Media

An independent voice, on the record.

Our work is public. The press has covered it, and we publish our own view every week in The Allocation Memo — capital flows, housing markets, and the residential alpha thesis.

Featured in
Forbes
Yahoo Finance
NPR · Planet Money
Investor Fuel
Press

Where our work has been covered.

Forbes
Forbes Press
This Real Estate Trend Is Surging — How To Invest Without Millions
“Fractional real estate investing is best suited for financially stable investors.”
 Yahoo Finance
Yahoo Finance Press
The 4-Hour Landlord: How Tech Is Changing Real Estate Investing
“Returns similar to a savings account or treasury bond.”
 NPR Planet Money
NPR · Planet Money Appearance
Private Equity and the Corporate Landlord
“An opportunity worth a career.”
The Allocation Memo · Weekly on LinkedIn
Capital allocation, housing markets, and technology.

A weekly read on where capital is flowing and where the residential alpha actually is, written for allocators, not for the crowd.

Subscribe to The Allocation Memo

The monthly deep dive here is public. Subscribers get the underlying model, sensitivities, and data pack, plus the full quarterly research →

A Discount to NAV Still Needs Underwriting
Latest issue · September 23, 2026
A Discount to NAV Still Needs Underwriting
A price below NAV is not a margin of safety until you have underwritten what the NAV is actually worth.
Read the latest · 13 min →
Latest Research

Independent views, published in the open.

A Discount to NAV Still Needs Underwriting
Capital Allocation
A Discount to NAV Still Needs Underwriting
A price below NAV is not a margin of safety until you have underwritten what the NAV is actually worth.
September 23, 2026 · 13 min read
 A Performing Loan Can Still Fail the Refinance Test
Capital Allocation
A Performing Loan Can Still Fail the Refinance Test
Current on payments today says little about whether the loan clears at maturity.
September 23, 2026 · 9 min read
 The CPI Print Will Not Set Your Cap Rate
Contrarian Analysis
The CPI Print Will Not Set Your Cap Rate
The fed funds rate is down 175 bps since September 2024. The 10-year is up 112 bps.
September 10, 2026 · 11 min read
 AI Will Split Private Markets in Two
AI
AI Will Split Private Markets in Two
Alternative AUM is headed toward a projected $30 trillion by 2030. The number of people who can underwrite it has not moved.
12 min read
 The $700 Billion Assumption
AI
The $700 Billion Assumption
Big tech will spend close to $700 billion on AI infrastructure in 2026. It rests on one assumption almost no one underwrites.
7 min read
 Jamie Dimon Saw A Cockroach
Contrarian Analysis
Jamie Dimon Saw A Cockroach
One comment, $500B wiped off alt managers. What it says about how the market prices credit risk.
8 min read
Appearances
Investor Fuel
Investor Fuel
Daniel Erb on data-driven SFR investing & institutional strategy
Closing the underwriting gap for RIAs, family offices, and sponsors raising capital.
IvyFon · NYC
IvyFon · NYC
IvyFon NYC Event
Daniel Erb speaking at IvyFon's New York event.
PERE North America · 2024
PERE North America · 2024
Speaking at PERE North America
Daniel Erb on the speaker program at PERE North America, 2024.
Contact us

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.

Follow us

Stay close to the research.

Firm updates and 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.

Elite Broker Blogs

━━━━━━━━

A Discount to NAV Still Needs Underwriting

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

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 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

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

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

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