# Blue Rose Capital Advisors: Debt, Derivatives, and Capital Planning Experts

> Blue Rose Capital Advisors is a full\-service, independent financial advisory firm\. We provide debt, derivatives, reinvestment, strategic and financial consulting services, and other specialized services to help clients achieve their goals\. Blue Rose is registered as a Municipal Advisor with the Securities and Exchange Commission \(SEC\) and Municipal Securities Rulemaking Board \(MSRB\)\.

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## Pages
- [About Blue Rose](https://blueroseadvisors.com/aboutbluerose/): Trusted Financial Advisors Specializing in
Higher Education and Non\-Profit Institutions
- [Contact Us](https://blueroseadvisors.com/contact-us/): We're here to guide you every step of the way\. Fill out the contact form below, and an advisor best suited to your needs will get back to you promptly\. We look forward to exploring how we can guide your institution's financial needs\.
- [B\.J\. "Johan" Rosenberg](https://blueroseadvisors.com/b-j-johan-rosenberg/): Johan Rosenberg is a visionary leader with nearly three decades of financial advisory experience, first at a national nonprofit organization providing funding to community developers in disadvantaged communities and then at two national advisory firms\. With a vast network of contacts in the financial services domain, Mr\. Rosenberg monitors new products and trends in other sectors, exploring their application to the needs of his clients\. He also follows legal and regulatory changes, developing innovative products and services in anticipation of his clients’ evolving requirements\. Mr\. Rosenberg’s achievements include the conceptualization and development of the first independent swap valuation and monitoring service, HedgeStar \(formerly DerivActiv\)\. He also has overseen over $100 billion in debt and hedging transactions\.
- [Corporate](https://blueroseadvisors.com/corporate/): Blue Rose Capital Advisors is a capital market transaction and interest rate risk advisor to corporations of all sizes\. We deliver tailored solutions for minimizing interest rate costs and risk exposures\. Our corporate sector clients benefit from the unique insights and expert advice we provide throughout the duration of an engagement\.
- [Brandon H\. Lippold](https://blueroseadvisors.com/brandon-h-lippold/): In his role of Vice President, Brandon Lippold is focused on growing client management responsibilities, in particular ensuring that our clients’ transactions run smoothly through closing\. He has significant expertise in direct purchase bonds and derivative products and is experienced with the pricing and execution of fixed rate bond transactions and reinvestment products\. Mr\. Lippold is closely involved in every step of the financing process for clients, from initial capital planning stages all the way through closing\. He joined Blue Rose in 2018 as a Quantitative Analyst\.
- [Additional Advisory Services](https://blueroseadvisors.com/additionaladvisoryservices/): Blue Rose offers our clients a range of other services outside our usual scope of debt advisory, derivatives advisory, and reinvestment advisory services\. Some of our additional advisory services include investment consulting search services, consulting on public\-private partnerships \(“P3s”\), restructuring, operational consulting, bankruptcy, budget modeling, and more\. To learn more about our other advisory services, see our offerings below\.
Contact us today to find out what Blue Rose can do for your organization\.
- [Debt Advisory](https://blueroseadvisors.com/debt-advisory/): Blue Rose Capital Advisors provides a full range of services to support debt issuances by tax\-exempt and taxable borrowers\. We approach every transaction with the goal of reducing our clients’ overall financing costs\. Our independence, expertise, and advocacy enable us to favorably impact their borrowing rates and debt service\. The end results are financings that strengthen our clients’ balance sheets now and in the future\.
- [Derivative Options](https://blueroseadvisors.com/derivative-options/): When entering into an interest rate swap, there are several types of options that can be considered and purchased\. The Blue Rose team can analyze the costs versus benefits of various options to assist you in making a fully informed decision\.
- [Derivatives Advisory](https://blueroseadvisors.com/derivatives-advisory/): Blue Rose Capital Advisors provides the expert guidance and transparency required to execute derivative solutions\. From interest rate swaps to other derivative products, we can deliver an innovative solution for almost any given debt scenario\. In combination with the derivatives valuation, hedge accounting, and reporting services of our affiliate, HedgeStar, Blue Rose helps our clients strike the right balance between risk and future economic certainty\.
- [Derivatives Compliance](https://blueroseadvisors.com/derivative-compliance/): In the aftermath of the 2008/2009 financial crisis, global regulatory reforms for derivatives from both Dodd\-Frank in the U\.S\. and EMIR in Europe have been broad\-ranging and transformational\. Blue Rose stays informed of the latest changes so that we can guide our clients through the new regulatory and documentation requirements and assist with the implementation of operational best practices\.
- [Diane Miller](https://blueroseadvisors.com/diane-miller/): Diane Miller has been with HedgeStar, formerly DerivActiv, since its founding in 2004\. Diane brings over 25 years of experience in public finance and financial instrument valuation, with deep expertise in operational support\. She has held roles that span bond and derivative valuations, threshold monitoring, market trading pattern analysis, and escrow investment services\.
- [Erik Kelly](https://blueroseadvisors.com/erik-kelly/): Erik Kelly serves as President of Blue Rose, providing leadership, coordination, and oversight of the firm’s advisory services since 2011\.  Mr\. Kelly contributes to the strategic direction for the firm, oversees compliance with the changing regulatory environment, and ensures the quality of professional advice provided to the firm’s clients\.
- [Existing Trade Strategies](https://blueroseadvisors.com/existing-trade-strategies/): Changes in regulations, market conditions, interest rates, and even the status of a counterparty can affect the position of an existing derivative\. Blue Rose provides ongoing review of our clients’ hedging instruments to evaluate the risk/reward of each position and to offer recommendations for a change, if warranted\.
- [Georgina M\. Walleshauser](https://blueroseadvisors.com/georgina-m-walleshauser/): In her role of Vice President, Georgina Walleshauser manages a number of the firm’s clients, providing them with advice on and ensuring a smooth closing for all types of debt and derivative product transactions, capital planning solutions, and detailed credit assessments\. Ms\. Walleshauser serves as an advisor to public and private higher education, non\-profit and governmental institutions\. She specializes in analyzing and assessing reinvestment strategies for clients, leading most of Blue Rose’s reinvestment transactions\. 
- [Financial Advisors \| Blue Rose \| United States](https://blueroseadvisors.com/): Debt, Derivatives, and Capital Planning Experts: Blue Rose Capital Advisors is a Full\-Service, Independent Financial Advisory Firm Specializing in Higher Education and Non\-Profit Institutions\.
- [Government](https://blueroseadvisors.com/government/): Blue Rose Capital Advisors provides a full range of financial advisory services to state, county, city and local agencies in the government sector\. From pricing opinions to debt issuances to refinancing services, we ensure that our municipal clients have the independent advice needed to achieve their community goals\.
- [Higher Education](https://blueroseadvisors.com/higher-education/): Blue Rose Capital Advisors is an independent financial advisory firm specializing in public and private higher education institutions\. We leverage our extensive experience in education and strong relationships throughout the sector to advocate for clients, understand the latest issues affecting their missions, and deliver the innovative solutions they need\.
- [Healthcare](https://blueroseadvisors.com/healthcare/): Blue Rose Capital Advisors provides independent financial consulting services and innovative debt solutions to hospitals, physician health groups, and other healthcare organizations\. Our broad client base and deep expertise in capital markets allow us to bring perspective and creativity to the challenges and opportunities that healthcare organizations face\.
- [James M\. McNulty](https://blueroseadvisors.com/james-m-mcnulty/): James McNulty, Managing Director, joined Blue Rose in 2014\. He specializes in providing project management, financial analysis, and debt structure advice to higher education institutions\.  He also provides ongoing, long\-term capital planning that incorporates debt capacity modeling and credit analysis\. Mr\. McNulty leads the Blue Rose Pricing Desk, overseeing the pricing of all fixed rate bond pricings for the firm\. During the eight years prior to joining Blue Rose, Mr\. McNulty worked for John S\. Vincent \& Company, a financial advisory firm focused exclusively on higher education institutions\.
- [John Elliott](https://blueroseadvisors.com/john-elliott/): Mr\. Elliott serves as Vice President and Chief Compliance Officer at Blue Rose\. He provides analytical and research support and project management for Blue Rose’s P3, strategic consulting, and debt advisory practice\. Mr\. Elliott joined Blue Rose’s California office as an Associate in 2021\.
- [Julia Cain](https://blueroseadvisors.com/julia-cain/): In her role of Analyst, Julia Cain provides analytical, research, and transactional support to the lead advisory team serving higher education, non\-profit, and government clients with debt and derivatives advisory and reinvestment services\.
- [Justin Krieg](https://blueroseadvisors.com/justin-krieg/): Justin Krieg, Ph\.D\., Senior Vice President, joined the TRIL, Blue Rose’s parent company, in 2018\.  Dr\. Krieg provides financial and economic consulting services to the firm’s clients\.  Within the firm’s Public\-Private Partnership \(P3\) advisory practice, Dr\. Krieg utilizes his knowledge and experience to assist clients in understanding the P3 approach to procurement, determining the appropriateness of the range of delivery methods, and ensuring that the long\-term P3 partnerships rest on a secure financial and economic foundation\. This often involves critically analyzing the dynamic cash flow models that underpin P3 projects, which requires extensive validation and study to ensure they are accurate, complete and portray outcomes across a wide range of outcomes and scenarios\.  Dr\. Krieg’s recent work includes engagements for both public and private higher education institutions\.  These engagements range from preliminary evaluations to project delivery and discussions on restructuring of existing partnerships for student housing, active adult communities and energy/utility related projects\.
- [Katie Auren](https://blueroseadvisors.com/katie-auren/): Ms\. Auren joined Blue Rose in 2023 as Controller\. In her role, Ms\. Auren is responsible for overall accounting operations, including the annual budget, monthly financials, payroll, annual insurance policies, and oversight of accounts receivable/payable\. In addition, she manages the human resources and technology functions of the company\. Ms\. Auren ensures processes and policies continue to meet best practice standards while maintaining efficiency\.
- [Laura Klingelhutz](https://blueroseadvisors.com/laura-klingelhutz/): Ms\. Klingelhutz is responsible for Blue Rose’s marketing initiatives, while also supporting digital marketing, event planning, and business development for both Blue Rose and HedgeStar\. Ms\. Klingelhutz transitioned to the role of Marketing Coordinator in 2024 following her roles as the Marketing Generalist and Marketing Generalist intern, starting in 2022\.
- [Maxwell S\. Wilkinson](https://blueroseadvisors.com/maxwell-s-wilkinson/): In his role of Vice President, Max Wilkinson manages a number of the firm’s clients, ensuring that their transactions progress smoothly and effectively throughout the financing process\. He has significant expertise in the preparation of credit and debt capacity analyses and is experienced with the pricing and execution of fixed rate bond transactions, direct purchase bonds, and derivative and reinvestment products\. Mr\. Wilkinson is closely involved in every step of the financing process for clients, from initial capital planning stages all the way through closing\. He joined Blue Rose Capital Advisors in 2016\.
- [Megan Milewsky](https://blueroseadvisors.com/megan-milewsky/): Ms\. Milewsky joined Blue Rose in June 2019 as a Marketing Generalist and was promoted to Marketing Manager in 2022\. Through this role, Ms\. Milewsky manages the development and distribution of marketing campaigns, digital marketing activity, social media efforts, and the company website\.
- [New Trade Strategies](https://blueroseadvisors.com/new-trade-strategies/): The Blue Rose team has been educating and assisting clients with the consideration and execution of derivatives for more than 20 years\. With an expert like Blue Rose by your side, you can be confident that you are being fairly represented and adequately informed before entering into complicated financial transactions such as derivatives\.
- [News](https://blueroseadvisors.com/blog/): News from Blue Rose Capital Advisors \-\-\- a full\-service, independent financial advisory firm\. We provide debt, derivatives, reinvestment, strategic and financial consulting services, and other specialized services to help clients achieve their goals\. Blue Rose is registered as a Municipal Advisor with the Securities and Exchange Commission \(SEC\) and Municipal Securities Rulemaking Board \(MSRB\)\.
- [Noah Rosenbaum](https://blueroseadvisors.com/noah-rosenbaum/): In his role of Analyst, Noah Rosenbaum provides analytical, research, and transactional support to the lead advisory team serving higher education, non\-profit, and government clients with debt and derivatives advisory and reinvestment services\.
- [Non\-Profit](https://blueroseadvisors.com/non-profit/): Blue Rose Capital Advisors serves all types of non\-profit organizations, from small local charities to national religious associations\. We provide comprehensive consulting services in the areas of management, fundraising, and borrowing\. Our creative solutions strengthen non\-profit organizations and maximize their ability to achieve their missions\.
- [Our Services](https://blueroseadvisors.com/our-services/): Blue Rose Capital Advisors is a full\-service independent financial advisory firm that serves clients of all sizes and sectors, with a specialization in higher education institutions\. Our breadth and depth of knowledge allow Blue Rose to deliver innovative solutions tailored for almost any need\. We work together with clients to make wise investments, hedge finances when needed, make recommendations about debt deferment when the choice seems necessary, and use compatible governance to strengthen balance sheets now and in the future\.
- [Reinvestment Services](https://blueroseadvisors.com/reinvestment-services/): Blue Rose Capital Advisors offers comprehensive reinvestment services that span debt defeasance or dissolution and advance refundings\. We provide expert guidance for developing escrow strategies, restructuring funds, soliciting favorable proposals, and closing tax\-exempt and taxable transactions\. When reinvestment is on the table, Blue Rose helps our clients make the best choices possible\.
- [Sam Gruer](https://blueroseadvisors.com/sam-gruer/): Sam Gruer brings more than 30 years of capital market experience to his role as Managing Director at Blue Rose Capital Advisors, where he focuses on the firm’s business development efforts and providing senior advisory services\. Mr\. Gruer guides clients through the debt/swap/reinvestment transaction process by making strategic recommendations based on sound, thoughtful, and sophisticated analysis\. 
- [Scott A\. Talcott](https://blueroseadvisors.com/scott-a-talcott/): Scott Talcott joined Blue Rose in 2016\. Mr\. Talcott provides financial advisory services to the firm’s clients with respect to the planning and execution of all types of debt, derivative, reinvestment, and P3 transactions\. He specializes in analyzing and assessing financial strategies from both a quantitative and qualitative standpoint to assist clients in selecting the most efficient use of capital that best aligns with their strategic goals and objectives\. He also prepares client\-specific financial analyses and has in\-depth expertise related to bond and derivative pricing, credit analysis, and debt capacity modeling\.
- [Sectors We Serve](https://blueroseadvisors.com/sectors-we-serve/): Blue Rose Capital Advisors serves higher education, non\-profit, healthcare, government, and corporate clients of all sizes\. We have experienced market specialists and industry veterans in every sector we serve\. The result is independent, outcome\-driven advisory services that draws on innovation and best practices across sectors\.
- [Team](https://blueroseadvisors.com/team/): Blue Rose Capital Advisors is comprised of independent advisory professionals with more than 115 years of combined experience in public finance\. We commit our team resources to our clients to ensure consistent, trusted advice and serve as an extension of their staff\. 

## Posts
- [The Front End Has Flipped: What the Fed's Hawkish Hold Means for Reinvesting Bond Proceeds](https://blueroseadvisors.com/post/the-front-end-has-flipped-what-the-feds-hawkish-hold-means-for-reinvesting-bond-proceeds/): For the first time in years, parking bond proceeds in cash costs money instead of making it\. For borrowers in the municipal market, this is the opposite of the reinvestment environment to which they’ve gotten accustomed\. The reflex to “stay short and stay liquid while the Fed cuts” no longer describes what we’re seeing on the front of the yield curve\.
- [The Shield: Blue Rose's Annual Meeting \- A Team United in Purpose](https://blueroseadvisors.com/post/the-shield-blue-roses-annual-meeting-a-team-united-in-purpose/): In mid\-June, our entire team gathered in Minnesota for our annual meeting – a tradition that has long served as both a strategic touchpoint and an opportunity to live out our core values\.  This year’s gathering was no exception, and I could not be more grateful for my colleagues who make our team an extraordinary group\.
- [The Shield: Q1 Market Update](https://blueroseadvisors.com/post/the-shield-q1-market-update/): Both taxable and tax\-exempt rates were volatile throughout the first quarter of 2026, as geopolitical developments disrupted what had been a constructive start to the year\. Municipal bond returns were comfortably in the green through January and February, fund flows were trending positively, and market participants were feeling cautiously optimistic about a resumption of Fed easing\. 
- [Basis Points: Navigating Reinvestment Amidst Market Uncertainty](https://blueroseadvisors.com/post/basis-points-navigating-reinvestment-amidst-market-uncertainty/): Our latest article examines the Federal Reserve's decision to hold rates steady for the third consecutive meeting and what the resulting uncertainty means for tax\-exempt borrowers and reinvestment options\.
- [Blue Rose Capital Advisors Announces Registration as Commodity Trading Advisor \(CTA\) for Derivatives Advisory Services](https://blueroseadvisors.com/post/blue-rose-capital-advisors-announces-registration-as-commodity-trading-advisor-cta-for-derivatives-advisory-services/): Blue Rose Capital Advisors is pleased to announce our registration as a Commodity Trading Advisor \(CTA\) with the U\.S\. Commodity Futures Trading Commission \(CFTC\) and membership with the National Futures Association \(NFA\)\.

## Categories
- [The Shield Newsletter](https://blueroseadvisors.com/post/category/the-shield-newsletter/)
- [Basis Points Newsletter](https://blueroseadvisors.com/post/category/basis-points-newsletter/)
- [News](https://blueroseadvisors.com/post/category/news/)
- [Articles](https://blueroseadvisors.com/post/category/articles/)
- [Uncategorized](https://blueroseadvisors.com/post/category/uncategorized/)

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