Current & Stone Capital

The Company

A Land Investment Platform Built Around Exceptional Water

Current & Stone Capital is a land investment platform focused on premium river frontage in the Rocky Mountain West. We specialize in properties defined by exceptional fly fishing—rivers where hatches, structure, and seasonal rhythms create some of the most sought-after water in North America.

i.

Acquire exceptional water on legendary Western fisheries

ii.

De-risk through permitting, entitlement, and design

iii.

Partner with aligned investors to realize full value

What We Do

Acquire. De-Risk. Partner.

Acquire

We source rare riverfront properties on legendary fisheries. These are places known for technical dry fly fishing, prolific hatches, and limited public access. They are not interchangeable assets. The best water is known, and tightly held.

Quality and reputation of the fishery
Presence of meaningful hatches (stonefly, PMD, caddis)
River frontage and wadable access
Privacy, views, and surrounding land integrity

De-Risk

We invest early to solve the most complex parts of riverfront development. By the time we bring in partners, the uncertainty is largely removed.

Floodplain and environmental constraints
Permitting and entitlement
River setback and build envelope definition
Architectural design aligned with the land

Partner

Once a property is fully underwritten and de-risked, we open participation to a small group of aligned investors. At this stage, the path is defined and risk is significantly reduced.

Development path is clearly defined
Timelines are clearer
Risk is significantly reduced
Investors step into a shaped position

Why This Works

Finite Supply.
Permanent Demand.

The best fly fishing water in the West is finite. Rivers like the Yellowstone and Henry's Fork are not just recreational assets—they are globally recognized fisheries shaped by ecology, regulation, and decades of stewardship. The Henry's Fork, in particular, is one of the most technically revered dry fly fisheries in the world.

At the highest end, buyers are not just purchasing land—they are securing access to a specific piece of water, during specific moments in a season. A stonefly hatch. A late evening spinner fall. A stretch of river that cannot be replicated.

Supply

Permanently constrained. Prime riverfront on legendary fisheries does not expand. New stretches are not created.

Access

Limited and often irreplaceable. The same water rarely changes hands twice in a generation.

Demand

Driven by wealth, lifestyle, and legacy ownership. Buyers in this category acquire for permanence.

Value

Not defined by acreage alone, but by the quality of the water, the hatches, and how rarely access changes hands.

The Thesis

Why Riverfront Ranch Investments Outperform

This is not a typical real estate play. Blue-ribbon rivers in the American West represent a convergence of scarcity, conservation value, and high-net-worth demand that is without parallel in the asset class.

Supply Scarcity

Blue-ribbon rivers like the Henry's Fork, Madison, and Yellowstone are finite. Private access on these systems is rare, and the same stretches rarely change hands twice in a generation.

Water Rights = Value Floor

In the Rocky Mountain West, water rights are intrinsic to the asset. They establish a hard floor on value independent of market cycles, something pure land investments cannot offer.

Conservation = Non-Correlated Return

Conservation easements provide a parallel return driver that doesn't correlate with real estate markets. Properly structured, they generate meaningful economic upside alongside long-term appreciation.

HNW Migration Out of Cities

The structural migration of high-net-worth buyers toward privacy, nature access, and Western lifestyle has permanently elevated demand for this specific asset class.

Jackson Hole Pricing Spillover → Idaho Arbitrage

As Jackson Hole reaches extreme price levels, buyers are moving east toward eastern Idaho and Henry's Fork country, where one of the most technically revered dry fly fisheries in the world trades at a meaningful discount to Teton-area comps. This arbitrage window is real, and it is narrowing.

Our Investment Model

A Repeatable Platform, Not a One-Off Project.

Every deal we do follows the same five-step framework. This is what turns a single successful investment into a scalable strategy, and what makes Current & Stone Capital a platform, not a project.

Investment Thesis

We create value through:

1.Identification of top-tier fly fishing properties (acquisition)
2.Entitlement (permits + build readiness)
3.Design (architectural plans + site vision)
4.Positioning (premium narrative + buyer targeting)

01

Source Irreplaceable Riverfront Land

We identify and acquire exceptional properties on legendary Western fisheries, before permitting, design, or full potential is realized. The best water is known, tightly held, and rarely offered.

02

Secure Entitlements + Conservation Strategy

We invest in the execution work that unlocks full value, typically the most complex phase. This includes permitting, floodplain resolution, water rights optimization, and early-stage conservation structuring.

Permits, approvals, and entitlements
Floodplain and environmental constraint resolution
Conservation easement candidacy and structuring
Water rights evaluation and optimization

03

Design Premium, Regionally Aligned Homes

We design residential products that are architecturally authentic to the landscape. Mountain modern homes that feel earned, not imposed. 3,000–4,500 sq ft, sited for views, river access, and privacy.

04

Target High-Net-Worth Lifestyle Buyers

Our buyers are not commodity purchasers. They are acquiring a piece of a legendary fishery, a legacy holding, and access to a way of life that cannot be replicated. We market accordingly.

05

Exit at Premium Multiple

We target exits to the highest-tier buyer segment, driven by patience, positioning, and the understanding that scarcity creates its own ceiling. Conservation strategies are layered in from day one to maximize total economic value.

Differentiation

How We're Different

Most developers optimize for volume. We optimize for scarcity. The result is a fundamentally different asset, buyer, and return profile.

Approach

Volume-based

Scarcity-based

Asset Type

Suburban or commodity builds

Irreplaceable riverfront land

Buyer

Commodity buyers

High-net-worth lifestyle buyers

Return Driver

Margin on construction cost

Land appreciation + conservation + premium exit

Rocky Mountain West

Target Rivers

Yellowstone River System
Henry's Fork of the Snake River
Select tailwaters & private-access tributaries

Property Criteria

Meaningful frontage on quality water
Established fly fishing reputation
Strong seasonal use—hatches, dry fly windows
Long-term scarcity of comparable access

Philosophy

The most valuable land in the West shares three characteristics.

Water

Access

Irreplaceability

In fly fishing, the difference between average water and exceptional water is subtle, but permanent.

Current & Stone Capital exists to own and develop the latter.

The Team

Built by
people who do this.

Nick Yorchak

Founder & Principal

Nick Yorchak is the Founder and Principal of Current & Stone Capital. He began his career as founder of Big Footprint, a digital marketing agency that was subsequently acquired, giving him an operator's understanding of how to build, de-risk, and exit a platform.

For the last eight years, Nick has been directly involved in fly fishing property development through the Six Meadows Ranch project on the Boulder River in McLeod, Montana, a riverfront land investment that generated ~$7.6M in total economic value (net of transaction costs) on ~$3.1M of invested capital, delivering a ~2.5x multiple and ~20% IRR across a six-year hold. Current & Stone Capital is the formalization of that thesis into a repeatable strategy.

An avid angler and conservationist, Nick brings a firsthand understanding of what makes Western riverfront land irreplaceable and what buyers in this market are actually seeking.

Background Founder, Big Footprint (acquired digital marketing agency)

Track Record Six Meadows Ranch, McLeod MT — 6-year hold, ~2.5x equity multiple, ~20% net IRR

Focus Rocky Mountain West riverfront — Henry's Fork, Boulder River, Yellowstone corridor

Interests Fly fishing, conservation, Western land stewardship

Logan Todd

Broker & Partner

Logan Todd is the Broker and Owner of Sonny Todd Real Estate, based in Big Timber, Montana. A fifth-generation Montanan with roots in agriculture and Western land, Logan carries forward a family legacy in ranch brokerage that runs deeper than credentials. It runs through the land itself.

Licensed since 2013 and operating in one of the most competitive ranch markets in the West, Logan brings an intimate understanding of how exceptional riverfront and recreational properties are priced, positioned, and transacted. He knows the buyers, the comps, and the relationships that move the kind of assets Current & Stone Capital pursues.

Brokerage Sonny Todd Real Estate — Big Timber, Montana

Licensed Montana Real Estate Broker since 2013

Specialty Ranch, recreational, and riverfront properties — Rocky Mountain West

Sakal Heng

Strategic Advisor

Sakal Heng is the General Counsel and Head of HR at GOLFTEC, based in Englewood, Colorado. He manages legal matters, governance, risk, and compliance for the company. He has been recognized for his work in expanding legal departments and supporting organizational growth.

Sakal brings the kind of institutional legal and governance rigor that sophisticated investors expect, covering deal structuring, risk management, and compliance. An outdoorsman and fly fisher, he brings a personal understanding of the asset class alongside his professional expertise.

Role General Counsel & Head of HR, GOLFTEC — Englewood, Colorado

Expertise Legal, governance, risk management & compliance

Interests Fly fishing, outdoors, Western land

Proven Approach

Six Meadows Ranch — Montana

A riverfront ranch investment structured around long-term land value, water rights, conservation strategy, and premium buyer demand.

~2.5x

Equity Multiple

~20%

Net IRR

~$7.6M

Total Value Created

~$3.5M

Conservation Easement

Driven by premium riverfront land, valuable water rights, conservation strategy, and disciplined hold and positioning.

View Full Case Study →

Investor Strategy

Structured for Alignment

We're the lead investor in every deal, but are happy to bring on co-investors in upcoming projects. LP capital comes in post-permitting, when the execution risk is substantially reduced. You step into a shaped position, not a raw bet.

Target Returns

Target IRR

15–18%

Blended across hold period

Target Hold

4–5 Years

Shorter on fully permitted assets

Return Profile

Capital Appreciation

+ Optional tax efficiency via conservation

LP Entry Point

Post-Permitting

Execution risk largely removed at entry

Deal Philosophy

We bring in LP capital after the asset is de-risked. Post-permitting, post-entitlement, with design and conservation strategy in place. Investors step into a shaped position, not an open-ended development bet.

We co-invest in every deal. Our capital is in alongside yours, from entry through exit. Alignment is structural, not stated.

Conservation strategies are built into the thesis from day one, creating a parallel return pathway that does not depend on the real estate cycle.

Proven Track Record

~$4.5M

Net profit · Six Meadows Ranch
~$3.1M invested · ~$7.6M total value realized

Target returns are projections based on prior experience, not guarantees. Past performance does not predict future results.

Where Land, Water,
and Legacy Intersect

A Land Investment Platform Built Around Exceptional Water