What PCS does

Preferred Capital Securities, LLC (PCS) is a privately held, FINRA- and SIPC-registered independent Managing Broker Dealer headquartered at 3290 Northside Parkway NW, Suite 800, Atlanta, Georgia. Founded in 2011, PCS provides end-to-end distribution and strategic guidance to issuers of alternative investment products seeking access to the Independent Broker Dealer (IBD) and Registered Investment Advisor (RIA) channels. Its product slate includes Prospect Capital non-traded convertible preferred stock, Priority Income Fund, NewStar Exchange (Sun Belt multifamily Delaware Statutory Trusts for 1031 exchanges), Applied Digital, Private Shares Fund, and WhiteHawk Energy, with several additional series appearing as recently closed offerings on the firm's website.

PCS earns revenue primarily through wholesaling and dealer-manager fees pursuant to marketing agreements with fund advisers such as Liberty Street Advisors, Inc., while third-party fund-distribution compliance and shareholder servicing for certain programs are handled by Foreside Fund Services, LLC. The firm operates dedicated National Accounts and National Sales Teams plus an investor services desk, and reaches advisors and end clients across IBD, RIA, wirehouse, institutional, and private wealth channels. A wholly-owned subsidiary, Preferred Shareholders Services, LLC (PSS), provides shared shareholder services. All operations are U.S.-based and the firm has no disclosed external funding, parent company, or public ticker.

Name

PCS

Legal name

Preferred Capital Securities, LLC

Website

https://pcsalts.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Preferred Capital Securities (PCS) is an independent, FINRA-registered Managing Broker Dealer that distributes alternative investment products—non-traded preferred stock, interval funds, DSTs, and digital infrastructure offerings—to financial advisors and investors through IBD, RIA, institutional, wirehouse, and private wealth channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Revenue model

1. Wholesaling/Distribution Fees: PCS earns fees as an authorized wholesaler distributing investment fund products pursuant to marketing agreements with fund advisers. The firm distributes products including Prospect Capital Preferred Stock, Priority Income Fund, NewStar Exchange, and Applied Digital through multiple distribution channels.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

PCS (Preferred Capital Securities, LLC) is an independent, third-party Managing Broker Dealer and FINRA/SIPC member that distributes alternative investment products to financial advisors and their clients. Acting as an authorized wholesaler under marketing agreements with fund advisers such as Liberty Street Advisors, PCS provides sales desk support, marketing materials, investor services, and distribution infrastructure across Independent Broker Dealer, RIA, wirehouse, institutional, and private wealth channels.

Product overview

PCS operates as an independent, third-party Managing Broker Dealer providing end-to-end strategic guidance for alternative investments. The company distributes multiple investment programs including NewStar Exchange (real estate-focused 1031 exchange offerings), Priority Income Fund (preferred stock distributions), Prospect Capital Preferred Stock (non-traded convertible preferred stock from a NASDAQ-listed BDC), Applied Digital (digital infrastructure investments), Private Shares Fund (private company shares), and WhiteHawk Energy (natural gas market exposure). PCS serves the Independent Broker Dealer and RIA channels, acting as an authorized wholesaler and dealer manager for these offerings.

Differentiator

Problem solved

Functional benefit

Brands

• NewStar Exchange: Investment program focused on multifamily real estate in the Sun Belt region
• Priority Income Fund
• Applied Digital
• Prospect Capital Preferred Stock (PSEC)
• Private Shares Fund
• WhiteHawk Energy

Products and services

• NewStar Exchange Real estate investment program focused on the Sun Belt region, offering tax-deferred 1031 like-kind exchange opportunities through Delaware Statutory Trust offerings for accredited investors, distributed via PCS to financial advisors.
• Priority Income Fund (PIF) Closed-end fund providing preferred stock distributions with monthly payments on series D, K, and L preferred stock, offering recurring income to investors.
• Prospect Capital Preferred Stock (PSEC) Non-traded convertible preferred stock offering from Prospect Capital Corporation, an investment-grade rated business development company on NASDAQ, providing stable stated value with monthly dividend payments.
• Applied Digital Investment program offering exposure to digital infrastructure and technology-enabled investments (data centers and compute), distributed by PCS.
• Private Shares Fund Fund providing access to private company shares for accredited investors, enabling investment in non-publicly traded securities. Distributed by Foreside Fund Services with PCS as authorized wholesaler.
• WhiteHawk Energy Income-focused investment program related to natural gas market opportunities, offered through PCS distribution channels.
• Wholesaling and Distribution Services Core broker-dealer service providing sales desk support, marketing materials, investor services, and end-to-end distribution infrastructure to fund issuers across IBD, RIA, institutional, wirehouse, and private wealth channels.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Liberty Street Advisors, Inc.coreStrategic or Co-development PartnerLSA is the investment adviser to funds distributed by PCS, including the Private Shares Fund. PCS operates as wholesaler for funds under advisory agreements with LSA. LSA and PCS are not affiliated entities.
• Foreside Fund Services, LLCcoreChannel Partner/ Reseller/ DistributorForeside Fund Services serves as the fund distributor for certain investment programs distributed by PCS. Foreside is a registered broker-dealer that provides distribution compliance and shareholder services.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• iCapital Network: Tech-enabled platform connecting financial advisors with alternative investment funds (private equity, private credit, hedge funds, structured notes). Directly comparable to PCS in providing advisors access to alternative products, but operates as a fintech platform rather than a traditional broker-dealer wholesaler.
• CAIS: Alternative investment marketplace for independent advisors and RIAs, offering structured access to private credit, private equity, real estate, and hedge funds. Comparable to PCS in target customer (advisors) and product category (alts), with a more digitized delivery model.
• Altegris: Wholesaler of alternative investment products to advisors, historically focused on hedge funds and private credit. Direct alternative investment distribution peer of PCS, with overlapping focus on advisor channels and yield-oriented alts.
• Griffin Capital: Alternative investment sponsor and distributor focused on real estate, private credit, and other yield-oriented products. Overlaps with PCS in product type (REITs, DSTs, private credit) and channel (advisor-led distribution).
• Dynasty Financial Partners: Wealth management platform serving high-net-worth advisors and RIAs, including alternative investment product access. Comparable to PCS in serving advisor networks seeking alts for client portfolios, though Dynasty is more RIA-platform oriented.

Broad incumbents

• Hightower: Wealth management firm serving high-net-worth clients through a national network of advisory businesses. Offers alts within broader wealth services, overlapping with PCS in advisor-channel alternative investment distribution.
• Cetera Financial Group: Large broker-dealer network serving independent advisors with a full product shelf including alts. Overlaps with PCS in alts distribution to IBD-affiliated advisors, though Cetera operates a much broader wealth services platform.
• LPL Financial: Largest independent broker-dealer in the US, providing advisors with a comprehensive product shelf including alternatives. Comparable to PCS as an IBD-focused alts distribution channel, but at vastly greater scale and with proprietary product conflicts.
• Securities America: Independent broker-dealer serving advisors with wealth management and alts solutions. Comparable to PCS in serving IBD-channel advisors, with a broader product mix and larger infrastructure.
• Kestra Financial: Independent wealth management platform serving advisors and RIAs, including alts product distribution. Comparable to PCS as an IBD/RIA-focused distribution platform, with a broader wealth services offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PCS