The Origins Foundation Podcast

Episode 624 – Wildlife Partners || Farming Exotics: A Model For Good Conservation & Investment

Date: February 10, 2026
Host: Ashley Smith (The Origins Foundation)
Guest: Katie Leibold (Vice President of Marketing, Wildlife Partners)

Overview

This episode explores the innovative and sometimes controversial world of farming and breeding exotic, including endangered, wildlife species in Texas as both a conservation and investment strategy. Ashley Smith hosts Katie Leibold of Wildlife Partners for a deep dive into how private ranches in Texas are nurturing non-native species, supporting global conservation, and creating lucrative business models—all while rethinking how we approach sustainable funding for wildlife preservation.

Major Topics and Discussion Points

1. What is Wildlife Partners? (09:23–13:28)

• Wildlife Partners is the largest breeder and broker of non-native wildlife in North America, with 12,000 acres across four Texas ranches and 5,000 animals (09:27, Katie).
• Investors own the animals, which Wildlife Partners breeds and manages. Offspring are sold to ranch owners, creating an income stream for investors—often making this a “capitalistic conservation” strategy (09:54–10:26, Katie).
• Tax advantages: Through bonus depreciation, these livestock investments are 100% tax-deductible in the first year (10:18–10:26, Katie).
• Structure involves 6-year partnerships where investors actively participate in conservation, education, and ranch events (10:26–12:32, Katie).

2. How the Model Works: Investment, Ownership, and Education (12:32–13:28, 49:03–49:42)

• Investors can own animals on Wildlife Partners’ ranches and profit from offspring sales, or they can buy offspring directly to raise on their own properties.
• Wildlife Partners hosts live auctions, educational days, and specialized tax seminars such as "Wild About Taxes," all with strong participation (12:36, Ashley; 12:49, Katie).
• Educational support and a sister company (Wildlife Ranch Solutions) provide comprehensive planning for new entrants (27:11–29:55, Katie).

3. Diversity and Management of Exotic Species (13:28–16:21)

• 35–50 species are raised; 10–15 are listed as critically endangered or endangered (13:28, Katie).
• Most are African hoofstock—antelopes, zebras, gazelles—selected because Texas Hill Country’s climate closely matches their native habitats (15:13–15:51, Katie).
• Conservation value is high: “You can have kudu, sable, even Cape buffalo.” Largest Cape buffalo herd in North America: 45 individuals (14:35–14:51, Katie).

4. Regulatory and Historical Context: How Exotics Came to Texas (16:56–21:42)

• The exotics industry began in the 1930s on Texas’s King Ranch with nilgai antelope from a zoo (17:11, Katie).
• Major importation stopped in the 1970s due to foot-and-mouth disease risk, creating closed genetics in the US population (18:12–21:42, Katie).
• 2007’s last economic impact study valued the industry at $1.3B; new studies expected to reveal massive growth since (20:08–20:45, Katie).

5. Conservation Results: Reintroduction and Sustainability (22:17–26:09)

• Success stories: Arabian oryx and Simentar oryx, once extinct in the wild, were reintroduced to native habitats due to private landowners in the US and Europe supporting conservation herds (23:18–24:14, Katie).
• Kenyan mountain bongo—another critically endangered species—was recently re-exported to Kenya (25:03, Katie).
• Conservation now requires a global collaborative approach: “You can’t just think every country for themselves anymore.” (25:48, Ashley)

6. Getting Started: Evaluations & Challenges (27:11–31:14)

• Specialists help determine best species for a given property, climate, or business goal.
• Animal choice is tailored by geography—Himalayan tahr for cold, kudu for warm brushland, ensuring ethical animal husbandry (29:55–30:40, Katie).
• Unique or rare herds, such as the Cretan ibex, are maintained exclusively by Wildlife Partners (30:41–31:14).

7. Controversies and Misconceptions About Hunting (31:14–34:36)

• Wildlife Partners does not allow hunting on their ranches; most exotics breeders in Texas don’t either (31:20, Katie).
• The “high-fence hunting ranch” stereotype is largely inaccurate: “The majority are raising them for the joy of owning the animals and for the tax benefits.” (32:07, Katie)
• Managing surplus males is sometimes necessary, but females, with high retail value, are the focus of most programs.

8. Personal Journeys and Careers in Exotics (34:40–42:16)

• Katie shares her “accidental” journey to Wildlife Partners, transitioning from cattle ranching and marketing to inventory management—essentially driving around counting and checking on exotic animals: “There is a job that exists that is to ride around on an ATV ... and look at beautiful exotic animals every day ... That is so many people's dream job.” (37:58–38:14, Ashley)
• Advancement came through initiative—planning events and leveraging photography skills. “It’s just progressed from there.” (41:56, Katie)

9. Practicalities: Comparing Exotics to Traditional Livestock (43:27–46:29)

• Exotics can provide higher returns with less feed and lower overhead than equivalent cattle or horses (43:27–43:56, Katie).
• Key differences: Most exotics can’t be run through chutes—capture requires darting or even helicopters (44:57–45:25, Katie).
• Drones and thermal cameras help track inventory and aid management (45:48–47:23, Katie).

Notable Quotes & Memorable Moments

• On Conservation:
  “It’s not only important, I think it’s vital.” —Katie Leibold (01:40)
• On Global Impact:
  “Now it is truly a global conservation effort. We have to work … together.” —Ashley Smith (25:17)
• On Investment:
  “Thanks to bonus depreciation, [these animals] are 100% tax deductible in the first year.” —Katie Leibold (10:18)
• On Misconceptions:
  “The majority are raising them for the joy of owning the animals and for the tax benefits … not for hunting.” —Katie Leibold (32:07)
• On Getting Started:
  “If you’re brand new, have no idea just starting out, they can literally take you every step of the way.” —Katie Leibold (28:34)
• On the Dream Job:
  “There is a job … to ride around on an ATV … and look at beautiful exotic animals every day … That is so many people’s dream job.” —Ashley Smith (37:58–38:14)

Timestamps of Key Segments

• [09:23] – Katie explains Wildlife Partners' business and tax structure
• [13:28] – Species diversity, numbers, and endangered animals
• [15:33] – Why African hoofstock thrive in Texas
• [16:56] – History and regulation of exotic wildlife in North America
• [22:17] – Conservation export successes (Arabian oryx, mountain bongo)
• [27:11] – How new buyers are supported and assessed
• [31:14] – Discussion about hunting, ethics, and rancher motivations
• [34:40] – Katie’s personal journey from cattle to exotics
• [43:27] – Differences between exotics and “typical” livestock
• [45:48] – Wildlife management technology: Drones and helicopters

Tone and Style

The conversation is lively, friendly, and sometimes irreverent, balancing technical detail with personal stories. Both women regularly express excitement and curiosity—especially Ashley, as she learns about the industry. Katie is open about both the opportunities and challenges, contributing her expertise with humor and humility.

Summary Takeaway

This episode demystifies the overlap of capitalism and conservation through the model of farming exotic wildlife on Texas ranches. Wildlife Partners demonstrates that private enterprise, when structured thoughtfully, can achieve financial returns while rebuilding populations of some of the planet’s most threatened species—and even returning them to the wild. The business is full of nuance, responsibility, and remarkable personal stories, challenging stereotypes and offering a tangible way for entrepreneurs to make a conservation impact.