Capital Stack Holdings acquires and operates commercial real estate in Dallas–Fort Worth — underwriting, capital formation, and operations held under one roof, with the Firm's own capital committed to every transaction.
PRIVATE REAL ESTATE · INDUSTRIAL / RETAIL / MULTIFAMILY
ALL FIGURES AS OF JUNE 9, 2026.
Capital Stack Holdings was established on a singular premise: that enduring performance in real estate rests on four disciplines — valuation, capital formation, acquisition, and operation — and that a firm holding all four in-house answers to no timeline but its own. The Firm invests deal by deal, in a single market it knows deeply, with its own capital committed alongside that of its partners.
Every investment begins with institutional valuation discipline — assumptions priced, downside quantified, exits defensible before capital is committed.
Capital formation, acquisition, and operation under one roof. Vertical integration removes intermediaries — and with them, misaligned incentives.
Data, automation, and applied AI run through every workflow — compounding judgment, accelerating execution, and extending the reach of a disciplined team.
"Every layer of an investment should answer to the same discipline. We built the Firm to own them all."
The Firm acquires and operates industrial, retail, and multifamily assets across Dallas–Fort Worth — value-add and core-plus strategies, executed deal by deal with aligned partners.
Capital Stack, the Firm's capital formation practice, originates and qualifies accredited-investor relationships at institutional scale — a capability most sponsors source externally, held here as proprietary infrastructure.
SEE THE ENGINE ↓Capital Stack is the Firm's capital formation practice — purpose-built infrastructure that originates, qualifies, and assembles accredited-investor relationships in advance of each transaction. The result is certainty of execution: when Capital Stack Holdings commits to an asset, its capital relationships are already in place. The practice additionally serves a select roster of sponsor platforms nationwide; for the Firm, it is proprietary.
Josh Thomas is the Founder and Managing Principal of Capital Stack Holdings. Mr. Thomas directs all of the Firm's activities and is personally responsible for the underwriting, structuring, and operation of each of its investments.
Before founding the Firm, Mr. Thomas built his career across the real estate capital markets — first in commercial brokerage, executing asset-level acquisitions and dispositions; then in portfolio management with a private REIT manager; and ultimately in valuation and transaction advisory at a real estate investment bank, where he advised on transactions aggregating several billion dollars. He is also the founder of Capital Stack, the Firm's capital formation practice, which has raised more than $25 million for sponsor platforms nationwide.
Mr. Thomas holds a degree from the McCombs School of Business at The University of Texas at Austin.
Qualified investors seeking an introduction to the Firm and its forthcoming opportunities may reach us directly: investors@capitalstackholdings.com
Sponsor platforms seeking institutional capital formation are served by Capital Stack: capitalstack.dev ↗
INQUIRIES ARE REVIEWED PERSONALLY. PARTICIPATION IN ANY OFFERING IS LIMITED TO ACCREDITED INVESTORS.