Topic
New capital structures and financial products for real assets.
Private equity normalized the secondary sale of LP stakes years ago. Real estate is finally catching up, and the discounts on offer are reshaping how patient capital thinks about entry timing. Who Is Selling, and Why Denominator-effect pressure, fund-life expirations, and LPs…
Insurance was a rounding error in most underwriting for a generation. It is now, on coastal and wildfire-exposed assets, large enough to swing a deal's viability on its own. From Expense to Investment Thesis When premiums double, basis matters more, geography matters more, and…
Honestly? Probably not at sub-$300M. The rating process is expensive in both fees and the operational overhead it forces — you'll need reporting and risk infrastructure that's heavy for a fund your size. The math flips around $500M+, where the insurance capital it unlocks more than pays for the apparatus. Below that,…
Landscape hotels, glamping clusters, twenty-key design resorts: demand is documented, returns are strong, and yet the category sits in a capital no-man's-land — too small for institutional hospitality money, too operational for most real estate funds. Who Fills the Gap The…
Regional banks financed a huge share of middle-market real estate, and many have pulled back hard. The gap they left is being filled by private credit — at a price. Know What You're Paying For Private debt is more expensive but faster, more flexible, and more certain to close.…
Commercial Property Assessed Clean Energy financing was, for years, a clever structure most lenders refused to touch. The consent process has matured, and C-PACE is now a real line in the capital stack. When It Pencils It works when your energy scope is a meaningful share of…
The first wave of real estate tokenization promised to democratize ownership and mostly delivered confusion. The second act is quieter, more institutional, and considerably more useful. Plumbing, Not Revolution The real value is in the back office: faster settlement, cleaner cap…
Real estate private-credit funds are increasingly seeking credit ratings, opening the door to insurance-company capital that cannot otherwise participate. It is a quiet but consequential shift. Ratings Unlock Balance Sheets A rating turns a niche debt vehicle into something an…
As premiums spiked, large owners stopped treating insurance as a bill and started treating it as a capital allocation problem — self-insuring layers, forming captives, and underwriting their own risk. Owning Your Own Risk Operators with strong loss histories and real maintenance…
Boutique hotels, glamping clusters, and experiential lodging sit awkwardly between real estate and operating businesses. A hybrid financing model is emerging to match that hybrid nature. Aligning Capital with Cash Flow Revenue-based structures size repayment to actual top-line…
Layering mezzanine or preferred capital onto senior debt means negotiating an intercreditor agreement — a document few read closely until something goes wrong, at which point it is the only document that matters. Cure Rights and Control The provisions worth fighting over are…
Before a single home sells in a greenfield district, someone must fund the roads, water, sewer, and power. How that upfront infrastructure gets financed quietly determines whether the whole project is viable. Districts, Bonds, and Patience Special districts, municipal bonds, and…
C-PACE pencils when three things line up: your senior is one of the (growing but still short) list of lenders with a standard consent process, your energy scope is genuinely 15%+ of project cost, and you can hold through the assessment's prepayment window. On a $14M conversion, the consent fight is usually two to four…
Read more →