Texas
Phoenix Merchant Partners and Texas Capital Alternative Asset Management Form Strategic Relationship
Phoenix Merchant Partners, an independent alternative asset manager, and Texas Capital Alternative Asset Management (TCAAM), a wholly owned subsidiary of Texas Capital Bancshares, formed a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries.
The relationship integrates the corporate and investment banking coverage network of Texas Capital with the structuring, underwriting and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit, in Q3/26. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas.
Spurstone has already attracted interest from a group of anchor institutional investors. The vehicle’s investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit.
“As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions,” Daniel Hoverman, head of corporate and investment banking at Texas Capital and president of TCAAM, said.
The vehicle’s strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions and balance sheet optimizations.
“Proprietary origination remains the single biggest differentiator in the private credit landscape,” Art Mbanefo, founder and CEO of Phoenix, said. “Working with TCAAM unlocks unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York and Illinois. Together, we are bridging the liquidity gap for exceptional middle-market companies.”
Spurstone will be advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors, which is currently applying for registration with the U.S. Securities and Exchange Commission. TCAAM will be a minority economic investor in Spurstone’s investment adviser.
Texas
Texas man admits embezzling $3.2 million to pay student loans, fuel online gambling, prosecutors say
A Texas man who siphoned off millions from his employer to wipe out tens of thousands in student loan debt and bankroll extensive online gambling has pleaded guilty to federal embezzlement charges, prosecutors said.
Mitchell David Slentz, 34, of Kyle, pleaded guilty in federal court to embezzling more than $3.2 million from Austin Freight Systems, according to the U.S. Attorney’s Office for the Western District of Texas.
Financial oversight role detailed
Prosecutors said Slentz held broad responsibility for Austin Freight Systems’ finances, managing accounting operations, overseeing financial reports and internal controls, and handling vendor payment requests submitted to JPMorgan Chase.
Between October 2023 and March 2025, Slentz executed 147 fraudulent payments, diverting $3,277,937.35 into his personal accounts via interstate wire transfers. He used part of the stolen money to make two student loan payments — $25,000 and $33,887. He also gambled heavily on an online platform, depositing and winning more than $1 million, the U.S. Attorney’s Office said.
Charges and court proceedings
Slentz was charged on May 14, appeared on June 8, and pleaded guilty Monday to wire fraud and engaging in monetary transactions with criminally derived proceeds.
A federal judge will determine Slentz’s sentence based on U.S. Sentencing Guidelines and statutory factors.
Investigation led by the FBI task force
The FBI Austin White Collar Crime Task Force handled the investigation.
CBS News Texas will provide updates as more information becomes available.
Tuesday morning is off to another warm start, with temperatures in the 70s. Expect another day with breezy winds, hot temperatures and Saharan dust in the sky. Most of the dust will move out of North Texas by Wednesday.
Temperatures on Tuesday afternoon will feel like triple digits, and this trend will continue into the Fourth of July weekend. Because dew points will drop slightly toward the end of the workweek, high temperatures should finally reach the 100° mark by Saturday.
There’s just a slim 10% chance of showers in the forecast for Friday and Saturday, with slightly better rain chances on Sunday and Monday at 20%. Until then, temperatures will continue to heat up, and the feel-like temperatures will be at 100°+ each day. Stay cool.
The Texas Longhorns are in a lull before firing on all cylinders ahead of the 2026 season, looking to once again handle expectations that are larger than most programs experience, for the season year in a row.
Ahead of the season, though, head coach Steve Sarkisian is already gaining victories on the road before even kicking off. After a slow start on the recruiting trail, the Longhorns are in full swing, stacking elite pieces for the 2027 cycle.
Now it is no different, as the program has landed a commitment from Jason Johnson, one of the most sought-after defensive line prospects in the country, and a big piece of the Longhorns recruiting class for the cycle.
Who is Johnson?
Johnson is widely viewed as one of the most slept on prospects in the class. He is ranked as the No. 42 defensive line prospect in the class and is a top 60 prospect in the state of Texas. Despite his star rating, though, he is one of the most sought-after prospects in the class, including multiple offers from elite programs around the country.
Standing at 6-foot-3, 270 pounds, he has the size of an edge defender but the strength and bull-rush ability of an interior defender, combining an elite mix of speed and power that makes him difficult to handle in the interior.
Johnson has a lot of projectability in his frame, and has the strength already to go with it. As he continues developing at the next level, he has the chance to turn into a legitimate interior wrecker at the college level.
Where Johnson Will Impact the Longhorns Future
The Longhorns have been the beneficiaries of elite defensive linemen under the reign of Sarkisian, and that won’t change for the upcoming season or beyond. The program has shown a profound ability to develop talent across the front of the defense and will continue to do so.
For Johnson, the defensive front is manned by veterans across it, with talented underclassmen waiting in the wings for their turn on the field. It also doesn’t help that, so far, he is the lowest-rated defensive line commit of the class for the Longhorns.
Still, the coaching staff, including defensive coordinator Will Muschamp love what Johnson brings to the field, and that was one of the reasons that his class ranking didn’t bother them. He will get the time to develop in the program, and could turn into a vital piece of the future.
Sign up to our free newsletter and follow us on Facebook, X and Instagram for the latest news.
Add us as a preferred source on GoogleFollow
-
Detroit, MI16 minutes agoPriority Waste CEO shares progress on plan to fix disruptions, delays across Metro Detroit
-
San Francisco, CA28 minutes agoThe San Francisco Church That Holds America’s Secrets
-
Dallas, TX31 minutes agoCrews battle large fire at Pilates studio in Uptown Dallas, officials say
-
Miami, FL31 minutes agoalaïa clads first miami boutique in pink mosaic tiles, from interior to facade
-
Boston, MA43 minutes agoLooking for a lodging adventure? Beat the heat at a floating B&B. – The Boston Globe
-
Denver, CO46 minutes agoLavender festival, Tennyson Street Fair and more free and cheap things to do in July
-
Seattle, WA58 minutes agoSeattle’s solution for the middle-class housing squeeze: government housing | CNN Business
-
San Diego, CA1 hour agoAn Apprentice Program for Commercial Fishing
