Gross offering equity proceeds of $123,530,000 are allocated toward asset acquisition, $7,378,270 in front-end expenses and fees, $2,656,000 in finance expenses, and reserves reflecting a 1.07% Less Reserves rate.
Total Fees & Expenses
$7,378,270
% of offering
5.97%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$112.09M90.7%
Offering Expenses$7.38M6.0%
Unallocated / other uses$4.06M3.3%
Total fees & expenses
$7.38M
5.97% of offering
Offering expenses
$7.38M
5.97% of offering
Reserves held
—
— of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,436,404 | 1.97% | 1.97% |
| Finance Expenses | $2,656,000 | 2.15% | 2.15% |
| Total Acquisition Cost | $112,088,036 | 90.74% | 90.74% |
| Total Acq. Cost (Reserves) | $116,151,730 | 94.03% | 94.03% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| BD Due Diligence Allowance | $6,485,325 | 5.25% | 5.25% |
| Third Party DD | $15,000 | 0.01% | 0.01% |
| Total Offering Expenses | $7,378,270 | 5.97% | 5.97% |
Strengths
- Fully equity-funded syndication raise of $123,530,000
- Dedicated reserves structured at 1.07%
Concerns
- BD due diligence allowance accounts for $6,485,325