24 STORIES

24 STORIES / PSV ORIGINAL REPORTING

Capital Markets

CRE capital flows, fund raises, M&A, and financing events, read for what they signal about asset pricing and deployment.

Aerial view of Riot’s Rockdale, Texas campus: two long white barrel-roofed data halls running to the horizon, ranks of grey air-cooled condenser units and transformer pads lining the service road beside them, a blue mobile crane and boom lifts at work mid-construction, coiled cable and pallets on the graded verge, with a power plant’s stacks visible in the distance

THE LEAD / CRE CAPITAL NEWS

AUG 15, 202615 MIN READ5 SOURCES

Riot’s $573M Bridge Matures Before the Rent Starts

Riot Platforms filed a Form 8-K on August 14 reporting that a project subsidiary closed a senior secured delayed-draw term loan of up to $573.0 million, with Morgan Stanley Senior Funding as administrative agent, to buy long-lead equipment for the 191 critical IT megawatt data center at its Rockdale campus. The loans mature December 31, 2026. The first megawatts are not due to energize until December 2027.

PSV ORIGINAL REPORTING & ANALYSIS

More from this desk.

Every Capital Markets story PSV has filed, newest first. Each one is written in-house and traced to a primary record.

Black and white photograph of a single-story industrial building shot from below against a bright sky, its walls and barrel-vaulted roof clad in vertical corrugated metal, with two tall louvred vents set into the near elevation and a metal flue rising from a taller structure behind it

DEVELOPING STORY / 01

CRE CAPITAL NEWS

01 / 04

Alpaca’s $223M Close: The AI Stack Was the Pitch

Alpaca Real Estate said on August 6 that it held the final close of its debut fund at approximately $223 million, inclusive of roughly $21 million of co-investments, about 18 months after the first close. Public pensions, foundations and RIAs underwrote a first-time manager whose stated differentiator is a proprietary AI platform. The interesting number is not the fund size.

AUG 7, 202610 MIN READ5 SOURCES

Read the operator view

Inside a dim data hall: an open perforated black cabinet door on the left, and to the right a tall rack face packed with rows of server units, their status lights glowing white and green under green aisle lighting

DEVELOPING STORY / 02

CRE CAPITAL NEWS

02 / 04

Brookfield’s Record $77B Quarter: Real Estate Took 5.6 Percent

Brookfield Asset Management furnished its second quarter results to the SEC on August 6, reporting a record $77 billion raised in the quarter and more than $1 trillion of assets under management. Read the segment lines and the story changes. Real estate strategies took $4.3 billion of that, roughly 5.6 percent, while credit took $51 billion and AI infrastructure got a fund of its own.

AUG 6, 202610 MIN READ4 SOURCES

Read the operator view

A three-story garden apartment building with cream stucco and tan brick, a gabled entry bay with an arched window above a covered stairwell marked with the building number 7, bare trees and one tree in full red autumn colour on a mown lawn in front

DEVELOPING STORY / 03

CRE CAPITAL NEWS

03 / 04

Apollo’s $1.02B Into Starwood’s REIT: The CRE Read

Starwood Real Estate Income Trust told the SEC on August 4 that it closed a joint venture with Apollo the day before, taking a $1.02 billion investment for 41.5 percent of a vehicle holding roughly 120 of its affordable housing properties. The proceeds repay a credit facility. Read past the equity headline and the structure looks like something else.

AUG 5, 202612 MIN READ4 SOURCES

Read the operator view

Aerial rendering of a data center campus laid out on flat desert ground: rows of long low white buildings separated by wide access roads and graded pads, circular water tanks and rows of grey equipment enclosures along one edge, a landscaped low office building with a parking lot in the foreground, and an El Paso residential neighborhood and a mountain ridge on the horizon behind it

DEVELOPING STORY / 04

CRE CAPITAL NEWS

04 / 04

Meta, BlackRock, and the $13B Residual Value Guarantee

Meta and BlackRock will co-develop a roughly $14 billion, 1 gigawatt data center campus in El Paso, with BlackRock funds owning 80 percent and Meta 20. Meta’s own quarterly filing adds the part the press release does not lead with: each lease runs an initial four-year term, and Meta backs the campus with residual value guarantees of approximately $13 billion.

AUG 4, 20269 MIN READ3 SOURCES

Read the operator view

Latest from PSV

14 STORIES / NEWEST FIRST

05BRIEF

CRE CAPITAL NEWS

JPMorganChase Pledges $750B to Housing: The CRE Read

The nation’s largest multifamily lender said on August 3 that it intends to deploy more than $750 billion through 2035 to increase housing supply and support homeownership, an increase of more than $200 billion over the prior decade. The pledge covers financing for 1,000,000 affordable units and 500,000 homebuyers. It also carries a condition most coverage will skip.

AUG 3, 202612 MIN READ4 SOURCES

06BRIEF

CRE CAPITAL NEWS

DOE Leases Paducah for a $100B AI Campus: The CRE Read

The Department of Energy said on July 29 that it selected Brookfield to lease land and develop a data center campus at its Paducah Site in western Kentucky, and selected NextEra Energy to build and own the power behind it. The partners put the privately funded investment above $100 billion, with up to 1.8 gigawatts of utility capacity and more than 1.2 gigawatts of compute. No tenant has been named.

AUG 2, 202612 MIN READ3 SOURCES

07BRIEF

CRE CAPITAL NEWS

Amazon Ran Free Cash Flow Negative to Build AI: The CRE Read

Amazon reported second quarter results on July 30 and filed its Form 10-Q on July 31. Net sales were $200.6 billion, up 20 percent, and AWS grew 37 percent, its fastest in 18 quarters. The number that matters to real estate sits lower in the release: trailing twelve month free cash flow swung to an outflow of $7.6 billion, and Amazon attributes the swing to artificial intelligence.

AUG 1, 202612 MIN READ4 SOURCES

08BRIEF

CRE CAPITAL NEWS

Microsoft Says Its Data Centers Last 25 Years: The CRE Read

On its July 29 earnings call, Microsoft told investors it is extending the estimated useful lives of its datacenters and office buildings from 15 years to 25 years, effective with fiscal 2027, and that more of its future datacenter leases will therefore shift from finance leases to operating leases. The reported capital expenditure number falls to about $175 billion. The commitment behind it does not.

JUL 31, 202611 MIN READ5 SOURCES

09BRIEF

CRE CAPITAL NEWS

CBRE’s Infrastructure Line Outgrew Leasing: The CRE Read

CBRE reported second quarter revenue of $11.2 billion on July 29, up 15.5 percent, and raised its 2026 core EPS outlook to $7.80 to $7.90. Buried in the segment detail is the number that matters to operators: revenue from critical infrastructure services reached $676 million, up from $403 million a year earlier, and that one line added more new revenue in the quarter than global leasing did.

JUL 30, 20269 MIN READ5 SOURCES

10BRIEF

CRE CAPITAL NEWS

Brookfield Buys Aypa for $7B: The CRE Read on AI Power

Brookfield said on July 22 that it agreed to acquire Aypa Power, the largest standalone battery storage developer in North America, from Blackstone Energy Transition Partners for roughly $7 billion enterprise value and $3 billion of equity. Aypa brings about 6.5 GW operating and contracted, 95 percent of it under contracts averaging 17 years, plus a pipeline above 20 GW. For real estate, the binding constraint on AI has moved from land to electrons.

JUL 25, 20269 MIN READ3 SOURCES

11BRIEF

CRE CAPITAL NEWS

Alphabet Raises AI Spend to $205B: The CRE Read on the Capex Floor

Alphabet reported second-quarter results on July 22 and told investors it now expects to spend $195 billion to $205 billion on capital expenditures this year, up from $180 billion to $190 billion. Filed quarterly capex hit a record $44.9 billion, roughly double a year earlier, and free cash flow turned negative. Management says about 40 percent of the spend goes to data centers and networking. For real estate, that number is the demand floor under the entire data center thesis.

JUL 24, 20268 MIN READ4 SOURCES

12BRIEF

CRE CAPITAL NEWS

Fifth Wall Backs Atoms: Why the Biggest Proptech Fund Just Bet on Robots as Tenants

Travis Kalanick’s Atoms announced a $1.7 billion equity round on July 22, led by Andreessen Horowitz, with Ben Horowitz joining the board and Bain Capital, Uber, and Fifth Wall participating. Fifth Wall’s check has been reported at $135 million, which would be the real estate fund’s largest single investment. The read that matters for CRE: physical AI treats real estate as its storage layer, and the tenants it creates are robots.

JUL 23, 20267 MIN READ3 SOURCES

13BRIEF

CRE CAPITAL NEWS

Hut 8’s $9.8B Beacon Point Lease: The CRE Read on a Fully Leased AI Campus

Hut 8 said on July 20 it signed a second 15-year lease at its Beacon Point campus in Nueces County, Texas, a 352 megawatt deal with a base-term contract value of $9.8 billion. The lease fully commercializes the one-gigawatt campus, doubling the tenant’s contracted capacity to 704 megawatts. For real estate, the detail that matters is the structure: a triple-net, take-or-pay lease to a single investment-grade tenant, energizing in 2027.

JUL 22, 20267 MIN READ2 SOURCES

14BRIEF

CRE CAPITAL NEWS

IREN Signed $2.8B in AI Contracts. The CRE Read on a New Data Center Capital Stack

IREN Limited said on July 20 it signed $2.8 billion in new multi-year cloud contracts with leading AI developers, raising its 2026 AI Cloud run-rate revenue target above $4 billion. The detail that matters for real estate is how it is funded: customer prepayments covering roughly 45 percent of the associated GPU capital, on top of equipment-backed financing. The AI data center is being underwritten on contracted cash flow, not speculation.

JUL 21, 20266 MIN READ3 SOURCES

15BRIEF

CRE CAPITAL NEWS

BlackRock and ACS Launch Coravel: The CRE Read on a 1.7 GW Data Center Bet

ACS Group and BlackRock’s Global Infrastructure Partners launched Coravel on July 15, a 50-50 joint venture that turns their data center development platform into an operating brand with an initial 1.7 gigawatt portfolio and a signed long-term hyperscale lease at a Dallas-Fort Worth campus. For commercial real estate, it is another sign that the largest infrastructure capital pools are building the AI buildout as a real estate business.

JUL 20, 20266 MIN READ3 SOURCES

16BRIEF

CRE CAPITAL NEWS

Csquare Raised $1.05B. The Data Center Market Is Asking for Proof.

Brookfield-backed Csquare priced its initial public offering at $21 a share, below its marketed $23 to $27 range, raising $1.05 billion rather than the $1.35 billion implied at the top end. The result does not erase demand for digital infrastructure. It does put a sharper public-market price on leverage, delivery, and the difference between a data center story and a data center cash flow.

JUL 18, 20266 MIN READ3 SOURCES

17BRIEF

CRE CAPITAL NEWS

TSMC Lifts Arizona to $265 Billion: The CRE Read

TSMC used its record second quarter to commit another $100 billion to Arizona, lifting its total state investment to $265 billion across a planned ten fabs, two advanced packaging plants, and a research center. The expansion is driven by demand for AI chips, and for commercial real estate it concentrates one of the country’s largest advanced-manufacturing buildouts in a single Phoenix submarket.

JUL 18, 20266 MIN READ4 SOURCES

18BRIEF

CRE CAPITAL NEWS

Hines Buys 405 Colorado at $734 a Foot: The Trophy-Office Signal

Hines Global Income Trust paid about $151 million for a fully leased Class AA Austin tower and paired it with grocery-anchored retail in Chicago. The bid is back for one narrow profile of office. The discipline is knowing whether your asset fits it.

JUL 14, 20266 MIN READ2 SOURCES

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Riot’s $573M Bridge Matures Before the Rent Starts

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