White Papers

One paper a month.

Each one takes a single question about how drone and defense manufacturing capacity actually gets built — who pays for it, what instrument carries it, and where the deal breaks — and works it through to a number. Public sources, stated assumptions, no house view for sale.

August 2026Capital strategy

Financing the New Industrial Base

Equity has an interest rate; it just never sends an invoice. This briefing converts dilution into the APR a lender would recognize — 30 to 60 percent for the money founders treat as free — then lays the industrial-base balance sheet out as a seven-rung ladder and matches each asset to the capital shaped like its cash flows. Includes the implied-APR map, the cost-of-capital ladder, and the mismatch tax on a single $2M machine.

Read the paper

July 2026Production capacity

The Drone Production Gap

Why American drone production capacity has not scaled to meet stated demand, what the announced numbers actually obligate anyone to buy, and what would have to change in how facilities are financed before capacity follows the strategy.

Read the paper (PDF)

September 2026In preparation

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Published at the end of the month. If there is a question you want worked through, send it — the papers follow the problems clients are actually stuck on.

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If you are an airport, an authority or an economic development agency looking at an aerospace manufacturing tenant, the first conversation costs nothing and usually saves months.

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