The line between Build-to-Rent and traditional multifamily continues to blur as developers and operators deploy capital across both models. This panel brings together leaders with active projects to compare performance through a capital lens—examining lease-up velocity, rent premiums, service models, and operating costs that ultimately drive returns. The discussion will explore how capital is underwriting stabilization and renewal risk in horizontal versus vertical product, what multifamily playbooks are translating to BTR, and where assumptions are diverging as investment decisions are made heading into 2026.