Q3 Cross-Asset Report · Arriving 14 October 2026 Subscribe to The Allocation Desk to receive it on release →

Make better-informed real estate decisions.

Independent research and underwriting for allocators, designed to fit alongside your existing investment process.

Start Monthly · $175/mo

The Allocation Desk

What you get as a subscriber.

Who it's for

RIAs, family offices, wealth platforms, and other capital allocators.

Quarterly Cross-Asset Report & Briefing

The full sector outlook, plus a live briefing and Q&A with William McSweeney.

Monthly Sector Brief

What moved, the risks worth watching, and what it means for allocation and underwriting.

Chart of the Week

One chart, one development, and whether it supports or challenges our outlook.

The Allocation Memo · Full Workbook

Sector deep dives and the data and assumptions behind The Allocation Memo.

Subscriber Introduction

A 30-minute call with the team to share your firm's research priorities.

$175 / month, or $1,680 / year ($140/mo)

Start Monthly · $175/mo →

Meet the founders

Work directly with the founders responsible for the research and underwriting.

Daniel Erb

Execution & Strategy

Underwriting, acquisitions, and investor-facing execution.

William McSweeney, CFA

Market & Portfolio Analytics

Portfolio analytics and cross-asset market research.

Experience

Merrill Lynch

What we do

✓Underwrite live opportunities independently

✓Monitor positions against the original thesis

✓Prepare committee-ready conclusions

✓Custom & white-labeled research

What we never do

✕Act as a placement agent

✕Raise capital for sponsors

✕Solicit or offer securities

Press

As featured in

Research informed by Steuart AI, our internal cross-asset engine, and interpreted by our team.

Talk to the team.

Questions about the subscription or a custom engagement.

Preview our research

Read before you subscribe.

See our prior representative issue, then start monthly when you're ready.

See Our Prior Representative Issue Start Monthly · $175/mo

Stay close to the research.

Firm updates and The Allocation Memo on LinkedIn.

EM Capital on LinkedIn The Allocation Memo on LinkedIn

EM Capital provides independent research, underwriting, and monitoring support to allocators. EM Capital does not act as a placement agent, raise capital for sponsors, solicit or offer securities, or provide legal, tax, or investment advice.

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

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