Thursday morning reading. Huge congrats to my friend @leonwankum on the launch of Digital Real Estate. I was lucky enough to get an early look and provide feedback during the writing process. Leon has put serious work into this and has become one of the strongest voices at the intersection of Bitcoin, real estate and capital allocation. If you work in real estate, this should be at the top of your reading list. Get your copy at @BitcoinMagazine This book is going to make waves in the real estate + Bitcoin space. Don’t be the person catching up six months from now.

NEW: Episode 36 of The Real Estate Standard Podcast: Testing Real Estate’s Breaking Point, drops this week with @ChrisDrz & @DanielBitHedge.

Thanks for having me @MartyBent If you own commercial real estate this playbook is a must read because the strategies discussed will define the next era of real estate investing. Download your copy at tftc.io/CRE

One year ago I posted this video. It went viral and started a much bigger conversation around Bitcoin and commercial real estate. The thesis was built around three things I believed CRE owners needed to start paying attention to: Monetary debasement. Obsolescence. New financial products competing for capital. A year later, I think those 3 issues matter even more. M2 has expanded roughly 5.4% in the last 12 months, adding about $1.2 trillion to the money supply and U.S. debt has now crossed $40 trillion. At the same time, the CRE market has started aggressively dealing with obsolete inventory. Demolitions and conversions of U.S. office buildings exceeded new construction in 2025 for the first time on record, and that gap is expected to widen again this year. And then there is capital allocation... Bitcoin is in the middle of a bear market and is down significantly from where it traded when I made this video. Yet adoption has kept moving forward. $IBIT has roughly $60B in assets. $STRC went from a $2.5B IPO to nearly $10B of notional in about a year. $SATA didn't even exist when I recorded this. Today nearly 8 million shares are outstanding and it is paying dividends every business day 🤯 That may be the most important development of all. Real estate isn't just competing against other real estate anymore. Owners now have entirely new ways to store capital, generate yield and manage a balance sheet. Over the past year I've tried to take that idea from theory to practice. I've had the opportunity to speak about them at roughly half a dozen conferences and events. I launched The Real Estate Standard Podcast to discuss these ideas every week. I published the Bitcoin Playbook for Commercial Real Estate Owners & Investors in conjunction with @TFTC21 (launches next week). And we're now beginning to implement these strategies on actual real estate assets. A lot has changed in one year. I have a feeling the next one is going to be even more interesting.

S2 Capital is dissolving its $400M first multifamily fund with no return of capital A July 1 letter from founder Scott Everett that was shared with The Real Deal said the $400M fund’s limited partners and preferred equity investors will receive “no return of capital.” At this month’s foreclosure auctions, the firm risks losing control of five North Texas properties, representing $311M in troubled loans from Computershare Trust, Benefit Street Partners, Citibank and U.S. Bank Trust. #commercialrealestate therealdeal.com/texas/2026/0…