01 · Executive Summary · Current as of May 25, 2026

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 Q1 2026 actuals; FY2027 is the Base Case revenue peak. The fiscal year is the calendar year (Jan–Dec).

FY 2026Full calendar year · Q1 actuals + Q2–Q4 projection

Total Revenue · Consolidated

$7.70M

GC $7.23M · SP $0.47M

Total Expenses · Consolidated

($6.36M)

GC ($4.91M) · SP ($1.45M)

Net Income · Consolidated

$1.34M

GC $2.31M · SP ($0.97M)

Construction Billing

$58.8M

FY 2026 throughput

Beginning Cash

$1.26M

LV $1.03M · SP $0.24M

Ending Cash

$2.84M

LV $3.44M · SP ($0.60M)

Bonding Outstanding

$90.2M

Year-end balance

Active Scenario

Base Case

View Annual Summary ↗

FY 2027First full year · Base Case revenue peak · contingent on new project starts

What it takes to hit the FY 2027 numbers: The $87.4M of construction billing assumes new projects step in as the FY 2026 book draws down. The largest single contract starting in FY 2027 is Reseda — a $45.3M GMP starting April 2027, which is not yet funded. Reseda is the single biggest in-FY27 contributor and the largest gating item to landing the FY 2027 numbers; if its financing slips, revenue, GC NI, and ending cash all step down materially.

Total Revenue · Consolidated

$8.70M

GC $8.39M · SP $0.31M

Total Expenses · Consolidated

($7.42M)

GC ($6.47M) · SP ($0.95M)

Net Income · Consolidated

$1.28M

GC $1.92M · SP ($0.64M)

Construction Billing

$87.4M

FY 2027 throughput · peak

Beginning Cash

$2.84M

Roll-forward from FY 2026

Ending Cash

$2.38M

LV $5.36M · SP ($2.98M)

Bonding Outstanding

$56.5M

Drawing down as projects close

Steyn Debt Payoff

Dec 2027

Final payment · see Section 06

Read of FY26 → FY27: Consolidated net income holds near $1.34M → $1.28M as construction billing ramps from $58.8M to $87.4M. The GC carries the year ($1.92M in FY27), offset by Six Peak corporate overhead (($0.64M)). Bonding outstanding falls from $90.2M to $56.5M as in-flight projects close, and the Steyn debt is fully paid off in December 2027.

Sustainability levers — maintaining revenue through the transition

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. Three independent, combinable levers sustain the business through the cycle. The primary revenue engine remains GC projects, complemented by the two pending Klump & Scott ED1 projects and the Uplifters development-fee program.

Lever 1

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.

Lever 2

Klump & Scott

Two ED1 projects nearing RTI, actively raising equity to fully capitalize the project. The projects add $1.83M to the 3-year consolidated NI.

Lever 3

Extended BD Pipeline

Third-party GC pipeline led by Tom Taggart under partner oversight (Chris Aiello, Bob Kennedy), focused on establishing long-term developer relationships to sustainably source LV's construction pipeline. Stats: $432.0M aggregate GMP, ~bimonthly signings Mar 2028 – Jan 2033; with Uplifters, generates $22.94M cumulative NI through FY2033.

The path from Base to Peak

Base Case · 3-yr NI (FY26–28)

$2.21M

Current book runs off

+ Uplifters · 3-yr NI

$4.56M

Dev-fee program

+ Klump/Scott · 3-yr NI

$4.04M

Two pending projects with no capital at risk

+ Uplifters + Ext BD · FY26–33

$22.94M

+$52.61M vs. Base

The full growth plan (Base Case + Uplifters + Extended BD) generates $22.94M cumulative consolidated NI through FY2033 — a $52.61M swing versus the Base Case at ($29.67M). The swing is driven by GC fee revenue from a sustained third-party GC pipeline ($432.0M aggregate GMP, built on long-term developer relationships) paired with the Uplifters development-fee program, with bonding revenue and costs modeled as neutral in aggregate from FY2029.

Note on LIHTC: Under the current rate and tax-credit environment, the Steyn cost of capital captures most early LIHTC distributions. Through 2033 the LIHTC strategy is effectively a conduit for GC revenue — net contribution inside the modeled window is roughly zero, with the meaningful development-fee income landing after 2033. This argues for investing further in the GC platform until capital markets shift.

02 · Plans & Files

Seven modeled plans · outcomes at a glance

Each plan is a fully-built Excel model with Q1 2026 actuals 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 and Klump/Scott 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 (May 25, 2026) and tracked by date going forward.

Primary plans

Base Case (In-Place)

The awarded book runs off through FY2029 — without new work, consolidated NI turns negative in FY2028 and total cash goes negative by July 2029.

Projects11

Total Revenue$34.6M

Consolidated NI($29.7M)

Construction Billing$244M

↓ Download .xlsx

Base Case + Uplifters

Layering the Uplifters development-fee program onto the Base Case lifts Six Peak income and pushes the cash shortfall out to March 2030, but the GC book still rolls off.

Projects11

Total Revenue$38.7M

Consolidated NI($25.6M)

Construction Billing$244M

↓ Download .xlsx

Base Case + Klump/Scott

Two ED1 projects nearing RTI, actively raising equity to fully capitalize — they add roughly $1.8M of 2026–28 NI and stretch cash to December 2029.

Projects13

Total Revenue$37.6M

Consolidated NI($27.8M)

Construction Billing$261M

↓ Download .xlsx

Extended & Breakeven BD plans (FY2026–FY2033)

Base Case + Extended BD

A sustained BD pipeline of long-term developer relationships refills the book — consolidated NI holds in the $3–4M range from FY2029 and cash never goes negative, compounding to ~$17M by FY2033.

Projects38

Total Revenue$84.7M

Consolidated NI$18.8M

Construction Billing$666M

↓ Download .xlsx

Base + Uplifters + Extended BD

The full growth plan (sustained BD pipeline plus Uplifters) is the strongest outcome — the highest cumulative NI and a ~$21M cash position by FY2033.

Projects38

Total Revenue$88.8M

Consolidated NI$22.9M

Construction Billing$666M

↓ Download .xlsx

Base Case + Breakeven BD

The minimum BD volume required to hold consolidated NI near zero each year and keep total cash positive through FY2033.

Projects28

Total Revenue$66.3M

Consolidated NI$1.4M

Construction Billing$513M

↓ Download .xlsx

Base + Uplifters + Breakeven BD

Breakeven BD plus the Uplifters program delivers modest positive NI with a comfortable multi-year cash cushion.

Projects28

Total Revenue$70.4M

Consolidated NI$5.5M

Construction Billing$513M

↓ Download .xlsx

03 · Primary Plan Comparison · FY2026–FY2028

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 04.

Base Case

$2.21M

2026–28 cumulative NI

2028 ending cash: $1.72M

Cash negative: Jul 2029

+ Uplifters

$4.56M

2026–28 cumulative NI

2028 ending cash: $4.07M

Cash negative: Mar 2030

+ Klump/Scott

$4.04M

2026–28 cumulative NI

2028 ending cash: $3.55M

Cash negative: Dec 2029

Consolidated Net Income & Ending Cash

Plan	FY 2026	FY 2027	FY 2028
Consolidated Net Income
Base Case	$1,339,112	$1,283,189	($412,863)
Base Case + Uplifters	$1,339,112	$1,781,598	$1,437,454
Base Case + Klump/Scott	$1,735,060	$2,281,245	$21,156
Total Ending Cash
Base Case	$2,844,842	$2,382,062	$1,719,199
Base Case + Uplifters	$2,844,842	$2,880,471	$4,067,926
Base Case + Klump/Scott	$3,240,790	$3,776,065	$3,547,221

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.

Incremental consolidated NI vs. Base Case

Plan	FY 2026	FY 2027	FY 2028	3-Year Total
Base Case	$1,339,112	$1,283,189	($412,863)	$2,209,439
+ Uplifters	+$0	+$498,409	+$1,850,318	+$2,348,727
+ Klump/Scott	+$395,948	+$998,055	+$434,019	+$1,828,022

Key takeaway: All three primary plans are profitable through 2027. Base Case + Uplifters adds $2.35M to 2026–28 cumulative NI; Base Case + Klump/Scott adds $1.83M (after the $900K outsourced consulting cost). Under the Base Case cash turns negative in Jul 2029; Uplifters pushes that to Mar 2030.

Klump & Scott: Both are ED1 projects nearing RTI, requiring ~$1.5M of combined preferred equity to fully capitalize and actively raising that equity; the model carries a 15% cost-of-capital placeholder repaid from project cash flows. After the $900K outsourced PM/onsite consultant cost (3rd-party labor for K/S only), they add $1.83M of incremental 2026–28 NI.

04 · Extended BD · FY2026–FY2033 outlook

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.

Aggregate GMP · Extended

$432.0M

27 deals · Mar 2028 – Jan 2033

Cumulative NI · FY26–33

$22.94M

Base + Uplifters + Extended BD

Swing vs. Base Case

+$52.61M

vs. ($29.67M) Base cumulative

Consolidated net income by fiscal year — all BD plans vs. Base Case

$ in millions	FY26	FY27	FY28	FY29	FY30	FY31	FY32	FY33	Cum.
Base Case (ref)	$1.34M	$1.28M	($0.41M)	($3.70M)	($5.84M)	($7.83M)	($7.80M)	($6.72M)	($29.67M)
+ Breakeven BD (17 deals)	$1.34M	$1.28M	($0.18M)	($0.03M)	($0.20M)	($0.13M)	($0.47M)	($0.25M)	$1.36M
+ Extended BD (27 deals)	$1.34M	$1.28M	$1.28M	$2.60M	$3.84M	$3.30M	$3.38M	$1.80M	$18.83M
+ Uplifters + Extended BD	$1.34M	$1.78M	$3.13M	$3.65M	$4.31M	$3.54M	$3.38M	$1.80M	$22.94M
Swing: Full vs. Base	+$0.00M	+$0.50M	+$3.54M	+$7.35M	+$10.15M	+$11.37M	+$11.18M	+$8.52M	+$52.61M

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 ±$0.5M of zero each year FY28–FY33 while keeping total cash positive through FY2033.

When the deals sign — pipeline sequencing

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.

FY26FY27FY28FY29FY30FY31FY32FY33

In-place book
11 active GC projects

Breakeven plan · 17 signings
Oct 2028 → Jan 2033 · $279.0M GMP

Extended BD target · 27 signings
Mar 2028 → Jan 2033 · $432.0M GMP

Read across: Extended BD signs its first deals in Mar–Jun 2028, ahead of the Breakeven plan's Oct 2028 start, and runs a denser cadence. Aggregate GMP: $279.0M (Breakeven, 17 deals) vs. $432.0M (Extended, 27 deals). Hover any dot for the deal label, signing month, and GMP.

Extended BD revenue engines

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)

Partner oversight of BD: All sourcing, qualification, and closing by Tom Taggart is overseen by Chris Aiello (principal) and Bob Kennedy (legal & deal closing). Chris co-sources the top of the pipeline by GMP; Bob gates all contract execution, targeting under 45 days from term sheet to executed contract.

Bonding assumption: The new BD projects that fill FY2028 onward have not yet been won, so bonding requirements are unknown. The model assumes bonding revenue and costs net to zero from FY2029 — presupposing LV stands up its own bonding capacity. If LV instead stays reliant on third-party surety, a bonding-cost line must be added back.

05 · Uplifters Foundation · Development-fee program

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.

Total Fee Revenue

$9.0M

60 properties over 5 years

Total to Six Peak

$4.1M

After OH, staffing, opex & Schuyler bonus

Cash Runway Extension

+8 months

Base Jul 2029 → +Upl Mar 2030

Uplifters P&L summary (Six Peak fiscal year)

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

Program leadership: Schuyler Dietz leads with leadership from Chris Aiello. Derek Sanders advises on PM staffing; Chris Andresen and Robert Carrega run accounting and back office; Tom Taggart assists acquisitions. Six Peak earns a 10% overhead fee (capped at $150K/yr); after overhead, staffing, and opex, Schuyler receives a tiered bonus (40% first 20 deals, 45% next 20, 50% final 20).

Negotiation note: Schuyler initially proposed 50/50. Target is the 10% overhead fee to Six Peak then a 60/40 net-income split (60% Schuyler / 40% Six Peak). The model currently reflects 10% OH (capped) + the tiered bonus as the working baseline.

06 · Steyn Debt Facility

$1.5M Steyn loan · paid in full by December 2027

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) and amortizes via fixed $130K monthly payments from October 2026, with a small final payment in December 2027 to clear the balance.

Principal

$1.50M

Original loan balance

Accrued Interest at Apr 2026

$0.12M

Capitalized into balance

Apr 2026 Balance

$1.62M

Principal + accrued

Annual Rate

15.0%

3.75% quarterly

Monthly Payment

$130K

Starting Oct 2026

FY 2026 Payments

$0.39M

3 payments · Oct/Nov/Dec

FY 2027 Payments

$1.50M

Final payment Dec 2027

Total Interest Paid

$0.27M

Over the life of the facility

Projected payment schedule

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 · 1st payment	$1,738,918	—	($130,000)	$1,608,918
Nov 2026	$1,608,918	—	($130,000)	$1,478,918
Dec 2026	$1,478,918	$55,459	($130,000)	$1,404,378
FY 2026 ends · $1,404,378 outstanding
Jan 2027	$1,404,378	—	($130,000)	$1,274,378
Feb 2027	$1,274,378	—	($130,000)	$1,144,378
Mar 2027	$1,144,378	$42,914	($130,000)	$1,057,292
Apr 2027	$1,057,292	—	($130,000)	$927,292
May 2027	$927,292	—	($130,000)	$797,292
Jun 2027	$797,292	$29,898	($130,000)	$697,190
Jul 2027	$697,190	—	($130,000)	$567,190
Aug 2027	$567,190	—	($130,000)	$437,190
Sep 2027	$437,190	$16,395	($130,000)	$323,585
Oct 2027	$323,585	—	($130,000)	$193,585
Nov 2027	$193,585	—	($130,000)	$63,585
Dec 2027 · payoff	$63,585	$2,384	($65,969)	$0
Total · 15 payments	—	$270,484 interest	($1,885,969)	$0

Note on the schedule: Interest accrues quarterly at 3.75% (15% annual); the first six months (Apr–Sep 2026) are interest-only. From October 2026, fixed $130K monthly payments amortize the loan, with a final $65,969 payment in December 2027 clearing the balance. Total interest over the life: $0.27M.

07 · Project Status · In-place book

The awarded construction portfolio

The in-place book underpinning the Base Case. Acama, Lexington, and Denny are awarded 3rd-party GC; Klump and Scott are two pending ED1 projects nearing RTI and actively raising equity — they appear only in the Base Case + Klump/Scott plan. Extended and Breakeven BD plans layer additional third-party contracts on top (Section 04).

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	$42,968,448	GC + Dev	Jul 2026	Dec 2028	Active into FY2028+
Lexington	$13,625,772	3rd Party GC	Oct 2026	Apr 2028	Active into FY2028+
Denny	$15,844,883	3rd Party GC	Oct 2026	Mar 2029	Active into FY2028+
Acama	$21,263,405	3rd Party GC	Nov 2026	Oct 2028	Active into FY2028+
Klump	$9,577,109	GC + Dev	Aug 2026	Feb 2028	Pending — in Klump/Scott plan
Scott	$7,545,203	GC + Dev	Sep 2026	Mar 2028	Pending — in Klump/Scott plan
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+

Crenshaw, Ramsgate, Califa, Whipple, and Nelrose GMP values reflect remaining contract balances — these are currently under construction. Reseda ($45.3M, Apr 2027 start) is not yet funded; see the FY2027 risk note in Section 01.

08 · Appendix · Supporting detail

Appendix & supporting detail

Drill-down tables behind the headline numbers. All figures pulled from the live models (May 25, 2026 snapshot). Extended/Breakeven BD detail is in Section 04.

Net income & cash — all plans (FY2026–FY2029)

	FY 2026	FY 2027	FY 2028	FY 2029
Consolidated Net Income
Base Case	$1,339,112	$1,283,189	($412,863)	($3,696,800)
+ Uplifters	$1,339,112	$1,781,598	$1,437,454	($2,647,124)
+ Klump/Scott	$1,735,060	$2,281,245	$21,156	($3,696,800)
+ Extended BD	$1,339,112	$1,283,189	$1,280,502	$2,600,740
+ Uplifters + Extended BD	$1,339,112	$1,781,598	$3,130,819	$3,650,416
+ Breakeven BD	$1,339,112	$1,283,189	($179,484)	($31,983)
+ Uplifters + Breakeven BD	$1,339,112	$1,781,598	$1,670,834	$1,017,693
Total Ending Cash
Base Case	$2,844,842	$2,382,062	$1,719,199	($1,977,601)
+ Uplifters	$2,844,842	$2,880,471	$4,067,926	$1,170,802
+ Klump/Scott	$3,240,790	$3,776,065	$3,547,221	($149,579)
+ Extended BD	$2,844,842	$2,382,062	$3,412,564	$5,763,304
+ Uplifters + Extended BD	$2,844,842	$2,880,471	$5,761,291	$9,161,706
+ Breakeven BD	$2,844,842	$2,382,062	$1,952,579	$1,920,596
+ Uplifters + Breakeven BD	$2,844,842	$2,880,471	$4,301,305	$5,068,998
GC Net Income
Base Case	$2,312,479	$1,919,514	$357,047	($2,707,236)
+ Uplifters	$2,312,479	$1,919,514	$357,047	($2,707,236)
+ Klump/Scott	$2,492,872	$2,633,359	$696,329	($2,707,236)
+ Extended BD	$2,312,479	$1,919,514	$2,050,412	$3,590,303
+ Uplifters + Extended BD	$2,312,479	$1,919,514	$2,050,412	$3,590,303
+ Breakeven BD	$2,312,479	$1,919,514	$590,427	$957,580
+ Uplifters + Breakeven BD	$2,312,479	$1,919,514	$590,427	$957,580

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	$90,239,874	$56,473,336	$46,152,167	$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), $130K/mo from Oct 2026, paid off Dec 2027. Total interest $0.27M. Full month-by-month schedule in Section 06.

Methodology: FY = calendar year (Jan–Dec). FY2026 folds in Q1 2026 actuals; FY2034 is a wind-down tail excluded from cumulative figures. Each scenario is an independent Excel model; numbers above are recalculated outputs, not estimates.