The Letter
Compound
Bi-weekly signed research on Texas multifamily, REITs, and private-capital flows. By Matthew Dickson, operating partner at Uplift Capital.
Recent issues
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The spread no one quotes
When the public market quotes skilled nursing net lease at 5.5% and private-market screens ask for 8% to 9%, the spread isn't arbitrage. It's a diligence bill the market doesn't print. This issue itemizes what can be known before the operator P&L arrives.
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Cap rate isn't yield
What recurring capex actually does to multifamily REIT yields — and why coastal names, not Sun Belt ones, carry the lowest percentage drag despite spending the most per door.
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REITs vs. private multifamily — the actual tradeoff
How a professional thinks about the decision, including post-tax returns and the part most cap-rate comparisons skip
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What's covered
Texas multifamily
Submarket dynamics, cap-rate trends, supply/demand cycle reads. DFW, Houston, Austin, San Antonio, Texoma.
REITs and public markets
Public-private cap rate arbitrage. REIT-implied valuations vs. private comps. Cross-asset reads.
Private capital flows
Family offices, RIA channels, institutional allocator behavior. Where Texas capital is moving and why.
Operating economics
Fee structures, audit findings, portfolio operations. What actually happens inside Texas multifamily ownership.