Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.</li><li>The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.</li><li>RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.</li></ul>

The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.

<ul><li>WeWork was valued at approximately $750 million post-reorganization following its $400 million bankruptcy exit recapitalization led by Yardi Systems.</li><li>The enterprise segment now represents 40% of WeWork&#39;s revenue and is growing faster than other segments.</li><li>During economic downturns, this mismatch could create severe cash flow problems as members can quickly reduce space or leave entirely.</li></ul>

WeWork was valued at approximately $750 million post-reorganization following its $400 million bankruptcy exit recapitalization led by Yardi Systems.The enterprise segment now represents 40% of WeWork&#39;s revenue and is growing faster than other segments.During economic downturns, this mismatch could create severe cash flow problems as members can quickly reduce space or leave entirely.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets.  In this report we examine the factors likely to impact the U.S. equity markets, and explore actionable opportunities within the Technology, Consumer Discretionary, and Health Care Sectors.</p>

Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their currencies suggest global risk aversion. U.S. equity markets are, by contrast, not showing any significant signs of coming unhinged as a result of this rout in emerging markets.  In this report we examine the factors likely to impact the U.S. equity markets, and explore actionable opportunities within the Technology, Consumer Discretionary, and Health Care Sectors.

U.S. Equity Strategy: Cyclicals Remain Leadership - Staples & Utilities Are Strengthening

<p>Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.</p>

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.

<ul><li>Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.</li><li>Management projected the company would cross $1B in revenue by Q1 2026.</li><li>Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.</li></ul>

Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.Management projected the company would cross $1B in revenue by Q1 2026.Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.

United States

RealPage, Inc. provides products and services to the multifamily real estate industry. The Company's services include applicant screening, accounting, budgeting, property management, and compliance reporting. RealPage also develops and delivers proprietary Web-based applications that enhance client information management capabilities.

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Realpage Inc (RP US)

Primer: RealPage - 14 Jul 2026

Technology platform enabling real estate owners and managers to optimize property operations, pricing, and resident services

Sacra

Primer: WeWork - 16 Jul 2026

Workspace provider offering flexible office rentals and on-demand access for enterprises and individuals

Sacra

U.S. Equity Strategy: Cyclicals Remain Leadership - Staples & Utilities Are Strengthening

Investors continue to prefer the stability of the U.S. relative to emerging markets. The recent declines recorded in emerging markets and their...

Vermilion Research

USD Breakout; Foreign Markets Reeling

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside...

Vermilion Research

Primer: Bilt - 19 Apr 2026

Payments and commerce network enabling users to earn rewards on rent and neighborhood spending

Sacra

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