Who operates the Modular Index?

Keystone publishes the Modular Index as licensed industry data. The Index is computed continuously from the underlying registry. Subscribers consume it for research, investment, benchmarking, and portfolio measurement. The Index is positioned as data, not as a settlement-benchmark for derivatives — which keeps it outside the IOSCO Principles for Financial Benchmarks and equivalent regulatory regimes.

Is the Modular Index a SEC-registered benchmark?

No. The Modular Index is industry data, not a regulated financial benchmark. If a subscriber wants to use Index values as the settlement reference for a derivatives contract, that subscriber's product would need to handle benchmark-administrator obligations on its own paper — Keystone does not provide that licensure.

Can we license the raw underlying registry data?

Yes, at the Enterprise tier. De-identified module-level records are available for your own analysis — same data the Index aggregates from, with attribution stripped. Use cases include fund-level due diligence, custom peer benchmarks, and proprietary research products.

How does the Modular Index relate to Capital Rail securitizations?

The same KeyScore that drives the Index also drives the AAA → NR indicative pool grade on Capital Rail securitizations. NRSRO-registered partners (KBRA, DBRS Morningstar, Fitch, S&P, Moody's) issue the official credit rating; SEC-registered broker-dealer partners place the securities. Keystone is the data layer underneath both products.

Keystone for capital partners + impact funds + LPs

Modular as an asset class. With a real benchmark.

The Modular Index gives the same defensible benchmark CoStar gave commercial real estate and Verisk gave insurance. Pricing, production volumes, KeyScore distribution, investment-grade share — live from the underlying registry, not from a quarterly survey.

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 — average price per unit, 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 gives you pool-level pre-screen analytics for securitization or warehouse vehicles — the same KeyScore underlying the Index drives the AAA → NR indicative pool grade. NRSRO-registered partners formalize the official credit rating; SEC-registered broker-dealer partners place the securities. Same data, two products, same partner-model architecture.

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

How the regulated work happens. The Modular Index is unregulated industry-data licensing. Capital Rail outputs indicative pool-grade analytics; NRSRO-registered rating agencies issue the official credit ratings and SEC-registered broker-dealer partners execute placement on any rated securitization. Keystone is the data layer underneath both products — see the partner-model architecture for the full counterparty mapping.

Licensing tiers

Standard, Pro, and Enterprise annual licensing tiers. Specific fee levels set per engagement. 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.