Notes from inside the diligence room.
Quarterly letters, market commentary, and tear sheets from VRB Capital's Managing Partner — written for institutional and accredited investors who care about the underwriting, not the headline.
Featured letter — Q2 2026
Why basis discipline outperforms in a higher-for-longer rate environment.
By Sachin Batra, Managing Partner · June 30, 2026. The credit opportunity that emerged from the 2022–2024 rate cycle is now structural, not cyclical. Sellers who once demanded 80–85% of UPB are now clearing at 60–65% as hope for a quick rate-driven recovery fades.
The numbers behind the thesis
- $2.76T — commercial mortgage debt maturing, 2024–2026 combined
- 10.9% — Trepp CMBS special-servicing rate, May 2026
- 60–90% — VRB Capital acquisition basis, % of lesser of UPB or as-is value
- $400M+ — annual screened pipeline volume
Recent
- The collateral-first underwrite: a tear sheet from a recent acquisition (Feb 28, 2026)
- Why CRE debt funds are being repriced — and what comes next (Feb 14, 2026)
- Three exits, one acquisition: how we model resolution paths (Jan 22, 2026)
- What loss looks like in mortgage note investing — and how we measure it (Jan 8, 2026)
- Why we concentrate in the Sunbelt and Midwest — and not the coasts (Dec 15, 2025)
- Mortgage notes for investors who already own real estate equity (Nov 28, 2025)
