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

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Merrill Lynch

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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

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

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