The work speaks in deliverables.
Anonymized, illustrative samples of what working with EM Capital looks like in practice, from a first look at a deal to an ongoing view of the market.
Request Full Samples →Live Opportunity Underwriting
"What would need to be true for this fund to earn an allocation?"
A full independent underwrite: reconstructed assumptions, a stressed downside case, cap-rate sensitivity, and a one-line recommendation up top.
Existing Holding Review
"What has changed, and what should the allocator ask or do next?"
Every position tracked against the thesis that justified it. Drift, covenant health, and sponsor performance surfaced as exceptions, not buried in a data dump.
Allocation Comparison
"Given one capital pool, which option earns an allocation, and for what type of client?"
When two opportunities compete for the same capital, a like-for-like comparison on sizing, portfolio fit, and risk-adjusted value.
Market Intelligence
"How should this opportunity be viewed relative to other real estate exposures?"
A cross-asset view of where returns are attractive relative to risk, so any single opportunity can be weighed against the broader market, not just its own pitch.
The best sample is your own deal.
We're happy to share full samples with qualified allocators. Even better, send us a live deal you're weighing and we'll return a decision-ready underwrite in your own context.
Illustrative samples. 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
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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
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
The Price of Patient Capital
Why Japan's homebuilding bet on America is a cost-of-capital story, and why the same cash flows can support different prices. ...more
Capital Allocation ,Asset
August 13, 2026•6 min read
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