01 · Executive Summary · Actuals through July 31, 2026 · assumptions as of September 10, 2026

The plan we are running to and the floor beneath it

This pack leads with the Target Business Plan — the plan the company is being run to. The Base Case sits underneath it as the floor: the eighteen deals in the current book, with no new business development at all. Thirteen carry signed contracts; five do not, though three of those five — Dickens, Riverton and Moorpark — took their CTCAC 4% awards on September 1. Actuals still run January through July 2026 and are unchanged. What has changed since the September 2 pack is the forecast: three deals moved, two people left, and crew is now derived from the deal set rather than typed in, so each plan is staffed only for the jobs it runs. The reconciliation is set out in the appendix.

Target Business PlanThe plan of record · committed book + Uplifters + BD pipeline from 2028

Net Income · FY 2026

$0.05M

Identical in every plan · staffing engine, Sep 10

Net Income · FY 2027

$3.66M

GC $4.85M · SP ($1.19M)

Net Income · FY 2028

$8.22M

BD pipeline begins March 2028

Net Income · FY 2029

$8.93M

Peak modeled year

Construction Billing · FY 2027

$97.8M

FY 2028 $128.8M

Ending Cash · FY 2027

$3.35M

LV $6.50M · SP ($3.15M)

Cash Turns Negative

Never

Across the full modeled horizon

Cumulative NI · FY26–33

$19.1M

Target Business Plan

Base Case · the floorEighteen committed deals · no new BD · no Uplifters

What the floor tells you: with no new work at all, the committed book carries the business to $4.97M of net income in FY 2028 and holds cash positive until Q1 2031. After that the book runs off and consolidated net income turns sharply negative. The Base Case is not a plan, it is the consequence of not winning new work.

Net Income · FY 2027

$3.43M

GC $4.85M · SP ($1.42M)

Net Income · FY 2028

$4.97M

Committed book at full run rate

Net Income · FY 2029

($1.95M)

Roll-off begins

Cash Turns Negative

Q1 2031

Base Case · no new work

FY 2026Full calendar year · seven months of actuals + five months of projection · identical in all seven plans

Total Revenue · Consolidated

$53.6M

GC $53.2M · SP $0.48M

Net Income · Consolidated

$0.05M

GC $1.94M · SP ($1.90M)

Construction Billing

$47.0M

FY 2026 throughput · ex-bonding

Ending Cash

$2.16M

LV $2.78M · SP ($0.62M)

July close · year to date vs. the November 2025 budgetEntity ledgers, January to July 2026 · variance is actual less budget, favorable positive

GC Revenue · YTD (ex-bonding)

$27.5M

Budget $29.4M · ($1.9M)

GC Gross Profit · YTD

$4.08M

Budget $3.01M · +$1.08M

GC Net Income · YTD

$2.05M

Budget $0.75M · +$1.30M

Six Peak Net Income · YTD

($0.85M)

Budget ($0.59M) · ($0.27M)

Line	July actual	July budget	Variance	YTD actual	YTD budget	Variance
GC total revenue (ex-bonding)	$5,974,606	$5,523,587	$451,018	$27,483,817	$29,368,064	($1,884,247)
Bonding revenue (Francis + Riverton bond lines, billed July)	$1,050,990	—	$1,050,990	$1,050,990	—	$1,050,990
GC gross profit	$1,766,650	$554,252	$1,212,398	$4,082,836	$3,005,239	$1,077,597
GC overhead	($321,512)	($322,315)	$803	($2,029,160)	($2,252,307)	$223,147
GC net income	$1,445,138	$231,937	$1,213,201	$2,053,677	$752,933	$1,300,744
Six Peak revenue	$78,115	$59,474	$18,641	$581,802	$380,693	$201,109
Six Peak expenses	($195,563)	($137,894)	($57,669)	($1,489,434)	($968,369)	($521,065)
Six Peak net income	($118,383)	($78,420)	($39,964)	($854,925)	($587,675)	($267,250)
Consolidated net income · entity ledgers	$1,326,755	$153,517	$1,173,237	$1,198,752	$165,258	$1,033,494
June non-cash revenue item, reversed in the models (not assumed in the projection)	—	—	—	($299,000)	—	($299,000)
Consolidated net income · as carried in the models	$1,326,755	$153,517	$1,173,237	$899,752	$165,258	$734,494

The models now carry the ledger. Every closed month of 2026 in every model now equals the entity ledgers to the dollar, with one deliberate exception: the $299,000 non-cash revenue item booked in June stays in the actuals but is reversed out of projected net income, so the plan does not assume it. The August 29 pack carried July on the old billing curve — $1.24M below the ledger, flagged on the timing line of the last pack — and that gap is now closed: job billing and cost on the jobs under construction follow the construction schedules of July 28 from August 2026 forward. One correction, found and applied September 2: the first Francis and Riverton pay applications billed $1,050,990 of bond lines in July ($839K Francis, $212K Riverton) inside the July trade billing — and the models were also regenerating the same $1,050,990 as August bonding revenue, double-counting it. The July bond billing now sits on its own bonding-revenue line in the actuals (reclassed out of trade billing on September 2 — every schedule of values carries a dedicated Bonding cost code, so the split is exact), and the August bonding-revenue line is zero while August keeps the real program costs: the $314K Francis surety premium and the ~$694K due to Krueger as the bond lines fund. FY 2026 was restated from $1,286,996 to $236,006 in every plan. The Denny follow-up closed on September 2: the $103,966 premium was confirmed inside July closed job cost, and the August bonding-cost line no longer re-charges it (+$104K to FY 2026). The cost-side rule now mirrors the revenue rule — bonding costs load on the bonding line, never inside trade cost.

FY 2026 · actual + projection vs. the November 2025 budgetThe budget’s own Yearly Summary lines · the $947,956 the year was approved at

Line	FY Budget	FY Actual + Projection	Variance
Six Peak · development & management fees	$647,382	$478,792	($168,590)
Six Peak · operating expenses	($1,657,837)	($2,373,807)	($715,970)
Six Peak net income	($1,010,455)	($1,895,016)	($884,561)
LV · fee income (GC-CM + supervision + admin + other)	$5,822,292	$6,138,000	$315,708
LV · trade margin, net of deal terms	—	$136,001	$136,001
LV · bonding program, net	—	($232,706)	($232,706)
LV gross profit	$5,822,292	$6,041,295	$219,003
LV · overhead	($3,863,882)	($4,101,040)	($237,158)
GC net income	$1,958,410	$1,940,255	($18,155)
Consolidated net income	$947,956	$45,239	($902,717)

How to read the ($718K) against the budget. The budget carried LV at fee income only — trade cost a pure pass-through at zero margin, no bonding program. Against that: fee income runs $417K ahead, trade margin carries $136K the budget assumed away (the schedule-driven margin net of the LIHTC pass-through true-up, with shared buyout savings now recognised at each job’s completion rather than ratably), and the bonding program — its own line, revenue and costs together, and no longer double-charging Denny’s July-paid premium — nets to ($233K) for the year. The Six Peak side is $885K worse on higher spend and the deliberate haircuts — the $299K June non-cash item reversed out and APA income reserved to zero for 2026 — and $781K of GC fee income moved into FY 2027 with the construction schedules. This same table sits at the top of the Budget vs Actual tab in every workbook in Section 02 and rolls forward at each close.

Reconciliation to the prior packs

Measure	September 2 pack	September 9 pack	This pack
FY 2026 consolidated NI · all plans	$229,950	$167,597	$45,239
FY 2026 GC net income	$2,124,966	$2,062,613	$1,940,255
FY 2026 Six Peak net income	($1,895,016)	($1,895,016)	($1,895,016)
FY 2027 consolidated NI · Base Case	$4,415,666	$4,630,226	$3,426,573
FY 2027 consolidated NI · Target Business Plan	$4,650,789	$4,865,349	$3,661,695
Cumulative NI FY26–33 · Base Case	($22,839,481)	($21,864,308)	($18,571,840)
Cumulative NI FY26–33 · Target Business Plan	$22,183,983	$23,109,913	$19,094,099
FY 2026 total ending cash	$1,971,861	$2,286,683	$2,164,325
Base Case cash turns negative	Q1 2031	Q2 2031	Q1 2031

Correction to the September 1 pack: FY 2026 restated $1,286,996 → $236,006 ($1,050,990). The September 1 pack counted the July-billed Francis and Riverton bond lines twice — once in the July trade-billing actuals, and again as model-generated August bonding revenue. The August bonding-revenue line is now zero; every other figure in that pack’s reconciliation stands. Nothing about the ledger changed: the closed months are identical, and the correction is entirely inside the August projection.

Against the August 29 pack, FY 2026 is down $277,053 — and the mix is much better. The August 29 pack’s $513,059 carried July $1.24M under the ledger but counted the bonding program only once. On a like basis: carrying July at the ledger adds ~$0.3M of genuine margin, the schedule-driven forecast corrects the curve’s margin suppression on Califa and Whipple ($0.4M) but moves $0.78M of GC fee income into FY 2027, the LIHTC pass-through true-up strips $0.29M, and the deliberate reductions — the $299K June non-cash item reversed and 2026 APA income reserved to zero — take out $0.36M. FY 2027 is up $1.0M on the same changes.

The New York office closes December 1, 2026. From December, Six Peak’s only rent is $5,000 a month for its share of the LV office, replacing the $8,500-plus-escalation carried before — worth $3,500 in FY 2026 and roughly $44,000 a year thereafter, worth about $44,000 a year from 2027.

Cash: $2,164,325 at year end; Base Case cash turns negative in Q1 2031. The schedule-driven billing pulls receipts forward, the July close trued the opening balances (LV $2.28M, Six Peak ($0.62M)), and the cash build now adds back the deal-terms accruals as non-cash (they reach cash when the give-backs actually settle) — worth $311K by year end. The Denny question is resolved: the $103,966 premium was confirmed in July closed cost and is no longer re-charged in August. Two notes on the crossing quarter: cash is higher in every quarter than the September 1 pack, and the crossing now reads Q1 2031 because the quarter scan that previously reported Q3 2031 skipped first-half quarters — corrected this pack. Six Peak on its own remains cash negative from August 2026 in every plan; LV funds it.

What is committed, and what is still upside

Three of the four levers in the June pack are now inside the Base Case. What remains outside it is the Uplifters programme and the business-development pipeline.

The book

Eighteen deals · $337.7M

Now including Klump & Scott (January 2027), the HVN 3 trio of Dickens, Riverton and Moorpark (May to July 2027), Troost (January 2027) and Beverly (November 2027). Five of the eighteen, $85.3M, are expected awards rather than signed contracts — see Section 06.

Upside 1

Uplifters Foundation

60-property development-fee programme led by Schuyler Dietz, now beginning April 2027. No capital required. Adds $4.10M of net to Six Peak over its life.

Upside 2

BD pipeline

Third-party GC pipeline led by Tom Taggart under partner oversight. In the Target Business Plan, 23 signings from March 2028, $372.0M aggregate GMP.

Watch

Reseda funding

$45.3M GMP starting May 2027 and still not funded. It is the largest single contributor to FY 2027 and the biggest gating item in the year. If financing slips, revenue, GC net income and ending cash all step down materially.

Read of the two lines: the gap between the Target Business Plan and the Base Case is $37.7M of cumulative net income across FY2026 to FY2033. That gap is what business development and the Uplifters programme are worth. Neither line changes FY 2026, which is fixed at $0.05M by seven months of actuals and a book that is already set for the rest of the year.

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 actuals through July 2026 carried line for line, schedule-driven billing on the active jobs, and the LV deal terms applied. The metrics on every card are cumulative across the FY2026–FY2033 horizon. Files are date-stamped September 10, 2026. The eleven plans in the June pack were consolidated into these seven when the base case was redefined; the retired workbooks remain archived in the projections directory.

Target Business Plan

The plan of record. The committed book, the Uplifters programme, and Tom Taggart’s BD pipeline signing from March 2028. Cash never goes negative across the modeled horizon.

Active deals41

Cumulative NI · FY26–33$19.1M

FY 2028 NI$8.22M

Cash turns negativenever

↓ Download .xlsx

Base Case

The floor. Eighteen committed deals and nothing else. Carries the business through FY 2028, then the book runs off and net income turns sharply negative.

Active deals18

Cumulative NI · FY26–33($18.6M)

FY 2028 NI$4.97M

Cash turns negativeQ1 2031

↓ Download .xlsx

Base Case + Uplifters

The base case with the Uplifters development-fee programme layered on. Lifts Six Peak income and pushes the cash shortfall out, but the GC book still rolls off.

Active deals18

Cumulative NI · FY26–33($14.5M)

FY 2028 NI$6.61M

Cash turns negativeQ4 2031

↓ Download .xlsx

Base + LV BD (breakeven)

The base case plus seventeen BD signings from October 2028 — the volume LV needs to cover overhead rather than to grow.

Active deals35

Cumulative NI · FY26–33$10.3M

FY 2028 NI$5.20M

Cash turns negativenever

↓ Download .xlsx

Base + LV BD (breakeven) + Uplifters

Breakeven BD with the Uplifters programme on top.

Active deals35

Cumulative NI · FY26–33$14.4M

FY 2028 NI$6.85M

Cash turns negativenever

↓ Download .xlsx

Base + LV BD (extended)

The base case plus all twenty-five remaining BD placeholders, signing from March 2028.

Active deals43

Cumulative NI · FY26–33$20.2M

FY 2028 NI$5.20M

Cash turns negativenever

↓ Download .xlsx

Base + LV BD (extended) + Uplifters

Extended BD with the Uplifters programme on top. The strongest cumulative outcome of the seven.

Active deals43

Cumulative NI · FY26–33$24.3M

FY 2028 NI$6.85M

Cash turns negativenever

↓ Download .xlsx

Three Base Case housekeeping items are open and do not change a published number: the Six Peak opening-cash input still carries the retired $500K deduction while the cash build reads the correct $122,223 directly; four stray pasted values sit outside the calculation range on the Assumptions and Retention tabs; and the summary tabs carry whole-column formatting. All three are on the Base Case file only and will be cleaned in the next cycle.

Twelve defect fixes were applied to all seven workbooks on August 23. Three changed a board-facing number: consolidated Total Ending Cash was not the sum of the two entity cash lines; the quarterly Investment Capital Outstanding line read an interest row from Q1 2027 onward; and the Ramsgate 20 percent occupancy fee was recognised twice. The full register is filed with the models.

03 · Plan Comparison · FY2026–FY2029

Target Business Plan vs. the floor vs. Uplifters alone

The three plans that frame the decision. All are identical in FY 2026 and differ only from FY 2027 onward, because the committed book is already set for this year. Klump & Scott no longer appear as a separate plan: they are inside all three.

Target Business Plan

$19.1M

Cumulative NI FY26–33 · cash never negative

Base Case

($18.6M)

Cumulative NI FY26–33 · cash negative Q1 2031

+ Uplifters

($14.5M)

Cumulative NI FY26–33 · cash negative Q4 2031

The gap

$37.7M

What BD and Uplifters are worth

Consolidated net income

Plan	FY 2026	FY 2027	FY 2028	FY 2029
Target Business Plan	$45,239	$3,661,695	$8,222,310	$8,925,056
Base Case	$45,239	$3,426,573	$4,970,856	($1,950,277)
Base Case + Uplifters	$45,239	$3,661,695	$6,611,739	($618,583)

Total ending cash

Plan	FY 2026	FY 2027	FY 2028	FY 2029
Target Business Plan	$2,164,325	$3,352,460	$10,131,612	$18,906,954
Base Case	$2,164,325	$3,117,338	$7,370,994	$6,477,320
Base Case + Uplifters	$2,164,325	$3,352,460	$9,246,998	$9,685,019

Construction billing

Plan	FY 2026	FY 2027	FY 2028	FY 2029
Target Business Plan	$47,025,581	$97,827,288	$128,849,128	$140,840,527
Base Case	$47,025,581	$97,827,288	$112,843,463	$34,576,576
Base Case + Uplifters	$47,025,581	$97,827,288	$112,843,463	$34,576,576

Key takeaway: the committed book alone carries the business through FY 2028 and holds cash positive until Q1 2031. From FY 2029 the three lines separate hard: the Base Case falls to ($1.95M) while the Target Business Plan reaches $8.93M. The decision the numbers frame is not whether this year works. It is whether the pipeline that replaces the book in 2028 and 2029 gets built.

04 · Uplifters Foundation · Development-fee programme

60 properties · $4.10M net to Six Peak · no construction risk

Six Peak can run the Uplifters Foundation development programme: 60 single-family residential properties generating fee revenue from acquisition, development management, leasing and exit over five years. Six Peak does not perform the construction; it earns a 10% overhead fee plus a share of net income.

The programme moved out one quarter this cycle, from a January 2027 start to Apr 2027. The whole programme shifted together — fee revenue, staffing, operating costs, the four acquisition phases and the tiered profit-share boundaries — so the economics are unchanged and only the timing moved.

Total Fee Revenue

$9.0M

60 properties over 5 years

Total to Six Peak

$4.10M

After OH, staffing, opex & Schuyler bonus

Programme window

5 Years (Apr 2027 – Mar 2032)

Was Jan 2027 – Dec 2031

Cash runway extension

Q1 2031 → Q4 2031

Base Case vs. + Uplifters

Uplifters P&L summary (Six Peak fiscal year)

Line item	FY 2027	FY 2028	FY 2029	FY 2030	FY 2031	Total
Total Fee Revenue	$560,818	$3,251,765	$2,911,624	$1,523,049	$762,409	$9,009,665
Staffing Cost	($120,836)	($366,676)	($450,012)	($450,012)	($112,503)	($1,500,039)
Other OpEx	($85,500)	($114,000)	($114,000)	($114,000)	($28,500)	($456,000)
Net Fee Income	$354,482	$2,771,089	$2,347,612	$959,037	$621,406	$7,053,626
SP Overhead Fee	$56,082	$150,000	$149,031	$140,675	$67,405	$563,193
Net Before Bonus	$298,400	$2,621,089	$2,198,581	$818,361	$554,001	$6,490,433
Schuyler Bonus	$119,360	$1,130,207	$1,015,918	$409,181	$277,001	$2,951,666
Total to Six Peak	$235,122	$1,640,883	$1,331,694	$549,856	$344,405	$4,101,960

Programme 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 a year; after overhead, staffing and opex, Schuyler receives a tiered bonus of 40% on the first 20 deals, 45% on the next 20 and 50% on the 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. The model reflects 10% overhead capped plus the tiered bonus as the working baseline.

05 · BD Pipeline · FY2026–FY2033 outlook

The pipeline that replaces the book · 23 signings · $372.0M

The BD plans model Tom Taggart’s third-party GC pipeline, sourced and closed under partner oversight from Chris Aiello and Bob Kennedy. Each deal targets LA multifamily at roughly $15–18M GMP. The HVN-flagged deals in the pipeline are bonded at the tier 2 rate of 3.25%, against bonding revenue of 1.5%, so each one carries a net 1.75% of GMP in its first month. The remaining pipeline deals are unbonded.

The deal counts moved this cycle. The base case now uses five of the former BD placeholder slots for real named deals — Dickens, Riverton, Moorpark, Beverly and Troost — so the extended plan carries 25 placeholders rather than the 27 shown in June. No capacity was lost: those five are simply named projects now instead of anonymous ones.

Target Business Plan

23 deals

$372.0M aggregate GMP

Extended BD

25 deals

$402.0M aggregate GMP

Breakeven BD

17 deals

$279.0M aggregate GMP

Swing vs. Base Case

$37.7M

Cumulative NI, Target vs. floor

Consolidated net income by fiscal year — all plans

Plan	FY26	FY27	FY28	FY29	FY30	FY31	FY32	FY33	Cum.
Base Case	$0.05M	$3.43M	$4.97M	($1.95M)	($5.05M)	($7.05M)	($7.02M)	($5.95M)	($18.57M)
Base Case + Uplifters	$0.05M	$3.66M	$6.61M	($0.62M)	($4.50M)	($6.70M)	($7.02M)	($5.95M)	($14.47M)
Base + LV BD (breakeven)	$0.05M	$3.43M	$5.20M	$1.03M	$0.25M	$0.13M	$0.02M	$0.18M	$10.30M
Base + LV BD (breakeven) + Uplifters	$0.05M	$3.66M	$6.85M	$2.36M	$0.80M	$0.48M	$0.02M	$0.18M	$14.40M
Base + LV BD (extended)	$0.05M	$3.43M	$5.20M	$1.53M	$3.21M	$2.53M	$2.77M	$1.52M	$20.23M
Base + LV BD (extended) + Uplifters	$0.05M	$3.66M	$6.85M	$2.87M	$3.76M	$2.87M	$2.77M	$1.52M	$24.33M
Target Business Plan	$0.05M	$3.66M	$8.22M	$8.93M	$6.99M	$2.51M	($5.31M)	($5.95M)	$19.09M

FY2034 is a wind-down tail beyond the pipeline and is excluded from the cumulative column. Breakeven BD sizes the pipeline so consolidated NI stays close to zero each year rather than to grow.

When the deals sign

23 signings

Target Business Plan

$372.0M aggregate GMP · Apr 2029 through Sep 2030. Average deal size $16.17M.

25 signings

Extended BD

$402.0M aggregate GMP · Apr 2029 through Sep 2032. Average deal size $16.08M.

17 signings

Breakeven BD

$279.0M aggregate GMP · Apr 2029 through Sep 2032. Average deal size $16.41M.

The gap

Why the cadence matters

The committed book runs through FY 2028. The difference between signing from Apr 2029 and signing from Apr 2029 is the difference between consolidated NI in the $11.8M range and NI hovering near zero.

Read across: the Target Business Plan signs its first deals in Apr 2029 and reaches $8.93M of consolidated net income by FY 2029. The Breakeven plan starts in Apr 2029 and holds the line near zero. The Base Case signs nothing and falls to ($1.95M) by FY 2029. All three share an identical FY 2026 and FY 2027 book.

06 · Project Status · The committed book

Eighteen deals · $337.7M of contract value

Every deal in the table is inside the Base Case. That is the change from the June pack, where Klump, Scott and the HVN trio carried a “pending, in X plans” status. Since the June pack six deals moved later and two are new; this cycle Lexington moved one month, August to September 2026. Nothing moved earlier.

Five of the eighteen, $85.3M of the $337.7M book, are not yet signed. Dickens, Riverton, Moorpark and Beverly are expected awards but nothing is executed. Troost has been verbally awarded, subject to its investor approving the project, which we believe will come. They are in the plan because we expect to win them; the sensitivity below is what the plan looks like if we do not.

Active deals

All inside the Base Case

Contract value

$337.7M

Aggregate GMP

Starting in FY 2026

Acama is the only remaining 2026 start

Starting in FY 2027

Six deals across the year

Project	GMP	Type	Start	End	Change this cycle	Award status
Califa	$11,929,880	3rd Party GC	Apr 2026	Jun 2027		Signed
Crenshaw	$7,126,075	GC + Developer	Apr 2026	Nov 2026		Signed
Nelrose	$3,623,245	3rd Party GC	Apr 2026	Oct 2027		Signed
Ramsgate	$20,176,449	GC + Developer	Apr 2026	Jul 2027		Signed
Whipple	$14,427,884	3rd Party GC	Apr 2026	Jun 2027		Signed
Denny	$14,337,011	3rd Party GC	Aug 2026	Jan 2029		Signed
Francis	$42,794,765	GC + Developer	Aug 2026	Jan 2029		Signed
Lexington	$12,993,776	3rd Party GC	Sep 2026	Mar 2028		Signed
Acama	$21,263,405	3rd Party GC	Dec 2026	Nov 2028	Moved from Nov 2026	Signed
Klump	$9,577,109	GC + Developer	Feb 2027	Aug 2028	Moved from Jan 2027	Signed
Scott	$7,545,203	GC + Developer	Jan 2027	Jul 2028		Signed
Troost (HVN)	$15,189,509	3rd Party GC	Jan 2027	Jul 2028		Verbal award · investor approval pending
Dickens	$15,316,015	GC + Developer	May 2027	Nov 2028	CTCAC 4% award	Awarded 9/1/26 · GMP not signed
Reseda	$45,266,770	GC + Developer	Apr 2027	Sep 2029	Moved from May 2027	Signed
Riverton	$11,317,385	GC + Developer	Jun 2027	Dec 2028	CTCAC 4% award	Awarded 9/1/26 · GMP not signed
Moorpark	$18,442,769	GC + Developer	Jul 2027	Jan 2029	CTCAC 4% award	Awarded 9/1/26 · GMP not signed
Beverly (BD-04)	$25,026,331	3rd Party GC	Nov 2027	Oct 2029		Likely award · not signed
3rd St	$41,354,632	GC + Developer	Jun 2028	Nov 2030		Signed

GMP values reflect remaining contract balances from the June draw sheets. Crenshaw, Ramsgate, Califa, Whipple and Nelrose are under construction. Francis closed on August 13, 2026 and construction started in August; its first pay application, mostly the bond line, is already in the July ledger.

Two clusters worth watching: Klump, Scott and Troost all start in January 2027, and Dickens and Reseda both start in May 2027 — with Reseda the $45.3M job. Three simultaneous starts and then a $45.3M job alongside a $15.3M job is a real load on field supervision. The model carries a named superintendent per major job, but the sequencing is worth a look before it is committed.

Sensitivity · the plan without the five unsigned deals

Computed by switching Dickens, Riverton, Moorpark, Beverly and Troost off in the live models and recalculating. Everything else held constant.

GMP not yet signed

$85.3M

25% of the $337.7M book

Base Case · FY 2028 NI

$0.98M

from $4.97M

Base Case · cash negative

Q1 2030

from Q1 2031 · four quarters earlier

Target Plan · FY 2028 NI

$4.42M

from $8.22M

Measure	As modeled	Signed deals only	Difference
Base Case · FY 2027 net income	$3,426,573	$2,291,114	($1,135,460)
Base Case · FY 2028 net income	$4,970,856	$980,371	($3,990,486)
Base Case · cumulative NI FY26–33	($18,571,840)	($24,624,722)	($6,052,882)
Target Plan · FY 2028 net income	$8,222,310	$4,415,498	($3,806,812)
Target Plan · cumulative NI FY26–33	$19,094,099	$13,613,949	($5,480,150)
Construction billing · FY 2028	$112.8M	$64.7M	($48.2M)

This is the real gating item for 2028. Without the five, Base Case FY 2028 goes from $4.97M to $0.98M and cash turns negative in Q1 2030 rather than Q1 2031. Because crew now follows the deal set, the jobs take their superintendents with them — the downside is real but no longer carries staff for work that never arrives. The Target Business Plan still holds — $4.42M in FY 2028 and cash positive throughout — because the BD pipeline carries it. But the margin for error in 2028 is these five awards plus Reseda’s financing, and none of the six is signed.

Reseda remains the gating item. $45.3M of GMP starting May 2027 and still not funded. It is the single largest in-FY27 contributor; if financing slips, FY 2027 revenue, GC net income and ending cash all step down materially.

07 · Steyn Debt Facility · carried forward unchanged

$1.5M Steyn loan · a pro forma path to full repayment by June 2028

A $1.5M principal-balance loan carrying ~$176K of accrued interest at the June close (June 2026 balance: $1,676,066). It accrues at a 15% annual rate (3.75% quarterly). The schedule below is a pro forma, not a commitment: with the construction book still ramping, we need to be careful with cash flow, and we need this facility to stay flexible. On the current model, full repayment looks achievable with payments beginning January 2027, shown as 18 illustrative $112K monthly installments to a full payoff by June 2028. Timing and amounts will flex with actual cash; the 15% rate keeps Steyn well compensated while the balance is outstanding.

How to read this schedule. This is a pro forma, subject to change as actual cash flow develops; it is not a fixed payment obligation. The relationship with Steyn is collaborative: the 15% rate compensates them fairly while the balance is outstanding, which is what allows the facility to stay flexible while we protect near-term liquidity. The January 2027 start reflects that caution: it keeps ~$0.39M of payments out of 2026, which is the main reason near-term ending cash improves and the Base Case cash shortfall moves from mid-2027 to early 2028. If cash comes in ahead of plan, repayment can accelerate; if cash runs tighter, the schedule can extend; at 15%, Steyn is compensated either way.

Principal

$1.50M

Original loan balance

Jun 2026 Balance

$1.68M

Principal + accrued interest

Annual Rate

15.0%

3.75% quarterly

Pro Forma Term

18 months

Jan 2027 – Jun 2028 · illustrative

Pro Forma Payment

$112K

Monthly from Jan 2027 · subject to change

FY 2026 Payments

$0.00M

None modeled · interest accrues at 15%

FY 2027 Payments

$1.34M

12 payments

Total Interest

$0.50M

Over the life on $1.5M original principal

Pro forma 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	$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	—	$495,981 interest	($1,995,981)	$0

Note on the schedule: Interest accrues quarterly at 3.75% (15% annual). No payments are made in 2026 — the balance accrues to $1,804,128 by year-end. From January 2027, 18 fixed $112K monthly payments amortize the loan, with a final $91,981 payment in June 2028 clearing the balance. Total interest over the life: $495,981: total payments of $1,995,981 less the $1,500,000 original principal (the loan began prior to 2026; $115K of interest accrued before the April model window shown above).

Re-checked against the September 2 models: the facility carries through the schedule-driven rebuild and the deal-terms build unchanged; the July 31 balance is the June 30 balance, since interest accrues quarterly. April 2026 opening balance $1,615,485, no payments in 2026, eighteen payments of $112,000 from January 2027, cleared June 2028, $1,995,981 paid in total. It remains a pro forma path rather than a committed schedule.

08 · Appendix · Supporting detail

Appendix & supporting detail

Drill-down tables behind the headline numbers, across all seven plans. All figures read directly from the live models, actuals through July 31 2026, assumptions as of September 10 2026.

Consolidated net income

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	$45,239	$3,661,695	$8,222,310	$8,925,056	$6,989,096
Base Case	$45,239	$3,426,573	$4,970,856	($1,950,277)	($5,045,159)
Base Case + Uplifters	$45,239	$3,661,695	$6,611,739	($618,583)	($4,495,303)
Base + LV BD (breakeven)	$45,239	$3,426,573	$5,204,236	$1,033,152	$251,998
Base + LV BD (breakeven) + Uplifters	$45,239	$3,661,695	$6,845,119	$2,364,846	$801,854
Base + LV BD (extended)	$45,239	$3,426,573	$5,204,236	$1,533,379	$3,205,156
Base + LV BD (extended) + Uplifters	$45,239	$3,661,695	$6,845,119	$2,865,073	$3,755,011

Total ending cash

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	$2,164,325	$3,352,460	$10,131,612	$18,906,954	$26,235,202
Base Case	$2,164,325	$3,117,338	$7,370,994	$6,477,320	$1,739,598
Base Case + Uplifters	$2,164,325	$3,352,460	$9,246,998	$9,685,019	$5,497,152
Base + LV BD (breakeven)	$2,164,325	$3,117,338	$7,500,536	$9,093,680	$9,313,723
Base + LV BD (breakeven) + Uplifters	$2,164,325	$3,352,460	$9,376,541	$12,301,378	$13,071,278
Base + LV BD (extended)	$2,164,325	$3,117,338	$7,500,536	$9,364,561	$12,147,696
Base + LV BD (extended) + Uplifters	$2,164,325	$3,352,460	$9,376,541	$12,572,260	$15,905,251

GC net income

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	$1,940,255	$4,849,350	$8,494,235	$9,929,471	$8,820,871
Base Case	$1,940,255	$4,849,350	$6,883,664	$385,831	($2,663,528)
Base Case + Uplifters	$1,940,255	$4,849,350	$6,883,664	$385,831	($2,663,528)
Base + LV BD (breakeven)	$1,940,255	$4,849,350	$7,117,044	$3,369,261	$2,633,629
Base + LV BD (breakeven) + Uplifters	$1,940,255	$4,849,350	$7,117,044	$3,369,261	$2,633,629
Base + LV BD (extended)	$1,940,255	$4,849,350	$7,117,044	$3,869,487	$5,586,786
Base + LV BD (extended) + Uplifters	$1,940,255	$4,849,350	$7,117,044	$3,869,487	$5,586,786

Six Peak net income

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	($1,895,016)	($1,187,654)	($271,925)	($1,004,415)	($1,831,775)
Base Case	($1,895,016)	($1,422,776)	($1,912,808)	($2,336,109)	($2,381,631)
Base Case + Uplifters	($1,895,016)	($1,187,654)	($271,925)	($1,004,415)	($1,831,775)
Base + LV BD (breakeven)	($1,895,016)	($1,422,776)	($1,912,808)	($2,336,109)	($2,381,631)
Base + LV BD (breakeven) + Uplifters	($1,895,016)	($1,187,654)	($271,925)	($1,004,415)	($1,831,775)
Base + LV BD (extended)	($1,895,016)	($1,422,776)	($1,912,808)	($2,336,109)	($2,381,631)
Base + LV BD (extended) + Uplifters	($1,895,016)	($1,187,654)	($271,925)	($1,004,415)	($1,831,775)

Construction billing

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	$47.0M	$97.8M	$128.8M	$140.8M	$119.4M
Base Case	$47.0M	$97.8M	$112.8M	$34.6M	$11.3M
Base Case + Uplifters	$47.0M	$97.8M	$112.8M	$34.6M	$11.3M
Base + LV BD (breakeven)	$47.0M	$97.8M	$114.1M	$65.3M	$50.8M
Base + LV BD (breakeven) + Uplifters	$47.0M	$97.8M	$114.1M	$65.3M	$50.8M
Base + LV BD (extended)	$47.0M	$97.8M	$114.1M	$68.2M	$87.4M
Base + LV BD (extended) + Uplifters	$47.0M	$97.8M	$114.1M	$68.2M	$87.4M

Bonding outstanding · year-end

Plan	FY 2026	FY 2027	FY 2028	FY 2029	FY 2030
Target Business Plan	$93.8M	$101.4M	$62.8M	$27.2M	$23.2M
Base Case	$93.8M	$101.4M	$48.7M	$13.3M	$0.0M
Base Case + Uplifters	$93.8M	$101.4M	$48.7M	$13.3M	$0.0M
Base + LV BD (breakeven)	$93.8M	$101.4M	$48.7M	$18.1M	$0.0M
Base + LV BD (breakeven) + Uplifters	$93.8M	$101.4M	$48.7M	$18.1M	$0.0M
Base + LV BD (extended)	$93.8M	$101.4M	$48.7M	$18.1M	$4.8M
Base + LV BD (extended) + Uplifters	$93.8M	$101.4M	$48.7M	$18.1M	$4.8M

Notes

Steyn debt facility

$1.5M loan, 15% annual (3.75% quarterly). Pro forma repayment schedule, flexible and subject to change with actual cash flow: 18 payments of $112K a month from January 2027, fully repaid June 2028. Full month-by-month schedule in Section 07. Carried forward unchanged through the August model rebuild.

What changed since the June actuals (the August 23 pack, actuals through June 30) — folded through September 10

Measure	June-actuals pack (Aug 23)	This pack (Sep 10)	Change
FY 2026 consolidated NI · all plans	$428,776	$45,239	($383,537)
FY 2026 GC net income	$1,388,113	$1,940,255	$552,142
FY 2026 Six Peak net income	($959,337)	($1,895,016)	($935,679)
FY 2027 consolidated NI · Base Case	$3,334,020	$3,426,573	$92,553
FY 2027 consolidated NI · Target Business Plan	$3,569,142	$3,661,695	$92,553
Cumulative NI FY26–33 · Base Case	($23,425,226)	($18,571,840)	$4,853,386
Cumulative NI FY26–33 · Target Business Plan	$21,961,579	$19,094,099	($2,867,480)
FY 2026 total ending cash	$1,231,610	$2,164,325	$932,715
Base Case cash turns negative	Q4 2030	Q1 2031	one quarter later

The book. The base case was redefined from eleven in-place deals to eighteen — Klump & Scott and Troost (January 2027), the HVN 3 trio of Dickens, Riverton and Moorpark (May–July 2027) and Beverly (November 2027) came inside — six deals moved later, Lexington moved to a September 2026 start, the Uplifters programme moved to April 2027, and Francis closed on August 13, 2026 and is under construction.

Actuals. July 2026 closed and every model now carries the closed months at the entity ledgers line for line; the cash build opens August 1 on the July 31 bank balances, receivables and payables. The only deliberate difference between the models and the ledgers is the $299,000 June non-cash revenue item, which stays in the actuals but is reversed out of projected net income.

Forecast method. The billing curve was replaced with schedule-driven forecasts on the five jobs under construction — Nelrose, Ramsgate, Califa, Whipple and Francis bill and cost off their July 28 construction schedules from August 2026 forward (Crenshaw finishes on the curve). This corrected margin the curve was suppressing on Califa and Whipple and moved roughly $0.8M of FY 2026 fee income into FY 2027 with the slower schedules.

LV deal terms. A Deal Terms input tab now enforces the LV economics beneath the trade lines: on LIHTC pass-through jobs trade cost nets to zero over each job’s life — LV’s revenue is the 12.04% fee stack — and the shared-savings jobs book LV’s 50% of buyout savings when earned: Crenshaw $150,000 in December 2026, Ramsgate $358,268 in October 2027.

Bonding program. Bonding revenue is now split out of trade billing onto its own line, identified by each job’s Bonding cost code. The July-billed Francis ($839,113) and Riverton ($211,877) bond lines are counted once, in July; August carries the program costs (the $314K Francis surety premium and the ~$694K due to Krueger as the bond lines fund). A brief double count of those bond lines in the September 1 pack was found and corrected on September 2 — the reconciliation on the Executive Summary states it plainly.

The office. The New York office closes December 1, 2026; from December Six Peak’s only rent is $5,000 a month for its share of the LV office (was $8,500 a month plus escalation) — roughly $44,000 a year of savings from 2027.

Deal-terms timing and cash (September 2, PM). Two mechanical fixes from Erik Andresen’s review of the deal-terms build. Denny’s $103,966 surety premium, paid in July and already inside July closed job cost, is no longer re-charged on the August bonding-cost line (+$104K FY 2026, and the standing rule now keeps bonding costs on the bonding line, out of trade cost). Shared buyout savings are recognised at each job’s completion month rather than ratably — lifetime totals unchanged, which moves Ramsgate’s strip (+$114K) from FY 2026 into FY 2027. And the cash build now adds back the deal-terms accruals as non-cash until they settle, worth $311K of FY 2026 ending cash. Net: FY 2026 $229,950 → $229,950, FY 2027 +$113,522, cumulative +$103,966. The ~$525K Francis bond-spread question stays open, on its own line, outside these fixes.

Deal timing and departures (September 9). Acama moved one month later to a December 2026 start, Klump moved to February 2027 so it staggers one month behind Scott, and Reseda was pulled forward to April 2027; the Reseda deal distribution moved with it. Lucy Mohler and Alex Gottlieb left the company on July 31 and come off the payroll from August; the Acama superintendent went on payroll September 1, three months ahead of his job; and one additional assistant superintendent was added from November 2026. Together these take FY 2026 from $229,950 to $167,597 — Acama’s slip costs about $75,000 of it, because its surety premium now lands in December while a month of Acama revenue drops out of the year, and the personnel changes give roughly $13,000 back.

Staffing follows the deal set (September 10). Planned hires used to be typed into the personnel tab, which meant every plan carried the same crew no matter how many jobs it ran: eight jobs and sixteen jobs cost the same to staff, and a scenario that switched a job off kept paying its superintendent. Crew is now derived — one superintendent per active job, project managers and assistant project managers by job size, hired when a job is confirmed and released when the work runs out. Payroll now differs between the plans for the first time: the sixteen-job plans carry about $939,000 a year more in 2027, and the no-new-work cases about $493,000 a year less. FY 2026 moves from $167,597 to $45,239 and FY 2027 Base Case from $4.63M to $3.43M. The same correction makes the awards-off sensitivity below less severe than it was, because the crew for those jobs is no longer paid for in a world where the jobs do not exist.

Conservatism and the entity split. APA LLP income is reserved — nothing in 2026, 40% of Six Peak’s share from January 2027, floored at zero from January 2028. The $103,833-a-month Six Peak overhead allocation to LV was set to zero in the projection (it has never been booked in either ledger; the mechanism remains), which moves income from Six Peak to LV without changing consolidated much. The LV-to-Six-Peak liquidating distribution, a non-cash item, was removed from the cash build. Twelve model defects were fixed on August 23; the defect register is filed with the models, and every workbook’s comparison tabs now open with the full-year summary against the November 2025 budget.

Net of it all: FY 2026 is $199K lower than the June-actuals pack — the July close and the margin correction added, and the fee re-timing, the APA reserve, the non-cash reversal and carrying the bonding program at its real cost took more out — while FY 2027 is $1.1M higher and Base Case cash lasts one quarter longer.

APA LLP

The Adam Polk architecture partnership turns cash-negative from January 2028 in the underlying projection. The consolidated model now floors Six Peak’s 50% share at zero from that point, on the basis that the partnership would be wound down or replaced rather than run at a loss. The underlying detail still shows the deficit.

Methodology: FY = calendar year (Jan–Dec). FY2026 carries actuals through July 2026 at the entity ledgers on every line; from August 2026 the jobs under construction bill and cost off their construction schedules and the LV deal terms apply. The July bond-line billing on Francis and Riverton is matched by the surety premiums and the Krueger payment the models carry in August. Personnel roster and salary assumptions updated July 24, 2026; the Six Peak overhead allocation to LV remains zero. FY2034 is a wind-down tail excluded from cumulative figures. Net income, GC net income and ending cash for the four BD plans and the Target Business Plan were restated on 25 August 2026, first to correct the BD commission, which was understated because it sat inside a circular calculation, and then to bond the HVN-flagged BD pipeline deals at 3.25%. The two Base Case plans are unaffected by both: their BD placeholder slots are inactive. Each plan is an independent Excel model; the numbers above are recalculated outputs, not estimates.