Synthetic barbell fund demo

Anchora Income & Growth Fund

Fund-level modeling for stabilized hotel acquisitions and hotel conversions.

Current run only

Fund assumptions

Scenario and fundraising

Investor scenario PPM Base applies the 8% Class A preference to all funded subscriptions.

Offering capacity Editable approximate offering maximum.

Reporting horizon (months) The fund is perpetual; this only sets the demo reporting horizon.

Proposed Anchor amount Default $10 million within Class A when the proposed scenario is on.

Standard Class A preference (%) PPM default: cumulative, non-compounding 8%.

Proposed Anchor preference (%) Illustrative side-letter assumption only.

Funded subscription schedule Enter month:amount pairs, separated by commas. These are fully funded subscriptions, not capital calls.

Acquisition cadence

Stabilized hotel acquisition months Comma-separated fund months. Repeated month 3 represents the three Year 1 hotels closing together.

Equity per stabilized hotel Default is approximately one-third of $10 million annually.

Equity per hotel conversion Default is approximately $3 million per conversion.

Hotel conversion acquisition months Comma-separated fund months; default cadence is two conversions per year.

PPM fee assumptions

Acquisition fee (%) Applied to acquisition cost.

Annual gross AUM fee (%) Measured on the first day of each quarter and paid quarterly in advance.

Refinancing fee (%) Applied to new original principal.

Development fee (%) Applied to conversion Total Project Cost.

PPM allocation display

Use of Proceeds

Corrected $75 million offering allocation supplied for counsel update
Use	Amount	Share
Fund startup	$50,000	0.07%
Offering marketing	$5,000,000	6.67%
Stabilized hotel acquisitions	$38,472,500	51.30%
Hotel conversions	$27,980,000	37.31%
Liquid securities and cash reserves	$3,497,500	4.66%
Total Use of Proceeds	$75,000,000	100.00%

Synthetic monthly integration

Fund and investor returns

Proposed Anchor results remain under negotiation and not generally available.

Accepted subscriptions—

Going-concern NAV—

Ending fund cash—

Funded acquisitions—

Unfunded acquisitions—

Visible funding gap—

Illustrative shadow liquidation adds ending net liquidation value without selling assets in the actual ledger.
Recipient	Cash MOIC	Cash XIRR	Shadow MOIC	Shadow XIRR

GP economics

Paid fund fees—

Actual Class M promote—

Actual GP economics—

Shadow Class M promote—

Monthly fund cash flow

Month	Subscriptions	Asset receipts	Asset funding	Fees paid	Distributions	Ending cash

Funded and unfunded cohorts

Cohort	Type	Status	Month	Target equity	Funding gap

Anchora Fund