CONFIDENTIAL • VERIFIED 2026 STANDARDS

2026 Institutional Underwriting Formula Pack

The master quantitative reference guide for commercial real estate, clean energy yield modeling, industrial cap rates, and corporate debt sizing.

Used by REITs, private equity funds, and commercial appraisers to value cash-flowing commercial real estate assets.

NOI = Gross Potential Rent - Vacancy Loss - Operating Expenses (Opex) Asset Valuation = NOI / Exit Capitalization Rate Going-In Cap Rate = (Year 1 NOI / Total Acquisition & Capex) \times 100

Key 2026 Benchmark: Industrial Cleanrooms trade at 4.70%–5.25% exit caps; self-storage at 5.50%–6.20%.

Calculates the buffer of cash flow available to service principal and interest debt payments.

Annual Debt Service = [Loan \times r(1 + r)^n] / [(1 + r)^n - 1] DSCR = Net Operating Income (NOI) / Annual Debt Service Max Loan Supported = NOI / (Target DSCR \times Annual Loan Constant)

Key 2026 Benchmark: Institutional commercial lenders require a minimum 1.25x to 1.35x DSCR.

Measures the net discounted lifetime cost per MWh delivered by utility-scale battery or sCO2 systems.

LCOS ($/MWh) = (Total Lifetime Capex + Opex + Charging Cost) / Total Lifetime MWh Discharged Daily Net Margin = (Peak Discharge $/MWh \times Discharged MWh) - [(Discharged MWh / RTE) \times Off-Peak $/MWh]

Key 2026 Benchmark: 8-hour Flow Batteries (VRFB/Iron-Flow) achieve 70%–75% Round-Trip Efficiency (RTE).

Evaluates growth sustainability and marketing capital efficiency across enterprise cohorts.

CAC Payback (Months) = CAC / (Monthly ARPU \times Gross Margin %) Customer Lifetime Value (LTV) = (Monthly ARPU \times Gross Margin %) / Monthly Logo Churn % LTV:CAC Ratio = LTV / Customer Acquisition Cost (CAC)

Key 2026 Benchmark: Top-quartile enterprise SaaS targets < 12 months CAC payback and > 4.0x LTV:CAC.

Underwrites long-term bareboat and time-charter equity dividend yield on Newcastlemax / LNG carriers.

Annual Distributable Cash = (TCE Rate/Day \times 358 Days) - (Opex/Day \times 365 Days) - Annual Debt Service Cash-on-Cash Dividend Yield = (Annual Distributable Cash / Equity Invested) \times 100

Interactive real-time solvers across 38 specialized industrial domains.