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

This is what subscribers see.

Each deliverable is shown below with a real excerpt, so you can judge the work before you subscribe. No live deal required.

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.
A Discount to NAV Still Needs Underwriting
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.

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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