Newsletter

The Stack

Weekly capital intelligence for LPs, family offices, and sponsors. Macro color, deal frameworks, and sponsor analysis every Tuesday morning.

Weekly Macro Digest
Rate movements, cap rate spreads, and capital markets conditions framed for real estate allocators. Not market commentary. Actionable context for LP decisions.
Deal Structure Frameworks
How to read a capital stack. How preferred equity really works. When bridge debt makes sense and when it is a sponsor covering a thin deal. Published without sponsor bias.
Sponsor Analysis Methods
Track record evaluation, red flag identification, IRR projection audit techniques. Questions to ask before wiring. Frameworks used by institutional allocators, available to private LPs.
Tax Efficiency Tools
1031 exchange mechanics, DST market conditions, cost segregation impact on LP returns, K-1 literacy for passive investors. Practical, not theoretical.
"The framework issues are what I forward to my CPA and attorney before any deal review. The macro digests give me the rate context I was previously getting from paid research services."
Limited Partner, family office, Southwest US. $3.2M deployed across six deals.
"We use the sponsor audit methodology on our own materials before investor calls. It has materially improved how we present track record. Our LP conversion rate went up."
Managing Principal, regional development firm. $80M AUM, 12 active LPs.
Subscribe to The Stack
Published every Tuesday morning. No sponsor advertising. Unsubscribe anytime.
You are on the list. The next issue ships Tuesday morning.
No sponsor relationships. No paid placements. Research@elvison.com for questions.
View all past issues at newsletter/issues
Recent Issues
What the last three editions covered
Issue 003 Jan 21, 2026
Reading a Capital Stack in 5 Minutes
A step-by-step framework for any deal's capital structure. Senior debt sizing, preferred equity mechanics, common equity return expectations, and the question most LPs never ask about waterfall order.
Read issue →
Issue 004 Jan 28, 2026
The 1031 DST Market in 2026
Current DST market conditions, who the product actually benefits, fee structures to audit before committing, and how to evaluate whether a DST sponsor's track record is credible.
Read issue →
Issue 005 Feb 4, 2026
IRR Theater: How Sponsors Game Return Projections
Three specific techniques sponsors use to inflate projected IRR without lying. Preferred return timing, exit cap rate selection, and equity multiple suppression. What to ask and what to model yourself.
Read issue →