WHAT SURVIVES

5,000+

Opportunities tracked

~500

Pass the fatal-flaw screen

~120

Enter full due diligence

<50

Reach the investment committee

<1%

Reach an investor

A venture fund can lose ninety-nine of a hundred bets. Real estate cannot, so the screen has to be brutal before the cheque. Figures are indicative of how the process narrows, not a guarantee of any outcome.

THE FOUR ELEMENTS

All four must hold. Any one of them can end it.

DIAMOND
GPA

Product

The asset itself. Condition, function, competitive position, and whether there is real value to create.

Finance

The capital stack from senior debt to common equity, stress-tested against a downside that actually happens.

Market

The demand underneath the asset. Employers, infrastructure, supply, and who else is building the same thing.

People

The sponsor. Track record, operating capability, governance, and whether their money moves when yours does.

A strong product in a weak market underperforms. A great market with the wrong sponsor fails. Sound financing with misaligned partners creates risk that shows up later, when it is expensive. The power of the method is refusing to let a high score in one question cover a low score in another.

WHAT WE ACTUALLY LOOK AT

Product

Is the building sound, efficient, and positioned to grow?

—

Location attributes and the walk to whatever makes the location work

—

Building systems, age, condition, and what the deferred maintenance really costs

—

Space utilization and how easily the plan adapts if the demand changes

—

Specific, costed value-add: what we would do, what it returns, and by when

Market

Is there demand underneath this, and will there still be in year seven?

—

Macro: employment, migration, rates, and the demographic direction of the metro

—

Local drivers: the major employers, the infrastructure actually funded and under way

—

Supply: what is permitted and under construction within the same submarket

—

Competitive position: what a tenant chooses instead, and at what price

Finance

Where does the risk sit, and who eats it first?

—

The full capital stack, senior debt through common equity, and our place in it

—

Revenue assumptions rebuilt from the rent roll rather than accepted from the deck

—

Expense growth, capital reserves, and whether the operating budget is honest

—

Downside scenarios: what breaks, at what occupancy, and how long the runway is

People

Would we hand this sponsor our own money without a document?

—

Track record verified deal by deal, including the ones that did not work

—

Operating capability: the team that will actually run this, not the one on the cover

—

Reference checks with lenders, partners and investors from prior projects

—

Alignment: how much of their own capital is in, and where their fees come from

WHEN WE APPLY IT

Three times, not once.

A framework used only at the front door is a filter. Used through the hold, it is a management system, which is the part most investors never see and the part that decides what they actually earn.

BEFORE

Screening

Weighted scoring across all four elements, with a fatal-flaw pass designed to kill a bad deal in an afternoon rather than a quarter.

DURING

Due diligence

Each element opened up with its own checklist, third-party reports, and site visits. This is where most of the year's work happens.

AFTER

Monitoring

The same four scores tracked through the hold, quarter by quarter, so a market turning is a decision we make early rather than a surprise we explain late.

THE INFINITY⁹ ENGINE

The machine filters. The judgment decides.

The Engine is trained on more than five thousand confidential deals: terms, assumptions, sponsor behavior and outcomes the public market never sees. It compares a new opportunity against all of them in minutes and stress-tests every assumption in the sponsor's model. What comes out is a much better argument, and only the deals that survive it reach the investment committee.

What it sees

Terms, capital stacks, assumptions and realized outcomes across every deal we have ever tracked, including the ones we passed on.

What it does

Flags where this sponsor's numbers sit against the distribution, and which assumption is doing the heavy lifting.

What it never does

Decide. A model cannot check a reference or read a room, and no position has ever been approved because a score was high.

The first question is always how this goes wrong.

Every memo we send begins with the downside case, named and quantified, and we will not structure a position where our interests and yours point in different directions. Past performance is not indicative of future results, and all investment involves risk, including possible loss of capital.

BEFORE ANYTHING ELSE

The bridge for Latin American capital.

Miami, Florida

Infinity Capital Asset Management, LLC

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INVEST

Strategies The Diamond How We Work Non-U.S. Investors Investor Portal

FIRM

About Team Questions Commercial Visual Philosophy

DEVELOPERS

Infinity⁹ Partners WOMA, Wynwood

MEDIA

Podcast Episode Library Be a Guest

AHMAD ASHRAFI

His work The Sunday Memo ASAPinvests

Ahmad's own writing and teaching. His views, not the firm's.

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IMPORTANT DISCLOSURES

THE FIRM

Infinity Capital Asset Management, LLC ("Infinity") is a real estate investment management firm operating as a platform for access to private commercial real estate, for accredited international investors and high-net-worth individuals. Registration does not imply a particular level of skill or training.

RISK

Past performance is not indicative of future results. Historical returns, expected returns and probability projections are speculative. All investment involves significant risk, including the possible total loss of capital. Infinity does not guarantee that investment objectives will be met.

NOT ADVICE

Nothing here is an offer to sell or a solicitation of an offer to buy any security, nor investment, legal or tax advice. Any offering is made solely through definitive subscription documents under Regulation D of the Securities Act of 1933. Consult your own advisors.

SEPARATE ENTITIES

Commercial brokerage operates through a licensed Florida agent with LRF Group at Berkshire Hathaway HomeServices, separately from investment management, under distinct regulatory oversight. Banking and custody are provided by partner institutions.

Four questions, asked in the same order, every time.

All four must hold. Any one of them can end it.

Three times, not once.

The machine filters. The judgment decides.

The first question is always how this goes wrong.