Independent private real estate research and underwriting for allocator decisions.

Everything we do starts with one job: an independent view of a real estate offering that an allocator can defend in front of a committee or a client.

From the Q2 2026 Cross-Asset Report

Cap-Rate Alpha by sector, 5-year hold

Multifamily

+2.8pp

Open-Air Retail

+1.1pp

Mfd Housing

+0.4pp

Industrial

+0.4pp

Office

−0.1pp

Self-Storage

−2.7pp

Data Centers

−6.0pp

Expected return above the risk hurdle. Model-based estimates, not investment advice.

The Allocation Desk · Sample reports

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QuarterlyCross-Asset Report & Live BriefingView below ↓ MonthlySector BriefView below ↓ Between reportsChartView below ↓

Quarterly

Cross-Asset Report & Live Briefing

The full sector outlook, then a live session with William McSweeney on the assumptions behind it.

—Nine sectors ranked on Cap-Rate Alpha

—Sector calls with the reasoning shown

—Live Q&A, 60 minutes

From the Q2 2026 Cross-Asset Report

Where risk-adjusted return sits by sector.

Expected return above the risk hurdle, 5-year hold.

Multifamily

+2.8

Open-Air Retail

+1.1

Mfd Housing

+0.4

Industrial

+0.4

Office

−0.1

Self-Storage

−2.7

Data Centers

−6.0

-6-4-20+2+4

Cap-Rate Alpha, percentage points

Source: Steuart AI, EM Capital analysis. Model-based estimates, not investment advice.

EM CapitalPowered by Steuart AI

Prior quarter · Q2 2026 excerpt

The headline call, and where each sector stood.

Executive summary

+2.8pp

Multifamily led all sectors on modeled return above its risk hurdle in Q2.

"The most expensive thing you can own in any market is a consensus."

SectorStancevs. hurdle

MultifamilyOverweight+2.8pp

Retail (Open-Air)Overweight+1.1pp

Manufactured HousingNeutral+0.4pp

IndustrialNeutral+0.4pp

OfficeNeutral-0.1pp

Data CentersUnderweight-6.0pp

Six of nine sectors shown. Modeled 5-year hold, return above or below the sector's risk hurdle.

Monthly

Sector Brief

One sector, examined in depth: what moved, the risks worth watching, and what it means for allocation.

—Drivers, risks, and allocation implications

—Published inside The Allocation Memo

From a recent Sector Brief

The Fed cut. Long rates went the other way.

Change since September 2024, in basis points.

−175 bps

+112 bps

Fed funds rate10-year Treasury yield

Source: Federal Reserve, US Treasury, via FRED. Excerpt from The CPI Print Will Not Set Your Cap Rate.

EM CapitalPowered by Steuart AI

Between reports

Chart

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

—Delivered between quarterly reports

—Tied back to a sector call

Single-family starts vs permits, 2023–2026

Free vs. subscriber

The Allocation Memo, one level deeper.

Public

The published article

The weekly Allocation Memo, free on LinkedIn: the argument, the headline charts, and the conclusion.

Latest issue · September 23, 2026

A Discount to NAV Still Needs Underwriting

Subscribe to The Allocation Memo on LinkedIn

Subscribers

The model behind it

The underlying Excel model, sensitivities, and data pack.

Sensitivities· Assumptions· Data pack

SectorBaseDownUpMultifamily6.1%4.2%7.8%Industrial5.4%3.9%6.6%Retail6.8%4.8%8.1%Office4.9%1.8%6.9%Data Ctr3.6%0.4%5.9%

Preview only · illustrative figures, not a downloadable file.

Supporting capabilities

Built on the research, and used when a decision calls for it. Scoped case by case.

Talk to us about a decision →

Market intelligence & relative value

Cross-sector views on where risk-adjusted return sits, and how one exposure compares with another.

Offering & manager comparison

Side-by-side analysis of competing offerings or managers on economics, fees, liquidity, and risk.

Advisor & committee-ready communication

Conclusions written so they can be taken straight to an investment committee or explained to a client.

Monitoring against the original thesis

For existing holdings with a visibility problem: quiet reporting, drift from plan, or a changed sponsor situation.

Start with the research.

$175 / month, or $1,680 / year. Underwriting and comparison work are available when a decision calls for it.

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

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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