◆
This view combines AppFolio IM (funded capital) + HubSpot CRM (pipeline deals) — a view neither system provides alone.
Capital In Motion — Full Journey
Tracks capital from first HubSpot touchpoint through AppFolio funding. Numbers combine both systems.
→
→
17
Committed
HubSpot + MCP
→
→
$9.3M
Active Capital
AppFolio IM
Conversion: New Lead → Funded = 28% • Avg Cycle: 45 days committed → funded
Stream Series 10
506(c)
14.8%
Target: $25M • Min: $50K • Launched Aug 2025 • Monthly distributions
Fort Homes Note
506(c)
OPEN
Open-ended • Min: $50K • Launched May 2025 • Monthly distributions
The Hotel Melrose
506(b)
36.0%
Target: $5M • Close: Jun 2026 • Min: $15K • Quarterly • 15 committed deals in pipeline
Fort Impact Fund
506(b)
7.4%
Target: $25M • Open-ended • Min: $25K • Quarterly • Launched Jul 2023
Investor Lead Pipeline (HubSpot)
26 deals
Melrose Equity #2 (HubSpot)
28 deals
Raise Engine Insights
14 New Leads stuck — zero progressing past "New Lead" stage
Book qualification calls this week. These are warm leads that need human touch to advance.
15 Melrose deals committed but only 1 in paperwork
$1.4M+ in committed capital waiting to move. Priority: push committed → paperwork → funded to close the $3.2M Melrose gap.
Fort Homes has 9 prospects with commitment — strongest pipeline-to-action ratio
Continue current cadence. 506(c) allows direct marketing. Consider targeted campaign to accelerate.
12 Reinvestment Opportunity leads — untapped re-engagement pool
Former leads that went cold. Build a nurture sequence with market updates and new offering announcements to revive these.
◆
Cross-references AppFolio IM investment status with HubSpot CRM engagement data. Sorted by capital at risk.
Total Investors
61
Across all vehicles
Multi-Vehicle
8
Invested in 2+ offerings
Hot Prospects
12
Committed w/ pending docs
Re-engagement
12
Reinvestment opportunity pool
Active Investors — By Capital Deployed
| Investor / Entity |
Offering |
Status |
Capital |
HubSpot Stage |
Last Activity |
Reg |
| Tom Swanson | FLDF Legacy | Funded | $800K | Active Investor | Feb 26 | 506(c) |
| Thirty One LLC | Melrose #2 | Funded | $150K | Committed | Feb 24 | 506(b) |
| Joel Dreessen | Melrose #2 | Funded | $120K | Committed | Feb 20 | 506(b) |
| Cory Schwab | Melrose #2 | Funded | $180K | Committed | Feb 27 | 506(b) |
| Sean Wisner | FLDF Legacy | Funded | $250K | Active Investor | Feb 26 | 506(c) |
| Unrein Enterprises | Melrose #2 | Funded | $160K | Committed | Feb 27 | 506(b) |
| Michael Evers | Melrose #2 | Funded | $140K | Paperwork | Feb 26 | 506(b) |
| Jesson Salyards | Melrose #2 | Funded | $90K | Committed | Feb 24 | 506(b) |
| Tim Lufkin | Fort Lending | Prospect | $100K | Prospect | Feb 7 | 506(c) |
| Nick Evers | Melrose #2 | Funded | $60K | Committed | Feb 19 | 506(b) |
| Mike Silvestro | Melrose + FLDF | Funded | $100K | Multi-vehicle | Feb 2 | BOTH |
| Eric Brandjord | Melrose #2 | Qualified | $30K | Qualified | Jan 31 | 506(b) |
Showing top investors by capital. Full list: 61 entities in MCP Investor Status Master • Source of truth: AppFolio IM
Prospects Needing Action
| Name | Pipeline | Stage | Amount | Last Touch | Action Needed |
|---|
| Pam Swanson | Investor Lead | New Lead | $200K | Feb 10 | Book call — 19 days cold |
| Rory Williams | Investor Lead | New Lead | — | Feb 18 | Qualify — no amount set |
| Tim Lufkin | Investor Lead | New Lead | — | Feb 18 | Qualify — also in FL pipeline |
| Chris Schultz | Investor Lead | New Lead | — | Feb 18 | Book qualification call |
| Renee Charles | Fort Lending | Prospect | $20 | Feb 25 | Fix amount — likely $20K? |
| Mike Hess | Melrose #2 | Qualified | $30K | Dec '25 | 90+ days stale — re-engage |
◆
Capital Report — Consolidates Thomas O'Connor's Weekly & Monthly Reports. Sources: AppFolio IM, Master Cash Flow Model, Entity Balance Sheets.
Total Capital Contributed
$12.13M
$12,134,466.79 across 8 vehicles
As of Jan 31, 2026
Capital Deployed (Assets)
$19.67M
Total assets all entities
1.62x deployment ratio
Capital Returned
$300K
Cumulative distributions
$300,071.99
Accrued Pref Returns
$1.04M
Outstanding preferred returns
$1,040,807.54 unpaid
Capital Raised (Feb)
$250K
$12.13M → $12.38M (Feb 16)
Consolidated Cash
$297K
Down $169K from Dec ($467K)
↓ 36% month-over-month
Consolidated D/E
3.7x
$15.5M debt / $4.2M equity
Working Capital
($143K)
Current assets − current liabilities
Capital by Investment Vehicle — AppFolio IM
| Entity | Committed | Contributed | Distributed | Unreturned | Accrued Pref | % Target | Status |
|---|
| FLDF — Stream 10 |
$3,703,244 |
$3,722,641 |
$105,916 |
$3,722,641 |
$29,021 |
79.5% |
Performing |
| FLDF — Fort Homes |
$1,954,371 |
$2,555,501 |
$116,886 |
$2,555,501 |
$23,906 |
85.2% |
Performing |
| Fort Impact Fund |
$1,847,000 |
$1,847,000 |
$0 |
$1,847,000 |
$321,695 |
7.4% |
Performing |
| The Hotel Melrose |
$1,797,325 |
$1,822,325 |
$0 |
$1,822,325 |
$177,791 |
36.4% |
Stabilizing |
| Fort 6 |
$970,000 |
$970,000 |
$70,486 |
$970,000 |
$330,177 |
97.0% |
Performing |
| Fort 7 (JV) |
$535,000 |
$535,000 |
$0 |
$535,000 |
$0 |
— |
Performing |
| Fort 5 |
$382,000 |
$382,000 |
$6,784 |
$382,000 |
$158,218 |
38.2% |
Performing |
| Fort 8 |
$300,000 |
$300,000 |
$0 |
$300,000 |
$0 |
— |
Performing |
| TOTAL |
$11,488,940 |
$12,134,467 |
$300,072 |
$12,134,467 |
$1,040,808 |
— |
— |
Source: AppFolio IM • Appfolio Totals • As of Jan 31, 2026
Portfolio Performance — Yield & Status
| Investment | Yield / Return | Status | Key Constraint | OA Terms |
|---|
| FLDF — Fort Homes | 12% | Performing | Production scale-up | N/A (debt) |
| FLDF — Stream 10 | 10% | Performing | Diversification targets | N/A (debt) |
| Fort 5 & 6 | 10% | Performing | Deployment velocity | 10% pref, 50/50 |
| Fort Impact Fund | 7% | Performing | 10-year lifecycle | 7% pref |
| The Hotel Melrose | 7% | Stabilizing | Revenue vs. OpEx + debt svc | 7% pref, 80/20 |
| Fort 7 (JV) | JV Split | Performing | Project milestones | 8% pref, 90/10 |
| Fort 8 | — | Performing | Zero-debt model | 50/50 split |
Capital Stack — Balance Sheet (Jan 31, 2026)
| Entity | Total Assets | Total Debt | Total Equity | D/E | Working Capital | Cash |
|---|
| FHCAP | $1,293K | $1,158K | $136K | 8.5x | $579K | $10K |
| FLDF | $6,365K | $6,365K | $0 | N/A | $0 | $72K |
| THM | $4,289K | $5,450K | ($1,161K) | (4.7x) | ($553K) | $21K |
| FIF | $2,294K | $556K | $1,737K | 0.3x | ($331K) | $21K |
| Fort 6 | $2,182K | $1,093K | $1,089K | 1.0x | ($6K) | $5K |
| Fort 5 | $1,792K | $840K | $952K | 0.9x | $18K | $3K |
| Fort 8 | $914K | $3K | $911K | 0.0x | $145K | $146K |
| Fort 7 | $538K | $5K | $533K | 0.0x | $5K | $9K |
| CONSOLIDATED |
$19,668K |
$15,470K |
$4,198K |
3.7x |
($143K) |
$297K |
Source: Monthly Report Jan 2026 • Balance sheet data as of Jan 31, 2026
Income Statement — January 2026 Actuals
| Entity | Total Income | Total Expense | Net Ordinary | Other Exp | Net Income |
|---|
| FLDF | $76,175 | ($1,917) | $74,258 | $74,258 | $0 |
| THM | $15,496 | ($52,047) | ($49,150) | $3,253 | ($52,403) |
| FHCAP | $11,222 | ($11,344) | ($122) | $3,681 | ($3,803) |
| Fort 6 | $5,380 | ($5,938) | ($558) | $0 | ($558) |
| Fort 5 | $4,395 | ($4,357) | $38 | $496 | ($457) |
| FIF | $3,996 | ($5,439) | ($1,443) | $1,587 | ($3,030) |
| Fort 7 | $1,073 | ($776) | $297 | $0 | $297 |
| Fort 8 | $0 | ($689) | ($689) | $0 | ($689) |
| F5.6 (Dev) | $0 | ($1,940) | ($1,940) | $19,946 | ($21,887) |
| CONSOLIDATED |
$117,737 |
($84,447) |
$20,692 |
$103,221 |
($82,529) |
Source: Monthly Report Jan 2026 • Feb 2026 actuals not yet available
Cash Flow Statement — January 2026
| Entity | Begin Cash | Operating | Investing | Financing | Net Change | End Cash |
|---|
| F5.6 (Dev) | $257K | $21K | ($243K) | ($6K) | ($228K) | $29K |
| Fort 8 | $89K | $70K | ($14K) | $0 | $57K | $146K |
| FLDF | $77K | $20K | ($35K) | $10K | ($5K) | $72K |
| THM | $43K | ($63K) | $0 | $41K | ($22K) | $21K |
| FIF | $3K | ($7K) | $0 | $26K | $19K | $21K |
| Fort 7 | $11K | $1K | $0 | ($3K) | ($2K) | $9K |
| FHCAP | $6K | $4K | $0 | $0 | $4K | $10K |
| Fort 6 | $1K | ($2K) | $8K | ($2K) | $4K | $5K |
| Fort 5 | ($0.5K) | $0 | $4K | $0 | $4K | $3K |
| CONSOLIDATED |
$467K |
$44K |
($279K) |
$67K |
($169K) |
$297K |
F5.6 = Trails End construction draws ($243K deployed Jan) • THM required $41K financing inflow to stay afloat
FHCAP Manager P&L — January 2026
Asset Management Fees
$2,150
Net Income from FLDF
$7,000
Interest Income (Interco)
$2,072
Total Revenue
$11,222
G&A / Operating
($11,344)
Interest Paid (Financing)
($3,681)
Net Income
($3,803)
Payroll $9,007 • Software $2,134 • Cogdell note interest $3,681
Consolidated Cash Forecast — 2026
Master CF Model projections • Cash negative by May 2026 • Trails End sales (Aug+) expected reversal
Capital Inflows & Outflows (Weekly)
New Capital Committed/Wired
$0.00
Mandatory Outflows (14 day)
None Scheduled
As of Feb 16, 2026 • Needs weekly update from Thomas
Active Pipeline
Eric Branjord
$50,000 allocation → FLDF
Pipeline
No other pipeline entries
Check HubSpot Raise Engine tab
Needs Data
Investor Operations Status
AppFolio Migration — Complete. InvestNext cancelled.
Investor Query SLA — All within 24-hour window
Module Storage — 2 of 5 target leases signed
Compliance & Risk Check
Kill Switch — No known compliance risks
SEC Reporting — All obligations current
Investor Reporting — All obligations current
Issues, Risks & Decisions Required
THM Operating LossHIGH
($52,403) net loss Jan. Revenue $15.5K does not cover OpEx + debt service. Negative equity ($1.16M). Ended at $21K cash after $41K financing inflow.
Action: CEO review THM operating plan — RevPAR strategy, expense reduction, path to breakeven.
Consolidated Cash TrajectoryMEDIUM
Net cash dropped $169K in Jan ($467K → $297K). Model projects cash negative by May 2026. Trails End draws + THM losses primary drivers.
Action: Track monthly. TE home sales (Aug 2026+) are primary cash inflow reversal event.
Accrued Preferred Returns — $1.04MMEDIUM
No distributions from THM or FIF since inception. F5 accrued $158K, F6 accrued $330K. Investor communication needed.
Action: Proactive investor communications re: distribution timeline expectations.
Capital Raise Pacing vs. Q1 TargetMEDIUM
$0 raised Jan, ~$250K Feb. Q1 target $7.6M requires significant acceleration. Eric Branjord $50K in pipeline only.
Action: Activate capital raise strategy. Pipeline needs proactive push to hit March benchmark.
F5.6 Construction Draw FundingMEDIUM
$243K deployed to Trails End in Jan. Cash dropped $257K → $29K. Remaining construction budget requires FWT loan + FLDF bridge.
Action: Monitor draw schedule vs. budget. Ensure FWT and FLDF facilities remain available.
Compliance & SLAGREEN
No compliance risks. All SEC + investor reporting current. 24-hour SLA maintained. InvestNext cancelled, AppFolio live.
DATA FRESHNESS: Capital positions — AppFolio Jan 31, 2026 • Balance sheets — Jan 31, 2026 • Income/CF — Jan actuals • Cash forecast — Master CF Model
NEEDS UPDATE: Feb balance sheets • Feb income statement • Feb cash flow actuals • Weekly inflows/outflows • Pipeline entries from HubSpot