Modular as an asset class. With a real benchmark.

Why modular doesn't have a real index today

Modular housing is large, growing, and structurally different from site-built — but nobody can prove it because nobody has the underlying data. Quarterly surveys lag. Manufacturer-reported data is biased. Trade press headlines don't pencil. As a result, modular trades at a spread that has nothing to do with its actual risk profile.

What the Modular Index gives you

• Live benchmarks — avg $/sqft, avg KeyScore, IG %, net-zero %, resilience mix — recomputed continuously as the registry grows
• Sector breakdowns (Pro tier) — affordable / workforce / supportive / military / hospitality / disaster recovery / education
• Per-region breakdowns (Enterprise tier) — by state, by metro, by HFA jurisdiction
• Custom benchmarks (Enterprise tier) — your portfolio vs the index, your manufacturer vs peer cohort
• Raw underlying data (Enterprise tier) — de-identified module-level records for your own analysis

The Capital Rail adjacency

If you're committed to a modular thesis as an LP or fund manager, Capital Rail also gives you pool-level rated collateral as a securitization or warehouse vehicle. The same KeyScore underlying the Index drives the AAA → NR rating on pools. Same data, two products.

Who this is for

• Data platforms — CoStar, Verisk, ICE Mortgage Technology partnering or licensing
• Investment banks — research desks tracking modular securitization as a strategy
• Fund managers — modular-focused funds raising or deploying
• Institutional LPs — evaluating commitments to modular fund managers
• Foundations + impact funds — PRI + recoverable-grant deployers tracking impact + return
• REITs + private credit — underwriting modular as a strategy

Licensing tiers

Standard $12k/year. Pro $36k/year. Enterprise $120k/year. Pilot period included. Custom benchmarks scoped per-engagement at the Enterprise tier.

The benchmark you're missing already exists in the underlying data. Keystone surfaces it.