A record of completed
underwriting. $15.40 billion.
Since 2023, Alkaline Advisors has completed 371 modeling and underwriting engagements for 170 institutional and private clients across 40 states, spanning 12 property types and every position in the capital stack.
Reporting period
The complete record of engagements completed to date.
Project cost completed by year
Composition
Client base, asset mix and mandate type.
The record resolved three ways. This section carries its own period, set independently of the one above.
Client type
Property type
What we built
Geographic footprint
Select a state.
Every state with a completed engagement since inception, independent of the reporting period above. Select a state for the mandates executed there. Client identities and property data are withheld; we do not compromise on confidentiality.
7 engagements sit outside the United States, in Canada, Mexico and the United Kingdom. A further 87 carry no single address: model systems, multi-market portfolios and advisory mandates. Both are counted in every figure on this page and neither appears on the map above.
Capital structuring
Debt sizing and the capital stack.
Underwriting is not complete until the stack clears. Loan sizing is modeled against debt service coverage, yield on cost and exit proceeds. Loan-to-cost has been recorded systematically since January 2025, so these figures cover 2025 forward rather than the full record.
Structures modeled
C‑PACE · Tax increment financing · LIHTC, 9% and 4% · Historic and new‑market credits · Opportunity zones · Tax‑exempt and recycled bonds · Preferred equity · Mezzanine · Bridge‑to‑permanent · Construction‑to‑perm · Seller financing · GP promote waterfalls · Deferred developer fee · Ground leases · Modular cost structures
Recent engagements
Second quarter 2026.
Every engagement completed in the quarter, described by mandate rather than by client. Select any line for scale and market.
Scale and scope
No floor, no ceiling.
The same underwriting standard is applied to an $890,000 acquisition and a billion-dollar development. Size determines the scope of the work, never the rigour of it.
Engagement size
Project cost is recorded on 276 of 371 engagements. The balance is model infrastructure and advisory work carrying no single asset.
How relationships start
Diligence
Sample findings.
Breadth is a claim. What a client retains us for is the error identified before it reaches an investment committee.
On a $437 million mixed‑use development we built an independent model and reconciled it against one prepared by another advisor. A property tax assumption corrected from $7.8M to $5.3M, and a $1.2M difference in stabilized NOI. Capitalized at 4.5%, that gap was worth roughly $26 million in value.
A hospitality and branded‑residence model arrived showing an 80% internal rate of return. It was wrong. We restated it to approximately 28% before it was presented to investors.
On a call with the lender, while the bank assembled its letter of intent, we identified a $460,000 error in building costs. Corrected sources and uses went into the credit committee package the same week.
A retail owner holding assets across 167 entities carried 9,000 general ledger codes and no portfolio view. We standardized them into twelve categories a chief financial officer can act on.
An 88‑unit workforce housing development carried a $17 million tax increment reimbursement running twenty years. We modeled the year it burns off: net operating income falls from $3.7 million to $3.0 million in year eight. No projection the equity partner had been shown carried that step.
A 176‑unit seniors housing rent roll priced each bed in a shared room at the full room rent, and measured absorption against beds while measuring occupancy against units. Rebuilt on a single denominator, the model shed roughly sixteen units of revenue that did not exist and no longer cleared its own stabilization target.
Observations
What the record shows.
Repeat mandates
371 engagements across 170 clients averages 2.2 per relationship. Thirty-one percent of clients have retained us more than once, and the six largest relationships account for 89 engagements.
Transaction size
Completed engagements range from $890K to $1.05B in project cost. In the second quarter of 2026 alone, the range ran from $2.10M to $470M. The underwriting standard does not vary with deal size.
Asset class coverage
Multifamily, industrial, retail and office represent the majority of the book. The balance spans 12 property types in total, including manufactured housing, self-storage, land development, hospitality, for-sale residential and single-family rental.
Mandate evolution
Sixty-seven of 371 engagements produced reusable model infrastructure rather than single-deal output, and asset-management mandates appear only from 2025 forward. The book is shifting from transaction underwriting toward portfolio systems.
Counterparty coverage
Developers and sponsors account for 256 of 371 engagements. The balance is retained by fund managers, brokers, lenders, family offices and private equity, including eighteen mandates for lenders, the counterparty sitting opposite most of the book.
Geographic distribution
Work is spread across 40 states with no single state above eleven percent of engagements. The five largest account for forty percent between them, and forty-three percent of repeat clients have retained us in more than one state.
Engagement.
170 clients, 40 states, 12 property types. Few of these relationships began because we had executed an identical transaction before. They began because the underwriting holds under scrutiny regardless of asset class or structure.
Send the transaction. We will respond within one business day with scope, timeline and fee. Engagements are structured as project fee, monthly retainer or per-deal, according to how the client operates.