https://www.southernoakcap.com/insights daily 0.75 2023-11-10 https://www.southernoakcap.com/insights/understanding-private-credit-secondaries monthly 0.5 2023-11-09 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/878a1e09-53b0-4554-8215-0b5923ca84f4/page+1_secondaries.png News & Insights - Understanding Private Credit Secondaries - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/034eb4b2-7145-4cb4-8181-9020b1f0cd08/page+2_secondaries.png News & Insights - Understanding Private Credit Secondaries - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/5c8a4489-90ed-43a8-929c-730bc8d789f0/page+3_secondaries.png News & Insights - Understanding Private Credit Secondaries - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/ac44b98a-5f90-4e18-8d5e-cf2bbd903a9f/page+4_secondaries.png News & Insights - Understanding Private Credit Secondaries - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/q1-2023-outlook monthly 0.5 2023-03-14 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/2cc0b3a9-bac6-4fec-bc04-f6b040a89453/1Q2023-SOC_Page_02.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/a1691e2c-fe48-4740-b1ff-589ff840a930/1Q2023-SOC_Page_03.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/34e8aca1-a410-49a1-a2c1-740ab7285453/1Q2023-SOC_Page_04.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/5cbe6e69-aad1-4cf6-9dc4-affb5317d4ad/1Q2023-SOC_Page_05.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/dfc77e33-1665-4fc8-b9f0-16fe981fd867/1Q2023-SOC_Page_06.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/5c6efb07-fbc0-4629-9b7f-30f3774f2982/1Q2023-SOC_Page_07.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/f8e94d14-dc8f-4e5d-b37c-683be2bbc32c/1Q2023-SOC_Page_08.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/88fd1076-d293-48c7-9a63-e681e2803db6/1Q2023-SOC_Page_09.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/2dc345ea-2d41-4712-9e7a-6f96385d4cc0/1Q2023-SOC_Page_10.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/southern-oak-capital-q2-2022-outlook monthly 0.5 2023-03-14 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/83dce15f-0a52-441b-84cb-71657c628bee/SOC-Q2-2022-Outlook-2.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/e6d10d57-528a-4cd9-87b6-fe1000b36fb1/SOC-Q2-2022-Outlook-3.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/0e658935-7262-434c-be58-d41f6ab5dc65/SOC-Q2-2022-Outlook-4.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/a237b24b-7335-4932-8924-658e66a3e96a/SOC-Q2-2022-Outlook-5.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/95f4a5ab-b82f-48aa-a72c-e91a246526b8/SOC-Q2-2022-Outlook-6.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/a19530d0-9e2e-41ea-bc53-62bd9cd7611f/SOC-Q2-2022-Outlook-7.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1209c909-62cc-4883-af17-f20417e21b43/SOC-Q2-2022-Outlook-8.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/8568e160-20b4-47fc-9b12-573880cdc164/SOC-Q2-2022-Outlook-9.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/ef9c7dcb-84fd-4857-8d20-0165771cd401/SOC-Q2-2022-Outlook-10.jpg News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/lfgjoe6tae4wpr3val7k41s86jpn9y-2g5hj monthly 0.5 2022-04-20 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/8701bfb9-c9ef-498f-bab0-cf69484d1d95/fixed-income-1.png News & Insights - Fixed Income Portfolio Allocation in the Time of Inflation and Rising Rates Source: Bloomberg, Board of Governors of the Federal Reserve System (US). Loans represented by S&P/LSTA U.S. Leveraged Loan 100 Total Return Index and Bonds performance represented by Bloomberg US Agg Total Return Value Unhedged USD Index. Time frames are rolling 12-month periods. Performance represents average performance over aggregate periods. Rising interest rate periods represent 12-month period where Federal Funds Rate increased by 25 basis points or more and falling interest rate period represents period where Federal Funds Rate fell by 25 basis points or more https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/5a75098b-489a-40df-a4f6-bad58b25c111/fixed-income-2.jpg News & Insights - Fixed Income Portfolio Allocation in the Time of Inflation and Rising Rates Source: Bloomberg, Board of Governors of the Federal Reserve System (US). Loans represented by S&P/LSTA U.S. Leveraged Loan 100 Total Return Index and Bonds performance represented by Bloomberg US Agg Total Return Value Unhedged USD Index. Time frames are rolling 12-month periods. Along with the performance shown in the rolling 12-month chart above, in months where the 5-year Treasury yield rose, leveraged loans outperformed bonds on a single-month return basis ~85% of the time. In addition to looking at loan performance in relation to rising rates, we also analyzed the performance of leveraged loans against bonds during periods where inflation was above the long-term 2.0% goal set by the Federal Reserve. As shown in the chart below, leveraged loans outperformed bonds in these periods as well. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/7297c8f8-be32-45a7-a182-b749eaf3cd4d/fixed-income-3.jpg News & Insights - Fixed Income Portfolio Allocation in the Time of Inflation and Rising Rates - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/southern-oak-capital-acquires-breckenridges-main-street-station-f84ps monthly 0.5 2022-06-03 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/86fa35c2-37c3-4a3d-81ff-d114e6863786/1Q2022-SOC-1.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/d377f566-7d44-4bc6-91b1-90af8d49078a/1Q2022-SOC-2.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/2c24ea7c-b9f4-4481-bf0d-c4a4a71a2b6c/1Q2022-SOC-3.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/e0480213-9ff7-4a66-b16b-f84928cafd74/1Q2022-SOC-4.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/8eb574bc-743d-40b4-a1a5-66f4712d880f/1Q2022-SOC-5.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/87da191c-ebd6-423f-a820-3a52efc348b3/1Q2022-SOC-6.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/640dce40-bbdd-4023-a1f2-654ed33a80b4/1Q2022-SOC-7.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/3e9e4cea-feda-4719-b9ff-bda92450f727/1Q2022-SOC-8.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/8558fdb3-2183-4a41-bb0a-c02ce0584170/1Q2022-SOC-9.png News & Insights - SOC Market Outlook - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/driving-alpha-by-investing-in-smaller-markets monthly 0.5 2021-10-18 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632878043712-KI9BKKMYDAXER6Q6IEB6/chart-1.png News & Insights - Driving Alpha by Investing in Smaller Markets - Small Markets Over Large For this research, we created two regions. The first region consists of the southeastern portion of the United States to central Texas (“Southeast Region”).2 The second region consists of New York, NY, Los Angeles, CA and San Francisco, CA (“NY, LA and SF Region”). Data for these regions are shown in the charts throughout. As seen to the right, cap rates in the Southeast Region have spreads ranging from 170 to 238 bps over cap rates in the NY, LA and SF Region. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632878104740-0PZNMQQ63IS9ECNMOYCO/chart-3.png News & Insights - Driving Alpha by Investing in Smaller Markets One factor that could be thought to explain the spread in cap rates is the vacancy rate. This seems to be the case in Retail, Office and Industrial. As seen in the chart to the left, spreads in vacancy rates rise along with the cap rate in the chart to the top right. However, Multi-Family seems to disprove this. Multi-Family in the Southeast Region has a lower vacancy rate than the NY, LA and SF Region. Additionally, Multi-Family has one of the largest spreads in cap rates between the two Regions. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632878146654-YDESL0G474WPS8FX00C1/chart-2.png News & Insights - Driving Alpha by Investing in Smaller Markets Furthermore, Multi-Family in the Southeast Region seems to be more attractive on all of the major key indicators that were observed.3 As shown in the chart to the right, Multi-Family in the Southeast Region has a more attractive cap rate, lower vacancy rate, stronger net absorption and less new supply coming to market.4 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632878229305-X6C0VJ6D38LRBX7H1A3Y/chart-4.png News & Insights - Driving Alpha by Investing in Smaller Markets Another attribute that we theorized could be the contributing reason as to why cap rates are significantly different between the two Regions is liquidity. As shown to the left, liquidity is mixed amongst the two Regions.5 For example, in the very early on months, the Southeast Region seems to have a slightly more liquid market. However, as properties stay on market longer, the NY, LA and SF Region begins to show stronger liquidity. For us, we view liquidity as a risk we want to take on.6 We are able to mitigate some of the liquidity risk by: having an illiquid investment product, diversifying across markets and potentially having a small working capital line at Southern Oak Capital, LLC. https://www.southernoakcap.com/insights/lfgjoe6tae4wpr3val7k41s86jpn9y monthly 0.5 2022-04-20 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632878642807-LCE1E7H1RYNPDL9XN2KJ/graph-1.jpg News & Insights - Tale of Two Investment Strategies - Q over Q Net Leverage Reduction As seen in the chart to the left, Sub-IG names have proven the ability to delever quicker than IG names.3 Sub-IG names have delevered 9.06%, since the high of 2Q 2020 through Q1 2021, while IG names have delevered 1.35% during the same period. While Sub-IG names have had much more room to delever post-pandemic, these names have shown continued resiliency, noted through these improving credit fundamentals, throughout the pandemic. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632877682286-UJNV1H56FZU2ZODATZY1/graph-2.png News & Insights - Tale of Two Investment Strategies The table to the right shows that Sub-IG names have been able to bring the average TTM net leverage numbers ending Q1 2021 to only 2.25% from what the average 2019 net leverage numbers were. During the same period, IG names have brought numbers within 3.36% of 2019 numbers. https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1632877761853-OYSDD2832E2B8ROVGLWT/graph-3.png News & Insights - Tale of Two Investment Strategies - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.southernoakcap.com/insights/how-changing-your-morning-routine-will-improve-your-mood-g8zaj monthly 0.5 2021-10-18 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1618774427523-FVPA7UU4DML1KSLSPIDK/unsplash-image-0QEG_xOoY7Y.jpg News & Insights - High Yield Market Update Bright natural dining room nook with vases plates and fruits on the table. https://www.southernoakcap.com/insights/tag/Market+Update monthly 0.5 https://www.southernoakcap.com/socsecondaries daily 0.75 2025-07-30 https://www.southernoakcap.com/contact daily 0.75 2025-07-02 https://www.southernoakcap.com/home daily 1.0 2026-03-09 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1710284512102-FHT1PO8VR9K256IT2CCK/image-asset.jpeg https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/1701088425013-9235SHJK8WXEGCZSBRIC/image-asset.jpeg https://www.southernoakcap.com/credit-secondaries daily 0.75 2025-07-30 https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/7175321e-e4c0-47bc-9464-11512ed05514/Fundamental+Credit+Analysis.jpg https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/57849384-9732-418c-9320-b2c347321edf/Fund+Analysis.jpg https://images.squarespace-cdn.com/content/v1/607b5772ae208f122ebbc311/8ad8caf8-9eef-412c-9797-5eef1225a1a0/Underserved+Segments.jpg