The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Levy: Private real estate credit yields mid-to-high teens unlevered returns
“The best opportunities that are being executed today are really in the private credit space. It's providing both senior loans and mezzanine loans to borrowers who can't get their traditional financing done with their banks. And that type of return is clearly a…”
Levy: Crow Holdings owns zero office buildings across its 600-property portfolio
“In the business, 600 plus properties. Other than our terrific office campus in Dallas, which is a unique property, we have no office buildings in our entire portfolio.”
Levy: Real estate distress is largely confined to office sector
“There's a distress out there, but that distress is largely the office sector. The other sectors from a fundamental supply, demand, occupancy, rental growth, they're doing just fine. Even retail.”
Levy: Crow Holdings operates without any earnings or AUM targets
“There are no earnings targets. There are no AUM targets. We don't care. It's not relevant.”
Levy: NIMBYism has created massive housing undersupply across American income brackets
“We are so underhoused in America, the amount of nimbyism that's stopping the development Of multifamily housing. We have millions of Americans who don't have places to live, particularly, just let's call it working class, let alone the disadvantaged, but even …”
Levy: Trammell Crow pioneered speculative industrial development in 1948
“He built a small industrial building in Dallas on Cole Street that we own today on what they call a speculative basis. He didn't have a tenant in hand. He just went out to build the building and thought they would come And they came, and that was very unique. …”
Levy: Crow Holdings is building a nationwide solar business
“We have numerous sites that are under contract right now. We're going to build out a very large solar business across the United States. We're less than three years in, but it's clear to me now, this is working.”
Levy: Crow Holdings allocates multi-billion pipeline via blind rotational slots
“Our development company has what I'd call a rotational structure, so we have a pipeline in any given year. Next year it'll be less than this past year, but nonetheless, a multi-billion dollar pipeline in any given year. It's a lot of capital in any given year,…”