A strong foundation — building the next phase of growth
Six Peak enters mid-2026 from a position of strength: an active book of construction projects generating positive consolidated net income, a full pipeline, and a stabilized team. FY2026 figures fold in actuals through June 2026; FY2027 is the Base Case revenue peak. The fiscal year is the calendar year (Jan–Dec).
As a general contractor, project-to-project revenue transitions are normal. The awarded portfolio naturally rolls off — 5 of the in-place projects complete before FY2028 — creating the runway to win new work for 2028–2029. Four independent, combinable levers sustain the business through the cycle. The primary revenue engine remains GC projects, complemented by the pending Klump & Scott ED1 projects, the new HVN 3 development trio, and the Uplifters development-fee program.
Uplifters Foundation
60-property development-fee program led by Schuyler Dietz. No capital required. 10% SP overhead ($150K/yr cap), tiered bonus (40/45/50%). Adds $4.10M of net to Six Peak over its life.
Klump & Scott
Two ED1 projects nearing RTI, actively raising equity — now modeled at an October 2026 start. The projects add $2.66M to the 3-year consolidated NI.
HVN 3 Expansion
Dickens, Riverton & Moorpark — three GC + Developer projects totaling $45.1M GMP, starting Apr–Jun 2027. Adds $5.43M of incremental FY26–28 NI and extends cash into 2030.
Extended BD Pipeline
Third-party GC pipeline led by Tom Taggart under partner oversight (Chris Aiello, Bob Kennedy), building long-term developer relationships. Stats: $432.0M aggregate GMP, ~bimonthly signings Mar 2028 – Jan 2033; with Uplifters, generates $22.93M cumulative NI through FY2033.
Francis timing update — one month late, not two
The June update moves Francis — the largest in-place project at $42.8M GMP — to an August 2026 start: one month later than the original July 2026 plan, but one month earlier than the September start reported with the May actuals. The remaining one-month slip is a timing shift, not lost work — net income is recovered in FY2027–28 — and clawing back a month versus May is part of why FY2026 ticked up this cycle.
| FY2026 metric | Francis on-time (Jul) | Current (Aug start) | Impact |
|---|---|---|---|
| Consolidated Net Income | $688,720 | $525,570 | ($163,150) |
| GC Net Income | $1,619,557 | $1,456,407 | ($163,150) |
| Six Peak Net Income | ($930,837) | ($930,837) | — |
| Total Ending Cash | $1,417,726 | $1,262,733 | ($154,993) |
| Construction Billing | $53.2M | $52.1M | ($1.1M) |
Counterfactual computed from the live June Base Case model by resetting only Francis's start month (Aug → Jul) and recalculating; all other June actuals held constant. Six Peak net income is unaffected — Francis is a GC project — so the entire impact lands in GC net income. The May version of this analysis showed a ($328K) impact against a September start; pulling the start back to August roughly halves it.
Eleven modeled plans · outcomes at a glance
Each plan is a fully-built Excel model with actuals through June 2026 folded into the projection. The metrics on every card are cumulative across the FY2026–FY2033 horizon. The Base Case shows the awarded book running off; the Uplifters, Klump/Scott and new HVN 3 levers soften the near-term transition; the Extended and Breakeven BD plans are what turn the consolidated business cash-positive through 2033. Files are date-stamped (June 30, 2026) and tracked by date going forward; the models were last revised July 24, 2026 with a personnel roster and salary update (updated comp, one added field hire, two year-end departures).
$1.5M Steyn loan · rescheduled, paid in full by June 2028
A $1.5M principal-balance loan carrying ~$115K of accrued interest at the model start (April 2026 balance: $1,615,485). It accrues at a 15% annual rate (3.75% quarterly). The facility has been rescheduled from prior versions: payments now begin January 2027 and run as 18 fixed $112K monthly installments through June 2028 (prior versions started October 2026 at $130K/mo, paid off December 2027). Deferring the start eases 2026–27 cash; the longer term adds ~$110K of interest over the life.
| Month | Beginning Balance | Interest Accrual | Payment | Ending Balance |
|---|---|---|---|---|
| Apr 2026 | $1,615,485 | — | — | $1,615,485 |
| May 2026 | $1,615,485 | — | — | $1,615,485 |
| Jun 2026 | $1,615,485 | $60,581 | — | $1,676,066 |
| Jul 2026 | $1,676,066 | — | — | $1,676,066 |
| Aug 2026 | $1,676,066 | — | — | $1,676,066 |
| Sep 2026 | $1,676,066 | $62,852 | — | $1,738,918 |
| Oct 2026 | $1,738,918 | — | — | $1,738,918 |
| Nov 2026 | $1,738,918 | — | — | $1,738,918 |
| FY 2026 ends · $1,804,128 outstanding · no payments in 2026 (interest-only) | ||||
| Dec 2026 | $1,738,918 | $65,209 | — | $1,804,128 |
| Jan 2027 · 1st payment | $1,804,128 | — | ($112,000) | $1,692,128 |
| Feb 2027 | $1,692,128 | — | ($112,000) | $1,580,128 |
| Mar 2027 | $1,580,128 | $59,255 | ($112,000) | $1,527,382 |
| Apr 2027 | $1,527,382 | — | ($112,000) | $1,415,382 |
| May 2027 | $1,415,382 | — | ($112,000) | $1,303,382 |
| Jun 2027 | $1,303,382 | $48,877 | ($112,000) | $1,240,259 |
| Jul 2027 | $1,240,259 | — | ($112,000) | $1,128,259 |
| Aug 2027 | $1,128,259 | — | ($112,000) | $1,016,259 |
| Sep 2027 | $1,016,259 | $38,110 | ($112,000) | $942,369 |
| Oct 2027 | $942,369 | — | ($112,000) | $830,369 |
| Nov 2027 | $830,369 | — | ($112,000) | $718,369 |
| FY 2027 ends · $633,308 outstanding | ||||
| Dec 2027 | $718,369 | $26,939 | ($112,000) | $633,308 |
| Jan 2028 | $633,308 | — | ($112,000) | $521,308 |
| Feb 2028 | $521,308 | — | ($112,000) | $409,308 |
| Mar 2028 | $409,308 | $15,349 | ($112,000) | $312,657 |
| Apr 2028 | $312,657 | — | ($112,000) | $200,657 |
| May 2028 | $200,657 | — | ($112,000) | $88,657 |
| Jun 2028 · payoff | $88,657 | $3,325 | ($91,981) | $0 |
| Total · 18 payments | — | $380,497 interest | ($1,995,981) | $0 |
Base Case vs. Uplifters vs. Klump/Scott
The three primary plans through the 2026–2028 transition. All are profitable in 2026 and 2027; the differences show up in 2028 and in how long cash stays positive. Extended/Breakeven BD plans run a different horizon — see Section 06.
| Plan | FY 2026 | FY 2027 | FY 2028 |
|---|---|---|---|
| Consolidated Net Income | |||
| Base Case | $525,570 | $471,288 | ($837,502) |
| Base Case + Uplifters | $525,570 | $969,697 | $1,012,815 |
| Base Case + Klump/Scott | $1,050,331 | $1,992,322 | ($227,422) |
| Total Ending Cash | |||
| Base Case | $1,262,733 | $603,475 | ($977,009) |
| Base Case + Uplifters | $1,262,733 | $1,101,884 | $1,371,717 |
| Base Case + Klump/Scott | $1,571,049 | $2,120,984 | $1,178,865 |
Base Case + Klump/Scott includes ~$1.5M of preferred equity to fully capitalize the two ED1 projects (nearing RTI, actively raising that equity), modeled at a 15% cost-of-capital placeholder repaid from project cash flows — the cash figures reflect that repayment. Klump & Scott are not bonded, so they carry no bonding impact.
| Plan | FY 2026 | FY 2027 | FY 2028 | 3-Year Total |
|---|---|---|---|---|
| Base Case | $525,570 | $471,288 | ($837,502) | $159,356 |
| + Uplifters | +$0 | +$498,409 | +$1,850,318 | +$2,348,727 |
| + Klump/Scott | +$524,761 | +$1,521,034 | +$610,080 | +$2,655,875 |
Sustained BD · 27 deals · $432.0M aggregate GMP
The Extended BD plans model Tom Taggart's third-party GC pipeline — sourced and closed under partner oversight from Chris Aiello (principal) and Bob Kennedy (legal & deal closing) — across the full FY2026–FY2033 horizon. Each deal targets LA multifamily, ~$15–18M GMP. Bonding revenue and costs are modeled neutral in aggregate from FY2029, preserving the marginal NI rate.
| $ in millions | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | Cum. |
|---|---|---|---|---|---|---|---|---|---|
| Base Case (ref) | $0.53M | $0.47M | ($0.84M) | ($3.10M) | ($5.46M) | ($7.44M) | ($7.40M) | ($6.31M) | ($29.55M) |
| + Breakeven BD (17 deals) | $0.53M | $0.47M | ($0.60M) | $0.57M | $0.19M | $0.26M | ($0.08M) | $0.15M | $1.48M |
| + Extended BD (27 deals) | $0.53M | $0.47M | $0.86M | $3.20M | $4.20M | $3.66M | $3.75M | $2.17M | $18.83M |
| + Uplifters + Extended BD | $0.53M | $0.97M | $2.71M | $4.25M | $4.67M | $3.89M | $3.75M | $2.17M | $22.93M |
| Swing: Full vs. Base | +$0.00M | +$0.50M | +$3.54M | +$7.35M | +$10.13M | +$11.33M | +$11.15M | +$8.49M | +$52.48M |
FY2034 is a wind-down tail beyond the pipeline and is excluded from the cumulative columns above. Breakeven BD sizes the pipeline so consolidated NI stays within roughly ±$0.7M of zero each year FY28–FY33; its total cash dips negative during FY2028 before recovering by year-end FY2029.
The in-place book runs through ~FY2028. From there, BD decides whether the line holds at the Breakeven floor (17 signings from Oct 2028) or hits the Extended target (27 signings, ~bimonthly from Mar 2028). The earlier, denser Extended ramp is the difference between consolidated NI in the $3–4M range and NI hovering near zero.
11 active GC projects
Oct 2028 → Jan 2033 · $279.0M GMP
Mar 2028 → Jan 2033 · $432.0M GMP
| Engine | Lead & oversight | Scope | Contribution |
|---|---|---|---|
| BD Pipeline | Tom Taggart Oversight: C. Aiello, B. Kennedy | 27 third-party GC contracts, ~$15–18M GMP each | $432.0M GMP · bonding neutral in aggregate |
| Uplifters Foundation | Schuyler Dietz | 60 SFR properties over 5 yrs (Jan 2027–Dec 2031) | $4.10M SP net dev-fee revenue |
| Developer Portfolio | Derek Sanders | Francis, Reseda, 3rd Street, Ramsgate | LIHTC + developer fees (mostly post-2033) |
60 properties · $4.10M net to Six Peak · no construction risk
Six Peak can run the Uplifters Foundation development program — 60 single-family residential properties generating fee revenue from acquisition, development management, leasing, and exit over five years (Jan 2027 – Dec 2031). Six Peak does not perform the construction; it earns a 10% overhead fee plus a share of net income.
| Line item | FY 2027 | FY 2028 | FY 2029 | FY 2030 | FY 2031 | Total |
|---|---|---|---|---|---|---|
| Total Fee Revenue | $1,084,382 | $3,698,017 | $2,427,299 | $1,369,332 | $430,635 | $9,009,665 |
| Staffing Cost | ($202,088) | ($397,927) | ($450,012) | ($450,012) | $0 | ($1,500,039) |
| Other OpEx | ($114,000) | ($114,000) | ($114,000) | ($114,000) | $0 | ($456,000) |
| Net Fee Income | $768,294 | $3,186,090 | $1,863,287 | $805,320 | $430,635 | $7,053,626 |
| SP Overhead Fee (10%, $150K cap) | $93,582 | $150,000 | $148,450 | $136,933 | $34,227 | $563,193 |
| Net Before Bonus | $674,712 | $3,036,090 | $1,714,837 | $668,387 | $396,407 | $6,490,433 |
| Schuyler Bonus (40/45/50%) | $269,885 | $1,335,773 | $813,611 | $334,194 | $198,204 | $2,951,666 |
| Total to Six Peak | $498,409 | $1,850,318 | $1,049,676 | $471,127 | $232,431 | $4,101,960 |
The awarded construction portfolio
The in-place book underpinning the Base Case, refreshed to the June draw-sheet backlogs — Francis, Lexington and Denny now start August 2026 and Acama September 2026. Klump and Scott are pending ED1 projects modeled at an October 2026 start (Klump/Scott plans only); Dickens, Riverton and Moorpark are the HVN 3 trio (HVN 3 plans only). Extended and Breakeven BD plans layer additional third-party contracts on top (Section 06).
| Project | GMP | Type | Start | End | Status |
|---|---|---|---|---|---|
| Crenshaw | $7,126,075 | GC + Dev | Apr 2026 | Nov 2026 | Completes before FY2028 |
| Ramsgate | $20,176,449 | GC + Dev | Apr 2026 | Jul 2027 | Completes before FY2028 |
| Califa | $11,929,880 | 3rd Party GC | Apr 2026 | Jun 2027 | Completes before FY2028 |
| Whipple | $14,427,884 | 3rd Party GC | Apr 2026 | Jun 2027 | Completes before FY2028 |
| Nelrose | $3,623,245 | 3rd Party GC | Apr 2026 | Oct 2027 | Completes before FY2028 |
| Francis | $42,794,765 | GC + Dev | Aug 2026 | Jan 2029 | Active into FY2028+ |
| Lexington | $12,993,776 | 3rd Party GC | Aug 2026 | Feb 2028 | Active into FY2028+ |
| Denny | $14,337,011 | 3rd Party GC | Aug 2026 | Jan 2029 | Active into FY2028+ |
| Acama | $21,263,405 | 3rd Party GC | Sep 2026 | Aug 2028 | Active into FY2028+ |
| Klump | $9,577,109 | GC + Dev | Oct 2026 | Apr 2028 | Pending — in Klump/Scott plans |
| Scott | $7,545,203 | GC + Dev | Oct 2026 | Apr 2028 | Pending — in Klump/Scott plans |
| Dickens | $15,316,015 | GC + Dev | Apr 2027 | Oct 2028 | Pending — in HVN 3 plans |
| Riverton | $11,317,385 | GC + Dev | May 2027 | Nov 2028 | Pending — in HVN 3 plans |
| Moorpark | $18,442,769 | GC + Dev | Jun 2027 | Dec 2028 | Pending — in HVN 3 plans |
| Reseda | $45,266,770 | GC + Dev | Apr 2027 | Sep 2029 | Active into FY2028+ |
| 3rd St | $41,354,632 | GC + Dev | Jun 2028 | Nov 2030 | Active into FY2028+ |
GMP values reflect remaining contract balances from the June draw sheets — Crenshaw, Ramsgate, Califa, Whipple, and Nelrose are under construction; Francis, Lexington and Denny were trued up this cycle ($42.79M / $12.99M / $14.34M). Reseda ($45.3M, Apr 2027 start) is not yet funded; see the FY2027 risk note in Section 01. Dickens, Riverton and Moorpark ($45.1M combined) appear only in the HVN 3 plans.
Appendix & supporting detail
Drill-down tables behind the headline numbers. All figures pulled from the live models (June 30, 2026 snapshot). Extended/Breakeven BD detail is in Section 06.
Net income & cash — all plans (FY2026–FY2029)
| FY 2026 | FY 2027 | FY 2028 | FY 2029 | |
|---|---|---|---|---|
| Consolidated Net Income | ||||
| Base Case | $525,570 | $471,288 | ($837,502) | ($3,097,067) |
| + Uplifters | $525,570 | $969,697 | $1,012,815 | ($2,047,391) |
| + Klump/Scott | $1,050,331 | $1,992,322 | ($227,422) | ($3,097,067) |
| + HVN 3 | $525,570 | $2,623,173 | $2,437,378 | ($3,097,067) |
| + HVN 3 + Uplifters | $525,570 | $3,121,582 | $4,287,696 | ($2,047,391) |
| + HVN 3 + Klump/Scott | $1,050,331 | $4,144,207 | $3,047,458 | ($3,097,067) |
| + HVN 3 + K/S + Uplifters | $1,050,331 | $4,642,616 | $4,897,776 | ($2,047,391) |
| + Extended BD | $525,570 | $471,288 | $855,863 | $3,199,953 |
| + Uplifters + Extended BD | $525,570 | $969,697 | $2,706,180 | $4,249,628 |
| + Breakeven BD | $525,570 | $471,288 | ($604,122) | $567,749 |
| + Uplifters + Breakeven BD | $525,570 | $969,697 | $1,246,195 | $1,617,425 |
| Total Ending Cash | ||||
| Base Case | $1,262,733 | $603,475 | ($977,009) | ($2,902,058) |
| + Uplifters | $1,262,733 | $1,101,884 | $1,371,717 | $246,344 |
| + Klump/Scott | $1,571,049 | $2,120,984 | $1,178,865 | ($746,184) |
| + HVN 3 | $1,262,733 | $2,118,656 | $3,655,772 | $2,024,707 |
| + HVN 3 + Uplifters | $1,262,733 | $2,617,065 | $6,004,498 | $5,423,109 |
| + HVN 3 + Klump/Scott | $1,571,049 | $3,636,165 | $6,061,646 | $4,430,581 |
| + HVN 3 + K/S + Uplifters | $1,571,049 | $4,134,574 | $8,410,372 | $7,828,984 |
| + Extended BD | $1,262,733 | $603,475 | $97,847 | $3,287,456 |
| + Uplifters + Extended BD | $1,262,733 | $1,101,884 | $2,446,573 | $6,435,859 |
| + Breakeven BD | $1,262,733 | $603,475 | ($933,245) | $18,262 |
| + Uplifters + Breakeven BD | $1,262,733 | $1,101,884 | $1,415,481 | $3,166,665 |
| GC Net Income | ||||
| Base Case | $1,456,407 | $815,101 | $9,848 | ($2,048,294) |
| + Uplifters | $1,456,407 | $815,101 | $9,848 | ($2,048,294) |
| + Klump/Scott | $1,765,613 | $2,051,924 | $525,191 | ($2,048,294) |
| + HVN 3 | $1,456,407 | $2,966,985 | $3,284,729 | ($2,048,294) |
| + HVN 3 + Uplifters | $1,456,407 | $2,966,985 | $3,284,729 | ($2,048,294) |
| + HVN 3 + Klump/Scott | $1,765,613 | $4,203,809 | $3,800,072 | ($2,048,294) |
| + HVN 3 + K/S + Uplifters | $1,765,613 | $4,203,809 | $3,800,072 | ($2,048,294) |
| + Extended BD | $1,456,407 | $815,101 | $1,703,213 | $4,248,726 |
| + Uplifters + Extended BD | $1,456,407 | $815,101 | $1,703,213 | $4,248,726 |
| + Breakeven BD | $1,456,407 | $815,101 | $243,228 | $1,616,523 |
| + Uplifters + Breakeven BD | $1,456,407 | $815,101 | $243,228 | $1,616,523 |
Uplifters affects Six Peak revenue only, so an Uplifters-on/off pairing (e.g. Base vs. + Uplifters, or + Extended BD vs. + Uplifters + Extended BD) shows identical GC Net Income; the differences land in Consolidated NI and Total Ending Cash.
Bonding & PIK (Base Case, FY2026–FY2029)
| FY 2026 | FY 2027 | FY 2028 | FY 2029 | |
|---|---|---|---|---|
| Bonding Outstanding | $86,032,874 | $52,993,543 | $45,500,358 | $13,258,585 |
| Investment Capital Outstanding (PIK) | $2,378,400 | $1,714,451 | $1,035,129 | $1,199,352 |
All primary plans share the same bonding profile (Klump & Scott are not bonded). Extended/Breakeven BD assume bonding revenue and costs net to zero in aggregate from FY2029. PIK (Investment Capital Outstanding) accrues at 15% annually and is repaid from LIHTC cash flows.
Steyn debt facility
$1.5M loan, 15% annual (3.75%/qtr), rescheduled: 18 payments of $112K/mo from Jan 2027, paid off Jun 2028. Total interest $0.38M. Full month-by-month schedule in Section 04.