Paul Shannon sits down with lender-turned-operator Ryan Duff to unpack how lenders really size risk and how LPs can use the same lens. Ryan financed ~$4B+ across cycles before launching Seaport, and he explains why trailing 3–6 month economic occupancy (physical vacancy + concessions + loss-to-lease) tells you more than any glossy OM. Join us to dive into debt yield, DSCR reality vs. pitch decks, the broker-driven “falsified inputs” fiasco and subsequent lender cleanup, and why he prioritizes local, vertically integrated operators with disciplined leverage and cash buffers.

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