At Thesis Driven, we have a front row seat to many of the most interesting (and sometimes bizarre) emerging asset classes and operating models in the industry.
These new categories are emerging at the intersection of real estate, operations, technology, and consumer behavior: surf parks, outdoor hospitality, data centers, membership-driven concepts, STR platforms, and niche operating companies that don’t fit neatly into traditional asset-class boxes.
Some of these models will scale, institutionalize, and attract billions of dollars of capital.
Many will not. The challenge–for both investors and operators–is learning how to tell the difference early.
Thesis Driven is offering a two-hour workshop diving deep on the evaluation frameworks we use internally to assess the durability of these new models.
The session will be recorded and shared with all registered participants.
In one two-hour session, Brad and Paul will walk through the frameworks we use at Thesis Driven to evaluate emerging real estate business models.
This is the same lens we apply when assessing new asset classes, underwriting unconventional deals, advising operators, and determining whether a category has a realistic path to institutional capital.
Rather than focusing on “what’s hot,” we focus on how the business actually works:
Where returns are generated
Where risk hides
What breaks at scale
And what ultimately makes a platform fundable
This workshop is built for:
Investors trying to evaluate new categories with rigor
Operators who want to understand how capital providers hear and judge their pitch
Sponsors navigating the gray area between real estate and operating companies
Case Studies We’ll Explore
We’ll apply these frameworks to real categories we’re actively tracking into 2026, including:
Surf Parks
Outdoor Hospitality
Data Centers
Urban Membership Clubs
Golf Course Roll-Ups
STR & Investment Homes
Boutique Office
And other emerging niches shaping the next cycle
These are not theoretical exercises–we’ll discuss where deals actually pencil, where assumptions break, and how investors are pricing risk today.
Core Frameworks You’ll Learn
You’ll learn how to decode niches by breaking down the underlying business model–not just the asset class.
We’ll cover:
Revenue drivers & margin structure
Operating models and OpCo / PropCo splits
Underwriting risk and sensitivity traps
Barriers to institutionalization
Pricing power, volatility, and scalability
What makes an operator “fundable” versus capital-constrained
What You Get Access To
All participants receive:
Session recordings
Slides and case-study materials
Ongoing access to our Circle community with additional resources and discussion
Frequently Asked Questions
Will participants receive materials?
Yes. Slides and case studies are included.
Will recordings be available?
Absolutely. All registered attendees receive recordings, even if you can’t attend live.
Do I need prior experience?
No. This workshop is designed to help emerging sponsors, investors, and experienced operators build fluency and sophistication in evaluating new real estate business models.
Brad is the founder and editor of Thesis Driven (www.thesisdriven.com), a publication covering innovation in the built world. Over the past decade he has co-founded General Assembly and Common which generated a combined $500M+ in enterprise value.
