REIT Bagholder

@ExcessDefaults CCLFX is the #1 favorite investment by far on all the HNW, Doctor, Dentist forums. These nuts were using it as a cash equivalent... and are now in panic/justification mode...

Cliffwater discussion on dentist forum getting spicy - v interesting bc all between a sizable group that all hold position in it.

@EllliotttB But when is RE an NFT? I need my bored apes in the same wallet as my underwater development interests....

People who have been working on tokenizing real estate for the last decade: how much more runway does your trust give you before you have to get a job?

@TKopelman Be worth less than $30m as a couple.... Problem solved!

Ways to help get money out of your estate and minimize estate taxes: - Yearly gifting - Superfunding a 529 - Paying for education and health care costs (unlimited) - Grats (letting growth go to your beneficiary without using any exemption - Gifting earlier so more growth can happen - Donating to charity - ILITs - Irrevocable trusts - Intra family loans and forgiving some or all of it

Maybe i'm mathing wrong here, but assuming the 16% IRR doubles the equity, and you're scraping 20% of that, that's $4m in promote along with doubling your $2m co-invest. $8m exit value vs. $4m on your own. I get your point about the stars needing to align but when it works, GP economics are pretty compelling...

Doubling the value on a $2m deal by yourself is better than being a syndicator on a mediocre $20m that pencils to a 16% IRR if all stars align (the fed, market rents, absorption, exit caps, refinance assumptions, and your shitty reno budget).

@TheCompoundNews @awealthofcs JFC, no one with a brain is borrowing at those rates at Fido or Chuck. The published rates are heavily negotiable. Box spread are generally cheaper but 50-100bps, not this...

"Why would rich people borrow money?" 🤔 - @awealthofcs awealthofcommonsense.com/2026/03/why-do…

You can't die or DAF these L/S portfolios due to the short side which doesn't get a step up nor can non-profits accept shorts.... There some some scenarios they make sense but they're currently being grossly oversold.... But it is a great way to lock up client assets long term for advisors...👀

Here’s the thing I can’t get over If you ever need to unwind / withdraw from the strategy, you give back all the losses and pay cap gains. So you’ve ended up with simply index beta and higher fees. The only way to avoid it is “die or DAF”. So any capital that goes in is effectively “gone” - you need to be really sure you never want to touch the principal. You also can’t borrow against it since there’s leverage embedded already. So the strategy works, but it bums me out that I have to size a lot small than I otherwise would because it’s a one way door for principal.

The most aggressive tax-loss harvesting solution for individual investors: Long-short direct indexing You simultaneously hold long and short positions in the market so you harvest losses on both sides Here's exactly how it works (& who it's for):

@rohindhar You didn't get the memo? It's lake season already 😂

Quick trip up to Tahoe for a day of skiing in the SCORCHING HEAT

@TheGarpInvestor Good luck - i've done some of this LP consulting work and the answer is almost always "this is a shit deal" and "you have no business investing in private RE in any capacity....." .... And they invest anyways and lose their shirt

After nearly 15 years operating a commercial real estate business, thinking of getting into consulting on the side. Help LP investors cut through the sales pitch. Are the projected returns realistic, is the sponsor credible, and is the fee structure legit?

@robbiehendricks No, just bitcoin right... 😂

@LPInvestor Oh - to be clear - we absolutely didn’t keep deal funds in CCLFX. That would be madness.

I remember chatting w/an investor last year. They were comparing our deal to Blue Owl and Golub, who at the time were paying about 9% annualized dividends. Convo went like: LP: these firms are basically paying 9% risk free…why would I settle for an illiquid 8% cash on cash with your firm? me: well…first…there is no such thing as 9% risk free. second, you’re making a more specific bet on us as operators and our mastery of our submarket rather than a blanket bet on a private credit firm and their underlying loans. LP: hmm. but Blue Owl is first position debt - my advisor says there is essentially no risk - and I can get my money out quarterly whenever I want me: respectfully, there is no such thing as an evergreen liquid, risk-free, 9% return in this world…maybe for a time, but the music CAN come to a stop…returns can go down, liquidity can dry up, and risk can turn way up LP ended up going with private credit. Can’t blame them…was an easy pitch at the time. Fast forward 24 months: Our deal is cash-flowing 12% and we had a 43% return of capital refi And Blue Owl has suspended redemptions. Liquidity goes poof…who knows how long that capital will be tied up. Don’t get me wrong - private placement real estate investments like ours have risk. They blow up too, so not suggesting every private RE deal will outperform anything. However, the moral of this story: Anyone promising you 9% risk free with evergreen liquidity is selling you a fairytale.

@LeylaKuni The only exit possible is the Thetan exit at the implant station on Venus..... .... (Not kidding)😂

@LPInvestor exits are for the weak

Our favorite Private-Jet flying Scientologist GP has trademarked the groundbreaking phase.... "Exit No Exit Strategy" 🤡🤡🤡 GC continuing to put on a masterclass... of something...

@Geiger_Capital Your "estate" is now owned by the "state"....

$750,000 in NYC is not an "estate" It’s a 2-bedroom house in Queens near JFK.

@NickNemo17 Larry needs to go back and read his own boglehead books....

A short story:

@EllliotttB Figure out a way to take 1031 capital into that structure and I think you've got yourself a platform...

What if I launched a real estate credit facility but instead of mortgages it’s fully preferred equity and the rates are lower than loans but the equity has to share the depreciation with us

@NickNemo17 @LeylaKuni

The Boglehead turned Private Credit evangelist is now at the "Ask Claude" stage of his CCLFX defense to explain PIK issues... .... Just keeping digging

Tech companies slowly turning into RE guys... .... Next thing you know they'll be converting to pass throughs so boomers can take passive deprecation losses right to their 1040...

@MIAviationKing @GrantCardone Find out more by Texting "My Money will be Your Money" to 888-THETANS-4-BITCON

@LPInvestor @GrantCardone ? The used car salesman ?

@ImJustALaptop I'm sure it will work out just fine for Mr. 10x... .... his investors? Ehh.... no capital but at least they'll have a book of quotes...

@LPInvestor Can’t wait to see how this works out with bitcoin at zero.

@EllliotttB I hear Tallahassee is the new Indian Creek....

Just once I want to hear of one of these people moving to Florida but it’s Jacksonville