Proceeds of $51,422,000 cover $45,265,528 in acquisition costs, $500,052 in reserves, and $5,656,420 in total offering fees and expenses.
Total Fees & Expenses
$5,656,420
% of offering
11.00%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$45.27M88.0%
Offering Expenses$5.66M11.0%
Reserves$500K1.0%
Total fees & expenses
$5.66M
11.00% of offering
Offering expenses
$5.66M
11.00% of offering
Reserves held
$500K
0.97% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Reserves (Lumped) | $500,052 | 0.97% | 0.97% |
| Finance Expenses | $15,875,191 | 30.87% | 30.87% |
| Total Acquisition Cost | $45,265,528 | 88.03% | 88.03% |
| Total Acq. Cost (Reserves) | $45,265,528 | 88.03% | 88.03% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $3,085,320 | 6.00% | 6.00% |
| Dealer Fee | $771,330 | 1.50% | 1.50% |
| Wholesaling Fee | $771,330 | 1.50% | 1.50% |
| BD Due Diligence Allowance | $514,220 | 1.00% | 1.00% |
| O&O Expenses | $514,220 | 1.00% | 1.00% |
| Third Party DD | $514,220 | 1.00% | 1.00% |
| Total Offering Expenses | $5,656,420 | 11.00% | 11.00% |
| Total Fees / Expenses | $5,656,420 | 11.00% | 11.00% |
Strengths
- $500,052 allocated to upfront reserves
Concerns
- $5,656,420 (11%) deducted for offering fees and expenses
- Includes $771,330 wholesaling fee and $771,330 dealer fee