Research
Research desk. Long-form, weekly.
Reports written by operators for operators. Each piece names the question, shows the data, and tells you what we'd do.
IOS
2026-05-21
IOS cap-rate dispersion is widening. Three signals tell you when the trade is over in your market.
When the spread between top-quartile and bottom-quartile IOS cap rates compresses past 85 basis points in a metro, we have eight years of data suggesting the re-rating is mostly done.
9 min read
Bridge
2026-05-14
We pulled 73 hard-money lender rate cards. The published terms diverge from the close terms by 90 basis points on average.
Published rates are the marketing layer. Actual close terms reflect appraisal, sponsor experience, and exit-path certainty. Here's how to read the gap.
12 min read
Insurance
2026-05-07
Property insurance is now the second-largest line item on a stabilized IOS deal. What carriers are still writing.
Three E&S markets exited IOS in 2026. The remaining capacity is concentrated in two carriers with very different underwriting boxes.
7 min read
Truck Parking
2026-04-30
Reservation-platform consolidation has begun. What it means for unit-economics.
Two platforms now control 41% of the bookable inventory in the top 25 metros. Take rates compressed; effective revenue per stall went the other way.
8 min read
IOS
2026-04-23
The 240-stall threshold: why mid-size IOS deals are out-earning institutional-scale ones.
Above 240 stalls you start hiring; below 240 you don't. The labor-shape transition turns out to be the single biggest driver of stabilized NOI variance.
11 min read
Bridge
2026-04-16
Three lenders we'd actually take a $4M IOS bridge from this quarter.
Rate isn't the discriminator at this size; certainty of close is. We ranked by close-confirmation discipline, not headline coupon.
10 min read