Outside DFW TX. 15yr veteran of PE + CRE. Partner at a multifamily GP. Revitalizing an old farm outside day job.
Texas
Joined May 2025
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I just got @thematthew as my new handle
Guess I'm no longer an anonymous paintbrush
This is who runs this account:
> Texas born and bred
> Spent my career in structured credit, PE and CRE
> Opened up my own shop 5 years ago
> Love my family and love where I live
> More info to follow on my company, my sidequests, and everything else I love to share
You're a Texas broker and you're asking me to buy B/C class multi in B/C pockets at a 6.0% - 6.25% cap rate?
And claiming that's "market"?
And there's a 5.7% cap rate in supply-constrained areas near OpenAI?
Where rent growth > inflation there?
Only 30bps difference?
TO: all Pension CIOs
FROM: me (Matthew)
DATE: October 20, 2026
SUBJECT: Fees and Expenses
I exclusively drive beaters.
Please DM me for sub docs and wiring instructions for our fund.
Sincerely,
Matthew
Most leaders are letting AI write their LinkedIn posts.
That’s a mistake.
Not because the technology lacks capability.
Because leadership requires something deeper.
Yesterday, between reviewing quarterly priorities and asking Claude to summarize a document I had already summarized with Claude, I paused.
Something felt off.
The insights were actionable.
The tensions were nuanced.
The tapestry was deeply human.
And yet.
I couldn’t shake the feeling that we were losing something essential: the courage to have a thought before formatting it.
Three tensions emerged:
→ The authenticity paradox. We’ve never had more tools to amplify our voices. We’ve never sounded more like the same regional vice president.
→ The frictionless mirage. We’re turning hard-won operational scar tissue into “a powerful reminder.” Sometimes the reminder is that a vendor didn’t show up
→ The curated surrender. We’re outsourcing our most personal convictions to a model that just helped someone else write the opposite conviction with equal depth.
I’ve been sitting with this.
Not solving.
Not optimizing.
Just sitting.
Because true leadership isn’t about outsourcing linguistic patterns that resonate.
It’s about opening a blank document, confronting the complexity of your own experience, and asking Sonnet to make it sound less AI-generated.
The best leaders aren’t just prompting for engagement.
They’re holding space for their own baseline brain function.
How is your team leaning into bespoke cognitive friction this quarter?
♻️ Repost to help someone reclaim their authentic voice using these exact words.
Does this make the rooftop Koreans from the LA riots also “right wing”?
Didn’t realize defending the place you were born (or even just call home) from destruction and crime could be described as something on the political or ideological spectrum
It’s just sensible practice
Sunday scenes from the farm:
Temperature dropped overnight, pond is steamy on the morning walk and looking cinematic.
Cultivate land, steward assets, pass it on.
It can’t be both
“Anthropic is going to eat every other company and take over the world and all our jobs
AND
“Your ability to repay is priced as if you are a existentially in doubt”
In my head the team used analog transistors and vacuum tubes purely for the laughs and Apollo mission throwback vibes
Hate to dox myself a bit but have worked on just about every fighter jet the US has. I have seen some impressive technology over my career but this is a whole other level. I have so many questions and need to know how this works. How much edge compute is needed to make this happen? My first thought is dual processor + 1TB ram. That way it can handle the fuckquintillion process per second. There was zero correction it nailed it 100%.
Y'all had a great feedback. Next version of the REIT desk is available. Updates include:
> Cycle page now shows national 5-plus permits, starts, and completions from Census via FRED, as a twelve-month mean of the annual rate.
> Also includes the starts vs household ratio, which is key to understand the supply boom/bust cycle
> Research page for each name now has key data from supplemental filings for each multifamily REIT name on metro performance and development pipeline
> Also includes balance sheet information around fixed vs floating,
> Fixed some things around betas, option metrics, and the core/cycle/satellite sleeves (more work there can still be done)
Yet to still be done:
> lots of garbage AI slop writing that's just unnecessary
> presenting costar data in a way that isn't against ToS
> none of the recommendations are actual investment recommendations or financial advice, just placeholders for now as proof-of-concept
Important point:
> Sellers/brokers talk about the supply cliff in Texas and sunbelt as it's guaranteeing rent growth going forward - we're only just at 2019 levels of starts versus households... AND T12 starts still outpace T12 households according to this census data by +82k (in the South census region)
reit-desk.grok.me
I told grok to build me a multifamily REIT applet to show me price, fundamentals, X sentiment, suggest a sample portfolio with options strategy overlay.
Gave it basic instructions for a L/S approach, factor vs cycle thinking, wanted some manual inputs in there for the user... the sample portfolio and options strategies overlay aren't polished enough for me yet - but not bad. I can feed it more context to make it more usable.
It did one-shot the fundamentals and research tabs much better than the Opus did back in Dec 2025 the last time I built a dashboard for the MF names.
@Mr_Neutral_Man go throw rocks at it
My version of benevolent versus violent leader:
I’ve found myself trending to 80% of my workday communicating to people like I’m Captain Picard on the bridge of the Enterprise
Respect, decorum, etiquette, et al
Remaining 20% I’m communicating like I’m an 1896 sheriff about to hang some horse thieves
Whatever I was before I started my business has been slipping away every week
This is a somewhat serious response. I'm sending voice-to-text as I'm lying on the couch. Sorry, apologize for being more verbose than I normally am
I think this is an evolution in psychology of the business owner when you go from thinking that the path to attaining results is being nice to realizing that the most important thing to being able to give everybody that they want (which is good pay, good hours, benefits, etc.) is a very profitable business. You do whatever it takes to get to that profitability.
We had to implement some pretty serious labor cost controls about six months ago, and it caused some turnover in the team and probably hurt morale. But our gross profit on a per-job basis has improved significantly, and as a result, we're tracking towards being able to offer health insurance to the team next year.
I think that if I had any advice, it would be to speak one-on-one with each team member. Go for a walk, talk to them about their personal problems in life, the things that they're dealing with, their hopes and dreams, and then share what you are trying to accomplish in the business and what their part and role is in that journey.
I do think, for better or worse, the longer I do this, the more crusty and hardened I get, and the less emotional when it comes to employee issues. Deep down, I do care deeply about them, and I wish I could pay them all the money in the world. But if you ignore the basic economics that your specific company will support, or your industry or your market, you'll be out of business, and there'll be no hours to give them.
I think the best business owners are able to toggle between benevolent leader and sociopathic profit seeker as needed.
Don't have any specific advice other than: you always have to remember that profit is kind
Profit enables everything
I spend a ton of time up and down Texas and unironically I eat H-E-B grocery store sushi 4x a month
It’s as good or better than Whole Foods sushi and like 30-50% less the cost
I suspect it’s a loss leader for H-E-B but need someone else to confirm
I sometimes feel for the younger newer brokers that call me up
“Hey did you see we brought out xyz-“
“Yep and the last 3 times too”
“Oh well that’s great, then you know it’s a 6.5% on T12 but year 3 we see it easily pushing 8% with a few programs the seller hasn’t done”
“I don’t give any credit to value add in the future and neither do our JV partners. We need 8-10% CoC on day 1, depending on riskiness.”
“Yeahhhhhh…”
(Gen Z sigh)
“…been hearing from most buyers they don’t assign credit to future value add potential.”
…
…
“Is this where you ask me to come tour?”
“It would really help me out for you to come tour.”
“Yeah we can find some time”
I told grok to build me a multifamily REIT applet to show me price, fundamentals, X sentiment, suggest a sample portfolio with options strategy overlay.
Gave it basic instructions for a L/S approach, factor vs cycle thinking, wanted some manual inputs in there for the user... the sample portfolio and options strategies overlay aren't polished enough for me yet - but not bad. I can feed it more context to make it more usable.
It did one-shot the fundamentals and research tabs much better than the Opus did back in Dec 2025 the last time I built a dashboard for the MF names.
@Mr_Neutral_Man go throw rocks at it
Good morning to everyone except the middle aged man scrolling reels at max volume in the continental breakfast area at the Homewood Suites
Sunday Scenes From the Farm™️:
Heard this week from our beekeeper that she’s probably moving next year to be closer to her kids in another state.
Looking to sell her stuff when it’s time, offered us first dibs at the supplies.
Looks like I’m becoming a beekeeper next year??
Cultivate land, steward assets, pass it on.
