Marathon Capital Strategies

Alex Dinkels is Principal & Founder of Marathon Capital and has more than 25 years of experience in finance and capital markets, with a focus on nonprofit healthcare, senior living, and interest rate risk management advisory.

Since founding Marathon in 2018, Mr. Dinkels has led more than 150 financing and swap transactions totaling over $7 billion in aggregate value. Over the course of his career, he has advised on more than 200 transactions exceeding $15 billion, including public bond financings, bank and private placements, swap and other interest rate derivative transactions, restructurings, capital planning initiatives, amendments to financing agreements, and acquisition and affiliation-related transactions.

Mr. Dinkels’ experience spans a broad range of capital structure and strategic advisory matters, including financing execution, liquidity management, interest rate hedging strategy, lender negotiations, investor and rating agency engagement, and complex transaction structuring.

Prior to founding Marathon, Mr. Dinkels was a Managing Director at another boutique advisory firm, where he led the firm’s senior living and swap advisory practices. Earlier in his career, he worked in currency derivatives trading roles with AIG International and BNP Paribas.

Mr. Dinkels holds a Bachelor of Science in Finance from the University of Delaware and is a Series 50 Municipal Advisor Representative and Series 54 Municipal Advisor Principal.

Albert Rivera is Director, Analytics & Market Strategy at Marathon Capital and leads much of the firm’s analytical, pricing, and market intelligence capabilities across financing and derivative advisory engagements.

Since joining Marathon in 2018, Mr. Rivera has played a central role in the firm’s financing and hedging transactions, including financial modeling, debt capacity analysis, cash flow forecasting, covenant analysis, refunding evaluations, bond and loan sizing, pricing analytics, and interest rate swap valuation and execution support.

Mr. Rivera also oversees development of the firm’s weekly market update and related market commentary, providing clients and financing partners with analysis of interest rates, credit conditions, and broader capital market trends affecting the tax-exempt sector.

Prior to joining Marathon, Mr. Rivera worked at Fairmount Capital Advisors, where he supported financing engagements across a variety of nonprofit sectors.

Mr. Rivera holds a Bachelor of Science in Finance from Rutgers University–Camden and a Master of Science in Mathematical Finance from Boston University. He is a Series 50 Municipal Advisor Representative.

Greg Oliver is Senior Advisor, Credit & Strategic Advisory at Marathon Capital, where he provides strategic guidance on complex credit, capital, and financing engagements involving nonprofit healthcare, senior living, and other tax-exempt organizations.

Mr. Oliver brings more than two decades of experience in commercial banking and healthcare finance, advising organizations on capital access, credit structuring, liquidity management, and financing strategy. His experience includes extensive work involving tax-exempt debt financings, direct bank placements, credit facilities, and balance sheet advisory assignments across a broad range of healthcare and senior living organizations.

At Marathon, Mr. Oliver focuses on credit-intensive advisory engagements, including capital structure evaluation, lender strategy, rating positioning, liquidity planning, and strategic financing analysis.

Prior to joining Marathon, Mr. Oliver served as an Industry Consultant at Truist Financial Corporation, where he advised on nonprofit hospitals and health systems nationally on banking and capital solutions. Earlier in his career, he was a Vice President in M&T Bank’s Healthcare Banking Group and also spent several years in middle-market commercial banking.

Mr. Oliver holds an MBA from Loyola University and a Bachelor of Science in Business Management from the University of Maryland.

Dan Connelly is Senior Advisor, Public Finance & Strategic Advisory at Marathon Capital and has more than 20 years of financial consulting and advisory experience across governmental, nonprofit, healthcare, and senior living sectors.

Mr. Connelly provides senior-level transaction and strategic advisory support involving financings, financial planning, refunding analysis, credit evaluation, debt restructuring, escrow structuring, and capital planning initiatives. He also brings significant experience advising governmental entities on budgeting, fiscal recovery, and long-term financial management matters.

Prior to joining Marathon, Mr. Connelly was a Director at another boutique advisory firm, where he advised clients across local government, healthcare, senior living, and higher education sectors. Earlier in his career, he served as a project manager at American Management Systems, supporting strategic planning and operational initiatives for organizations within the U.S. Navy.

Mr. Connelly holds a Bachelor of Business Administration in Finance from the University of Notre Dame and a Master of Public Administration, with a certificate in Public Finance, from the University of Pennsylvania’s Fels Institute of Government. He is a Series 50 Municipal Advisor Representative.