Evidence of process
The discipline, printed.
Live counts from our underwriting engine. Not a story about selectivity — the arithmetic of it. Scroll.
40,799
Midwest listings scanned by the engine
3,948
tracked as live candidates
1,521
fully underwritten, downside first
17
earned a full investment memo
3
taken under contract
1
walked, when insurance broke the downside case
Roughly one in a hundred survives the five gates. The next acquisition clears every one of them, or it doesn't happen.
Counts from Middle Coast's internal deal-intelligence system, updated with each edition of the playbook. Methodology available upon request.