Capital Intelligence Library

The Capital Intelligence Library

Frameworks, primers, and research for LPs and sponsors allocating or raising real estate capital.

Reports

Weekly Macro Digest

Rate movements, cap rate spreads, and capital market shifts distilled into a single weekly briefing for active allocators.

Updated weekly Read
Reports

Monthly Market Intelligence

Deep-dive analysis covering debt markets, equity trends, sector rotation, and the macro indicators sponsors and LPs track.

Updated monthly Read
Frameworks

LP Due Diligence Checklist

A structured review process covering sponsor track record, capital stack analysis, market fundamentals, and legal document review before committing capital.

12 min read Read
Frameworks

Sponsor Track Record Framework

How to evaluate an operator's historical performance, consistency across cycles, and the difference between self-reported returns and audited distributions.

8 min read Read
Frameworks

IRR vs MOIC vs Cash-on-Cash

The three return metrics sponsors use, what each measures, when each is manipulated, and which one to weight most heavily at different hold periods.

7 min read Read
Frameworks

1031 Exchange Complete Guide

Identification rules, timelines, reverse exchanges, DST structures, and the scenarios where a 1031 stops making sense despite the tax deferral.

22 min read Read
Frameworks

Cap Rate Compression and Decompression

What drives cap rates in either direction, how debt cost differentials create or destroy equity value, and how to read the current cycle.

9 min read Read
Glossary

Capital Stack Glossary: 50 Terms Every LP Should Know

From preferred equity to waterfall structures, pari passu to recourse carve-outs. Precise definitions with context for how each term affects LP economics.

20 min read Read
Case Studies

Hazen Road: Distressed Acquisition to Stabilized Return

How a value-add operator sourced a distressed multifamily asset, restructured the capital stack, and delivered a stabilized exit ahead of schedule.

8 min read Read
Case Studies

Fifth Avenue: Ground-Up Capital Stack Architecture

A ground-up mixed-use development where the sponsor layered construction debt, mezzanine, and LP equity to achieve project-level returns above the preferred.

8 min read Read

The LP Agreement: A Section-by-Section Walkthrough

The flagship walkthrough. Twelve sections of a typical real estate LPA, what each clause does, what to negotiate, what is standard.

28 min readRead

The Subscription Agreement: The 4 Pages You Sign Without Reading

Accredited investor reps, risk acknowledgments, GP indemnification, and the traps in the four pages that make your investment binding.

11 min readRead

Side Letter Playbook: What Large LPs Negotiate

MFN clauses, co-investment rights, fee waivers, reporting upgrades, and the side-letter terms institutional LPs negotiate that smaller LPs can ask for too.

13 min readRead

Indemnification Clauses: What You Are Promising the GP

The two-way indemnification machinery in real estate syndications. Carve-outs for fraud and gross negligence, cross-LP exposure, insurance backstops.

12 min readRead

Removal for Cause: Why It Is Hard and What Triggers It

Why removal is rare, what triggers it across ten typical LPAs, voting thresholds, cure periods, and the successor GP problem.

10 min readRead

Operating Agreement vs LP Agreement

LLC vs LP structure, member vs limited partner, manager vs GP authority. When you get which document and why the difference matters.

9 min readRead

Drag-Along and Tag-Along Rights

How forced-sale and ride-along rights work in real estate syndications, threshold mechanics, pricing protections, and the rollover risk most LPs miss.

9 min readRead

Tax Distributions: Mandatory vs Discretionary

The phantom income problem, the difference between "shall distribute" and "may distribute", and how tax distributions interact with the waterfall.

8 min readRead
Deal Teardown

Post-Mortem: The Class B Multifamily That Lost LPs 47%

A 2021-vintage acquisition reconstructed: what the PPM said, what actually happened, and the language that should have flagged the risk before wiring.

12 min readRead
Deal Teardown

A $42M Multifamily Value-Add We Passed On

220-unit Sun Belt Class B with rent comp delta, capex stress math, and a waterfall structure that captured upside disproportionately for the GP.

11 min readRead
Deal Teardown

When the Marketing Materials Tell You Everything

Eight red flags from a sponsor pitch deck that disqualified the deal before diligence began. The marketing is data — read it that way.

10 min readRead
Policy & Tax

Opportunity Zones in 2026: What Is Still Active

The expired step-ups, the December 2026 inclusion deadline, what 2026 OZ deals look like, and the legislative outlook for extension.

12 min readRead
Policy & Tax

Accredited Investor Rules in 2026

Income and net worth thresholds, the 2020 knowledge-based expansion, indexing proposals, 506(b) vs 506(c) verification mechanics.

9 min readRead
Policy & Tax

Carried Interest Tax Treatment in 2026

The Section 1061 three-year holding rule, $680k worked example on a single deal, structuring workarounds, pending legislation.

10 min readRead
Policy & Tax

Section 199A QBI Deduction for Real Estate LPs

Who qualifies, the Rev. Proc. 2019-38 safe harbor, UBIA test mechanics, and the 2025 sunset implications for 2026 K-1 filings.

9 min readRead
Policy & Tax

Multi-State Tax Nexus for Passive RE Investors

Why your $50k LP check triggers five state filings. Composite returns, residence-state credits, and the CPA cost reality.

11 min readRead
Compare

Syndication vs DST vs REIT

How $250,000 of real estate capital should be allocated. Decision tree, 12-dimension comparison, three worked examples by investor profile.

16 min readRead
Compare

Multifamily, Industrial, Self-Storage, MHP

Returns, risk, capital intensity, NOI margins, and the 2026 outlook for the four most LP-accessible asset classes.

14 min readRead
Compare

LP Investment vs Direct Ownership

When becoming a landlord is worth it and when it is not. Tax differences, time budget reckoning, and the hybrid ladder approach.

12 min readRead
Compare

Open-End vs Closed-End Real Estate Funds

The liquidity-vintage tradeoff, redemption gate history, NAV smoothing in open-end funds, and the closed-end J-curve mechanics.

11 min readRead
Compare

Single-Asset Deals vs Fund-of-Deals

Concentration vs diversification math, fee structures by deal type, sponsor selection differences, and the hybrid GP-led continuation vehicle.

10 min readRead