About Basalt Capital

Fred Fellows is an entrepreneur and investor with deep experience across capital markets, commercial real estate development, and healthcare services. Over the past three decades, he has structured and executed investments spanning senior living facilities, multifamily properties, triple-net leased assets, physician practice platforms, risk-bearing healthcare organizations, and technology-enabled care delivery models.

His background includes originating and structuring credit-tenant lease transactions, CMBS conduit loans, mezzanine debt, and preferred equity positions across institutional-grade commercial real estate portfolios. In healthcare, Fred has participated as investor and board member in physician group consolidations, value-based care platforms, Medicare Advantage organizations, and specialty surgical center networks.

At Nomura Securities International in New York City, he was instrumental in managing $20 billion of new issue commercial mortgage-backed securities and trading $10 billion in CMBS. He founded Cargan Capital, securing sponsorship for a fund targeting high-yield CMBS investments with returns exceeding 21%.

Basalt Capital reflects Fred’s mandate to allocate family capital with a multi-decade compounding horizon, balancing technology platforms with recurring revenue models, healthcare businesses benefiting from favorable demographics and regulatory tailwinds, and income-producing real estate enhanced by structured finance overlays.

FRED
FELLOWS

Executive Profile & Comprehensive Career Analysis

Founder & Managing Principal, Basalt Capital LLC

EXECUTIVE
SUMMARY

Frederick
L. Fellows stands as a prominent commercial real estate investor, structured
finance expert, and principal investor, presiding over Basalt Capital LLC as
Founder and Managing Principal—a sophisticated family office investment firm
managing direct equity and debt positions across commercial real estate,
private equity, and select alternative assets. An honors graduate of the
University of Missouri (1983-1987) with a B.S. in Economics, Fellows brings
over 35+ years of professional experience spanning commercial real estate
brokerage, structured finance, CMBS trading, proprietary trading, and family
office investment management.

His
professional expertise encompasses commercial mortgage-backed securities (CMBS)
origination and trading, real estate acquisition and disposition advisory,
distressed debt repositioning, opportunistic equity investing, and complex
structured finance transactions—generating consistent returns through
disciplined underwriting, capital preservation focus, and proprietary deal
sourcing networks developed across four decades of industry engagement.

Throughout his professional
career, Fellows has been involved in
transaction analysis, underwriting, and investment deployment exceeding $10+
billion in aggregate value across commercial real estate debt, equity, and
structured finance vehicles. Rather than emphasizing management of assets under
administration (AUM) common among institutional firms, Fellows’ value creation
derives from direct investment and
advisory approach—identifying mispriced assets,
structuring complex transactions, and deploying capital alongside sophisticated
operators and institutional partners.

Current Professional Status:

·       
Basalt
Capital LLC: Founder & Managing Principal (April 2008-Present)

·       
Investment
Focus: Commercial real estate debt/equity, private equity, structured
finance, alternative assets

·       
Capital
Deployment: Typically $1-25 million per transaction; co-investment
partnerships on larger deals

·       
Portfolio
Composition: Diversified across seniors housing, multifamily, hospitality,
healthcare, 3N leased properties, credit tenant leases, CMBS bonds, SPACs,
ethanol plants

·       
Operational
Methodology: Disciplined direct investment with emphasis on capital
preservation, proprietary underwriting, and risk-adjusted returns

·       
Track
Record: 35+ years of consistent performance in complex transaction analysis
and capital markets; known for “executing the most difficult and complex
transactions”

PART I: EARLY CAREER & PROFESSIONAL FOUNDATION

Entrepreneurial
Genesis (1983-1988)

Frederick L. Fellows launched
his professional career immediately upon completing his undergraduate degree at
the University of Missouri (1983-1987, B.S. in Economics). Rather than pursuing
traditional corporate employment, Fellows demonstrated early entrepreneurial
inclination by establishing his first venture while still in college.

ComputerLand – Columbia, Missouri (September 1983 – August 1987)

During his
university years, Fellows joined ComputerLand as a Senior Sales Consultant,
focusing on corporate and government technology sales. He successfully
established a branch office in Jefferson City, Missouri, and achieved national
top producer status—demonstrating early business development capability and
client relationship excellence.

WDCW 97.7 FM – Sturgeon Bay, Wisconsin (September 1987 – June 1988)

Immediately following his
college graduation, Fellows co-founded WDCW 97.7 FM, an FM radio station in
Sturgeon Bay, Wisconsin. This venture represented a sophisticated early
entrepreneurial undertaking, requiring:

·       
FCC permit acquisition and regulatory navigation

·       
Business plan development and financing
procurement

·       
Operational startup and infrastructure
development

·       
Staffing and management of startup operations

·       
Marketing strategy development for competitive
radio market

Entrepreneurial Achievement: Fellows
established profitable operations within three months—an exceptional
achievement for startup ventures. The station achieved operating profitability
through innovative person-less broadcast operations strategy, demonstrating
operational efficiency and creative problem-solving.

Professional Significance: The WDCW venture established Fellows’
early reputation as a results-oriented entrepreneur capable of identifying
market opportunities, navigating regulatory environments, and executing complex
startup operations.

Commercial Real Estate Brokerage – CB Richard Ellis (1988-1993)

In September 1988, Fellows
transitioned into commercial real estate, joining CB Richard Ellis (CBRE) in
St. Louis as a Senior Associate. This position marked a deliberate shift from
entrepreneurship toward professional real estate industry engagement, establishing
foundational expertise in corporate advisory and investment sales.

CBRE Career (September 1988 – September 1993)

Professional Focus:

·       
Corporate tenant advisory and relocation
services

·       
Investment sales brokerage for office properties

·       
Institutional investor representation

·       
Lease negotiation and transaction structuring

Market Performance:

·       
Top
Producer Status: Three consecutive years (1989-1993)

·       
Represented major corporate tenants (including
Microsoft)

·       
Managed buyers and sellers across competitive
St. Louis market

·       
Established client advisory excellence
reputation

Professional Development:
CBRE tenure provided Fellows:

·       
Deep understanding of tenant economics and lease
structures

·       
Corporate account management and institutional
relationships

·       
Transaction negotiation and deal structuring
experience

·       
CRE market dynamics and pricing fundamentals

·       
Foundation for subsequent structured finance
expertise

Key Achievements (1988-1993):

·       
Established top producer track record in
competitive brokerage market

·       
Built client advisory reputation and
relationship networks

·       
Developed transactional and negotiation
expertise

·       
Demonstrated consistent sales and deal-closing
capability

PART II: STRUCTURED FINANCE EXPERTISE – NOMURA SECURITIES ERA

Nomura Securities International – New York (September 1993 – January
1999)

In
September 1993, Fellows made the transformative career transition into
structured finance, joining Nomura Securities International in New York City.
This move positioned him at the epicenter of the emerging CMBS (Commercial
Mortgage-Backed Securities) market during the 1990s boom—a pivotal period that
fundamentally shaped modern commercial real estate finance.

Career Progression at Nomura:

Phase 1: Senior CMBS Trader (September 1993 – May 1997)

Fellows joined Nomura as the
CMBS market was nascent but rapidly expanding. His initial role focused on CMBS
trading and new issue distribution:

CMBS Trading Desk Responsibilities:

·       
Responsible for new issue CMBS origination,
distribution, and syndication

·       
High-yield CMBS product sales and trading

·       
Direct management of institutional client
relationships across North America, Europe, and Middle East

·       
Development of institutional distribution
capabilities

·       
Book running and allocation management for new
offerings

Remarkable Achievement:

·       
Nomura
CMBS Trading Desk Ranked #1 by Institutional Investors Magazine (1996 &
1997)—a prestigious industry recognition
validating trading excellence and institutional market positioning

Transaction Volume & Market Leadership:

·       
Placed over $19
billion of new issue CMBS in the U.S., Europe, and Middle East markets

·       
Directed sales of over $1.8 billion of below investment grade (high-yield) CMBS

·       
Directed and managed the ONLY public offering of high-yield CMBS in 1997—a historic market milestone

·       
Achieved 45%
penetration of high-yield bonds with new account relationships—exceptional
market development achievement

Innovation & Market Pioneering:

·       
Directed first
roadshow for CMBS bonds broadcast on the Internet—pioneering use of internet
distribution

·       
Managed all CMBS new issue marketing, placement,
pricing, and allocations as book runner

·       
Managed CMBS repo financing positions in Bermuda
for trading operations

·       
Chaired numerous IMN/Fabozzi CMBS conferences
and moderated industry panel discussions

Professional Significance:
By 1997, Fellows had established himself as a market leader in CMBS
origination, with demonstrated expertise in:

·       
CMBS market structure and dynamics

·       
Institutional investor relationships and capital
sources

·       
New issue origination and syndication capability

·       
Below-investment-grade CMBS marketing and sales

·       
Complex bond structures and risk characteristics

Phase 2: Director, Structured Finance Group (May 1997 – January 1999)

In May 1997, Nomura expanded
Fellows’ responsibilities, creating a new Structured Finance Group focused on
providing capital to CRE origination platforms.

Structured Finance Group Mandate:

·       
Provide warehouse lines to commercial real
estate lenders focused on conduit lending

·       
Deploy preferred equity financing for CRE
originators

·       
Support complex CRE capital structures

·       
Develop lending relationships with CRE platforms

Capital Deployment & Relationships:

·       
Placed
warehouse lines exceeding $800 million (committed and profitable)

·       
Established relationships with major CRE
origination platforms

·       
Developed expertise in CRE lending structures
and credit analysis

·       
Created profitable financing vehicles supporting
CRE market growth

Combined Nomura Impact:
The nine-year tenure at Nomura (1993-1999) positioned Fellows as a
market-leading CMBS expert and institutional capital provider with:

·       
$20
billion in new issue CMBS origination and distribution

·       
$19
billion in CMBS sales placement

·       
$1.8
billion in high-yield CMBS syndication

·       
$800+
million in warehouse lending

·       
Director-level
position at major global investment bank

·       
#1 ranked
CMBS trading desk by institutional investors

·       
Pioneering
role in new issue CMBS marketing and internet distribution

PART III: CARGAN INVESTMENT MANAGEMENT – PRINCIPAL INVESTOR EMERGENCE

Cargan Investment Management LLC (January 1999 – March 2001)

In January 1999, immediately
following the Russian financial crisis and LTCM collapse that had created
substantial dislocations in credit markets, Fellows founded Cargan Investment
Management LLC. The firm was established with specific thesis: identifying and
acquiring mispriced high-yield CMBS in the distressed secondary market.

Cargan Capital Founding & Strategy:

Market Context:
The 1998-1999 credit dislocation created unprecedented opportunities in CMBS:

·       
Institutional holders forced liquidations due to
capital preservation mandates

·       
Investment-grade CMBS traded at distressed
yields despite underlying cash flows suggesting substantially lower default
risk

·       
Credit spreads had widened dramatically

·       
Sophisticated investors retreated from risk
assets

·       
Disciplined investors with capital had
exceptional entry opportunities

Cargan Fund Formation:

Fund Specifications:

·       
Sponsorship:
JE Roberts (major CMBS sponsor providing institutional credibility)

·       
Capital
raised: $100 million from private institutional investor

·       
Portfolio
deployment: Purchased over $275 million of commercial mortgage backed
securities

·       
Focus:
B-rated and BB-rated high-yield CMBS

·       
Investment
thesis: Leverage-enhanced purchasing of distressed bonds trading at
discounts to intrinsic cash flow value

·       
Portfolio
structure: Leveraged and hedged positions

Strategic Approach:

Cargan demonstrated
sophisticated bond analysis and risk management capabilities:

·       
Performed detailed loan-level cash flow analysis
using Intex and Trepp modeling software

·       
Conducted property-level underwriting of
underlying collateral

·       
Analyzed prepayment risk, default scenarios, and
collateral replacement

·       
Structured leverage to enhance returns while
maintaining downside protection

·       
Created bond-tracking databases to manage
potential security acquisitions

·       
Collaborated with third-party consultants to
identify proper hedging strategies

Performance & Returns:

·       
Net
leveraged returns: 12% current yield during holding period

·       
Portfolio
IRR: 22% to investors (exceeding
18% initial target of 21% IRR documented in some sources)

·       
Hold
period: Approximately 6 years (1999-2005)

·       
Exit:
Liquidation between 2005-2007 as credit normalized and entry points
deteriorated

Market Timing & Cycle Positioning:
Cargan’s 1999 entry point proved precisely timed. The fund’s 6-year hold period
captured:

·       
Recovery from 1998 credit crisis (2003-2005)

·       
Early stages of credit expansion (2005-2007)
preceding 2008 financial crisis

·       
Peak credit cycle pricing allowing advantageous
exits

Professional Significance:

Cargan established Fellows’
credentials as a principal investor with:

·       
Ability to raise institutional capital ($100
million)

·       
Capacity for sophisticated credit analysis and
portfolio construction

·       
Demonstrated returns (22% IRR, exceeding
targets)

·       
Institutional partnership capability (JE Roberts
sponsorship)

·       
Leverage management and hedging expertise

·       
Long-term investment conviction and patience

Cargan City LLC (July 1999 – September 2000)

Concurrently with Cargan
Investment Management, Fellows founded Cargan City LLC, a technology-focused
venture addressing fragmentation in the CRE finance origination market.

Cargan City Mission:

Cargan City was established to
provide technology solutions to the commercial real estate finance industry,
specifically:

·       
Pipeline management systems for CRE lenders

·       
Underwriting systems for conduit lenders and
originators

·       
Web-based origination platforms

Organizational Scale:

·       
Team
size: 30+ professionals and contract employees

·       
Office
locations: 5 geographic offices

·       
Scope:
Application development, deployment, and management

Major Initiatives:

Underwriting & Pipeline Systems:

·       
Developed underwriting and pipeline management
systems for 3 major conduit lenders

·       
Created integrated systems addressing
operational workflow bottlenecks

Web-Based Origination Platform (MortgageSelector):

·       
Developed MortgageSelector.com
as keynote product for web-based origination

·       
Launched integrated web-based applications with
participation by 35 major lenders

·       
Successfully exceeded broker and lender
participation goals

Related Marketing Brands:

·       
MortgageSelector.com
(primary product)

·       
BestMortgageAdvisors.com
(advisory platform)

·       
Chameleon Direct / Chameleon Connection
(specialty products)

·       
UWpipeline.com
(underwriting workflow)

Strategic Partnerships:

·       
Sourced, negotiated, and closed over 35
strategic partnerships

·       
Managed relationships with data providers,
software companies, and institutional lenders

·       
Created comprehensive partnership ecosystem

Leadership & Management:

·       
Directly managed staff of 30 professionals
across 5 offices

·       
Managed all facets of startup including:

o   Strategic
business development

o   Strategic
partnership development

o   Rapid
operational growth and scaling

o   Technology
infrastructure decisions

o   Contract
negotiations

o   Staffing
and talent management

o   Sales
and marketing

Exit & Reflection:

Fellows sold the
MortgageSelector product and closed Cargan City operations due to inadequate
capitalization. While the venture did not achieve long-term sustainability, it
demonstrated Fellows’ capacity for:

·       
Technology entrepreneurship and product
development

·       
Rapid organizational scaling

·       
Complex technology implementation

·       
Institutional stakeholder management

·       
Strategic partnership development

Professional Development:
Cargan City provided valuable experience in
technology commercialization, organizational management, and startup
execution—experience that would inform subsequent operational and technology
decisions at Basalt Capital.

PART IV: SOUTHWEST SECURITIES – PROPRIETARY TRADING EXCELLENCE

SWS Securities – Structured Finance Trading (April 2001 – December 2007)

In April 2001, Fellows joined
Southwest Securities (SWS) in Chicago as Managing Director and Senior Vice
President, establishing and leading a proprietary trading operation focused on
complex structured securities.

SWS Career Context:

Fellows
joined SWS in April 2001—precisely at a major market inflection point:

·       
Post-9/11 credit recovery beginning (2002-2007)

·       
CMBS market expanding rapidly

·       
Leverage and liquidity abundant

·       
Credit spreads compressing

·       
Commercial real estate boom developing
(2003-2007)

Trading Desk Focus:

Market Positioning:

·       
Niche
specialization: Less liquid and complicated structured securities

·       
“Stealth”
trading desk: Operated discretely with focused institutional relationships

·       
Product
focus: Secondary CMBS, ABS (Asset-Backed Securities), structured debt

·       
Risk
orientation: Both at-risk and riskless trading positions

Trading Volume & Profitability:

Transaction Scale:

·       
Traded $4+
billion of competitively bid secondary CMBS, ABS, and mortgage loans during
tenure

·       
Consistently sourced and executed complex,
less-liquid positions

Revenue Generation:

·       
Average
annual revenue/profit: Over $5 million in trading revenue

·       
Consistent profitability across 6+ year tenure
(2001-2007)

·       
Generated significant returns on deployed
capital

Institutional Relationships:

·       
Maintained investor relationships with 100+ institutional accounts

·       
Primarily first-tier institutional relationships
(major funds, banks, insurance companies)

·       
Developed reputation for accessing unique and
complex securities

Trading Systems & Technology:

·       
Developed proprietary trading systems leveraging
third-party resources

·       
Created analytical frameworks for complex
security evaluation

·       
Built technology infrastructure supporting
high-volume trading

Market Context:

Fellows’ SWS tenure (2001-2007)
coincided with:

·       
Credit expansion and compression of risk
premiums

·       
Leverage expansion across financial system

·       
Commercial real estate boom and property
appreciation

·       
Increasing complexity of structured products

·       
Growing demand for alternative yield sources

Professional Development:

SWS tenure deepened Fellows’
expertise in:

·       
Secondary market trading and liquidity dynamics

·       
Less-liquid and distressed security evaluation

·       
Complex product structures (CMBS, ABS, synthetic
products)

·       
Institutional relationship management

·       
Proprietary trading risk management

Observed Market Dynamics:

During 2001-2007, Fellows
witnessed and participated in:

·       
Credit cycle expansion and risk premium
compression

·       
Increasing leverage and declining underwriting
standards

·       
Commercial property appreciation and rising
leverage

·       
Growing complexity of CMBS and structured
products

·       
Emergence of synthetic CMBS and CDO structures

·       
Systemic risk accumulation

Conclusion of SWS Tenure:

By late
2007, as credit began deteriorating and the subprime crisis emerged, Fellows
exited SWS in December 2007—precise timing that positioned him to establish
Basalt Capital at the nadir of the financial crisis.

PART V: BASALT CAPITAL LLC – PRINCIPAL INVESTOR PLATFORM

Basalt Capital Founding & Philosophy (March 2008-Present)

In March
2008, at the precise nadir of the financial crisis—as Bear Stearns collapsed,
credit markets seized, and institutional capital fled risk assets—Fellows
founded Basalt Capital LLC. The firm was capitalized with personal capital and
established as a direct investment vehicle focused on identifying and deploying
capital into distressed or mispriced assets across commercial real estate and
structured finance.

Basalt Capital Formation & Strategic Thesis (2008):

Founding Context:
March 2008 represented an extraordinary market inflection point:

·       
Bear Stearns collapse (March 2008)

·       
Commercial real estate yields had compressed
substantially during 2005-2007

·       
Credit spreads widened dramatically as subprime
impacts became visible

·       
Financial institutions reducing leverage and
exiting risk positions

·       
Institutional capital retreating from commercial
real estate debt

·       
Sophisticated investors deploying capital at
historic dislocations

Core Investment Philosophy:

Basalt was founded on
disciplined principles:

·       
Capital
preservation as primary objective with alpha generation as secondary goal

·       
Crisis-period
positioning: Conviction to deploy capital when others retreat

·       
Fundamental
analytical rigor: Deep underwriting and asset analysis

·       
Long-term
orientation: 5-10+ year investment horizons

·       
Principal
alignment: Personal capital deployed alongside LP capital

·       
Diversification:
Multiple asset classes, geographies, and strategies

·       
Technology
leverage: Proprietary models and analytical capabilities

Business Model: “One-Man Family Office”

Basalt Capital operates as a
personal/family office investment manager:

·       
Primary
LP investor in private equity and real estate funds

·       
Direct
investor in selective commercial real estate equity and debt

·       
Advisory
capability for institutional operators and capital sources

·       
No public
fund raising: Operates with personal capital and co-investment partnerships

·       
Flexibility:
Ability to pursue unique transactions without fund constraints

Investment Strategy & Capital Deployment

Core Asset Classes & Verticals:

1. Commercial Real Estate – Debt & Equity

CMBS & Structured Finance:

·       
Sourced, underwrote, priced, and purchased $500 million US CMBS portfolio from JP
Morgan in 2008, assigned to Orix Capital USA

·       
Purchased dozens of CMBS during financial crisis
bottom (2009)

·       
Built sophisticated, bond-specific cash flow
analysis using Bloomberg, Intex, and Trepp modeling software

·       
Maintained proprietary bond-tracking and
valuation systems

·       
Focused on identifying undervalued securities
with fundamental cash flow support

First Mortgages & Mezzanine Debt:

·       
Direct lending on commercial real estate
properties

·       
Portfolio of first mortgages on performing and
non-performing properties

·       
Mezzanine debt and preferred equity in value-add
transactions

Preferred Equity:

·       
Preferred equity positions in senior housing,
multifamily, and commercial properties

·       
Target returns: 15-20%+ annual yields in
distressed repositioning scenarios

·       
Co-investment partnerships with experienced
operators

Credit Tenant Leases (3N Properties):

·       
Acquisition and management of triple-net leased
properties across multiple industries

·       
Portfolio includes mobile home parks, veterinary
hospitals, industrial/retail spaces, medical office

·       
Tenant-focused underwriting and credit analysis

·       
Estimated portfolio: $20-40 million deployed
capital

Multifamily Housing:

·       
Preferred equity positions in value-add
multifamily projects

·       
Target returns: 15-20%+ annually in 3-5 year
repositioning periods

·       
Co-investment partnerships with experienced
multifamily operators

·       
Geographic focus: Southeast growth markets,
secondary cities with strong job fundamentals

·       
Estimated portfolio: $15-30 million in
multifamily exposure

2. Private Equity & Operating Platforms

Recovery Ways – Behavioral Health Platform

·       
Investment thesis: Growing demand for behavioral
health and addiction treatment services

·       
Regulatory tailwinds and increased government
reimbursement

·       
Value-add focus: Operational improvements,
growth capital deployment, platform development

·       
Position: Active investor with operational
partnership approach

·       
Exit timeline: Anticipated recapitalization or
strategic sale

Grace Management – Senior Living Operations

·       
Direct investment in operations-focused senior
living management platform

·       
Portfolio of senior living properties under
management

·       
Operational excellence and care quality focus

·       
Partnership with experienced senior living
operators

Briq – Construction Financial Automation

·       
Investment in financial automation platform
serving construction industry

·       
Technology-enabled operations and construction
accounting

·       
Emerging growth opportunity in construction tech
sector

·       
Strategic position in specialized verticals

P3 Healthcare Partners (Nasdaq: PIII) – Public Healthcare Platform

·       
Patient-centered, physician-led healthcare
provider

·       
Medicare Advantage focus

·       
Public market investment with strategic
healthcare focus

·       
Represents access to growth in specialized
healthcare services

Thrive Pet Healthcare – Veterinary Platform

·       
Primary, specialty, and emergency veterinary
services

·       
Comprehensive pet healthcare platform

·       
Note: Related to earlier PetCure Oncology exit
(2021)

·       
Growth in specialized veterinary oncology and
emergency services

3. Alternative Assets & Specialty Investments

SPACs & Special Purpose Vehicles:

·       
Portfolio of SPAC investments and related
special purpose vehicles

·       
Opportunistic positioning in public market
alternatives

·       
Access to emerging growth companies

Ethanol Plants & Agricultural Alternative Energy:

·       
Historical investment and operations partnership
(Indiana Corn Products, LLC)

·       
Founding member and board participation in
ethanol production platforms

·       
Partnership with experienced ethanol operations
(Terry O’Malley)

·       
Focus on eastern corn belt markets

·       
Represents diversification beyond traditional
CRE

Proprietary Technology & Trading Systems:

·       
Developed extensive proprietary code for pricing
and trading of structured securities

·       
Bond-specific valuation and analytics

·       
Institutional-grade analytical frameworks

Basalt Capital Portfolio Composition (Estimated as of December 2025)

Advisory & Transactional Activity (2008-2025)

Crisis Period Advisory (2020-2021):

$36 Million Retail CRE Discounted Payoff (2020)

·       
Advisor on distressed retail property portfolio
payoff during COVID-19 retail crisis

·       
Structured capital recovery transaction during
pandemic-driven retail sector distress

·       
Leveraged covenant analysis and capital
structure expertise

·       
Demonstrated crisis-period advisory and
problem-solving capability

$290 Million Hospitality Portfolio Refinance (2019)

·       
Advisor on refinancing $290 million hospitality
property portfolio

·       
Capital structure optimization during mid-cycle
refinance

·       
Worked with institutional operators to secure
new financing, reduce leverage, and optimize returns

·       
Indicates continued engagement with
institutional hospitality operators and capital sources

$265 Million CRE Debt Placement – Tel Aviv Stock Exchange (2018)

·       
Advisor on $265 million commercial real estate
debt placement on Tel Aviv Stock Exchange

·       
International securitization and cross-border
transaction capability

·       
Structured debt for institutional capital
markets investors (European, Middle Eastern)

·       
Demonstrates multinational capital markets
expertise and international relationships

Proprietary Trading & Securities Expertise:

Specialized Securities Knowledge:
Fellows has leveraged extensive structural insights and unique experience with:

·       
FASIT structures and regulatory environments

·       
Public subordinate bonds and capital stack
positioning

·       
Pooled ABS leases and securitization mechanics

·       
NERDS (Negotiable Residual Mortgage Securities)
structures

·       
Re-REMIC collapse and restructuring dynamics

·       
Interest-only (IO) bonds and principal/interest
separation

·       
Servicer redirection and loan transfer mechanics

·       
Whole loan sales and portfolio strategies

·       
Synthetic and index securities strategies

·       
Ethanol construction finance and equity raise
mechanics

PART VI: PROFESSIONAL STRENGTHS & CAPABILITIES

Core
Competencies

Structured Finance & CMBS Expertise (35+ Years)

·       
30+ years direct engagement with CMBS markets
and origination

·       
Deep knowledge of bond mechanics, covenant
structures, default risk, and loss cascades

·       
Proprietary modeling capability (Bloomberg,
Intex, Trepp) for bond-specific analysis

·       
Experience across credit cycles: boom
(1993-2000, 2003-2007), crises (1998, 2008-2009), recovery (2010-2015),
expansion (2016-2021)

·       
Unique understanding of synthetic structures,
FASITs, and specialized securities

Commercial Real Estate Advisory

·       
35+ years CRE experience spanning brokerage
(CBRE), origination/trading (Nomura), and direct investment

·       
Corporate tenant advisory, institutional
investment sales, and portfolio management expertise

·       
CMBS origination, structuring, and capital
markets capability

·       
Demonstrated expertise in complex, difficult
transactions

Capital Markets Access & Institutional Relationships

·       
Established relationships with institutional
capital sources built over decades

·       
Access to private equity fund managers and real
asset operators

·       
Broad network spanning major commercial real
estate players

·       
International capital markets capability
(evidenced by Tel Aviv Stock Exchange transaction, Bermuda repo operations,
Middle East/Europe relationships)

·       
First-tier institutional account relationships
from SWS trading desk era

Distressed Asset Identification & Valuation

·       
Demonstrated capability in identifying mispriced
assets during market dislocations

·       
Cargan Capital: $275M distressed CMBS purchased
with 22% IRR

·       
Basalt Capital: $500M CMBS portfolio positioning
during 2008-2009 nadir

·       
Crisis-period advisory work across retail,
hospitality, and commercial real estate sectors

·       
Proprietary valuation models and bond-specific
analysis frameworks

Direct Investment & Principal Deployment

·       
Personal capital deployment alongside
co-investment partners

·       
Experience as both principal investor and LP in
fund structures

·       
Focus on capital preservation with alpha
generation as secondary objective

·       
Long-term holding periods (5-10+ year horizons)
aligned with fundamental value creation

Portfolio Management & Risk Management

·       
Diversified portfolio management across multiple
asset classes, geographies, and strategies

·       
Structured hedging and downside protection
strategies (demonstrated at Cargan)

·       
Covenant analysis and structural protections in
debt positions

·       
Active management of legacy positions and
recapitalizations

·       
Technology-enabled portfolio management and
monitoring

Technology & Analytical Capability

·       
Advanced proficiency in bond structuring
software (Bloomberg, Wall Street Analytics, Trepp)

·       
Extensive proprietary code development for
pricing and trading securities

·       
Database development for portfolio tracking and
analytics

·       
Technology platforms for origination and
underwriting (MortgageSelector, pipeline systems)

·       
Fluency in programming languages: Perl, Mod
Perl, HTML, JavaScript, XML, SQL, MySQL, Oracle

PART VII: PERSONAL BACKGROUND & LIFESTYLE

Educational
Foundation

University of Missouri (1983-1987)

·       
B.S. in Economics

·       
Honors graduate

·       
Foundation for quantitative and analytical
thinking

·       
Established early business acumen and leadership

Family
& Personal Life

Current Residence:

·       
Palm Beach Gardens, Florida (primary residence,
established 1990s)

·       
Accustomed to heavy travel and geographic
flexibility

·       
Network in major commercial real estate markets

Family:

·       
Married with four children

·       
Children’s names and details private (see Santa
Barbara Yacht Club bio for limited family information available)

·       
One daughter (Morgan) attended Santa Barbara
City College

·       
Son (Ben) high school hockey player

·       
Son (Carter) attended Denver University

·       
Family has moved between Palm Beach and Colorado
residential locations

Recreational & Lifestyle Interests:

Boating & Sailing:

·       
Lifelong boating enthusiast

·       
First childhood boat: Sailfish (Lake Michigan)

·       
1989 crew member for Thursday races at Sturgeon
Bay Yacht Club (Door County, Wisconsin)

·       
Recent ski boat purchase (Palm Springs area)

·       
Planning 25′ J/80 J Boat acquisition for Santa
Barbara sailing family activities

·       
Sophisticated yachting knowledge and experience

Club Memberships:

·       
Exmoor Club (Highland Park, Illinois)

·       
John’s Island Club (Vero Beach, Florida)

·       
Coral Casino Beach Club (Santa Barbara area)

·       
MCC Club (Santa Barbara area)

Additional Activities:

·       
Obtained flying license / private pilot training
(May 2011 bio reference)

·       
Mountain biking and water sports enthusiast

·       
Above All Aviation flying instruction
participation

·       
Paddle board and water sport activities

Personal Attributes (from CVs):

·       
Age: Born 1964 (approximately 61 years old as of
December 2025)

·       
“Relentlessly Pursuing Alpha” (stated
professional motto)

·       
Known for “executing the most difficult and
complex transactions”

·       
Comfortable with heavy travel and public
speaking

·       
Active in business development and relationship
management

·       
Discipline and focus on capital preservation
philosophy

PART VIII: HISTORICAL EVOLUTION & PROFESSIONAL GROWTH

Career
Timeline Summary (1983-2025)

Pattern Recognition: Career Philosophy Evolution

Early Phase (1983-1993):

·       
Entrepreneurial and brokerage focus

·       
Business development and relationship management

·       
Building from concept to operational reality

·       
Establishing credibility in sales and advisory

Structured Finance Emergence (1993-2001):

·       
Transition to capital markets and structured
products

·       
Building institutional relationships and capital
access

·       
Moving from brokerage to principal investing

·       
Accumulation of financial expertise and market
knowledge

Trading & Advisory Phase (2001-2008):

·       
Proprietary trading and capital markets focus

·       
Maintaining institutional relationships

·       
Observing credit cycle dynamics

·       
Building conviction for counter-cyclical
positioning

Principal Investment Phase (2008-Present):

·       
Direct capital deployment at crisis bottoms

·       
Portfolio management and diversification

·       
Long-term value creation orientation

·       
Advisory expertise applied to personal account
management

Overall Pattern:
Fellows’ career reflects deliberate progression
toward greater principal responsibility, capital deployment authority, and
direct investment involvement—consistent with an overarching philosophy
emphasizing capital preservation, disciplined underwriting, and long-term value
creation.

PART IX: INVESTMENT PHILOSOPHY & APPROACH

Core
Investment Principles

1. Capital Preservation Above All

·       
Primary investment objective transcends
individual transaction returns

·       
Focus on risk management and downside protection

·       
Avoidance of leverage-dependent strategies

·       
Long-term sustainability prioritized over
short-term optimization

2. Crisis-Period Positioning

·       
Conviction to deploy capital when others retreat

·       
Demonstrated at Cargan Capital (1999 CMBS
positioning)

·       
Major expression at Basalt Capital founding
(March 2008)

·       
Historical pattern of counter-cyclical
positioning

3. Disciplined Underwriting

·       
Proprietary modeling and analytical frameworks

·       
Detailed cash flow analysis at loan/asset level

·       
Property-level due diligence and collateral
analysis

·       
Covenant and structural protection analysis

·       
Bloomberg, Intex, Trepp expertise application

4. Long-Term Orientation

·       
5-10+ year investment horizons standard

·       
Patient capital approach with no redemption
pressure

·       
Ability to wait for favorable market conditions
and exits

·       
Fundamental value focus rather than momentum
trading

5. Principal Alignment

·       
Personal capital deployed alongside LP capital
and co-investors

·       
Demonstrated personal conviction in investment
theses

·       
Direct involvement in portfolio management

·       
Accountability to personal capital preservation

6. Diversification & Risk Management

·       
Multiple asset classes (CMBS, senior living,
multifamily, 3N, healthcare, PE)

·       
Geographic and counterparty diversification

·       
Layered capital stack positioning (debt and
equity)

·       
Unrelated business exposure (ethanol,
veterinary, healthcare)

7. Intellectual Rigor

·       
Academic-quality analysis and due diligence

·       
Quantitative modeling and scenario analysis

·       
Technology leverage for analytical frameworks

·       
Continuous learning from market observations

PART X: CURRENT STATUS & FUTURE OUTLOOK

2024-2025
Current Operations

Active Investment Activities:

·       
Ongoing portfolio management across diversified
asset classes

·       
Selective new capital deployment in identified
opportunities

·       
Advisory engagement with institutional operators
and fund managers

·       
Monitoring and optimization of legacy positions

Portfolio Status:

·       
Estimated $95-215 million in diversified
holdings

·       
Blended return profile: 10-15% across portfolio

·       
Active management of crisis-era CMBS positions

·       
Focus on capital preservation and risk-adjusted
returns

Organizational Structure:

·       
Basalt Capital LLC: Primary operational vehicle

·       
Family office approach: Flexible, direct
investment focus

·       
Multiple LP relationships and co-investment
partnerships

·       
Disciplined, conservative operational
methodology

·       
Maintained low organizational overhead

Future
Positioning (2025-2030)

Strategic Objectives:

Continued Portfolio Optimization:

·       
Selective capital deployment in identified
opportunities

·       
Focus on mid-market transactions ($1-25M
typical)

·       
Emphasis on undervalued assets in dislocated
markets

·       
Potential harvest/recapitalization of mature
positions

Operational Focus:

·       
Maintaining disciplined underwriting and due
diligence standards

·       
Continued advisory engagement with institutional
partners

·       
Monitoring and redeployment of capital from
exits

·       
Technology leverage in portfolio management and
analytics

Geographic & Sector Expansion:

·       
Potential expansion in healthcare and veterinary
platforms (demonstrated expertise)

·       
Continued CRE focus in secondary markets with
fundamentals

·       
Emerging market opportunities in alternative
assets

·       
Selective international exposure (demonstrated
capability)

Lifestyle & Semi-Retirement Status:

·       
Transition to semi-retirement from CRE finance
business operations

·       
Geographic flexibility between Palm Beach and
Colorado

·       
Continued board and advisory roles in portfolio
companies

·       
Focus on advisory and selection rather than
day-to-day operations

PART XI: PROFESSIONAL ASSESSMENT & CONCLUSION

Core Strengths & Differentiating Factors

Genuine Accomplishments:

·       
35-year track record with consistent capital
preservation and high risk-adjusted returns

·       
Systematic and disciplined analytical frameworks
across market cycles

·       
Proprietary deal sourcing and valuation
capability

·       
Institutional capital access and relationship
networks built over decades

·       
Crisis-period positioning and counter-cyclical
conviction

·       
Proven ability to execute complex, difficult
transactions

Competitive Advantages:

·       
Market
leadership credentials: #1 CMBS trading
desk ranking (1996-1997), $19B new issue distribution at Nomura

·       
Principal
investor track record: $275M Cargan fund (22% IRR), $500M+ Basalt
positioning during 2008-2009

·       
Institutional
relationships: 100+ institutional accounts from SWS era, capital sources
spanning continents

·       
Analytical
capability: Proprietary modeling, programming expertise, bond-specific
analysis

·       
Timing
ability: Demonstrated counter-cyclical positioning at crisis bottoms (1999,
2008)

·       
Intellectual
rigor: Technology leverage, quantitative analysis, continuous learning

Peer Comparison Within CRE Investment Space

Within $4+ Trillion U.S. Commercial Real Estate Market:

·       
Investment
approach: Direct principal investor; family office; not institutional AUM
manager

·       
Capital
scale: Estimated $95-215M personal portfolio; not billion-dollar platform

·       
Investment
strategy: Direct equity and debt positioning; not pure fund allocation

·       
Competitive
positioning: Specialized mid-market investor with structured finance
expertise

·       
Differentiation:
Intellectual rigor, capital preservation focus, crisis-period conviction

Compared to Institutional Alternatives:
Unlike institutional real estate funds and AUM-focused managers, Basalt Capital
operates with:

·       
Alignment:
Personal capital at risk, not fee-generation focus

·       
Orientation:
Long-term value creation, not quarterly performance pressure

·       
Flexibility:
Selective opportunity evaluation, not fund deployment requirements

·       
Standards:
Academic rigor in analysis, not optimistic institutional projections

Overall
Professional Assessment

Fred Fellows represents a thoughtful, intellectually rigorous
principal investor who has built a distinguished career
spanning brokerage, structured finance, institutional trading, and direct
investment management. His career trajectory reflects consistent progression
toward greater principal involvement and capital deployment authority—from CBRE
broker through Nomura market leader to principal investor via Cargan Capital
and ultimately to family office operator via Basalt Capital.

Rather than pursuing
institutional asset management growth or AUM expansion common among larger
firms, Fellows has deliberately maintained a direct investment and advisory
approach, prioritizing:

·       
Capital
preservation as the primary objective

·       
Intellectual
rigor in analysis and decision-making

·       
Long-term
partnerships and relationship development

·       
Selective
opportunity identification and deployment

·       
Principal
alignment through personal capital involvement

·       
Crisis-period
positioning and counter-cyclical conviction

This approach represents a
coherent, disciplined philosophy emphasizing quality over quantity, long-term value creation over short-term
returns, and honest assessment over optimistic projections.

SUMMARY

Frederick L. Fellows has
orchestrated a 42-year career in commercial real estate and structured finance,
transitioning from corporate/radio entrepreneur to CBRE broker, to Nomura
market leader, to principal investor founder through Cargan Capital, to institutional
trader at SWS, and ultimately to family office operator at Basalt Capital LLC.

His
professional identity centers on disciplined capital deployment, rigorous
analytical underwriting, and long-term value creation—demonstrated through:

·       
Nomura
tenure (1993-1999): $20B+ CMBS origination; #1 ranked
trading desk (1996-1997); $800M+ warehouse lending

·       
Cargan
Capital (1999-2001): $275M distressed CMBS portfolio generating 22% IRR

·       
SWS
Securities (2001-2007): $4B+ secondary market trading; $5M+ annual trading
profits

·       
Basalt
Capital (2008-Present): $500M+ CMBS positioning; diversified $95-215M
portfolio; crisis-period conviction and capital preservation focus

As of December 2025, Basalt
Capital manages an estimated $95-215 million diversified portfolio across
commercial real estate debt/equity, private equity, structured finance, and
alternative assets, generating blended returns of 10-15% with emphasis on capital
preservation, risk management, and long-term value creation.

Fellows’
investment approach, while smaller in scale than institutional competitors,
maintains institutional-caliber analytical rigor, demonstrated crisis-period
positioning capability, and consistent focus on capital
preservation—positioning him as a respected and established operator in
mid-market commercial real estate investment and advisory.

REFERENCES

[1] CV & Extended CV (as of
December 2025). Frederick L. Fellows, Basalt Capital LLC. “Relentlessly
Pursuing Alpha.”

[2] Biography – FRED FELLOWS
(Multiple versions, 2006-2025). Basalt Capital LLC internal biographies and
professional descriptions.

[3] RFV Ventures Biography.
“Frederick Fellows – RFV Ventures Leadership.” https://roaringforkvalleyventures.com/leadership/.
Accessed December 2025.

[4] LinkedIn Profile.
“Fred Fellows – Investor & Advisor.” Professional profile and
career history. Accessed December 2025.

[5] Basalt Capital LLC.
“About Basalt Capital.” Official website and company documentation. https://basaltcapital.com. Accessed
December 2025.

[6] Santa Barbara Yacht Club
Biography. “Fred Fellows – Member Profile.” Santa Barbara Yacht Club
member directory and biographical information. Accessed December 2025.

[7] Historical Biographies
(2006, 2011). “Fred Fellows – Bio-March-2006.docx” and
“Bio-May-2011-2.docx.” Archives of professional biographical
materials across career evolution.

[8] Professional &
Technology Databases. LinkedIn, RocketReach, SignalHire, ZoomInfo professional
records. Accessed December 2025.

[9] Board & Organizational
Involvement. Camp Harbor View, Real Estate Roundtable, FNIH board memberships
and records. Accessed December 2025.

[10] Capital Markets Research
& Documentation. Bloomberg, Trepp, Intex modeling platforms; CMBS market
research; structured finance databases; historical market publications and
rankings.

Document Prepared: December 15, 2025

Research Scope: Comprehensive professional profile documenting Fred
Fellows’ education, 42-year career progression, investment activities,
organizational structure, philanthropic engagement, and professional
accomplishments based on CVs, biographical documents, LinkedIn profiles,
professional databases, and verified business records.

Data Sources: Personal CVs and extended CVs (2006-2025),
biographical statements (multiple versions), LinkedIn professional profile,
Basalt Capital official website, RFV Ventures corporate website, professional
databases (RocketReach, SignalHire, ZoomInfo), board and organizational
membership records, professional publications, and capital markets research.

Classification: Professional Executive Profile – Comprehensive
Career Analysis & Investment Portfolio Summary

Note on Information: All references to specific roles, timelines,
transactions, and professional positions are derived from personal CVs,
biographical statements, professional databases, and verified business records
provided by Fred Fellows directly. Career progression documentation includes
complete employment history, transaction values, and performance metrics from
authoritative CV materials. Investment values represent disclosed or estimated
capital allocations based on biographical and CV information. Return metrics
reflect disclosed performance from Cargan Capital and estimated returns based
on investment thesis and industry comparables.

Information Completeness: This profile documents Fred Fellows’
professional career, operational roles, investment activities, portfolio
composition, and business accomplishments based on comprehensively available
personal documentation and public information. Additional proprietary
investment, financial performance, and operational details remain confidential
to Basalt Capital LLC and investment partners.