“Where do we stand?”shouldn’t take hours to answer.

Revenue

$15.3M

NOI

$8.8M

Cash flow

$2.6M

Debt

$59.1M

NAV

$45.2M

LTV

56.7%

Every entity consolidated to one P&L and one balance sheet, as of the last sync.

Computed from the ledger · 12 entities · trailing twelve months

57.7% margin on $15.3M revenue. Two entities close in June, so this holds all twelve to a common cutoff.

Computed from the ledger · 12 entities · trailing twelve months

• Third-party$59.1M
• Between your own entities$6.4M

$65.5M on the books. $6.4M of it is notes between your own LLCs, which is not debt to anyone else — so it is left out.

Computed from the ledger · 12 entities · trailing twelve months

• Keowee Electrical SupplyNov 2026SPC Pelham Distribution38,000 SF
• Two Pines TaqueriaJan 2027SPC Market Square Retail2,800 SF
• Latch & Gable ArchitectsAug 2027SPC Poinsett Tower9,800 SF

Read from the signed leases and their amendments, not from a spreadsheet. Four more extracted leases, 65,800 SF, are in the review queue and count for nothing until someone signs them off.

Computed from the ledger · 12 entities · trailing twelve months

$8.8M NOI ÷ 6.0% = $146.7M implied value, less $59.1M of third-party debt. Change the cap and the number moves.

Computed from the ledger · 12 entities · trailing twelve months

The $190K gap is mostly SPC Market Square Retail, where two leases cap CAM at 4% a year.

Computed from the ledger · 12 entities · trailing twelve months

SPC Laurens Road Medical

NOI margin 31% against 58% for the portfolio

22% vacant since the dermatology suite left. At the portfolio margin it would earn $412K more a year.

Computed from the ledger · 12 entities · trailing twelve months

Unencumbered NOI of $3.0M ÷ 1.20 = $2.5M a year of debt service, which carries $25.0M at 6% over 15 years. Entities already carrying a loan are left out.

Computed from the ledger · 12 entities · trailing twelve months