Trending News: U.S. beginning effort to guide stranded ships through Strait of HormuzArgosy’s David Butler on Middle Market Real EstateNew CCTV footage appears to shows when shots were fired at Washington press dinnerRestaurants celebrate authentic Mexican culture and history this Cinco de MayoSpirit Airlines says it has nearly finished refunding customers after shutteringTrump’s influence tested in Indiana Republican state Senate primariesTrump may not be a fan of clean energy but Iran war is accelerating global shift from oil and gas | Heather StewartRamaswamy looks to put primary behind him and turn to expensive fall campaign for Ohio governorSee the best looks of the Met Gala 2026Sting embarks on "The Last Ship"Extended interview: StingPen pal programs have evolved, but old-fashioned letter writing could be coming backEducation Dept. probing all-women's Smith College for admitting trans womenInside the effort to replace America's Minuteman III nuclear missilesAP, Washington Post, Reuters and Minnesota Star Tribune among Pulitzer winners for 2025 workCelebrity Estates Podcast: Why Matthew Perry’s Estate WorksU.K. counter-terror police investigate arson at former synagogueMerchant Investment Takes Stake in Family Office FirmThis neck fan doesn’t just make the NYC heat more bearable — it’s comfortable and compact, tooProsecutors say arson suspect in Los Angeles’ Palisades Fire was angry ‘at the world’First protest filed against the Army’s troubled MAPS contractPolitical blame game begins and passengers left adrift after Spirit ceases operationsPentagon adds Google’s latest model to GenAI.mil as usage soars401(k) Real Talk Episode 190: April 29, 2026Investor Behavior Is the Biggest Drag on Portfolio ReturnsInfamous drug lord pens letters from U.S. prison, citing "cruel punishment"A second sloth dies after transfer to a central Florida zoo from troubled Sloth WorldHow Looking Back One Year Can Transform Your Small Cap ReturnsWaverly Expands Into Louisiana With $3.1B Acquisition2 U.S. service members missing amid training exercise in MoroccoJudge in dispute over Washington golf course tells Trump officials not to cut trees without noticeFirst glimpse of 2028 Democratic field at National Action Network Convention11 Investment Must Reads for This Week (April 28, 2026)Jury selection to begin in former Patriots receiver Stefon Diggs’ assault trialCetera Merges Two RIAs Into New Employee Advisor Firm‘Just ridiculous’: Americans react to gas pricesDemocrats look for a foothold in Iowa as Vance visits to boost RepublicansTrump announces a project will start on Monday aimed at helping stranded ships leave Strait of Hormuz, with few detailsCharacter AI pushes dangerous content to kids, parents and researchers say | 60 MinutesSpace Force picks firms to develop Golden Dome’s space-based interceptorsTrump vows to require voter ID in midterms "whether approved by Congress or not"House approves the SAVE America Act as GOP makes election bill pushThe Pentagon replicated a Ukrainian-style drone attack in Florida. Now it’s changing its counter-drone strategyChina has ‘deliberate, industrial-scale campaigns’ to steal US AI models, White House saysVanguard Launches Corporate Bond ETFs With Defined Maturities2 US service members missing after military exercises in MoroccoFire breaks out in a lab building on a University of South Florida campusConfrontation with alleged shooter at D.C. gala lasted 7 secondsMay Day protests across US draw huge crowds – in pictures‘An unauthorised war’: Democrats grill Pete Hegseth on war in Iran – videoTritonPoint Partners CEO Hughes Departs1 dead after vehicle crashes into Oregon health club, police sayRIA Edge Podcast: How Procyon Grows With Client-First ServicesDrugmaker asks Supreme Court to halt ruling blocking online access to mifepristonePrivate Credit Funds Face Redemption Challenges And High FeesJudge rebukes prosecutors in hearing for accused D.C. gala gunmanRFG Advisory Invests In Zocks AI Notetaking PlatformArtemis II crew reveals what snack they ate right after splashdownThe long shadow of the COVID-19 pandemic creeps into the race for Ohio governorNYPD releases video of machete attack shooting at Grand Central station$6.5B Sowell Starts Wealth Unit for Clients with $5M and UpBuilding trades unions emerge as a key ally of tech giants in push for AI data centersUS to withdraw 5,000 troops from Germany in next 6-12 monthsWatch a Spirit pilot's impromptu retirement celebration after airline shuttersLouisiana Republicans eliminate elected position days before an exoneree was set to take officeLong DACA renewal wait times leave some ‘Dreamers’ without status, fearing detainmentSmall plane crashes near Austin, killing all 5 aboard, county official saysChildren stop school bus on Mississippi highway after driver passes out – videoFormer federal prosecutors see legal flaws in DOJ's SPLC indictmentThe Love Bombing of Gloria ChoiAfter major enforcement operations, the Trump administration recalibrates its immigration crackdownHabitat for Humanity is developing a new Atlanta community with help from the Carters’ initiative2 bank employees fatally shot in a bank robbery in KentuckyTrump administration to cut 5,000 U.S. troops from GermanyMan executed for killing of his brother’s teenage stepdaughter nearly 50 years agoOil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’Truck driver last seen at a Florida rest stop is found dead in GeorgiaMan charged with possessing meth lab chemicals in Michigan State buildingArtemis crew tells kids moon flight was "the best roller coaster ride"The pastor of the nation’s largest Methodist church is running for the US Senate in Kansas5/1: The Takeout with Major GarrettLouisiana Rep. Troy Carter calls Supreme Court map decision a "gut punch" to democracyWhat states could try to redistrict and add more GOP seatsOil prices hit wartime peak, with Brent crude touching $126 a barrelFormer Wells FiNet Advisors Depart to Launch $600M RIAArtemis II astronauts join "CBS Mornings" for a special live hour FridayExploding shells may turn the Apache helicopter into a drone hunterDOD completes $1B investment in L3Harris missile unitFINRA Analyst Alleges Retaliation After Medical LeaveMan arrested for allegedly dumping wife's body in zoo incineratorZohran Mamdani suggests he would ask King Charles to return Koh-i-noor diamond – videoAutonomous weapons will be ‘key part’ of US warfare: Joint Chiefs chairmanSuccession Planning For Financial Advisors Is CrucialAllspring’s Derrick Irwin: Emerging Markets Poised for GrowthAmtrak may ease rules on guns on its trains, sources say201+ AAPI-owned businesses to support in 2025 and beyondExonerees struggle to rebuild their lives and gain lasting employmentNavy scientists seek tech breakthroughs in areas that companies ignoreFidelity to Pay $1.25M Over 2024 Data BreachMeet the horses who ran in the Kentucky Derby
Wed. May 6th, 2026
Trending News: U.S. beginning effort to guide stranded ships through Strait of HormuzArgosy’s David Butler on Middle Market Real EstateNew CCTV footage appears to shows when shots were fired at Washington press dinnerRestaurants celebrate authentic Mexican culture and history this Cinco de MayoSpirit Airlines says it has nearly finished refunding customers after shutteringTrump’s influence tested in Indiana Republican state Senate primariesTrump may not be a fan of clean energy but Iran war is accelerating global shift from oil and gas | Heather StewartRamaswamy looks to put primary behind him and turn to expensive fall campaign for Ohio governorSee the best looks of the Met Gala 2026Sting embarks on "The Last Ship"Extended interview: StingPen pal programs have evolved, but old-fashioned letter writing could be coming backEducation Dept. probing all-women's Smith College for admitting trans womenInside the effort to replace America's Minuteman III nuclear missilesAP, Washington Post, Reuters and Minnesota Star Tribune among Pulitzer winners for 2025 workCelebrity Estates Podcast: Why Matthew Perry’s Estate WorksU.K. counter-terror police investigate arson at former synagogueMerchant Investment Takes Stake in Family Office FirmThis neck fan doesn’t just make the NYC heat more bearable — it’s comfortable and compact, tooProsecutors say arson suspect in Los Angeles’ Palisades Fire was angry ‘at the world’First protest filed against the Army’s troubled MAPS contractPolitical blame game begins and passengers left adrift after Spirit ceases operationsPentagon adds Google’s latest model to GenAI.mil as usage soars401(k) Real Talk Episode 190: April 29, 2026Investor Behavior Is the Biggest Drag on Portfolio ReturnsInfamous drug lord pens letters from U.S. prison, citing "cruel punishment"A second sloth dies after transfer to a central Florida zoo from troubled Sloth WorldHow Looking Back One Year Can Transform Your Small Cap ReturnsWaverly Expands Into Louisiana With $3.1B Acquisition2 U.S. service members missing amid training exercise in MoroccoJudge in dispute over Washington golf course tells Trump officials not to cut trees without noticeFirst glimpse of 2028 Democratic field at National Action Network Convention11 Investment Must Reads for This Week (April 28, 2026)Jury selection to begin in former Patriots receiver Stefon Diggs’ assault trialCetera Merges Two RIAs Into New Employee Advisor Firm‘Just ridiculous’: Americans react to gas pricesDemocrats look for a foothold in Iowa as Vance visits to boost RepublicansTrump announces a project will start on Monday aimed at helping stranded ships leave Strait of Hormuz, with few detailsCharacter AI pushes dangerous content to kids, parents and researchers say | 60 MinutesSpace Force picks firms to develop Golden Dome’s space-based interceptorsTrump vows to require voter ID in midterms "whether approved by Congress or not"House approves the SAVE America Act as GOP makes election bill pushThe Pentagon replicated a Ukrainian-style drone attack in Florida. Now it’s changing its counter-drone strategyChina has ‘deliberate, industrial-scale campaigns’ to steal US AI models, White House saysVanguard Launches Corporate Bond ETFs With Defined Maturities2 US service members missing after military exercises in MoroccoFire breaks out in a lab building on a University of South Florida campusConfrontation with alleged shooter at D.C. gala lasted 7 secondsMay Day protests across US draw huge crowds – in pictures‘An unauthorised war’: Democrats grill Pete Hegseth on war in Iran – videoTritonPoint Partners CEO Hughes Departs1 dead after vehicle crashes into Oregon health club, police sayRIA Edge Podcast: How Procyon Grows With Client-First ServicesDrugmaker asks Supreme Court to halt ruling blocking online access to mifepristonePrivate Credit Funds Face Redemption Challenges And High FeesJudge rebukes prosecutors in hearing for accused D.C. gala gunmanRFG Advisory Invests In Zocks AI Notetaking PlatformArtemis II crew reveals what snack they ate right after splashdownThe long shadow of the COVID-19 pandemic creeps into the race for Ohio governorNYPD releases video of machete attack shooting at Grand Central station$6.5B Sowell Starts Wealth Unit for Clients with $5M and UpBuilding trades unions emerge as a key ally of tech giants in push for AI data centersUS to withdraw 5,000 troops from Germany in next 6-12 monthsWatch a Spirit pilot's impromptu retirement celebration after airline shuttersLouisiana Republicans eliminate elected position days before an exoneree was set to take officeLong DACA renewal wait times leave some ‘Dreamers’ without status, fearing detainmentSmall plane crashes near Austin, killing all 5 aboard, county official saysChildren stop school bus on Mississippi highway after driver passes out – videoFormer federal prosecutors see legal flaws in DOJ's SPLC indictmentThe Love Bombing of Gloria ChoiAfter major enforcement operations, the Trump administration recalibrates its immigration crackdownHabitat for Humanity is developing a new Atlanta community with help from the Carters’ initiative2 bank employees fatally shot in a bank robbery in KentuckyTrump administration to cut 5,000 U.S. troops from GermanyMan executed for killing of his brother’s teenage stepdaughter nearly 50 years agoOil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’Truck driver last seen at a Florida rest stop is found dead in GeorgiaMan charged with possessing meth lab chemicals in Michigan State buildingArtemis crew tells kids moon flight was "the best roller coaster ride"The pastor of the nation’s largest Methodist church is running for the US Senate in Kansas5/1: The Takeout with Major GarrettLouisiana Rep. Troy Carter calls Supreme Court map decision a "gut punch" to democracyWhat states could try to redistrict and add more GOP seatsOil prices hit wartime peak, with Brent crude touching $126 a barrelFormer Wells FiNet Advisors Depart to Launch $600M RIAArtemis II astronauts join "CBS Mornings" for a special live hour FridayExploding shells may turn the Apache helicopter into a drone hunterDOD completes $1B investment in L3Harris missile unitFINRA Analyst Alleges Retaliation After Medical LeaveMan arrested for allegedly dumping wife's body in zoo incineratorZohran Mamdani suggests he would ask King Charles to return Koh-i-noor diamond – videoAutonomous weapons will be ‘key part’ of US warfare: Joint Chiefs chairmanSuccession Planning For Financial Advisors Is CrucialAllspring’s Derrick Irwin: Emerging Markets Poised for GrowthAmtrak may ease rules on guns on its trains, sources say201+ AAPI-owned businesses to support in 2025 and beyondExonerees struggle to rebuild their lives and gain lasting employmentNavy scientists seek tech breakthroughs in areas that companies ignoreFidelity to Pay $1.25M Over 2024 Data BreachMeet the horses who ran in the Kentucky Derby
Wed. May 6th, 2026

Argosy’s David Butler on Middle Market Real Estate


Zephyr market strategist Ryan Nauman hosts David Butler, Co-CEO of Argosy Real Estate Partners, to discuss trends and opportunities in private real estate. Butler explains Argosy’s focus on lower middle-market deals ($5–$25M equity) where competition is lower, and outlines the firm’s growth since founding in 2009, raising about 10 funds and reaching roughly $4B in gross real estate AUM. They cover themes including a largely completed real estate “reset,” improving debt market liquidity, and selective contrarian office investing at discounts with strong leases and cash yields. Butler defines alternative property sectors (e.g., lodging, self-storage, life sciences, built-to-rent, cold storage, data centers) and their diversification benefits, while noting risks like operational complexity, specialized capex, tenant concentration, and infrastructure constraints. The conversation also contrasts real estate private credit vs. equity, and reviews Opportunity Zone program updates, including a five-year deferral structure and stricter zone qualifications.

Learn more about Zephyr here.
Learn more about Argosy Real Estate Partners here.

00:00 Welcome and Setup
01:18 Meet David Butler
04:11 Why Middle Market Wins
06:14 Market Reset Outlook
09:23 Office Comeback Thesis 
12:26 What Are Alternatives
15:40 Why Alternatives Now
18:15 Risks to Watch
19:40 How Advisors Access
21:28 Private Credit vs Equity
24:49 Opportunity Zones Update
27:56 Wrap Up and Resources

Connect with Ryan Nauman:
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Related:Zephyr’s Adjusted for Risk: Tokenization & ETFs – The End of Traditional Market Barriers?





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    U.S. beginning effort to guide stranded ships through Strait of Hormuz
    Argosy’s David Butler on Middle Market Real Estate
    New CCTV footage appears to shows when shots were fired at Washington press dinner
    Restaurants celebrate authentic Mexican culture and history this Cinco de Mayo
    Spirit Airlines says it has nearly finished refunding customers after shuttering
    Trump’s influence tested in Indiana Republican state Senate primaries