Owning the semantic layer is the moat: Cherre resolves four billion entities and $4 trillion in real assets, while RealPage serves 42,000 customers across 24 million housing units. The DOJ’s November 2025 consent terms are a brutal compliance choke point, barring unaffiliated-property data at runtime and limiting revenue-model training to records at least 12 months old and outside active leases.

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