AnchoraA Income & Growth Fund

Evergreen fund model · Hotels and multifamily conversions

Build a deployment plan, review each strategy, and trace the resulting fund cash flow. Forecasts are scenario estimates; the September 3, 2026 PPM governs offering terms.

Fund assumptions

Deploy throughout the forecast. Remaining assets and reinvestment capital stay in ending NAV.

Annual LP contributions are called as needed, with the remaining balance collected at year-end. Unused contributions carry forward as fund cash. The liquidity target is based on funded, unreturned LP capital, subject to available cash. Its annual return is earned on the actual balance and is available for fund expenses and distributions.

Fees, reserves & operating budgets

Management fee: deployed capital in the first fund year, then NAV; paid quarterly in arrears. Acquisition fees apply to purchase consideration. Development fees follow project spending. Refinancing fees apply to new loan principal.

Denver seed portfolio

Three Hyatt hotels, counted once as one portfolio investment.

Operating forecast, financing & closing costs

Annual NOI after FF&E

Source operating years begin after closing. Debt service is deducted before cash reaches the fund.

Operating forecast: Hyatt 3 Property Portfolio roll-up, September 15, 2026 — source Years 2–5 are operating years 1–4 (2027–2030). Purchase and closing assumptions: revised LP deck, September 11, 2026. Senior financing, month-end dates and mezzanine terms remain editable scenario assumptions.

Annual deployment

Set acquisition counts and the hotel allocation. Conversion receives the remainder of the deployment budget after fees and reserves.

Year	Stabilized hotels		Multifamily conversions
Year	Acquisitions	Allocation	Acquisitions	Allocation

Acquisitions are spaced across each year; the project-waterfall model settles each closing at its quarter end, and deals of one strategy closing in the same quarter form one project. Conversion equity includes closing and later capital calls; each call is funded when required. Returning principal is retained for reinvestment; required new subscriptions are shown separately in the results.

Typical deal assumptions

Each strategy is calculated separately, then scaled to the equity per deal in your plan.

Stabilized hotel

Total hotel cost—

Cost per key includes purchase + PIP + renovation. Closing costs, financing fees and working capital are additional.

Operating margin is before FF&E.

Entry yield before FF&E—

Deal equity IRR—

Illustrative net LP IRR—

Entry yield uses purchase + PIP + renovation cost. Returns update when you calculate.

Hotel financing

Interest-only months precede amortization. No refinance; remaining principal is repaid at sale.

Advanced hotel assumptions

Cost breakdown

Purchase price plus PIP and renovation equals the total hotel cost shown above.

Operating & other assumptions

NOI and operating margin determine revenue and implied ADR. Clear the margin to use detailed operating assumptions. Current operations apply only during stabilization.

Additional operating expense allowance: 0.0% of revenue. Editing detailed operating costs resets this margin-derived allowance.

Hotel-to-multifamily conversion

Stabilized yield on cost—

Deal equity IRR—

Illustrative net LP IRR—

Yield uses stabilized multifamily NOI / total project cost, including closing, carrying and acquisition/development fees; unused reserves and exit/refinance costs are excluded. Deal IRRs are before fund fees. LP IRRs apply fund fees and waterfall to one deal, excluding pooled overhead and principal reinvestment.

Bridge & refinance financing

Bridge interest is paid until refinancing at stabilization. The refinance is sized by both LTV and DSCR and remains interest-only through sale, following the shared OZ model.

Conversion operating & development details

Changes apply to this scenario only.

Fund cash flow & returns

Calculate the fund to see required subscriptions, distributions and returns.

Fund capital
Fundraising goal	—
Required subscriptions	—
Above fundraising goal	—
Total asset funding	—
Proceeds Reinvested	—
Ending NAV	—

LP capital · cumulative
Contributions	—
Cash distributions	—
Estimated remaining value	—
Total cash + remaining value	—

GP promote & fees
Promote paid	—
Estimated unpaid promote	—
Total promote · excluding fees	—
Fees paid	—
Cash receipts · fees + paid promote	—

Forecast totals. LP / GP distributions are paid quarterly. LP contributions exclude recycled capital. Remaining value is estimated after the waterfall, not cash received.

Returns	Cash IRR	Cash multiple	IRR incl. NAV	Multiple incl. NAV

Fees & fund expenses

GP fee	Total paid

Fund expense	Total paid
Total fund expenses	—

Annual fund cash flow

Capital proceeds & year-end balances

Sale, refinancing and reserve-release proceeds break down the capital proceeds above. The remaining columns show year-end balances.

Monthly cash flow

Acquisition schedule

Investment	Strategy	Acquisition	Exit	Closing equity

Model notes

Results use the current scenario inputs. Changes to a source workbook must be reflected in those inputs.

Fund result name

AnchoraA Fund