Insights

A detailed reference to the TILT real estate development pro forma, including its input structure, project-cost logic, capital stack, partnership waterfalls, and 50+ output reports.

How multiple SAFEs convert at a Series A, why the dilution compounds instead of adding up, and the errors that cost founders 8 to 15 points of ownership.

OBBBA gives solar and wind until July 2026 to begin construction. How to model the accelerate, delay, or restructure decision, and what the FEOC rules do to the cost stack.

Four physical kill factors decide whether an office building can become apartments, and what acquisition discount the math actually requires.

The five things institutional LPs test in a fund model, and what the ILPA template change means for sponsors raising in 2026.

Why hotels price like a business rather than a lease, and how RevPAR, seasonality and expense ratios drive the pro forma.

AI data centers underwrite on power, not square footage. How to model revenue per kilowatt, cooling capex and tenant concentration.

The four phases of a development in order, and the entitlement and due diligence surprises that kill projects after acquisition.

The office correction is happening on the supply side. Conversion, demolition and halted starts, and how to underwrite each one.

The FAST standard, the four habits that turn a model into a liability, and how to audit a spreadsheet you did not build.

Net lease underwriting is a credit exercise in real estate clothing. Tenant credit tiers, 2026 cap rate ranges, and lease traps.

Build revenue from the T12 and rent roll instead of the broker’s pro forma, and model the tax reassessment that follows the sale.

Why a fully diluted percentage is not an ownership stake, how preference overhang absorbs an exit, and how carve-outs are sized.

What a cap rate measures, why values move inversely to it, and why the exit cap assumption swings IRR more than anything else.

Build a property pro forma in Excel from an empty sheet: assumptions tab, cash flow waterfall, debt, reversion and investor returns.

Cost overruns, delays and appraisal shortfalls usually outweigh the rate you negotiated. How to size each risk before you sign.

How profits move through return of capital, preferred return, catch-up and the split, and why those tiers are not interchangeable.

How EB-5 capital funds development, what the investment and job creation tests require, and where these deals run into trouble.

How TIF captures the growth in property tax revenue to fund infrastructure, and how to build the increment into a development model.

How housing credits convert into equity, what investors pay per dollar of credit, and where LIHTC sits in the capital stack.

Where mezzanine sits in the stack, what it costs, and how to model PIK interest that accrues and compounds to maturity.

What real estate models are for, how development, acquisition and fund models differ, and why cash flow timing matters most.

Product update: three enhancements to how TILT models organize data and handle the output sheets.

Product update: a redesigned model interface with key metrics on the inputs sheet and a one-click output cleanup.

The first post on this blog, and the topics it set out to cover.