwan and learn Mandarin Chinese for 2 years. I'm like, frick, okay, here I go. So I go out to Taiwan and it was, I mean, people ask like, Bridger, how, you know, how are you so good at like getting rejected or getting nos? Because when you're raising money, you get a lot of nos. And I'm like, dude, I went and tried to sell religion for 2 years door-to-door. I mean, if that doesn't teach you how to handle rejection, like nothing will, you know? Like everything is easy after that. Like after doing that for 2 years, like everything, like, oh, raising capital, like, oh, that's easy. It's easy to get rejection. It's easy to go talk to people. 'Cause it just, it really cut my teeth. And now I'll say this, my mission was phenomenal though. I love the people of Taiwan. I served them like day in and day out. It's all you do. It's 7 days a week. I mean, you don't have your own cell phone, you don't have a computer, you have nothing. You don't go to school, you don't work, you are a missionary full-time, which is quite a crazy thing to just pluck a kid out of high school and just say, this is your thing. So if you see any church missionaries out, be nice to them, you know, give them a cookie or something, you know, pat them on the back. It is hard. You get a lot of rejection. Anyways, I come home from my mission and I go to university and I'm hyped. I'm like, okay, I'm getting in here and I My hair was on fire, man. I'm like, I'm gonna go crush it. I started, I'm like, I want to be in the business world. I started 6 different businesses my first 2 years of college. I did a Chinese tutoring business. We built websites for people. I was trying all, I wholesaled 2 houses. I did some real estate. Some of you guys are in real estate. I was just trying everything as some do. You know, they go on YouTube. I was looking up on YouTube like, how do I make money? How do I, you know, I've tried all those things. My dad finally grabs me and he's like, Bridger, you're kind of like a chicken with your head cut off. Go talk to my business partner. My business partner, I think, can really help you out. To make a long story short, I go meet with his business partner. He lives in this beautiful gorge white mansion. I go in, I come to find out, and I'm like, wow, this is impressive. This guy has all this money. My dad's kind of poor and broke. This guy lives in this huge mansion. Like, what gives? You know? And he goes, at the time, he goes, we're managing investment funds. At the time, he goes, we're managing $8 billion of real estate. And I was like, holy crap. To put that into perspective, you guys know Grant Cardone, Cardone Capital? That is twice as big as Cardone Capital is today. Now those funds, he's now, my dad's now retired. He retired when they're at $28 billion. They're now around, I think, $50 billion. They just sold to Apollo for like $1.5 billion, huge exit. It was crazy. My dad's one of the co-founders. I was like, holy crap. And I sit there, I was like, hey, can I learn from you? I come to find out, he's like, go talk to your dad. Your dad makes the same money as me. And I'm like, no, we're poor. We're broke. Like, and he goes, no, me and your dad are making the same amount of money. And my chin dropped. I was like, what? Like, what's going on? Like, my dad's rich and I never, like, why does he drive a crappy car? You know, and we live in this whatever house. Like, anyways, my dad, very conservative guy, amazing dude. I go meet with him. He started to teach me about funds, how funds are built, how they're put together. And he said, Bridger, of all the business vehicles on earth, Funds, he goes, I've started 13 other businesses. When I found a fund, it was the best business vehicle I ever chose to got into. Because all of us can choose business vehicles. We can choose to be in the restaurant business. We can choose to be in the landscaping business. We can choose to be in the real estate business, like whatever it is. But he goes, if you look at the Forbes 100 list, the number 1 category of billionaires is fund management. Number 2 is tech. Number 3 is fashion. He goes, it is the best business vehicle to be in. If you're going to dedicate your life to something, you might as well dedicate it to the most lucrative, best vehicle on earth. Because sometimes when you get into certain vehicles, you guys have seen this before. Like I was in the vehicle of Chinese tutoring, my first business. To scale a tutoring business, it's extremely hard and you cap out and it's like, there's just so— the economics just don't work to scale that big because you need one-on-one tutoring. But to scale a fund? This is why the billionaires list is riddled with fund managers. It's an amazing vehicle to be in. So you guys being on today is phenomenal. So he taught me about funds. I'm gonna make a long story really quick. He taught me about funds. We got the iPad out. I'm gonna share some stuff today about stuff he taught me. And actually, I'll even give you a little quick preview. We can pull this open. He taught me all, a lot of these frameworks that you see maybe here on this iPad. We'll see if it loads up here. A lot of these frameworks about how funds are built, how they're put together, how to raise capital, how to structure them. And I went out. When you start to learn something, you start to recognize that thing in your life. I was 22 years old. I was working a job in college. I saw an opportunity where we could launch a fund. I took it to my dad. My dad loved the idea. We started to put this thing together at 22 years old. I'm like, I'm going to go launch a fund. I'm like, crap, I hit this wall. I'm like, how am I going to raise money? My dad. I'm gonna go pitch my dad for money. So I'm like, I'm gonna go pitch my dad. He'll probably love to put money in. So I go and I go talk to my dad. I'm like, Dad, how would you like to be our first investor into our fund? My dad says, Bridger, I would love to invest, but if I invest in your fund, it would ruin the experience of you raising money on your own. This will be a crutch that you'll never be able to recover from. You need to go learn this on your own. And he kicked me out. Kind of, I walked out with my tail between my legs a little bit. And I was like, shoot, I gotta go figure this out. And so I went out, I hit the streets, I talked to everybody I knew. I raised a whopping $49,500 after about 4 or 5 weeks, which was enough to get started. We were doing these micro debt private credit loans, very, very small. And $49,000 was enough. It was probably the smallest fund to ever launch. But I launched. And I got moving. And that first group of investors, we got them a 64% return on their money. So small amount of money, but good return. We then launched a pivot into a second fund. That second fund, we raised and deployed millions of dollars out of that fund. I ran that for 3 and a half years. Our returns were 62%, 47%, and 36% cash-on-cash return for 3 years to our investors. Phenomenal returns. I then had a competitor come in and buy us out. We sold and exited that fund. And then after that, I met with Dan Young. We started a Blockchain investment fund. We now manage roughly $20 to $25 million of crypto right now in that all equity, no debt. And it's been a phenomenal fund. I've run that for 3 and a half years. And then currently we run Fund Launch Partners. Maybe if you pull up my screen here. Oh, let me— sorry, let me change it real quick. Sorry, I'm going to give you a slide and make it a little bit faster. So you can see here, the first fund was Blackbridge Holdings. You see here on the left. Boom, there it goes. Ugly Unicorns, our other fund I run, and then we just raised Fund Launch Partners. We just oversubscribed this fund at $30 million. I think we oversubscribed at $32.5 million. We just closed that like literally this week. Right now it's happening. This is the fund that's investing into Black Rememberers funds. So, I'm in the game right now. I'm running funds. While we did this, people started to ask myself, my dad, and my brother. My brother, I didn't mention him. He's an investment funds attorney. He worked at the largest law firm in the world, Kirkland and Ellis. And he structures funds. And so a lot of people ask, how did you guys get in the fund game? My dad grew up in North Las Vegas, came from like nothing. We are in Utah, for crying out loud. None of us worked on Wall Street. None of us went to Ivy League schools. How did you guys figure out this fund game? So we started to put together some videos online. This is like 5 or 6 years ago. We started putting videos together. Anybody ever made content before online, like videos? It can be, you know, you hope you put a video out, maybe, or a course, maybe 50 people will take it or 100, you know, 100 or maybe 1,000 people will take it. We've had now, you can see this number here, 100,000 people have taken one of our courses online, which is crazy. We now have, we've done multiple 2,000-person live events. We've launched, and this is outdated now, over 300+ funds out of Fund Launch. And we've done over $35 million revenue. Like we are, this is a full business. I think we have 60 employees here. I mean this business is rocking. It's been phenomenal. And the impact we've had on people of the untraditional manager. We are here to serve the untraditional person. The person who is, you know, didn't get raised on Wall Street. Didn't go to an Ivy League school. Didn't do all that stuff. That's the person we're here to serve. And it's been phenomenal working through this process. And Black Card has become our flagship product. We're gonna talk about it a lot today. I'm gonna move this over, Kendall, to the iPad here. We had a lot. We started first off with some course material, and then more people started like, hey, can you like help me with my fund? We're like, sure. And then he's like, hey, can you help me like put the legal together? We're like, sure. Hey, can you coach me through this? Can you give me a pitch deck designer? Hey, can you give me your list for like your Auditors, can you give me your list for your tax people? And so finally I said, what if we organized this together into a group? And we called that group Black Card. And then we started, so we started Black Card about 3 and a half, 4 years ago, something like that. And we slowly started to add more and more stuff and revamp it and make it better and better. Our whole, our vision of Black Card is to, I wanna make a product so good. Black Card, I want to be so good that people come in and they're like, dang. Like I paid X and I got like 10 times the value, Y. Furthermore, I want people to feel obligated. Many of you probably maybe have heard about Black Card from other people. I want people to love Black Card so much that they feel obligated to tell their friends and family, dude, you have to go check this thing out. It was phenomenal, okay? So in Black Card now, as you see today, we've added, I mean, a phenomenal amount of stuff. I'm gonna zoom in for a second. This gives you a sense of, and sorry, you're looking at the Funnel Launch Formula. This is— How we structure funds. We can talk about this more, how we think about and talk about funds here. It's kind of a dynamic iPad here. So we go through phases. We have 4 phases in Black Card. We go through number one, vetting out your deal. This is a little screenshot of the back. We have curriculum, coaching, scorecards.

We have a—

you can go in here and watch all this stuff on how to frame your deal. We put you in different asset class tracks, private equity, venture capital, hedge funds, real estate, private credit, Canadian funds. So we put you in that asset track. You then get assigned an accountability coach. They actually work with you and help make sure that you find all the videos. Everything works out. They're kind of like your personal assistant inside of Black Card. We found people wanted to communicate and the network was huge. So we opened up a private Slack community that's just for Black Card members. We have 1,000+ fund managers in there and we have all of our coaches in there. We have 15 different coaches in there right now that are coaching all. And you can message me in Black Card any time of the week, me or any of the coaches. You message us, get help. Sometimes you don't need You don't need all this help. You just need an answer to 1 or 2 little questions. You need an answer quick. And that's the idea. You can just get answers quick. Furthermore, we do office hours every day of the week besides Sundays. We do office hours where you can come in and talk. You can see 2 are on here. They're all about different topics. This one's all on finances. I do one every— I just finished mine on Wednesday. Dan Pearson goes live about real estate at 2:00 PM later today. You can see every day we've got people coming on. Jim Raggio is for hedge funds. We have tax people. That's Stephen Hall. So you can come in and you can get answers to questions quickly. Then you move on to, and this happens the whole time you're here, but then you move to phase 2. This is all about how your fund is framed and put together. We have a full program and course you guys get access to. Again, one-on-one coaches that help. And then we'll actually place, if you would like, interns into your business. We have an army of interns begging me online, Bridger, can I please intern? We put out a LinkedIn post. We got 300 applications. Isn't that crazy? Actually, it's wild. 300 kids in 2 days applied to be interns for us. We vetted that down and we only took 30. These are kids from MIT, Dartmouth, Yale. You name the university. These are college-age students that want to intern for your funds. In Black Card, we'll go place those in your funds. Finally, we go over to the capital raising section. You come here, you're ready to raise capital. Awesome. Let's design your pitch deck. We have a full design team that designs your pitch deck. Again, we have specific coaches that help you here. We have a full software platform, Fund Launch 360, designed to help you manage your fund and do emails, texts, calls, manage your CRM, your pipeline, all that kind of stuff. Finally, about once a month, we do a capital committee. So once you're ready, we actually bring on, you know, 12 to 25 different real-world investors on a Zoom call. And we usually allow 3 to 5 Black Card members to hop on and pitch those people and try to raise real money. We've had real capital get deployed out of capital committee. And furthermore, we have Fund Launch Partners, our internal fund, that's going to look at potentially writing a check into your fund. Nothing's guaranteed. We don't guarantee any capital raising, but we guarantee you the opportunity to pitch and to put you in the right scenario to get— that's your job to crush it. But we're going to remove every barrier possible to make it easy for you. And then finally, if you guys follow the Fund Launch Formula, once we've soft raised some capital, we've got some commitments, we move on to then the legal. We have 8 different law firms. We will match you with a law firm that we think is the best suited for your situation. Again, we have coaches that help with this and we have partnerships here. So you're going to need help with third-party administration, audit and tax. Maybe you need a license, insurance. These are all— we have partner groups in all these areas that help you whatever you need to add on to your fund. And we negotiate discounts for you on your behalf. It's kind of like— this is kind of the summary here, and then I'll take your questions. It's kind of like having this whole team. It's not kind of like it is having this whole team think tanking your fund and helping you be successful. We have account managers, we have 15 coaches. We do. And I didn't mention this. We do 4 events a year with Black Card. The next one is actually— I think the deadline is this week to sign up. If you want to come to that event in Dallas, this week is the deadline to sign up. You got to be here because we're getting the RSVP list. It can be the W in Dallas. Beautiful event. We're doing a full cap raising event at McGuire Woods the next 2 days, and then we're doing a training for a workshop with our group as well, which should be pretty fun. We have discounted tax notary people, we have Fund Launch partners, Fund Launch received your full software all designed to help make you successful. Okay, so that is the long and the short of what we've built with Fund Launch. It's been, I mean, a phenomenal service, especially this doesn't exist anywhere else. You can't find this. The reason we built it, 'cause I felt so lucky to have, you can make me full screen if you want. I felt so lucky to have a dad and a brother in this space that taught me. It was the only way I got into this space as a kid outta Utah, for crying out loud. Like Utah is like nowhere. And what we decided to do is could we allow more people to have the same opportunities that we had? And that's why we built Black Card. And that's why we're now investing and doubling down and helping this new space. Our mission at Funnel Launch Is to democratize Wall Street, is to make high finance accessible to everybody. There are, you know, a few funds— Vanguard, State Street, and BlackRock— taking over the world right now. They are buying up every single business you can imagine. We need more people like us to understand, number one, the game they are playing where they're assembling these mega funds to go take over the world, and number two, Yeah, we can go on Twitter. We can tweet. We can fight back. But really, the best way to fight this back is to play and beat them at their own game. Now you might ask you the question: This might is this impossible, Bridger? Like, can I even do this? Well, a lot of data backs actually that up. So let me share my my screen here. Let's see if this works. So here's us. By the way, this is my oh is that working here?

There we go.

This is my family, by the way. My beautiful wife. We just had a baby girl. This is Paris right here, baby Paris. That's Jonah. My wife's amazing. We grew up on the same street together our whole lives. She's amazing, dude. My wife's awesome. And Paris, by the way, slept through the night the last 3 nights in a row at 6, 7 weeks old. So that's freaking crazy. If you guys have kids, you know my wife's big on sleep training. We've been doing this whole— and it doesn't work for every kid, but Jonah, he was by 12 weeks, he was sleeping 12 hours a night. We're trying to get Paris on the same schedule and It's been awesome. So she's amazing. My wife's beautiful and awesome and it's great. I love being married. We're married 6 years this year and we've known each other pretty much our whole lives. She moved in when I was like 9 years old on the same street. So pretty cool. Sorry, squirrel. That was a little distraction, but should be good. So let me jump down here. Oh, sorry, I'm jumping back. You can just leave it up, you're good. So right here, fund managers. Emerging managers statistically, statistically outperform funds over $1 billion by a percentage return. There's a lot of reasons for this. And this is— this right here is looking at excess PE or venture capital or real estate returns for years. Okay. So this is additional return that these fund managers had during different vintages. And furthermore, emerging managers place attention on fewer investments. And they can invest in smaller, more efficient markets. When you have over a billion dollars, it's hard to produce a 30% return on a billion than it is to produce a 30% return on $100,000, right? Just because you're in much larger, it's just larger numbers, right? We have this opportunity as emerging manager. There's this whole space. We actually flew out and met with BlackRock. Excuse me, sorry, Blackstone. This is BlackRock right here. Blackstone, they have a full emerging manager division. They are looking for people like us to seed and find the next fund manager because they see how much alpha is created by young, new emerging fund managers. They love what we were doing. We were, I mean, their emerging managers are like $500 million. Our emerging managers are like $5 million. So much, we're like micro fund managers to them, but pretty darn cool. Okay, I could talk about this for a minute. I won't. But this is all the things that are being consolidated right now. We need to fight back. We call ourselves the Wall Street Rebels. I'm going to jump down this. You see all the television and film. You see everything being consolidated around this is food and food production. You see car companies. The consolidation in this planet is crazy. So how do we play in this game? We call it the rise of the retail investor. Us, the people. Okay? We call ourselves the Wall Street Rebels. So I'm gonna pause. There's my spiel went a little bit longer than I thought. Let's now open it up to y'all. So let's do this. Let's let's put it full screen here. I hear a lot of you have met with my team before. You have questions about Black Card. I want to answer them. So let's do this. To keep us in order, put your question in the chat. Let's do this. Drop your question in the chat and/or I think we got a relatively small group today. You can even raise your hand. Actually, let's do this though. Use the chat as like the order. So if you have a question, you can even just say, I have a question. And that just keeps me in order for who's in line or type out the question. Say, hey, I have a quick question here. I'll use that as my order and then I'll kind of, so we can keep kind of a line. I'll do the question and you can come on live if you're comfortable. If you're not comfortable, just, you can stay on mute. I can just read the question out and I can answer it on the iPad. Does that sound fair? Okay, let's do this. So, that's sweet. Web3, okay, let me pull up here. I was on camera for 2 very different calls. The other one actually requires me to smile. Yeah, you gotta smile, Sarah. You're gonna be on camera here. Web3 is moving from digital products in the real world. Blockchain is energy sector and DAOs to manage. Oh, that was about your fund, what you're doing. Okay, very cool. Okay, Tyrus, I have a question. Let's bring you on live. Let's change the settings here if you can, if you can help me out. Tyrus, come on. Come on live if you're there.

Can you hear me?

I can. Is Tyrus the right way to say it, your name?

Yes, yes.

Very cool. Welcome on. Good to have you here. Thanks.

Good to be here. Yeah. Okay. So my question is, can you add a spotlight for him too?

Sorry. Go ahead, Cyrus.

Okay.

Yeah.

So I have two questions. Not two questions. I have two partners. One been in real estate for like twenty years in commercial estate. The other guy is a marketing guy. And so we came together, you know, do a fund. I've been I've been watching you for, I don't know, probably like 3 to 6 months now, just listening and checking it out. I like it. But my question is this: is it possible to do a real estate fund and a debt fund? Because I mean, I don't know a lot about real estate. He knows a lot about real estate, but I really believe in the debt funds. I like the way they do the hard money lending. I think it's really cool. And I like the returns and the turnover on it. So is it possible to Is it possible do both? to structure a fund where it's a real estate fund, but we also do like—

Yeah, I got it.

Lending to—

Okay. Share my iPad if you can. So, if I'm understanding correctly, hey, we got real estate. We want to do— so maybe tell me further. How would it be split up if you raised, I don't know, let's give me an example. If you raised $10 million, is it like 50/50? 50% here, 50% here? How do you want to supplement it? How do you want to split it up?

I would like to. I know, like, in real estate, especially in commercial real estate, it varies as far as, like, what you're trying to get and, you know, the 30% that you have to put down. So, I know that varies, but I feel like it should probably be 50/50 just because how fast the debt fund could turn over. Yeah.

So, why not just do that? Why not just do the debt fund? If the debt fund's so good, why don't you just do that all the time? Just put all the money there. If it's so good, why don't you put it there?

I would love to. Maybe I will. But, you know, they're kind of like a little gung-ho about the real estate part. But I know that takes 3 to 5 years to mature. And I know that the debt fund is like a year to year. I would like to just do a debt fund. That would be phenomenal just to do a debt fund.

OK, well, let me— I'll give you the— sorry, I'm asking you a question. Let me give you the answer. The answer is yes. The answer is yes, you can do that. With funds, with all of you, you can just like— everyone's like, can I do this type of fund? The answer is yeah. The better question, though, is do I want to do this? That's the question. So the answer is yeah, you can totally do it. But why? That's why I asked like, well, if the debt fund's so good, why don't I just do the debt fund? Furthermore, if the real estate's so good, why don't you just do the real estate fund? Now, so this comes down to your—I'll kind of—I'm going to zoom over here. We talk a lot about like building your edge here, and I'm going to go through this briefly. But we have a lot of different edges you can have, and you're—and so we're talking about your strategy edge. You've got to. When you're pitching an investor, you're pitching like, hey, we are better than everybody else. We are absolute experts at real estate, right? Like we are phenomenal. And this is your competition right here. Your competition is someone in multifamily real estate doing value-add, 20 years of experience. They've already done 3 funds and they're charging a 2%, 20%, and 8% platform. Like how are you going to beat that? You got to figure out a point of this edge that's stronger Well, hey, we have a better strategy than them. Or hey, we've got a better structure than them or a better team or something, right? Otherwise, they're just going to go with your competition. So the question is you're trying to explain to them, hey, we are absolute experts, right, on this. That's a little bit big. Experts. And then you go, okay, great. And also, oh, and by the way, we're also experts on debt. And it kind of comes off like, wait, I just— you just sold me that you're experts on real estate. How are you also experts on debt? Right? And private credit. So, it comes off a little disingenuous typically. So, generally what we see when people want to do 2 funds, we tell them to set up 2 separate funds. Set up just a real estate fund.

Okay.

And also set up a separate vehicle that is a, you know, private— we'd call it a private credit fund or, you know, you're issuing debt, private credit. I would set up 2 separate funds and investors can choose. And they can invest in both these funds. They can invest, maybe they, you know, I only like private credit. I'm only going to do that debt fund over here. Great. That's how most big funds do it because, and you have maybe different teams here because you want people eating, sleeping, and drinking one strategy and you don't want to have conflict of interest. Now, all that being said, that's generally what I see. You can do it though. I have seen some funds put these 2 assets together and it works. And they paint one story. They say, hey, the debt supplements us in the short term. The real estate makes us money in the long term. And it works together in a really great way, so you can do it both. Does that answer that question?

It does, and that's actually what I was thinking, like how it could supplement, but I see the other side of it where someone could look at it and say, how are you an expert in everything?

Yep. Cool, well great question, man, thank you.

Thank you.

Yeah. Alright, let's keep moving through here, and by the way, I've always been told go faster on these questions. All my teams are always like, go faster, so I'm gonna try to go faster, don't feel like, and if I don't answer it fully, just tell me, Come back to you too. Okay, that was let's see Dan. Dan, unmute yourself if you want. Do you have any experience with DAOs? DAOs were very popular. What was it? 2021, 2022. This is a decentralized autonomous organization. We actually looked at launching a you call it like a DAO platform for funds. DAOs got so many, so many, so much pro. If you guys don't know what DAOs are, don't worry about it. But they're just they're a lot of them were in crypto. You could move money in. They were these decentralized autonomous organizations where you could— one of them bid on buying the Broncos, the Denver Broncos. They raised like $2.5 billion or something to go buy the Broncos. And all these individuals could own it. Very cool concept. They had so much fraud happen in them. It really put cold water in the industry. Furthermore, the Biden administration was very anti-crypto. And there's a lot of regulations that hit. The SEC was very hard. So, we backed away from it, building something on that, and it was just so much. So, currently, I don't have a ton of experience building a DAO, and we have some experience underwriting DAOs. Currently, with Black Card, though, we don't do it. Now, this new administration, new SEC, new all the stuff that's going on, very pro-crypto, this might make a comeback. I'd probably rename it just because they had such bad, you know, name with DAOs. That's what I'd say, Dan. Any follow-ups, Dan, on that? Okay, sounds good. We'll move on. Let's go to Everett. Everett says I have a question.

Yeah, hi. Can you hear me okay?

There you are. Yep, I can hear you. Perfect.

First of all, thanks for having us. This is super awesome. Super grateful for this. My wife went to BYU, so you know I know the whole story.

Oh sweet! Go Cougs! We're in the Sweet 16.

Yes, sir.

Which like never happens. Like, I live in Utah. Sports in Utah sucks, dude. Like nothing, no one's ever good in Utah. If you're raised in Utah, you have to go find another sports team to just cheer for that lives like is across the country. But we finally might have a good team, so we'll see. It's fun. Sorry, sorry, Everett, go ahead. Yeah.

That's for sure. So I guess the first question I have is, is from steps 1 to 3, obviously setting everything up, You know, you're getting into pitching some family offices, some high net worth individuals. You know, are you connecting us with them? Are they also a part of Black Card? And how— because I feel like that's my biggest thing is like, okay, now I have everything set up. How do I get in front of these people to pitch it? Is that something that you also help us get into as well? And maybe how often?

Yeah, great question. Maybe share my screen again. So yeah, on the follow-up form here, you're talking about Phase 3 capital raising. Now, it's so it's funny. I'll share two answers to this, Everett. Number one, per you know SEC rules, I cannot promise you anything at all. I cannot promise you that you can raise capital. I can't promise you that you're going to be successful at all. Like on the cap. Otherwise, I would have to file as a broker dealer or registered investment advisor, and I'd have to be you know. Have a broker-dealer's license, which we don't have. So as far as capital, what we do as a capital raising number one, we help you with this. We call it the three stage raising capital. Number one, how do you get in the room? Just how do you get around the family offices? Number two, how do you actually connect or warm up? Let's let's use that example of family offices to get the chance to actually even pitch them. These are three distinct phases of raising capital. So we teach heavily on, and everyone struggles with different parts. Some people are better at this part and terrible at this part. Other people are really good over here, and they you know not so good over here. So That's what we help you number one figure out. Now there's— this is kind of the groups that you would go after. High net worths, family offices, or institutions. Most people in Black Card are probably going after, you know, this group down here, right? Check sizes, you know, $5 million or less because you're just not big enough to take on institutional capital typically. So furthermore, if I come down to— so here, so introductions-wise, and if I shared on Black Card, sorry, let me go back to here. So what we do, we have a capital committee that actually is once a month meets that you can actually pitch. These are real-world investors. Furthermore, Funnel Launch Partners looks at you to invest as well. We have an investor database that you can actually scrape and use. This year we're throwing 3 capital raising events. So we're like, we did one in January. We partnered with Jetson Capital. We did our event the day before. Then all of our members were, if you wanted to apply, you could go to Jetson Capital the next day. And pitch and raise money from them. This event in Dallas, we're doing it the day before we're meeting, and then the next 2 and a half days is McGuire Woods, the Emerging Manager Conference event. And we sponsored the event. A lot of our members are going to it to go raise capital. So we try to put you in the best situation possible to raise capital. So we have investor lists. We have a CRM with FundLaunch 360 that helps, you know, you can outbound different leads and different groups. But we can't like do the pitch for you, right? We can't. Now we're working on this right now to see what we can and can't do. We're trying to do as much as we can.

Which, yeah, I don't want to— yeah, promising something that's on my hands or, you know, the fund manager's hands would be just ridiculous. I'm just more of like, can you help me get in front of them? That's kind of like the idea into what you're saying is yes, you can get me into Yes, we can.

We can definitely help you with this piece. Yeah, we have a bunch of partners. Some of them, you know, it's money. How do you get in the room? Like we have a group. They two times a month they do with they it's like twelve to fifteen grand. You get to go pitch thirty to forty family offices from around the globe. They set up with the Commerce Department. They go like Singapore. They go to Korea. They go to the UK, Dubai, and you fly out and you get guaranteed thirty pitches in front of huge family offices. We have partners that do it like so. We have all these kind of partners on the capital raising side. The last thing I'll share though with this group, what we found with capital raising. I'm gonna zoom out for a second to give you a visual. Most people join Black Card, which is great. I'm here, I need to raise like $10 million. I'm like, cool, let's do it. And they're like, and I'll share this from a real life story. I was trying to raise, it was like a $24 million fund in real estate. During COVID we thought we had this great idea that we were going to go and buy big box stores like malls and stuff and renovate them and turn them into like, you know, higher and better uses during COVID All these distressed properties in COVID, like, man, that sounds pretty awesome. We went and pitched it. We, you know, we did phase 1. We built our deal out and we thought it was good. We pitched the capital and no one wanted to give us money. I mean, it was like zero. And we're like, and I'm like the fund guy. And I'm like, man, I can't even raise a dollar. Like everyone hates this. And so what we did is I went back to the drawing board. I was like, okay, what's wrong here? We tweaked it. We tried again. No one raised capital. And then we said, you know what? Let's just restart. I found some new partners. We said, let's do a blockchain-based fund. And I found some incredible partners that had done, you know, 2014, he had the largest crypto mining fund in the States. We pivoted strategies. We pivoted heavy. We went to the capital side. We raised $10 million on our first close, like instantly. I was like, oh shoot, that's kind of crazy. And the reason I tell you that story, a lot of people join Black Card and think their current deal is perfect. We kind of have this analogy. Our goal of Black Card is this. Anybody can go and just hire a lawyer. All of you could just go hire a lawyer right now to build a fund. It's not that hard. Now, they might charge you $50,000, $60,000, $100,000 because, you know, all that stuff. The big crux of Black Card is what is on the fund. Is it a beautiful Gordon Ramsay dish that's like investors are dying to have? Investors want this fund, or is it a stinky fish that like sucks? A lot of people join Black Card lovingly. I love all you guys, and you come in with this kind of stinky fish. Like dude, it's perfect. Let's just jump. Let me just jump all the steps. I'm ready to launch, man. Like okay, let's just give us a little bit, and we go to we go to step one, and we start validating your deal, which is like we go through risk control returns, start vetting out your deal. And we point out to you, if you were an investor, would you invest in that? These are your competitors. Why would I invest in you versus the competitor landscape right now? How can we make an offering so good that investors are dying to have it? That's why we do this Funnel Launch Formula in this order. You start with step 1, then you go step 2, then you go step 3, and then typically you circle back to step 1. You kind of do this loop. We do this on purpose to make a fund that investors are dying to have, that when you launch it, you're going to raise all the money you need on the launch because it's so good. So when you ask about capital raising, yes. Can we make the introductions? Can we get you in the right rooms? Yes. But more importantly to us, can we build a fund that investors want? That's the crux of Black Card. And a lot of people over— most funds, I'll just say this from experience, most funds never launch. Most funds raise $0, like just in general. Most funds do this. They go high. They go to phase 4 first. They hire a lawyer. They pay $40,000. They go pitch investors and they really don't raise enough money for their first close. And that's it. And they have to go pay now. They have $40,000 bill they got to pay because lawyers are going to get paid. And that's it. That's the vast majority of funds. So long answer, Everett, to your question. Is that helpful, though? Is that useful? Am I hitting the right spot?

Yeah, yeah, of course. And I guess my follow-up question is a second one, um, kind of a little bit more towards the payment plan. Now I know you guys have something kind of going on, and since I'm here in, in, uh, in Fort Worth, I potentially have the opportunity to go to the, the McGuire Woods, um, conference, things like that. Maybe, maybe too soon to go, um, if it's only a month out and, you know, Phase 1 Phase 1 and 2 really isn't ready. Just kind of wanted to see what that payment plan looks like. If it's, you know, by phase you pay out once we get to the next phase, or if it has to be all upfront, just kind of what that looks like.

Yeah, great, great question. So let's talk about payment plan first. We're doing something special this week. So Black Card, and just I'll say this in general, Black Card is à la carte. So, you know, I'm sure you've met with my team and people on here. You can select what you'd like or not like. Black card is anywhere from like roughly, rough numbers, $20,000 to $45,000 roughly, depending on what you want, how much help you need or whatever you need. So it just depends on who you've talked to and what you've done there. We're doing something special this week and this week only because we have the end of the quarter here. We are doing a, you can just start for $5,000. So $5K down gets you in the door. Black Card is a lifetime membership, which is pretty cool. We changed this last year. We were like, you know what? People are doing this. We want to work. We love our clients. Like, we used to do it as 1 year. We now have made it lifetime. Now, there's certain things that we can't do forever, like the events. Like, there's, you know, I can't guarantee I'm doing events when I'm 90 years old. I just can't guarantee that, okay? But I can guarantee that we're going to— you can have access to the portal, all the stuff. Like, you're in the community lifetime, which is pretty cool. Okay, so you can start today for $5,000. This ends the 28th, and then it goes back to whatever other payment plans you guys have already been pitched. Furthermore, we've done some cool discounts and other things on this, whatever you guys have been offered so far. So I would talk to my— the person you've talked to on my team. They would give you more details on your situation. But that's kind of the range of prices. The last question you had was on Maguire Woods. So the Maguire Woods events is next month in Dallas. Now you were like, am I too early? For the Maguire Woods piece, maybe. They're just about sold out. And we've actually, you know, some people have been turned down. It's a legit event. Not just anybody can go. You have to have your stuff lined up to go to this event. If you're brand new, you're probably not going to Maguire Woods. But we are doing our event the day and a half before. So you come, we're doing a full day on Monday and then about a half day on Tuesday. We're going to talk all about building your fund, capitalizing. Our coaches are flying in. Our people are there. It's phenomenal. We do surveys in Black Card a lot. We want to hear about our Black Card members, what they're thinking. And most people join Black Card for a variety of reasons. Most people stay in Black Card because of the events, because the network, the people, they're like, dude, I didn't realize I just joined a group of— it's now 1,200 people in Black Card of like absolute killers. Like people that are doing wild stuff. If you go to funlaunch.com/testimonial, you can just hear the stories of our current Black Card members, what they're doing. I mean, you're entering a group of people that are, I mean, when you tell people you're raising a fund, people are like, what? Like your mother-in-law's like, what are you doing? Like, you know, people like think you're weird, you know? Like, what? Like, what is this? And you're like, dude, I'm gonna go build a fund. Like okay, good luck. But then you join. We have this little corner of the internet of people crazy enough to play in this game like us, and you get to come be around. Like the energy is like palpable. It's like an amazing group. Anyways, I would highly recommend you come to the McGuire Woods event, especially if you're in Texas. It's phenomenal. So, awesome. Everett, great questions. Everett got me talking. I'm supposed to be quick. I kept saying I'm gonna be quick on these questions. Yeah, I'm gonna be quick now, and I'm happy to stay on after the hour. So stay on with me. All right, let's keep going. And by the way, if I feel like I've already answered a similar question, I might skip over your question. You can maybe rephrase it later. Hello, my name is Matt. I'm looking to start a $20 million cryptocurrency fund, 1 to 2 investors first before starting and figure a billion fund once. So the first fund history so I can gain traction to raise money for larger funds. Is Black Card good for this size of fund? I'm looking to launch first or better for large funds. No, Black Card, if $20 to $40 million, that's perfect. Black Card, that's like the perfect, perfect range. Yeah, it's awesome. We have 30 to 40 people in Black Card doing crypto-based funds right now, which is I'm in the crypto. I run about a $25 million blockchain fund, crypto fund right now. I love having our community because crypto, as you know, it's sometimes hard to get bank accounts. It's hard to get broker, prime brokers to work with you. Like there's a lot of hoops and our community helps each other in this. How to get insurances and stuff. There's a little bit of nuance. We actually just filmed a full cryptocurrency asset track. I filmed it. on how crypto and blockchain funds work. So, you can go— you're— that's like, it's right up your target alley. I'd say 100%.

Excellent.

Anything else, Matt? Where is the best place to launch a crypto fund? I'm looking into the Cayman Islands or Bermuda for tax reasons, for trading and everything like that. Wasn't sure what your thoughts were on that. Yeah, this has been a— this is a big discussion in our group community. There's people do both. We did ours in the United States, in Delaware, because of the legitimacy of just being in the United States for capital raising. When you're raising capital, you're like, hey, we're doing this crypto fund, which is already like people, like a lot of people don't like crypto, you know?

Yes.

And also, it's in the British Virgin Islands. Oh, and also, like, it just like, it just is another layer of like, feels like a scam, you know? And so, we, with our fund, we did the exact opposite. We said, we're gonna be in the United States, we're gonna be SEC compliant, we're filing with FINRA, we're doing annual audits, we're doing a third-party administrator, we are gonna button this fund up so everything is just normal vanilla. It's just, it's like any other fund and even more than other funds. And we also just trade crypto and it's helped us raise a lot more capital because of that, I believe.

Yeah.

I was looking to target international investors as well. That's kind of why I was thinking, you know, going that route instead of just strictly US. And if that's the case, then you might be fine. Yeah, you might be better in the Cayman Islands. So, and we have lawyers and stuff that have— we have a bunch of guys in our group that have figured this out already. And it's quite— and now regulations are changing like every day with crypto. So there are, there are things to figure out and done. But we have a group doing this right now. Yeah. Great. Yeah. Thank you. Thank you. Yeah, Matthew. Good question, man. It's gonna be fun, man. Crypto's about to blow up. We're excited. That's what we think, at least. It's gonna be fun. All right, let's go to the next one. Warren Dixon. I have a potential GP that has a Series 65 and 66 licenses that is a Wells Fargo financial advisor. We are working through my any conflicts now. How much additional value will this bring to real estate fund? Yeah, Warren. So he wants to be a partner with you. Is that you're saying he's gonna join your GP? Yeah, he's one of our potential team members. Cool. So I don't know from a, you know, when we build that team, what additional value would he bring because he's holding those licenses? The licenses by themselves, there's a lot of people that have licenses. There's a lot of people that are financial advisors. So, and you could get, you study for a couple weeks, you could get your 65, 66. Like it's not crazy. It is, it takes some work, but it's not crazy hard. So I wouldn't bring someone on personally just for the licenses. And you may not even need licenses if you're an exempt reporting advisor for your fund, especially in real estate. Many funds don't even need the licenses until they're over $150 million AUM. Now, if this person, though, brings a clientele, brings their value, like there's other ways they add value, then great. That's something you can evaluate. But I would just say for the license alone, I'd probably say it's It helps a little bit. It's helpful, but it's not death kill. That's what I would say. Yeah, hopefully that's useful. Sweet. Steven, can you remind me of the Twitch one? I think we just went over Twitch and cost a second ago. Dan Kimball, Musk has created a DAO called Big Green DAO. Okay, very cool. DAO, maybe DAOs will come back. We'll see. You gotta really look at DAO governance. Who controls and who buys? What was happening in DAOs, it was like 51% vote. and a big whale would come buy up 52% of the whole thing, and then appoint themselves the entire treasury, and they'd drain the whole DAO, 'cause now they have all the voting shares, and they would drain the whole treasury, and they would just take all the money. These big sharks were doing this over and over again, so really, you gotta read. When our fund, our due diligence, we read all of this stuff. We go through all the tokenomics. You gotta really make sure it's sound, so. Ryan Peterson tank note. Hey, maybe we'll get Cooper Flagg though, Ryan, for the Utah Jazz. But right now we are tanking. Uh, that's awesome. Uh, Dan, flash Joule heating is a disruptive new industrial process capable of refining lithium with over 80% energy costs. Okay, really cool. Any question there? Oh, there's another one. I'm the most optimistic for blockchain Dan, do you have a question here, or is this just more about your business? Dan, you can unmute yourself if you want.

I'm just sharing some information there that I think is pretty valuable. I had a question later in the chat that I was wondering if it's possible to use crypto funds to finance real-world assets. Instead of just circling back in on more, you know, digital assets to finance like real-world projects?

Yes, uh, there are, I bet, 100 startups working on this right now. We looked into this a lot. We continue to look into it. Uh, there are a number of groups that have announced plans to do this, like they're going to take real estate and tokenize it or put it on, you know, or raise money from crypto. The current— all the people I've talked to, a number of people, like a Y Combinator group that was building this, they all— the tech is all ready to go. They all hit a regulatory wall with conflicting things. One of the examples is like the SEC requires every person, every person that owns one of your tokens has to be KYC'd and AML'd, which means know your customer and anti-money laundering. Which is seemingly impossible to do if you're selling it in crypto, right? So then you have to build your own platform and people have to KYC and AML to come on the platform and then they can participate in these deals, which you could do. That was one that was very hard for these groups. There's a couple other ones that have been, the SEC has required now. We'll see if any of those change. So we'll kind of see. That's what I would say though. So, and I'm hopeful. A lot of big groups have said, yeah, we want to tokenize. I think BlackRock even said they want to tokenize a piece of their all their holdings as well. So we'll see what they come up with. I have not successfully seen like a big group do it in a, in a big way yet, so we'll see. Cool. Thanks. Yeah, but if you have anybody, let me know. I'm— we keep looking at it because it's very— it's gonna, it's gonna happen. It's just a matter of time. So, oh, thanks. Yeah, Adam dropped in our testimonials chat there. Sarah, are you working with crypto structures 3 through 5 yet? Space, time, and volume hosting as base assets versus mining in the bank dumpsters. Not dissing the miners, just trying to explain briefly as many not familiar with 3.0 to 5.0 yet. Am I working with any from 3 to 5? I don't know of any doing that kind of stuff in our group right now. Now, they could be, but I don't know. Anything you'd add to that, Sarah?

No, I was just curious. I know there's not a lot of people doing it, so I was kind of hoping.

Okay. Yeah, I don't know of any group that's like really working on that right now. So maybe, and maybe that's gotta be you. So, okay, I think, are we down to the bottom of the questions here? If you have any more questions, drop 'em in, or you can raise your hand, I can bring you on, or we can touch on more things. I'll, um, with our last few minutes here as well, uh, with Black Card, maybe I'll share my screen again here. We, um, I mean, we go all out for you guys. Furthermore, we have a full company behind us building and making Black Card better for Y'all every day. I wish I could, maybe we could bring someone on, but pluck someone, you can even see our testimonial chat, maybe I'll pull that up, but the Black Card, we like reinvent Black Card every 6 to 10 months. Like we are constantly improving this. Right now, so you've seen all this stuff, this is a living product. This is not something that's just stagnant and sitting. We are building right now, hopefully coming out in a few weeks, a ton of stuff around doing a single asset fund. So a lot of you are like, hey, I'm just trying to raise for 1 or 2 assets. We have a full new software we're building right now and a full backend procedure that would walk you through that step by step. We're bringing on new coaches constantly. We have, I think, a handful of new coaches we just signed. So we are, we are drastically building this and taking your feedback to make this better. Again, it is a lifetime product. When you join Black Card, you are in the Black Card family. And I'll say this again. Many of us, you might be sitting there, well, am I ready yet? You know, is this the right time for me to join Black Card? Which is a good question. It's a good question anybody should ask. You know, it seems it's a decent chunk of money. It's not cheap to join Black Card. Should I join now? Should I join later? I'll give you just a quick thought from me. You can make your own decisions. Number one, it takes time. To build a fund. This is not a get-rich-quick scheme at all. This takes time. Like when you're going to raise tens of millions of dollars from investors, you got to be buttoned up. You got to do this the right way. You got to make sure your T's are crossed and your I's are dotted. You don't just wake up one morning and raise $25 million. It's a full effort. Now, that being said, it's a well worthwhile effort. I did a recent video on YouTube about how much fund managers make. This is the category. This is why it's funny. You look at all these people online. Anybody guys follow Cody Sanchez, Pace Morby, Grant Cardone? A lot of these groups like Ty Lopez. I mean, you can go back as far as him. All of them, they teach stuff online. They teach real estate. They teach like buying stuff. All of them are launching investment funds. Ryan Pineda launched investment funds. Pace Morby just launched a $100 million fund. Why are they launching funds? Because it's the greatest business vehicle on earth. This is where everybody ends up. If you're successful in real estate brokerage, your goal one day is, I want to run a fund. If you're a successful trader, one day your goal is like, man, one day I'm going to run my own fund. This is the end result. And so furthermore, think back to my story. When I started learning about this stuff, I had no plan. I just knew, I was like, this is an interesting direction. My dad started teaching me, I'm like, I wanna start rowing in that direction. And what's crazy is when you start rowing in a direction, you call it law of attraction, you call it whatever, it's kinda like when you buy, anybody bought a new car before? And you start seeing that car everywhere? You know, it's not like there's magically, like I drive an F-250 right now, a white F-250 truck. Love my truck. When I got that truck, all of a sudden I started to see trucks everywhere. It's not like there's magically more trucks. It's just you start to pay attention to that thing. The same thing is true with Black Card and with funds. The moment you start learning about this space, your mind starts to pay attention to the world around you. That's what happened to me. I was working at a job in college and I went, hold on, we could do a fund in this business. And I started to put together the mechanics of how this fund would be built. Okay? Furthermore, you might come into Black Card. If I share my screen again, we might come through and your idea might, you know, you might go through this and go, man, my current idea isn't so great. Guess what? That's okay. We're married to the process. That's why Black Card is lifetime. Lifetime. You might come in and say, yeah, I was planning on doing this real estate, senior assisted living. And you come in and we build your edge and you might go, you know what? We should probably pivot. We talk to some of the coaches, some of the other members. You know, we're going to do a little tweak of this and pivot. Any great company goes through multiple pivots. And what's more important is the actual founder, the person. It's not the idea. Ideas are a dime a dozen. Your idea might be great. It might be crap. I don't know. It's more about the actual person, the jockey on the horse. That's what's crucial. And I'll share one story with you. Again, I preach this so hard because I have lived it. In college, me and Mason went to an event. So Mason's my co-founder. Went to an event and we were— this is when I was like on business number 3. Remember I told you I started 6 businesses my first 2 years of college, right? Remember I told you that story? This is like business number 3 at the time and we're kind of like, Struggling, like we're not really doing much. I'm in school. I'm trying to start these businesses. We go to this event. This guy pitched on stage a program that was $15,000 to join. This is a true, 100% true story. $15K. And this was a bit. This was this is before I did my funds or anything else. This was a to go and help build. It's like an online marketing kind of like thing. Mason's like, dude, we got to join this. And I'm like, bro, we're not joining this thing.

That's so much money.

We don't have that much money. Together in our bank account, 'cause we'd done these businesses, we had 2, was it $2,500? Let's call it, let's $2,500 in our bank account together in our business. He said, dude, let's do this. We called them up. We bought this thing. We put $2,500 down. We put it on a payment plan for $1,000 a month. Okay? That was our payment plan. We joined this thing. I was like, I don't know, I was 20 years old, 21 years old at the time. What it did was so interesting. The psychology that happened. Now, the program was great, but the psychology that happened to me and Mason was crazy. Me and Mason were both in college, and all of a sudden we're like, crap, we've got to pay this bill. We had our feet to the fire. We gotta figure out something to work. And so we started like, okay, let's brainstorm stuff. We had this and we had some training. We're like, okay, let's figure this out. So we started to figure it out. And we went and we started a— our next little venture we did took off. And we made like, you know, by take off, we mean like we made like 7 grand. We were like, dude, that was sick. You know, and then we did our next little one. We were building websites for companies at the time. Like, hey, we build your website, we'll build the funnel. And like our clients started to do well. And we were like, oh, this was helping us do this. We paid this thing off and then get this. So we made a little bit of money. Then we kind of, we were moving on and stuff. We had made, I don't know, $20,000, $22,000. So nothing crazy. And we paid off this thing, this course. A year and a half, 2 years later, Mason, we're still friends and partners. We've done a few things together. He's like, dude, remember that course we took 2 and a half years ago? What if We built this thing called Fund Launch. You run a fund right now, your brother and dad run a fund. What if we built this thing? And we have all the tools, we learned it literally 2 years before, a year and a half, I guess you could say, a year and a half before. Now that'd be interesting. And so we started to make content, we followed a lot of stuff we had learned here, and boom, we launched Fund Launch. Our first, I think, 6 months, we did $1 million in sales. Our first 12 months, we did $2.5 million in sales from stuff that we had learned. It was opportunity had met preparation. There might be stuff you learn today that may affect your business career for the next 15, 20 years. Is that making sense? Now, furthermore, since then, I'm telling you, I do this all like the next year we joined a group. It was $30,000 to join this group. We did three events a year. That was it. There was no coaching. There was no help. There was no Facebook group. It was three events a year called the Avengers Mastermind Group. I joined another group. It was $24,000. They did six events a year. That was it. Last year, me and Mason joined a group. It was $150,000 for one year. I'm not. I mean, I'm. I've made some money in my life, but $150 grand is a lot of money. It was $150 grand for 1 year. This is Russell Brunson's Category King Group. They did 4 events and they had a little Voxer you could message him. There was no— there's no coaching. There's no help. There's no pitch deck design. There's no legal. There's nothing. It was just 4 events a year. And we joined it. And guess what? It was awesome. Because guess what? All these were great because everyone else there had also spent $150 grand to be there. It's a pretty good room to be in. Everyone there had spent 30 grand to be there. I am an active participant in masterminds. I'm an active— I do this myself. The reason I feel so confident talking about Black Card and building this, I've number one, been through like a lot of other people's courses and products. So I've taken the best pieces. Number two, I'm a product of this. The reason we've done, I shared that slide before, but we've done tens of millions in revenue and raised all this money. We managed, I think we managed now 50, 60 million in revenue. Is because of the upfront cost that we spent joining groups to learn stuff and buy shortcuts. Could I have learned some of this stuff on YouTube? Yeah, maybe. But I could pay $24,000 and buy a shortcut. What I'm offering you with Black Card is a shortcut. This is a way that you can condense— you could collectively decades of experience down to a few months. And as you guys know, time is money. Furthermore, removing all the barriers and blocks to be in this, and this might be something that affects you down the road. I'll share one more story. Are you guys okay with storytelling? I'll share one more story and then we'll hit a few more questions. One more story. I was young at the time. I think I was 25, maybe 24. I got, we'll call it 25. We'll go the older year. I'll call it 25. I'll move it up here. I got invited to a meeting. This meeting, Mike was the guy's name. Mike invited me. And at this point, I'd run a few funds. I started my first fund at 22. I'd ran a few funds for a few years. I got invited to this meeting. Mike was there. 2 other guys were there. We'll call them, you know, X and we'll call them Y. Okay? X and Y were there. I show up to this meeting and they're talking about a new fund that they're going to build. Okay? You guys following along? So I get invited to this meeting. I'm 25 years old. These guys are This guy's like 45 years old. This guy's like 40 years old. They have, I mean, private jets, Ferraris, houses. I mean, these guys are pirates. Private jets. I think they own 2 private jets. The one guy, the other guy has— I mean, these are successful business people, twice my age. I show up and it was pretty obvious they were pretty mad that Mike had invited me to this meeting. They were like, why is this Bridger kid here? And I'm like, I don't even know, man. And Mike invited me. Mike's like, no, Bridger's great. He can sit here. So anyways, they start talking about their fund that these 3 gentlemen are going to launch. And it was very clear that Bridger was not going to be a part of this. Okay? And I'm like, it makes sense. Like, these guys are— these are— we're in one of their big buildings. We're in the building. He owns the building that we're in, like this huge building. And I was like, yeah, I'm cool. You know, we're good. They're talking about a fund that they want to build. And I'm kind of— Bridger's over here separated. In a moment of courage, because I had learned all this stuff, I'd ran funds. I don't know what it is. You know how you have those like 15 seconds of insane courage, you know, sometimes you get? And I was like, I had this moment of courage. I kind of raised my hand like, yo, I'm like, hey, real quick, are you guys going to run an American or European waterfall? Are you guys going to do a 3C1, 3C5, or 3C7 fund? Are you going to do a— what kind of pref, catch-up, carried interest are you guys going to do? And they all looked at me like, What are you talking about? I'm like, oh, these are just basic fun things. Like, what are you guys gonna do? And they say, go to the whiteboard and explain what you mean. So I stand up, I go to the whiteboard, and over the next 7 to 10 minutes, I explain a lot of this pretty basic stuff you guys been through. Like, what's the difference between a 3C1, a 3C5, a 3C7? What's a Reg D 506, 506? What's a Reg A fund, a Reg CF fund? These are all simple stuff, you know, an IA versus an RA versus an ERA, like what licenses you need, all that kind of stuff, how international feeder fund structures work, okay? I explained this to them over about 7 minutes. My clout in the room went from like nothing, dirt, you know, like literally zero, in about 7 minutes, They were like, holy crap, Bridger just taught us a lot of stuff we didn't realize about funds. We need this guy. They wanted me to be a 25% owner on the new fund. They were going to be 25%, 25%, 25%, and 25%. I was an equal owner on the fund at 25 years old when all these guys are twice my age and way more successful than I am. Why? Because I knew things that they didn't know. The stuff that you learn in Black Card, in this stuff, this is the stuff my dad had taught me. The regular people, like, regular people have no idea. Even people that have worked in funds don't know how funds are structured and put together. And I was like, man, it really— so, like, people, they overlooked my age. I had some good experience, you know, but still 25 years old. Because I knew things they didn't know. I'm telling you this story because there's things, you know, people are, man, that guy got so lucky, you know? The stuff you learn here, even if, let's say worst case scenario, you join Black Card, you don't even launch a fund, which we have a lot of people that join Black Card, they don't even plan to, they don't, like, I don't even wanna launch a fund. I just wanna learn how funds operate. And furthermore, worst case scenario, you don't even launch a fund, you understand the ins and outs of funds. Number one, you understand the language of funds and how they work. And number two, you have a network of 1,200 fund managers that collectively manage $4.8 billion of AUM.

Wow.

Worst case scenario, if all you got out of Black Card was that, the language of funds and a network of 1,200 fund managers that managed $4.8 billion, would it be worth the purchase price of joining Black Card? That when— if you got invited to a meeting, when preparation meets opportunity, this is the preparation that you could go up to a whiteboard like Bridger did, not complex stuff. And explain how funds are put together, how they're structured. Oh, and I've got some contacts in this space too. And oh, hey, I've got a resource section we can use. We could go and use all these partnerships that I have this access to in Black Card for life. Oh, and I have a software we could use too. Oh, and I have a pitch deck designer. Think of how much value, how much more value you'd add to a partnership. People always say like, oh, how do you find good partners? Man, you got so lucky with your partner. You know, you wanna know the secret to finding good partners? Be a good partner. That's the secret. You want to know the secret to like dating a 10? Like in like the dating world, how do you date a 10? The easiest way to date a 10 is to also be a 10. If you want to date 6s, be a 6. It's pretty simple. Sometimes, sometimes I know sometimes people like, like, you know, me or And who have Kendall over here? Sometimes we can get lucky and we're 6s and we can date 10s. Okay, there we go. Sorry, Kendall, I'm throwing you under the bus with me. Sometimes we get lucky. We're 6s, we can date 10s. But honestly, if you're trying to get good business partners, be a 10. Other 10— my business partner currently, Dan Young, you can put me full screen if you want. Dan Young was on the board of Intel for 16 years. He's done about $300 million in revenue in his businesses. He's about 54 years old. He's a platinum partner with— or a gold platinum partner with Microsoft. I mean, this guy, he's on the board of AMD and Intel and Silicon Valley. Why would he partner with Bridger Pennington? I believe because I've sharpened my ax enough and I have enough information in different categories that he doesn't have where he sees, man, Bridger's an equal to me. We're 50/50 partners on my fund. So that's my subtle pitch for why and whether it's Black Card or something else, but sharpen the axe. This is, and this is the best business vehicle you can be in. Black Card, we are with you for life. We are here. Come in with your awesome ideas and all the stuff you're doing. And even worst case scenario, even if it doesn't work, you're gonna be in a room with 1,200 other people that manage $4.8 billion. What are the chances that You get spun up in a different business or a different fund or a different idea. And now you've sharpened your axe enough where you're a valuable— you're not just getting drug along. You're a valuable partner in that enterprise. That's— I mean, if you go down to the crux of like, yes, we're going to launch your fund and everything, but like worst case scenario, that's the crux. Okay. All right. Whoo. Pretty fun. You guys are still on here. I didn't scare you all away. There we go. I love it. We're an hour 17 in. Okay. Let's hit a few more questions here if we have. I think we had a few. Any experience building funds for senior living development? Yes, Frederick. Yeah. A bunch of people do that. We have actually an awesome group. Brandon Schwab in our group, he's crushed it with senior living. It's been great. I have a software development company with amazing softwares in the market and a logistics company. Want to scale a fund to grow. Should I create one or 2 funds? Depends. You can— it's up to you. What would be the biggest value add in that fund? Would it be to do one— let's see, amazing softwares in the market and logistics. You could do a logistics or software. If it makes sense to merge them, you can merge them. It's up to you. And that's what we do in Black Card. We'll— one of our big things we do, if you share my screen one more time, we look through your edge and structuring. Can we find asymmetrical risk in this fund? And how— what's our edge? So we'd come in and our coaches would help you figure out what would be the best way to structure a strong edge for investors. How many funds can be created with a Black Card membership? So when you join, generally you can talk to your people on my team. Generally people get like one fund so that your current membership counts for one fund. But if you're in Black Card, you can add more funds. So we have discounted legal partnerships. I think it's like $10,000 to $15,000. You can add a second or third or fourth or fifth or tenth fund. Those same legal partners charge $30,000, $40,000. We get a discount because we have a volume play with them. So it's, it's $10,000 to $15,000 for an additional fund. Sarah, it actually may be a good thing that there's a block with crypto investing. There's a drain or two in the crypto system. Yeah, for some of them is for good reason. A lot of money has been stolen and put in. Yeah. So we'll see. Are you working with crypto structures 3 through 5 yet? Space, time, and volume hosting as base assets for mining in the bank dumpsters. Not dissing. Oh, yeah. Okay, I think we already hit this question. Oh, you guys, oh, that's why it popped up again. You're having replies there. Once you're a 6, how do you find other 6s? I don't know, that's a good question. Me and Kendall can tell you a lot about that. But no, I, you know, and that's, it's true with all aspects of life. Take fitness. People that work, like your workout buddy, you know? Like people wanna work out generally people that are the same or better than them. People in business wanna work out with people that are the same or better than them. People that date somebody wanna work with, you know, it's take all aspects of life and it comes back to introspective. Everyone wants a hack. Everyone's like, what's the life hack that I can get the most bang for my buck? How about you just maximize and get the most bucks?

Yeah.

What if you just went all out and sharpened yourself? That you're not trying to hack your way into like a 10. You sharpen yourself so much, which in today's world, a lot of the previous gates of like, oh, you had to be at an Ivy League school, you had to work on Wall Street. A lot of that's been stripped away. And it's— we've moved much more to a merit-based system of where just if you're smart, it doesn't matter if you're 17 years old or 77 years old. If you're smart and you've got stuff that can help us, we need you, which is a pretty cool thing. So whether you're young or old, it doesn't matter where you're from. We've entered a new world in the last decade or two where it's— they call it the world is becoming flat, meaning that it's not like flat earth, but like the world is flat, meaning people in Europe, people in Utah can compete with the same people that are in Greenwich, Connecticut. Will, can you cover the nuances between the GP stakes fund structure versus GPLP? GP stakes is a GPLP structure. Yeah. So I think kind of 2 different— maybe show my screen from Will. So this is a GPLP structure here. You have a general partner and limited partnerships. And then those— this is the fund. Your fund goes and makes investments and we raise money. This is— so a GP stake. So this is all— most funds are structured this way. Pretty simple. Our fund with Fund Launch Partners is structured just like this. So I'm going to put FLP for Fund Launch Partners. The difference is our investments are other funds. So we actually— there's another fund down here. I'll put a— it's kind of like fund inception. GP. This would be like your fund, for example. You have a limited partnership. We would say, hey, we'd love to invest some money. We'll invest some money into your GP. We want to, you know, we'll grab a piece of your GP. We're usually partners like 7% to 12%, partner in the GP, and then we'll also invest into your fund. And then when— it's kind of like fund of funds, like a fund that invests in other funds, but it's not because it's a— we take a stake in the GP right there. That little square represents that stake in the GP. And then when we do that with a number of funds, we want to do that with about 20 different funds down here. And then whenever those funds make money, the money flows back here and then flows back here to our limited partnership and then gets split between our investors and our general partner. That's kind of how it works. Any experience with for-profit sustainable communities? For-profit sustainable communities. I've seen some nonprofit, some for-profit in our community. We have— define sustainable for me if you can. You can come on live if you want. Sustainable is kind of a loaded term. Or type in the chat what you mean. If it's by like, we have some groups that are doing like multifamily, but they make sure it's very sustainable, like from the environment perspective. So they have solar panels, they have farms around there, they let people like do their own farming in the building and around the building. It's kind of cool. So define sustainable for me. DAOs and social media will merge to create global decentralized economic and governance systems, in my opinion. Pretty interesting. I know the Web3 world is interesting, and I think we might get closer and closer the next few years. All right, y'all. Did I answer all your questions? Environmental and self-supporting. Okay, so more environmental take. Yeah. So yes, a number of groups, that's a part of their edge, and they actually play for like ESG money. There used to be a huge push on ESG, which is environmental, social, and governance. And they would build funds that would accept ESG because there's all this ESG capital waiting to be deployed. BlackRock kind of unwound that in 2019, 2020. There still is ESG money out there though. So, yes. And so, number one, that helps you raise capital. And number two, it's part of your investment thesis is, hey, we are, you know, we— I'll use real estate, for example. We have real estate. In a certain area. And also it's carbon neutral because we do X, Y, and Z to help make that happen for all these reasons. So yes, that totally happens. Yep. Some investors prefer syndicating a senior living development because they can review the deal. How much details do investors get on the deals we are funding from a general fund? Good question, Frederick. So we actually— and by the way, you can do a single asset fund if you would like in Black Card as well. We're launching a full new product next month all around single asset funds that you guys will all get access to in BlackCard if you want to do a deal-by-deal basis. Generally speaking— oh shoot, I think we lost it. We'll try again here. Generally speaking, we are talking primarily about what they call blind pool funds. So, we'll see if we can get the iPad back here, but I'll write it just in case. Let me see, want me to replug it in?

Yes.

Maybe. Let's try this. The old trick. Anybody play Nintendo 64? That's the trick right there. Make the controllers work. We'll see if it works. Anyways, I'll say it out loud. There's 2 different routes. You can use single asset funds or blind pool funds. Single asset fund would be like a deal-by-deal basis. So, hey, we're raising for 123 Main Street. A blind pool fund would say, hey, We're raising money to go do 10 to 15 properties over the next 18 months. Now, I would still tell you, Frederick, in a blind pool fund, I would still tell you to lead with a deal or 2. So say, hey, we're doing 123 Main Street. So we're raising for this deal. But also, once we finish that deal, we plan to do another 8 to 10 deals after this. Does that make sense? There's pros and cons of both. Some investors, like to be on the deal specifically, which is great because they get to see access to the deal. It's usually easier to raise money for a deal at a time. The downside is you usually get worse debt because you're not a, you know, banks want volume or repeat customers. Your debt's usually more expensive. Number 2, economies of scale to close quickly on your next deal or next deal. Like we have guys in our group, like they did 27 syndications in a year. Like every week or 2, they're calling the phones, hey, money's got to be wired on Friday. When you have a fund, Your money's already ready to go. You just, you can just close on deals faster. You can get better deal, better terms. I'll tell you a quick story. So again, both are good. We help people on both sides. Generally, most people that are good at syndications eventually end up in a fund. And I'll tell you a quick story. I had a mentor. They bid on like a $100 million property. So a big property, $100 million. That was the list price. A syndicator put an offer in at $98 million. Their fund came in and put an offer at $94 million. The fund won the money, won the deal at $94 million. And I was like, why? They got more money from the syndicator. And they go, because the seller knew a syndicator has got to spend the next 6 months getting money together and doing due diligence and the terms. And they would rather give us a fund $4 million off because they know we can close in 30 days and the money is ready to go. There's no ifs, ands, or buts because we're a, you know, $10.5 billion fund. And so he goes, we get deals cheaper with better debt because we're a fund. The last thing I'll say for investors, they in a fund, they get diversification. If one deal goes bad, that deal went bad. In a fund, though, with 20 deals, yeah, 2 are going to go bad, 2 are going to do amazing, and 16 of them will have a blended return of whatever return. So that's why most people end up rolling to fund. When you move, by the way, there are going to be some investors like, I don't want to do a fund. And you go, sorry, if you want access to my great deals and what I'm doing, we're doing a fund. My dad, when he said when he moved from a syndication to a fund, they lost a handful of investors. But they gained a whole new group of investors and they scaled to whatever billions of dollars they had because of that. So, all right, y'all, I'm going to hop off.

Bye.

The deadline is Friday, March 28th for this, all the stuff for the Dallas event, the $5K down. We're doing some cool discounts and promos this month for you guys. It's kind of a cool spot to be in right now in Black Card. I mean, this is— we're seeing, by the way, economic kind of turmoil. Some markets are down. It is a great time to be a fund manager. It's a great time when there's dips, when there's uncertainty, that's when you buy. You don't buy when the market's up. You want to have a fund ready to go when things drop, when there's distressed assets. That's when you want— you want to buy when there's blood in the streets. Right now it's been a little choppy, you could say. You know, it's been a little, it's been a little choppy. So anyways, it's a great time to be a fund manager. You guys are amazing. Thank you for the great questions. Again, go talk to my team. You know, it's, it's Adam, you know, Lindsay. We've got the whole team over here is phenomenal. Bree, I think they're on right now. Go message them, send them a text. There's only a handful of people. They're all trained on with me. They're with me most days here, and just send them a text back. Hey, I was on the call today. Follow up. The deadline is Friday to get everything in. We're putting stuff in for the Dallas event. That should be pretty fun. Furthermore, we've got a cruise we're doing the Mediterranean in the fall. We got an event at our office, and then we're doing another event in Utah as well. So for the rest of the year, so you guys are welcome to come to these events when you're in Black Card and be part of the Black Card family, and you're in Black Card for life. So welcome in. It's a great family to be in. We're all in. We're all in for you guys. This is what we do. This is what we do day in and day out. Make you guys successful. All right. Y'all are amazing. We'll see you guys later. Bye-bye. I just ended it.