Behind the Capital Curtain Podcast

In this episode of Behind the Capital Curtain, host David Kotter sits down with Ethan Russman, Partner at CYNA 1031 Advsiors, to unpack the world of 1031 exchanges and Delaware Statutory Trusts (DSTs). They explore why DSTs can be a game changer for real estate investors, the behavioral finance hurdles in transitioning from active to passive ownership, and scenarios where a 1031 may not be the best fit.

Ethan shares insights on overlooked potential benefits of DSTs beyond tax deferral, the due diligence process behind top-tier CRE opportunities, and how investor psychology influences decision-making. The discussion also dives into evolving trends in alternative investments, the possible future of tax-efficient strategies, and what excites Ethan most about the growth of commercial real estate in today’s market.

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Additional Insights

Delaware Statutory Trusts (DSTs) Estate Planning and DSTs – Things to Consider

Commercial Real Estate Who is Your Buyer? Why is it Important?

1033 Exchange Acts of God and the Government – An Involuntary Exchange

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Ethan Russman, CFP® has worked and consulted for an investment sponsor, financial planning firms and family offices as it pertains to alternative investment solutions. In 2006, he started working at Cole Capital which was an early adopter and provider of the Delaware Statutory Trust structure which allows investors access to institutional quality 1031 solutions.

In addition, Ethan is the Managing Member of the Carleton Capital Group, which is the manager of the Carleton Capital Fund I, LLC and the Carleton Capital Fund II, LLC. The Carleton Capital Group, LLC specializes in the acquisition and development of commercial real estate assets that offer compelling risk-adjusted returns. Carleton Capital collaborates with operating partners who possess market knowledge and an established track record of success.

Before the Carleton Capital Group, Ethan spent nine years at Cole Capital, a former commercial real estate investment firm headquartered in Phoenix, Arizona. Among his many duties, Ethan was Vice President, Product Management from the inception to the public listing of Cole Credit Property Trust III, Inc. (“CCPT III”), a publicly registered, non-listed real estate investment trust (“REIT”), which owned and operated a diversified portfolio of core commercial real estate investments and had approximately $7 billion in assets under management when it was listed on the NYSE in July 2013 and changed its name to Cole Real Estate Investments (“Cole”). Through a series of corporate actions since its listing, Cole has essentially been acquired and merged into Realty Income, Inc. (NYSE: O), which is a large diversified publicly traded REIT and a member of the S&P 500. Ethan was also instrumental in the launch of CIM Income NAV, Inc. (f/k/a Cole Real Estate Income Strategy (Daily NAV), Inc.), a publicly registered, non-listed REIT that primarily acquired and operated a diversified portfolio of necessity retail, office and industrial properties anchored by creditworthy tenants under long-term net leases and offered monthly valuation and liquidity. CIM Income NAV has been acquired and merged into CIM Real Estate Finance Trust, Inc., which is a REIT managed by an affiliate of CIM Group, LLC and is primarily focused on credit related investments and core commercial real estate.

Ethan is a CERTIFIED FINANCIAL PLANNER™ professional and has experience in wealth management collaborating with individual clients, families and business owners on their tax planning strategies, wealth and preservation strategies, investment management, and cash flow budgeting. He earned his Bachelor of Science in marketing from Duquesne University and subsequently obtained his Master’s in Business Administration (MBA) from the John F. Donahue Graduate School of Business at Duquesne University.