// Everything below is a demonstration of the report-card format using an invented sponsor with illustrative numbers. Real report cards will name real sponsors, cite real documents on every factual line, and follow the published rubric and editorial standards, including our corrections policy.
Founded [year] · [N] full-cycle programs · [$X]B assets under management
The format leads with what the rubric rewards: verified full-cycle history (programs bought, operated, sold, capital returned — compared against their own original projections, with the variance shown), current-offering fee load benchmarked against channel norms from the PPM's Use of Proceeds table, deal-level underwriting reviewed for leverage, loan maturity, and assumption realism, and communication scored on reporting cadence and how the sponsor disclosed problems in prior programs — because every sponsor eventually has one, and the disclosure behavior is the tell.
Each flag is a specific, sourced item. Illustrative examples of how they'll appear:
Acquisition priced above third-party appraisal in current offering, with the differential accruing to a sponsor affiliate.
SOURCE: PPM p.[XX], “Conflicts of Interest”; appraisal dated [date]Loan matures in year [X] of a projected [X+2]-year hold; PPM states no extension option and no stated refinancing plan.
SOURCE: PPM p.[XX], “Financing” sectionDistributions in [prior program] reduced in [year]; reduction disclosed in quarterly letter [N] months after effective date.
SOURCE: [Program] investor letters, [dates]Every card ends the same way: a plain-English paragraph answering the only question that matters — knowing everything above, what kind of investor does this sponsor fit, and what kind should look elsewhere? Grades summarize; that paragraph decides. And per the wall: whether a sponsor's offerings ever appear in a partner conversation has zero connection to what appears on this card, in either direction.
Sponsors: this is the exam. If you want your current offering graded, the materials list is: current PPM, prior-program performance table, and investor communications from your last completed cycle. Documents through the front door. The rubric doesn't negotiate, which is precisely what makes a good grade worth having.
A free, no-obligation introduction to a vetted 1031 or DST partner — with our referral relationship disclosed in writing. On the 45-day clock? Same-day attention.