Investment Strategies

If you're in note investing, the ground under your deals is shifting, and not where the headlines are pointing.

Private credit has looked untouchable for years. Easy money, rising values, and defaults that stayed conveniently out of view.

Nobody wants to talk about climate change and real estate in the same breath, so let me be the one to do it.

Spend a week reading the housing market headlines and you'll come away sure the floor is about to give out. Turmoil, rates, buyers on strike, a correction waiting in the wings.

While national debt and rates are rising, over decades of resolving distressed real estate, I'm seeing a whole set of these currents start to converge.

I've spent decades buying paper on distressed real estate, and the most dangerous file is the one that looks fine. Private credit is sitting in that exact spot right now.

Two years ago, commercial real estate distress filled every forecast. But the wave that was supposed to hit, didn't.

I've spent my career in real estate debt and distress, so manufactured housing was never really on my radar. Then I learned a bit about the wealth it's building that caught me off guard.

Accounts receivable financing answers a question conventional lending keeps getting wrong: what actually counts as collateral?

There aren't enough homes. Drive the neighborhoods instead of reading about them, and the housing shortage myth starts coming apart in your hands.