The Mormon church has more than $300B of assets. They are pointing more of that toward real estate.
therealdeal.com/national/202…
Benchmark adjusting its approach. Perhaps a sign that to find liquidity nowadays, you need to be playing in the later stages.
techcrunch.com/2026/06/03/be…
The Oracle AI trade reminds me of the late '90s dot-com boom. Everyone rushing into “the future of infrastructure” with insane capex. A few winners (Amazon, Google) eventually emerged, but it took many years to figure out who they actually were.
Patience is the real alpha.
Which asset class would Peter Lynch be attracted to right now, if he were looking outside of the stock market?
Has the farmland asset class valuation gotten ahead of itself?
brownfieldagnews.com/news/ec…
Illiquidity premium sounds attractive.
But:
If you need liquidity, it further reduces the assets available to provide it, and increases the odds of making a decision you wish you didn't have to make.
Data center demand is driving land values in specific regions:
🏙️ Northern Virginia
🏜️ Phoenix
👨🌾 parts of Texas
Power access > location is becoming the constraint.
Many private credit funds now compete on:
1. speed
2. flexibility
3. fewer covenants
Not just pricing.
That’s often a late-cycle signal.
“Floating rate” only shifts the risk. It is still there.
From lender → borrower
As rates rise, coverage ratios compress.
That’s where defaults begin.
Farmland returns historically:
~8–12% annually (long-term US data)
But:
~4–6% appreciation
~2–5% yield
If appreciation slows, total returns follow.
Typical real estate syndication fees:
👉 1–2% acquisition
👉 1–2% annual asset management
👉 20–30% promote
Before returns, a meaningful portion of economics is already allocated.
In venture capital:
Top 5–10% of deals drive the majority of returns
Which means:
If you don’t have access to the best deals,
your expected outcome changes materially.
~$1.5–2T of U.S. commercial real estate debt is expected to mature by 2027.
Much of it was financed at sub-4% rates.
Refinancing math is the story, not occupancy headlines.
The median private equity deal today uses:
~50–60% debt financing
That works well when rates fall.
Less so when refinancing happens at +300–500 bps higher.