Where Alpha Goes to Die & the CoreWeave Canary

This week, we dive into why the smartest guys in the room keep bellyflopping when it comes to CRE. Two Sigma’s recent retreat is part of a long line of edgy hedgies who’ve been humbled at the brick-and-mortar altar. We then head to the scene of a fast-moving car crash in the world’s hottest asset class: Yields on CoreWeave's junk bonds surged to an alarm-ringing 15% this week, and institutional players from across the CRE universe who've gone all-in on data centers are watching closely. Plus, our Punch List rundown of the newsiest industry happenings: Cain's "Founder Bonds" at One Beverly Hills; EQT-Stockbridge; Pontegadea's Chicago blockbuster deal; and S2 and Rise48's refis and loan mods.

Sponsors:
1) Pensford, the only interest-rate advisory focused exclusively on CRE
2) Bravo Capital, a leading HUD and bridge lender.
3) H Equities, your mid-market go-to on both sides of the capstack. Hit them up for bridge loans of up to $50M, or if you need a co-GP partner for that last 10-20% of equity.

Partner Content:
"Inside the Capstack" with Gibson Dunn's Kahlil Yearwood. Yearwood talks about harnessing AI's potential in loan negotiations.

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Further Reading/Listening
Cain to One Beverly Hills Buyers: Bankroll Our Build
More AUM Gobbling ™ : EQT Takes Stockbridge
Everett Stays in the Game…And Rise48 Does Too
Meet the CRE Guy For the World’s Hungriest Investor

Two Sigma Halts Real Estate Unit Fundraising and Cuts Staff
Pencils Down at King St.
Men With Deep Pockets
The Sovereign, the Scion, and the Suit

CoreWeave Woes Risk Shutting Down AI Junk Market
CoreWeave’s Big Dream Crashes Into Reality as Yields Top 15%

CoreWeave targets ‘unlimited’ insurance money to fund AI build-out