Winning the Lower & Middle Market: Pref Equity and Mezz Debt with Apparent Base
In this episode of Real Talk, we talk with Dan Joseph and Eli Moghavem from Apparent Base.
We discuss:
- The complementary roles of infrastructure, experience, and capital in building a scalable private credit platform
- Why new acquisition capital beats recap risk in today’s market
- How bespoke pref equity and mezz structures solve real borrower problems
- Why regulatory risk is more concerning than oversupply in underwriting decisions


