Texas
Grand Prix Arlington set to bring top speeds to North Texas’ entertainment district
In just a few days, the Java House Grand Prix of Arlington will take place. Bill Miller, President and General Manager of the event, says this race has been in the works for two years.
“We started, you know, conceptually, how do you design a racetrack on what are city streets and around the property,” said Miller.
Miller says they are on schedule, adding that it takes crews almost a month to set everything up.
“The track is 2.73 miles, 14 turns. You’re going to have top speeds on Randol Mill right behind us here, where the cars are going to be going 180mph,” said Miller.
Drivers will race through the Arlington Entertainment District, going past Globe Life Field and AT&T Stadium.
“We’ve now come to Randol Mill, and we’re in the area of the track that we call the horseshoe. This is going to be one of the more technical spots of the track. Drivers will be just hugging around this turn and going probably 90 to 100, 100 plus miles an hour,” said Miller.
Miller says they’ve carefully planned every little detail with the hopes of giving an expected crowd of about 80,000 people the best experience.
“You will feel the cars and that speed as they transition through this year’s area. It’s going to be pretty awesome,” said Miller.
Tickets are still available. CBS News Texas will be live at the race events this Friday.
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.
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