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.
A weekly read on where capital is flowing and where the residential alpha actually is, written for allocators, not for the crowd.
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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.
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A Discount to NAV Still Needs Underwriting ...more
Capital Allocation ,Contrarian Analysis &Asset
September 23, 2026•13 min read

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
