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Private beta — onboarding in waves

CLIMB THE WHOLECAPITAL STACK.

Zero to desk-ready across commercial real estate and high finance — models you can feel, not just read.

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Common Equity15–20%+
Preferred Equity10–15%
Mezzanine Debt8–12%
Senior Debt4–7%
CAP RATES✦DSCR✦LBO MODELING✦CMBS✦IRR✦MEZZANINE✦CAP RATES✦DSCR✦LBO MODELING✦CMBS✦IRR✦MEZZANINE✦
RENT ROLLS✦NOI✦PREF EQUITY✦SYNDICATION✦WATERFALLS✦SUPERDAYS✦RENT ROLLS✦NOI✦PREF EQUITY✦SYNDICATION✦WATERFALLS✦SUPERDAYS✦
Coming soon

New realms, live cohorts & desk simulators are on the way.

Join the waitlist for early access and founding-member pricing.

The library

Courses built like desk training.

CRE
🏛

Debt & the Capital Stack

Senior to common — who gets paid, in what order, and why the middle is where careers are made.

High Finance
📈

LBO Modeling

Sources & uses, debt schedules, returns bridges. The model every PE interview assumes you know.

CRE
🧱

CMBS & Structured Finance

Tranching, subordination, and how defaults cascade bottom-up through a securitization.

CRE
🏦

DSCR & Loan Sizing

NOI ÷ debt service — the constraint that actually sizes every senior loan on the street.

Both realms
⚡

IRR Playground

Feel how timing, leverage, and exit caps bend the return profile in real time.

+ more
every wave
Join the waitlist →

"Finally, a platform that actually explains how to model a waterfall instead of just giving me a broken Excel template."

Acquisitions Analyst
Mega-fund PE

"CapStack's interactive widgets made DSCR constraints click for me in 5 minutes. Better than my 3-week training program."

Credit Associate
Top Tier Bank

"The gamification actually works. I find myself logging in to keep my streak alive and learn one more debt concept."

Investment Banking Analyst
Bulge Bracket

Engineered like a terminal.

Interactive tools that replace static spreadsheets.

CMBS Waterfall Builder

Drag and drop tranches to build a securitization waterfall. Watch how defaults cascade from the bottom up.

DSCR Sizing

Adjust NOI and cap rates to instantly see lender constraints on proceeds.

12-Rank Ladder

Start as a Prospect and grind your way to Rainmaker via models and quizzes.

Zero Filler. All Signal.

Cut the academic fluff. Learn exactly what you need to answer technicals on desk calls and superdays.

Interview Ammo
Desk Callouts

Master the Lifecycle

Scroll to see how a deal comes together.

Phase 01

Sourcing

Identify underpriced assets using our proprietary screener. Learn to read an OM in minutes.

Phase 02

Underwriting

Build institutional-grade cash flow models. Project rent rolls and precise expense ratios.

Phase 03

Capital Raising

Structure the capital stack. Syndicate equity, size senior debt, and inject mezzanine layers.

Phase 04

Closing

Finalize debt facilities and complete the acquisition to hit target returns.

Interactive Modeling

Adjust leverage and capital cost to instantly visualize impacts on returns.

6.5%
65%
5 Yrs
0
courses, two realms
0
ranks to Rainmaker
0
interactive widgets
0
courses live now

Serious content. Addictive delivery.

Institutional-grade content

300–800 words per concept in the flagship courses, with worked numbers, desk callouts, and interview ammo. Zero filler.

Interactive by default

Cap-rate sliders, DSCR loan-sizing, capital-stack builder, amortization, CMBS waterfall, IRR playground — feel the math move.

Gamified progression

XP, a 12-rank ladder from Prospect to Rainmaker, daily streaks, quizzes with a tiered hint system, and four leaderboards.

A full social layer

Profiles, school & company discovery, DMs, accountability partners, and groups. Learn like it's a group chat.

The full curriculum

10 courses are live now — the rest are on the roadmap and unlock as they ship. Live now Coming soon

Realm · Commercial Real Estate
  • What is Commercial Real Estate?The vocabulary and math everything stands on.
  • Debt Markets & the Capital StackWho lends, how the stack is built.
  • Agency Lending & the GSEsFlagship. Fannie DUS & asset management.
  • CMBS & Structured FinanceHow loans become bonds.
  • Development & ConstructionSoonLand to lease-up to exit.
  • Real Estate Private EquitySoonFunds, acquisitions, and owning the asset.
  • Brokerage, Capital Markets & ServicesSoonInvestment sales, placement, leasing.
  • Macro, Cycles & HistoryRates, the cycle, and the crises.
  • Capstones & CareerSoonFull-cycle sims and interview prep.
  • Multifamily & Affordable HousingSoonLIHTC, Section 8, and workforce housing.
  • Industrial & LogisticsSoonWarehouses, last-mile, and cold storage.
  • Retail & Net LeaseSoonCenters, NNN, and credit tenants.
  • Hospitality & HotelsSoonRevPAR, flags, and management contracts.
  • Office & Life SciencesSoonTI/LC, lab conversions, and the return-to-office trade.
  • Data Centers & Digital InfrastructureSoonPowered shells, hyperscale, and MW economics.
  • Self-Storage & Niche SectorsSoonStorage, parking, and specialty assets.
  • Senior Housing & Healthcare RESoonSNFs, assisted living, and medical office.
  • REITs & Public Real EstateSoonFFO/AFFO, NAV, and the public-private arb.
  • Real Estate Tax & 1031 ExchangesSoonDepreciation, opportunity zones, and deferral.
  • Property & Asset ManagementSoonNOI protection, business plans, and reporting.
  • PropTech, ESG & the FutureSoonGreen financing, data, and emerging models.
Realm · High Finance
  • Finance & Accounting BedrockThe mandatory foundation.
  • Investment BankingThe landscape, M&A, and LBO basics.
  • Equity Capital MarketsIPOs, follow-ons, converts.
  • Debt Capital Markets & Bond MathFixed income, IG & HY issuance.
  • LevFin & Private CreditThe debt stack, covenants, direct lending.
  • Sales & Trading / Global MarketsSoonFloors, rates, repo, securitized products.
  • Fund FinanceSoonSub lines, NAV facilities, GP financing.
  • PE & AlternativesSoonBuyouts, value creation, the asset classes.
  • Hedge Funds / AM / WMSoonStrategies, allocation, wealth management.
  • Career NavigationSoonRecruiting, comp, exits — always unlocked.
  • Financial Statement AnalysisSoonRead the three statements like an analyst.
  • Valuation MasterclassSoonDCF, comps, and precedent transactions.
  • M&A Deep DiveSoonAccretion/dilution, deal structures, and synergies.
  • LBO Modeling — AdvancedSoonSources & uses, returns, and the full paper LBO.
  • Restructuring & DistressedSoonChapter 11, waterfalls, and the fulcrum security.
  • Credit Analysis & RatingsSoonCash-flow lending, covenants, and the agencies.
  • Derivatives & Structured ProductsSoonOptions, swaps, and exotic payoffs.
  • Fixed Income & RatesSoonDuration, convexity, and the curve.
  • FX & Global MacroSoonCarry, rate parity, and the macro trade.
  • CommoditiesSoonEnergy, metals, and the futures curve.
  • Equity ResearchSoonCoverage, models, and the sell-side note.
  • Quantitative FinanceSoonStochastic calc, pricing, and the quant desk.
  • Algorithmic & Systematic TradingSoonSignals, backtests, and execution.
  • Risk ManagementSoonVaR, stress testing, and Basel.
  • Venture Capital & Growth EquitySoonTerm sheets, cap tables, and the power law.
  • Infrastructure & Real AssetsSoonPPPs, project finance, and long-duration cash flows.
  • Securitization & ABSSoonTranching, SPVs, and the ratings stack.
  • Corporate Finance & TreasurySoonCapital structure, WACC, and liquidity.
  • FP&A & Corporate DevelopmentSoonBudgeting, forecasting, and in-house M&A.
  • Financial Modeling BootcampSoonBuild a 3-statement model from a blank sheet.
  • Advanced Accounting for FinanceSoonDeferred taxes, leases, and purchase accounting.
  • ESG & Sustainable FinanceSoonGreen bonds, impact, and the disclosure regime.
  • Fintech & Digital AssetsSoonPayments, DeFi, and tokenization.
  • Family Offices & WealthSoonAllocation, structuring, and generational planning.
  • Regulation & ComplianceSoonDodd-Frank, MiFID II, and the rulebook.
  • Interview Prep & TechnicalsSoon400 technicals, behaviorals, and the superday.

Ready to make analyst by next Friday?

CapStack is in private access — we're onboarding new members in waves.

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