Groundfloor CEO Brian Dally hosts Beyond the Stock Market and interviews Jillian Murrish, co-founder and CEO of Pier Asset Management, a niche specialty finance investment firm. Jillian explains Pier’s focus on deal sizes that large institutions often overlook, and explains specialty finance as lending against portfolios of contractual cash flows such as loans, receivables, advances, and royalties. She describes Pier’s evolution from consumer and small business lending into music royalties, where distributor reports provide detailed streaming data. Jillian outlines why rights holders sell royalties, how music revenue typically cycles, and Pier’s emphasis across different types of catalogs.

00:00 Welcome and Guest Intro

01:22 Why Pier Started

03:10 What Is Specialty Finance

04:28 Early Strategy and Sectors

06:09 Underwriting Cash Flows

07:54 Music Royalties Data Edge

10:02 Deal Flow in Music

11:17 Why Sellers Need Liquidity

13:51 Pricing Risk and Decay

17:26 Portfolio Size

19:01 Wrap Up and Part Two Tease

Beyond the Stock Market podcast: https://groundfloor.com/podcast

Connect with Brian Dally on LinkedIn: https://www.linkedin.com/in/bdally/

Connect with Jillian Murrish on LinkedIn: https://www.linkedin.com/in/jillian-murrish-b324a52b/

References:

• Pier Asset Management: https://www.pieram.com/

The views and opinions expressed in this podcast are those of the participants and do not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial instrument. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Any return figures or projections discussed are illustrative only and are not guaranteed. Private market investments may be illiquid and are not suitable for all investors. Please consult a qualified financial advisor before making any investment decisions.