Model a hybrid position.

Nothing requires a Partner to choose one side. Set a commitment, split it between equity and the note, and see what the position pays month to month and cycle over cycle.

Total commitment $150,000

Allocation 67% equity

Equity$100,000 Note$50,000

Average actual IRR 25%

Horizon

Redeploy equity into the next project

Assumptions

Equity hold 18 months

Gap between projects 2 months

Note rate 12.5%

Equity multiple target 3.0x

Carry a project in progress at accrued value

Reinvest coupons instead of taking income

One cycle

A single equity project alongside one 12 month note term.

$100,000 equity18 month hold · no interim income $139,754 at sale

$50,000 note12 months at 12.5% · principal returned at maturity $520.83 per month

Committed $150,000Returned across the cycle $196,004

Before tax

Monthly income

$520.83

Paid from month one

Position multiple

1.79x

On total committed in 5 years

Equity multiple 2.73x on the equity dollars

Value at year 3

Committed $150,000

Total profit

Blended annual return

Path to 3.0x

1.0x3.0x target

Income below the line, compounding above it

Equity position Income received

Year by year
Year	Income received	Sales realized	Equity position	Note principal	Total value