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Analysis of workforce housing, digital infrastructure, and the financing trends shaping private markets.

Key developments. Why they matter. What investors should watch next.

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Impact Growth Capital

The perspective behind the analysis

Impact Growth Capital examines workforce housing and digital infrastructure through the lens of disciplined underwriting, capital preservation, and long-term value.

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Featured Posts

Borrowers Finally Showed Up. Then CPI Sent Them Home.

The housing market proved this week that the demand exists. It also proved, in the same24-hour window, that the Fed will not let it transact. That contradiction is not new. But it has never been demonstrated this concretely, and the implications for allocators are specific enough to underwrite against.

Same Company. Same Asset Class. One Loan Failed. The Other Got Better Terms.

The capital structure is the investment. The asset is the collateral. Blackstone justdemonstrated both sides of that sentence in the same month.

Investor Education

The Property Collects Rent. What Reaches You?

Expenses, debt, reserves, and distribution terms determine what reaches investors. Apractical walkthrough of every layer between a tenant's payment and your cash flow.

$757 Billion Comes Due by 2028

The Apartments Are Not the Problem. The Debt Is.

The Fed Is Not Fighting Diesel

Bottom line. The Fed did not hike because it can lower oil prices. It hiked because diesel is the channel through which an energy shock becomes broad inflation, and because underlying inflation never finished returning to target in the first place. For real assets, the practical consequence is that 2027 underwriting should assume current capital costs rather than rescue by refinance.

The 71 Percent Problem

The hardest input in data center underwriting isn't power anymore. It's permission.

Borrowers Finally Showed Up. Then CPI Sent Them Home.

Impact Growth Capital

Nov 10, 2026

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5 min read

Same Company. Same Asset Class. One Loan Failed. The Other Got Better Terms.

The capital structure is the investment. The asset is the collateral. Blackstone justdemonstrated both sides of that sentence in the same month.

Impact Growth Capital

Nov 5, 2026

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12 min read

The Midterms and the Barbell

Issue of November 5, 2026. Results and market figures are as of Wednesday afternoon, November 4, and several races remained uncalled at press time.

Impact Growth Capital

Strong Economy, Squeezed Households. That Gap Is on Today's Ballot.

Nov 3, 2026

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4 min read

Strong Economy, Squeezed Households. That Gap Is on Today's Ballot.

This morning I sat in on a closed-door macro briefing with a group of family office principals and allocators. The strategist leading it opened with the sign James Carville hung in the 1992 Clinton war room. It had three lines: change versus more of the same, the economy, and don't forget healthcare. Thirty-four years later, all three still apply.

Impact Growth Capital

$2 Trillion in New Wealth. Zero New Affordable Homes. The Anthropic IPO Is a Housing Story.

Oct 29, 2026

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5 min read

$2 Trillion in New Wealth. Zero New Affordable Homes. The Anthropic IPO Is a Housing Story.

Anthropic filed its S-1 on Monday. The expected valuation: $1.5 to $2 trillion. The expected raise: up to $100 billion, which would make it the largest IPO in history. Trading could begin as soon as the week of November 16. After a standard 180-day lockup, a wave of newly liquid wealth hits the market in mid-2027. For allocators, the second-order effects matter more than the stock price.

Impact Growth Capital

Blackstone Sold 15 Apartment Properties. $517 Million of Debt Still Came Due.

Oct 27, 2026

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5 min read

Blackstone Sold 15 Apartment Properties. $517 Million of Debt Still Came Due.

A $1.3 billion apartment loan reached maturity after the portfolio shrank from 21 properties to six. The remaining buildings reportedly generated more cash flow than underwritten. So why did the debt enter special servicing? Because a portfolio can perform operationally and still fail its capital structure when floating-rate leverage meets five years of monetary tightening.

Impact Growth Capital

Oct 21, 2026

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6 min read

Good Times, On Average

Jamie Dimon says the economy is booming. The data says he is describing an average.October 20, 2026 | Impact Growth Capital.

Impact Growth Capital

The Cheapest Apartments Are the Fullest. The Most Expensive Have the Most Supply Coming. That Is Not a Coincidence.

Oct 15, 2026

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4 min read

The Cheapest Apartments Are the Fullest. The Most Expensive Have the Most Supply Coming. That Is Not a Coincidence.

Cushman & Wakefield's Q3 2026 report and NAR's October market data confirm what workforce housing allocators have been underwriting all cycle: national multifamily vacancy fell for the third consecutive quarter. Absorption is up 14% year over year. Construction starts hit their lowest level since 2016. And Class C apartments, the segment nobody is building, have the lowest vacancy in the entire market.

Impact Growth Capital

Insurance Premiums Rose 88%. Rent Growth Was 3%. That Math Is Repricing Every Multifamily Deal inAmerica.

Oct 13, 2026

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3 min read

Insurance Premiums Rose 88%. Rent Growth Was 3%. That Math Is Repricing Every Multifamily Deal inAmerica.

The expense most investors treated as a line item has become the line item. Multifamilyinsurance costs have nearly doubled in five years. They now consume almost 5% ofrevenue, up from 2% in 2000. In Florida, operators were told to budget for 200-300%increases. And unlike interest rates, insurance premiums do not come down when the Fedcuts. This is not cyclical pressure. It is a permanent repricing of what it costs to own anapartment building.

Impact Growth Capital

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The perspective behind the analysis

Featured Posts

Borrowers Finally Showed Up. Then CPI Sent Them Home.

Same Company. Same Asset Class. One Loan Failed. The Other Got Better Terms.

The Property Collects Rent. What Reaches You?

$757 Billion Comes Due by 2028

The Fed Is Not Fighting Diesel

The 71 Percent Problem

Archive

Borrowers Finally Showed Up. Then CPI Sent Them Home.

Same Company. Same Asset Class. One Loan Failed. The Other Got Better Terms.

The Midterms and the Barbell

Strong Economy, Squeezed Households. That Gap Is on Today's Ballot.

$2 Trillion in New Wealth. Zero New Affordable Homes. The Anthropic IPO Is a Housing Story.

Blackstone Sold 15 Apartment Properties. $517 Million of Debt Still Came Due.

Good Times, On Average

The Cheapest Apartments Are the Fullest. The Most Expensive Have the Most Supply Coming. That Is Not a Coincidence.

Insurance Premiums Rose 88%. Rent Growth Was 3%. That Math Is Repricing Every Multifamily Deal inAmerica.

EXPLORE THE IGC INVESTOR COUNCIL

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