Debt FundJune 15, 202611 min read
What Is a Real Estate Debt Fund (and Who Wins)
A real estate debt fund lends money secured by property instead of owning it. Here is how it works and why both sides of the table win.
From the underwriting desk
Notes & commentary.
Investment thesis, market commentary, deal stories, and the occasional argument with conventional wisdom. Written for accredited LPs who want to understand the work, not just the numbers.
LP EducationMay 18, 20267 min read
Your Non-Recourse Loan Isn't Non-Recourse
Bad-boy carveouts flip non-recourse debt to full personal recourse. Here's what every LP should ask before wiring.
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