Operating period as of Jan 2031, month 48 of the worked example. Pages before close run at the raise, in 2026.

Cap table

Sample

Every capital account in the deal, as of Jan 2031 (month 48). Closed Jan 2027.

Every investor is a sample entity, named from the sample indications. Commitments scale those indications to fill the raise; every figure is the deal's own simulation at each account's share.

This quarter's report (sample)

Investors: 10; Including the sponsor and Apolis
Total commitment: $18.27M; $18,266,779.33, the deal's equity
Contributed: $18.27M; Fully called$18,266,779.33 in two calls; Unfunded $0.00
Distributed · posted: $1.31M; $1,313,177.08 through Jan 2031

Accounts

Distributed and net invested are posted records only.

Sample Sponsor LLCSponsor
$548,045.01
Ownership 3.00%Distributed $39,398.30
Sample Family Office LLCFamily office
$500,000.00
Ownership 2.74%Distributed $35,944.41
Sample Pension Advisors LPInstitution
$4,254,906.84
Ownership 23.29%Distributed $305,880.20
Sample Capital Partners LLCFamily office
$3,782,139.41
Ownership 20.71%Distributed $271,893.51
Sample Insurance Holdings LLCInstitution
$3,309,371.98
Ownership 18.12%Distributed $237,906.82
Sample Physician Group LLCIndividuals, pooled
$2,363,837.13
Ownership 12.94%Distributed $169,933.44
Sample University Associates LPInstitution
$1,891,069.71
Ownership 10.35%Distributed $135,946.76
Sample Wealth Management LLCInstitution
$1,418,302.28
Ownership 7.76%Distributed $101,960.07
Sample Individual InvestorIndividual
$189,106.97
Ownership 1.04%Distributed $13,594.68
Apolis (placement fee reinvested)Fee reinvestedApolis
$10,000.00
Ownership 0.05%Distributed $718.89

Cap table: every capital account with commitment, ownership, contributions, distributions and net invested
Investor	Type	Commitment	Ownership	Contributed	Distributed	Net invested after distributions
Sample Sponsor LLCSponsor	Sponsor	$548,045.01	Ownership 3.00%	$548,045.01	Distributed $39,398.30	$508,646.71
Sample Family Office LLCFamily office	Family office	$500,000.00	Ownership 2.74%	$500,000.00	Distributed $35,944.41	$464,055.59
Sample Pension Advisors LPInstitution	Institution	$4,254,906.84	Ownership 23.29%	$4,254,906.84	Distributed $305,880.20	$3,949,026.64
Sample Capital Partners LLCFamily office	Family office	$3,782,139.41	Ownership 20.71%	$3,782,139.41	Distributed $271,893.51	$3,510,245.90
Sample Insurance Holdings LLCInstitution	Institution	$3,309,371.98	Ownership 18.12%	$3,309,371.98	Distributed $237,906.82	$3,071,465.16
Sample Physician Group LLCIndividuals, pooled	Individuals, pooled	$2,363,837.13	Ownership 12.94%	$2,363,837.13	Distributed $169,933.44	$2,193,903.69
Sample University Associates LPInstitution	Institution	$1,891,069.71	Ownership 10.35%	$1,891,069.71	Distributed $135,946.76	$1,755,122.95
Sample Wealth Management LLCInstitution	Institution	$1,418,302.28	Ownership 7.76%	$1,418,302.28	Distributed $101,960.07	$1,316,342.21
Sample Individual InvestorIndividual	Individual	$189,106.97	Ownership 1.04%	$189,106.97	Distributed $13,594.68	$175,512.29
Apolis (placement fee reinvested)Fee reinvestedApolis	Apolis	$10,000.00	Ownership 0.05%	$10,000.00	Distributed $718.89	$9,281.11
Total		$18,266,779.33	100.00%	$18,266,779.33	$1,313,177.08	$16,953,602.25

Sample Sponsor LLC

Sponsor, 3.00% of equity, as of Jan 2031

Type: Sponsor
Commitment: $548,045.01
Ownership: 3.0002%
Contributed: $548,045.01
Distributed to date: $39,398.30
Net invested after distributions: $508,646.71
Unfunded: $0.00
Projected distributions after this date: $1,430,510.58

The sponsor's co-investment, pari passu with investors inside the waterfall's investor share. The promote is separate and is not a capital account.

Ledger

Dated ledger for Sample Sponsor LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$398,192.35Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$149,852.66Posted
Jan 2031	DistributionPreferred return	$39,398.30Posted
Jan 2032	DistributionPreferred return	$42,163.90Projected
Feb 2032	DistributionCapital returned at the refinance	$442,310.32Projected
Jan 2034	DistributionPreferred return	$24,443.08Projected
Jan 2035	DistributionPreferred return	$27,421.33Projected
Jan 2036	DistributionPreferred return	$30,474.04Projected
Jan 2037	DistributionSale proceeds, profit split	$863,697.91Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Family Office LLC

Family office, 2.74% of equity, as of Jan 2031

Type: Family office
Commitment: $500,000.00
Ownership: 2.7372%
Contributed: $500,000.00
Distributed to date: $35,944.41
Net invested after distributions: $464,055.59
Unfunded: $0.00
Projected distributions after this date: $1,305,103.19

Open the full capital account (the statement this investor sees, with documents)

Ledger

Dated ledger for Sample Family Office LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$363,284.35Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$136,715.65Posted
Jan 2031	DistributionPreferred return	$35,944.41Posted
Jan 2032	DistributionPreferred return	$38,467.55Projected
Feb 2032	DistributionCapital returned at the refinance	$403,534.67Projected
Jan 2034	DistributionPreferred return	$22,300.25Projected
Jan 2035	DistributionPreferred return	$25,017.40Projected
Jan 2036	DistributionPreferred return	$27,802.50Projected
Jan 2037	DistributionSale proceeds, profit split	$787,980.82Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Pension Advisors LP

Institution, 23.29% of equity, as of Jan 2031

Type: Institution
Commitment: $4,254,906.84
Ownership: 23.2931%
Contributed: $4,254,906.84
Distributed to date: $305,880.20
Net invested after distributions: $3,949,026.64
Unfunded: $0.00
Projected distributions after this date: $11,106,185.01

Ledger

Dated ledger for Sample Pension Advisors LP
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$3,091,482.13Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$1,163,424.71Posted
Jan 2031	DistributionPreferred return	$305,880.20Posted
Jan 2032	DistributionPreferred return	$327,351.68Projected
Feb 2032	DistributionCapital returned at the refinance	$3,434,004.86Projected
Jan 2034	DistributionPreferred return	$189,770.97Projected
Jan 2035	DistributionPreferred return	$212,893.46Projected
Jan 2036	DistributionPreferred return	$236,594.09Projected
Jan 2037	DistributionSale proceeds, profit split	$6,705,569.95Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Capital Partners LLC

Family office, 20.71% of equity, as of Jan 2031

Type: Family office
Commitment: $3,782,139.41
Ownership: 20.7050%
Contributed: $3,782,139.41
Distributed to date: $271,893.51
Net invested after distributions: $3,510,245.90
Unfunded: $0.00
Projected distributions after this date: $9,872,164.47

Ledger

Dated ledger for Sample Capital Partners LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$2,747,984.11Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$1,034,155.30Posted
Jan 2031	DistributionPreferred return	$271,893.51Posted
Jan 2032	DistributionPreferred return	$290,979.28Projected
Feb 2032	DistributionCapital returned at the refinance	$3,052,448.76Projected
Jan 2034	DistributionPreferred return	$168,685.31Projected
Jan 2035	DistributionPreferred return	$189,238.64Projected
Jan 2036	DistributionPreferred return	$210,305.86Projected
Jan 2037	DistributionSale proceeds, profit split	$5,960,506.62Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Insurance Holdings LLC

Institution, 18.12% of equity, as of Jan 2031

Type: Institution
Commitment: $3,309,371.98
Ownership: 18.1169%
Contributed: $3,309,371.98
Distributed to date: $237,906.82
Net invested after distributions: $3,071,465.16
Unfunded: $0.00
Projected distributions after this date: $8,638,143.91

Ledger

Dated ledger for Sample Insurance Holdings LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$2,404,486.09Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$904,885.89Posted
Jan 2031	DistributionPreferred return	$237,906.82Posted
Jan 2032	DistributionPreferred return	$254,606.87Projected
Feb 2032	DistributionCapital returned at the refinance	$2,670,892.66Projected
Jan 2034	DistributionPreferred return	$147,599.65Projected
Jan 2035	DistributionPreferred return	$165,583.81Projected
Jan 2036	DistributionPreferred return	$184,017.63Projected
Jan 2037	DistributionSale proceeds, profit split	$5,215,443.29Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Physician Group LLC

Individuals, pooled, 12.94% of equity, as of Jan 2031

Type: Individuals, pooled
Commitment: $2,363,837.13
Ownership: 12.9406%
Contributed: $2,363,837.13
Distributed to date: $169,933.44
Net invested after distributions: $2,193,903.69
Unfunded: $0.00
Projected distributions after this date: $6,170,102.79

Ledger

Dated ledger for Sample Physician Group LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$1,717,490.07Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$646,347.06Posted
Jan 2031	DistributionPreferred return	$169,933.44Posted
Jan 2032	DistributionPreferred return	$181,862.05Projected
Feb 2032	DistributionCapital returned at the refinance	$1,907,780.47Projected
Jan 2034	DistributionPreferred return	$105,428.32Projected
Jan 2035	DistributionPreferred return	$118,274.15Projected
Jan 2036	DistributionPreferred return	$131,441.16Projected
Jan 2037	DistributionSale proceeds, profit split	$3,725,316.64Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample University Associates LP

Institution, 10.35% of equity, as of Jan 2031

Type: Institution
Commitment: $1,891,069.71
Ownership: 10.3525%
Contributed: $1,891,069.71
Distributed to date: $135,946.76
Net invested after distributions: $1,755,122.95
Unfunded: $0.00
Projected distributions after this date: $4,936,082.24

Ledger

Dated ledger for Sample University Associates LP
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$1,373,992.06Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$517,077.65Posted
Jan 2031	DistributionPreferred return	$135,946.76Posted
Jan 2032	DistributionPreferred return	$145,489.64Projected
Feb 2032	DistributionCapital returned at the refinance	$1,526,224.38Projected
Jan 2034	DistributionPreferred return	$84,342.65Projected
Jan 2035	DistributionPreferred return	$94,619.32Projected
Jan 2036	DistributionPreferred return	$105,152.93Projected
Jan 2037	DistributionSale proceeds, profit split	$2,980,253.32Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Wealth Management LLC

Institution, 7.76% of equity, as of Jan 2031

Type: Institution
Commitment: $1,418,302.28
Ownership: 7.7644%
Contributed: $1,418,302.28
Distributed to date: $101,960.07
Net invested after distributions: $1,316,342.21
Unfunded: $0.00
Projected distributions after this date: $3,702,061.68

Ledger

Dated ledger for Sample Wealth Management LLC
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$1,030,494.04Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$387,808.24Posted
Jan 2031	DistributionPreferred return	$101,960.07Posted
Jan 2032	DistributionPreferred return	$109,117.23Projected
Feb 2032	DistributionCapital returned at the refinance	$1,144,668.29Projected
Jan 2034	DistributionPreferred return	$63,256.99Projected
Jan 2035	DistributionPreferred return	$70,964.49Projected
Jan 2036	DistributionPreferred return	$78,864.70Projected
Jan 2037	DistributionSale proceeds, profit split	$2,235,189.98Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Sample Individual Investor

Individual, 1.04% of equity, as of Jan 2031

Type: Individual
Commitment: $189,106.97
Ownership: 1.0353%
Contributed: $189,106.97
Distributed to date: $13,594.68
Net invested after distributions: $175,512.29
Unfunded: $0.00
Projected distributions after this date: $493,608.22

Ledger

Dated ledger for Sample Individual Investor
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$137,399.21Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$51,707.76Posted
Jan 2031	DistributionPreferred return	$13,594.68Posted
Jan 2032	DistributionPreferred return	$14,548.96Projected
Feb 2032	DistributionCapital returned at the refinance	$152,622.44Projected
Jan 2034	DistributionPreferred return	$8,434.27Projected
Jan 2035	DistributionPreferred return	$9,461.93Projected
Jan 2036	DistributionPreferred return	$10,515.29Projected
Jan 2037	DistributionSale proceeds, profit split	$298,025.33Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

Apolis (placement fee reinvested)

Apolis, 0.05% of equity, as of Jan 2031

Type: Apolis
Commitment: $10,000.00
Ownership: 0.0547%
Contributed: $10,000.00
Distributed to date: $718.89
Net invested after distributions: $9,281.11
Unfunded: $0.00
Projected distributions after this date: $26,102.06

Related party: Apolis formats this deal and holds this position, in the same class and economics as every other investor. Final structure subject to legal documentation.

Ledger

Dated ledger for Apolis (placement fee reinvested)
Date	Entry	Amount, status
Jan 2027	ContributionCapital call, land and early construction draws	$7,265.69Posted
Feb 2028	ContributionCapital call, remaining equity drawn	$2,734.31Posted
Jan 2031	DistributionPreferred return	$718.89Posted
Jan 2032	DistributionPreferred return	$769.35Projected
Feb 2032	DistributionCapital returned at the refinance	$8,070.69Projected
Jan 2034	DistributionPreferred return	$446.00Projected
Jan 2035	DistributionPreferred return	$500.35Projected
Jan 2036	DistributionPreferred return	$556.05Projected
Jan 2037	DistributionSale proceeds, profit split	$15,759.62Projected

Rows dated after Jan 2031 are the plan, not records. Amounts are always positive; the type carries the direction.

How the cap table is built shares, allocation, dates

Each account is its commitment over the deal's equity, applied to the two capital calls and to every year's investor distributions in the simulated waterfall. All equity, the sponsor's co-investment included, is pari passu inside the investor share.

Every call and every distribution ties across the accounts to the deal amount, to the cent. Rounding is by largest remainder, so no account sits more than a cent from its exact share, and each account's two calls sum to its commitment.

Dates follow the deal schedule: closing in Jan 2027, calls in the month equity is first drawn each construction year, distributions at each year end, at the refinance and at the sale.

The page records capital events after the fact. It never moves money, and a posted entry is never edited: a correction posts as a new entry. The deal page shows how each year's distribution splits by tier.

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Investor

Open their capital account