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THE ALLOCATION MEMO
A Discount to NAV Still Needs Underwriting
A Discount to NAV Still Needs Underwriting ...more
Capital Allocation ,Contrarian Analysis &Asset
September 23, 2026•13 min read
A Performing Loan Can Still Fail the Refinance Test
A Performing Loan Can Still Fail the Refinance Test ...more
Capital Allocation ,Asset
September 23, 2026•9 min read
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Elite Broker Blogs
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A Discount to NAV Still Needs Underwriting
A Discount to NAV Still Needs Underwriting ...more
Capital Allocation ,Contrarian Analysis &Asset
September 23, 2026•13 min read
A Performing Loan Can Still Fail the Refinance Test
A Performing Loan Can Still Fail the Refinance Test ...more
Capital Allocation ,Asset
September 23, 2026•9 min read
The CPI Print Will Not Set Your Cap Rate
The federal funds rate has fallen 175 basis points since September 2024. The 10-year Treasury has risen 112 basis points over the same period. If lower rates were supposed to compress cap rates, the... ...more
Capital Allocation ,Contrarian Analysis &Asset
September 10, 2026•11 min read
New Four funds. Three allocations. One client constraint. Post
Why the balanced case gives JLL 50%, EQT 30%, Cottonwood 20%, and FS 0% ...more
Capital Allocation ,Asset
September 07, 2026•7 min read
You Don’t Need to Predict an AI Crash to Have an AI ProblemNew Blog Post
Don’t Need to Predict an AI Crash to Have an AI Problem ...more
AI
September 03, 2026•14 min read
A $10.5 Billion Deal in an Underweight Sector
In May, EM Capital’s published Q2 model placed self-storage in Underweight: a 5.33% entry cap, a 6.8% forward unlevered return, a 9.5% hurdle, and negative 2.7 percentage points of Cap-Rate Alpha. ...more
Capital Allocation ,AI &Asset
September 02, 2026•8 min read
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