Triton Insights
Insights & Analysis
Capital markets commentary, underwriting methodology, and deal structuring analysis from the Triton Equity Group team.
How Debt Fund Appetite Has Shifted in a Higher-Rate Environment
Private debt funds have absorbed significant origination volume as banks pull back from transitional lending. We examine what this means for cap rate compression, bridge loan pricing, and sponsor expectations going into 2025.
March 18, 2025
8 min read
The Right Way to Underwrite Rent Growth in Multifamily
Market rent assumptions drive more deal outcomes than any other single variable. Here is how institutional underwriters approach rent growth modeling — and where sponsor projections most often diverge from lender expectations.
March 5, 2025
6 min read
Preferred Equity vs. Mezzanine Debt: Choosing the Right Gap Filler
Both instruments fill the gap between senior debt and common equity, but they carry meaningfully different risk profiles, covenant packages, and legal remedies. The right choice depends on asset type, sponsor track record, and lender tolerance.
February 21, 2025
7 min read
CMBS 2.0: What Conduit Lenders Want in 2025
CMBS spreads have tightened considerably since mid-2024. We break down current DSCR requirements, DSCR stress tests, and the asset classes that conduit lenders are actively targeting — and which they are avoiding.
February 7, 2025
5 min read
Exit Cap Rate Assumptions: Why Most Sponsors Get This Wrong
Exit cap rates are the most consequential — and most frequently misstated — assumption in a real estate underwriting model. A systematic approach to selecting, stress-testing, and documenting exit cap assumptions.
January 24, 2025
9 min read
Waterfall Mechanics Explained for Sponsors and Investors
Distribution waterfall structures determine how profits are split between LP investors and GP sponsors. This is a plain-language explanation of preferred returns, catch-ups, promotes, and clawbacks for CRE deals.
January 10, 2025
10 min read
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