Housing Signal · Whitner Portfolio (Demo)

Equity Invested

$48.2M

across 11 assets, 6 sponsors

Units Overseen

1,284

87 vacant · 14 in turn

Portfolio Occupancy

93.1%

▲ 0.8 pt vs prior quarter

NOI vs Budget (T12)

−2.7%

▼ $151K under budget

K-1s Outstanding

4

TY2025 · ext. deadline Sep 15

Open Exceptions

4

2 require action this week

NOI: Actual vs Budget

Trailing 12 months by property, $M · 8 largest positions

ActualBudget

Capital Deployment Loan Book →

Lending book snapshot · click for full module

$50.1M deployed · 12 loans100% of $50M capacity

Wtd Rate

11.4%

Avg LTV

64%

Int. YTD

$2.6M

Late

0

Maturing next 90 days · $10.0M

✕HM-114Bridge · Henderson · Aug 22$5.6M

✓HM-109SFR flip · Mesa · Sep 15$2.1M

✓HM-121SFR flip · N. Las Vegas · Sep 30$2.3M

Needs attention · top exceptions

Occupancy by Asset

Physical occupancy, Jul 2026

Vacancy & Unit Turns

Portfolio-wide, Jul 2026

Vacant

87

In Turn

14

Down Units

6

Avg Turn

9 days

Turn & renovation spend, GP-operated assets

Asset	Vacant	In Turn	Avg Turn Cost	Turn Spend YTD	Reno YTD / Budget
Marley Lofts	17	6	$3.8K	$118K	$1.12M / $1.80M
Cedar Flats	8	3	$3.1K	$64K	$310K / $520K
Saratoga Court	5	2	$2.9K	$41K	$95K / $150K

LP-position turn data flows in from sponsor reports via Data Input. Marley reno: 62 of 98 planned interiors complete, $180/mo avg premium achieved.

Asset	Role	Market	Units	Vacant	Equity	Occ.	NOI vs Bud.	DSCR	Status

Est. Portfolio Value

$290M

$16.6M T12 NOI · 5.7% blended cap

Total Debt

$197M

portfolio LTV 68%

Implied Equity (Value − Debt)

$93M

your invested basis: $48.2M

Debt Maturing ≤ 24 mo

$85M

4 assets · watch refi risk

Property	Role	Address	Units	Acquired	Basis	NOI (T12)	Cap Rate	Est. Value	Debt	Lender	Rate	Debt Maturity	Own %

Est. value = T12 NOI ÷ cap rate. Defaults are the market cap rate for each submarket and vintage, refreshed quarterly and checked against recent comps. Change any cap rate (1% to 15%) to stress-test the valuation; value, LTV, and implied equity recalculate instantly. Export to PDF for any loan application from the Reports module.

Deployed

$50.1M

12 active loans · fully deployed

Capacity

100%

$50M target · payoffs recycle capital

Wtd Avg Rate

11.4%

plus 1.9 avg points

Interest YTD

$2.6M

zero late payments

Principal Maturing by Month

Next 6 months, $M

Payoff Quote Generator

Interest computed on actual/360 from paid-through date

Servicing Checklist, This Month

From the lending SOPs

✕HM-114 matures Aug 22. Extension terms drafted, awaiting sign-off.Due Aug 8

!HM-118 builder's risk policy renews Aug 30. Certificate requested.Due Aug 20

✓July interest collected on all 12 loans, zero late.Done Aug 1

Loan	Collateral	Principal	Rate	LTV	Maturity	Status

Total Property Debt

$197M

across 11 assets

Floating-Rate Exposure

$67.8M

34% of debt · 3 loans on SOFR

Rate Caps Expiring ≤ 12 Mo

3

Wesley Sep · Cedar Oct · Kellan Jan

Next Debt Maturity

Sep 2026

The Wesley · $32.6M bridge

Debt Maturities by Year

Principal balance maturing, $M

Rate Cap Watch

Interest rate caps required by floating-rate lenders · demo 1M term SOFR 3.60%

!The Wesley: cap (3.50% strike) expires Sep 2026 with loan maturity. Decision needed: extension requires new cap, indicative quote $310K, or push sponsor toward sale.Decision · Aug

!Cedar Flats: cap (4.00% strike) expires Oct 2026. Replacement quotes requested from two cap brokers; budget $150-190K for 12 months.Quotes due Aug 15

!The Kellan: cap (4.50% strike) expires Jan 2027, ahead of the Jan 2027 maturity. Monitor with sponsor's refi plan.Watching

Property	Role	Lender	Balance	Type	All-In Rate	Rate Cap	Cap Expiry	Covenant Test	Maturity	Refi Plan

Covenant tests refresh from each quarter's financials. Floating all-in rates use demo SOFR of 3.60%. Cap replacement quotes and refi files live in Documents.

Policies Tracked

20

12 GL · 8 course of construction

Expiring ≤ 30 Days

2

HM-114 · HM-118

Open Issues

3

1 cancellation notice · 1 missing AI · 1 expiring

Force-Placed

0

trigger: 10 days past lapse

Loan	Borrower	GL Coverage	Course of Constr.	Carrier · AM Best	Policy End	Lender Named As	Status

Click any row for broker and carrier contacts, endorsements, deductibles, flood status, and notice history.

Carrier Notices · last 60 days

✕HM-116 · Frontline Specialty: Notice of cancellation for nonpayment of premium, effective Aug 18 unless cured. Borrower contacted; premium finance company confirms payment plan reinstated, awaiting rescission notice.Rec'd Jul 29

!HM-118 · Zurich: Builder's risk renewal offer issued; policy renews Aug 30 at +12% premium. Renewal COI requested from broker.Rec'd Jul 21

!HM-121 · Kinsale: Endorsement request pending; CG 20 10 additional insured endorsement not yet issued despite bind confirmation. Second request sent to broker.Rec'd Jul 15

Lender Resources · what the desk uses

Verification & Monitoring

Standard tools for policy diligence

AM Best carrier ratingsminimum A- VII required

FEMA Flood Map Service CenterSFHA determination per collateral

NAIC company searchcarrier licensing & complaints

ACORD forms (25 / 27 / 28)COI + evidence of property

Exposure Rules on This Desk

From the lending SOPs

Additional insured endorsementsCG 20 10 + CG 20 37

Loss payable (mortgagee) clause438BFU / CP 12 18

Cancellation notice to lender30 days (10 nonpay)

COI refresh cadenceat bind, renewal, each draw

Force-placed trigger10 days past lapse

T12 Distributions

$1.50M

▲ 6% vs prior year

Cash-on-Cash

3.6%

on $48.2M invested equity

Paused

2 deals

Marley Lofts · The Wesley

Next Expected

Oct 15

Q3 sponsor distributions

Distributions Received by Quarter

All positions combined, $K

Asset	Role	Equity	T12 Received	Cash-on-Cash	Last Payment	Cadence

Open · 4 items

Resolved in the last 30 days

✓Saratoga Court: property tax appeal filed before the Jul 21 deadline.Jul 18

✓HM-111: draw #4 inspected and funded after punch-list cleared.Jul 11

✓Grandview 88: sponsor delivered revised budget; variance narrowed to −4.5%.Jul 8

Monthly portfolio report goes to both principals on the 5th business day. Quarterly pack adds per-deal detail and the investor letters owed on GP deals.

SOP	Book	Cadence	Owner	Status	Updated

Every recurring task in the portfolio maps to one SOP with an owner and a cadence. Exceptions are generated when a step is missed.

Document	Related To	Type	Updated	Status

Expected TY2025

18

across all entities & deals

Received

14

stored & sent to CPA

Outstanding

4

all past the Apr 15 date

Extension Deadline

Sep 15

2 personal returns on extension

K-1 Source	For Entity	Issuer / Preparer	K-1 Contact	Expected	Received	Status	File

Outstanding K-1s generate a reminder email to the issuer contact every 10 business days and appear in Exceptions after Apr 15. Files uploaded through Data Input are auto-filed here.

Entities

9

7 LLCs · 2 LPs

K-1s Received

14 / 18

see K-1 Center

Filing Extensions

2

both due Sep 15

Registered States

7

all annual filings current

Entity	Role	Holds	State	K-1 Status	Notes

Outside LPs

27

across 3 GP-operated deals

Outside Capital

$9.8M

you owe these investors reporting

Reporting Status

Current

Q2 letters sent Jul 20

Open Requests

3

2 K-1 copies · 1 payoff estimate

Investor Group	Deal	Commitment	Ownership	Last Report	Status

Names anonymized for the demo. In production this ties to the investor portal: statements, K-1s, and letters in one place.

Drop a report here, or click to browse

The system detects the report type and property automatically and populates the right module. Sponsor reports, T12s, rent rolls, loan payoffs, K-1s, insurance certs.

Upload history

File	Detected Type	Property / Book	Populates	Uploaded By	Date	Status

Every file is versioned and kept as the audit trail behind the dashboards. Click a file name to open it in a new tab.

Reporting Preferences

Demo placeholders

Monthly report delivery	5th business day
Exception alerts	Email + SMS, same day
Quarterly review meeting	In person, 90 min
Users	Mark W. · Jacob W. · Asset Manager