The operator's perspective.
Sector notes, underwriting memos, and portfolio commentary from the MajorWave platform. Published on a deliberate cadence.
Sector notes and platform commentary.
The RPSF spread has widened, not compressed.
Contrary to the consensus that a post-COVID storage demand normalization has crushed operator economics, our platform data show the RPSF spread between top-quartile and bottom-quartile facilities has widened by 340 basis points over the trailing twelve months.
Underwriting without a refinancing assumption.
An examination of what a discipline of base-case underwriting without refinancing help costs at first close, and why it earns back several multiples of the cost by year seven.
Why the Fund IV management platform is the platform's most important asset.
A quiet third-party management platform, operating below the fund-level headline metrics, is doing the heaviest lifting on both revenue growth and cost of underwriting at first close.
Climate-controlled is a service business, not a storage business.
The lifestyle-tier customer is buying reliability of environment, discretion of access, and concierge quality. The RPSF premium is not for square footage. It is for service.
Independent risk oversight is worth its weight in avoided losses.
A note on why the Chief Risk Officer's structural independence and veto rights on threshold breaches is not a formality, and what it costs the platform when the veto is invoked.
Records management is a fifteen-year fixed-price contract wearing a real-estate suit.
Our Fund III records-management thesis is that records storage is misclassified. It is best understood as a long-duration institutional service contract with a real-estate wrapper, not a real-estate asset with a records service layer.