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About Reinvest
2 min read
Sources:
Form 1-SA, press and public records
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Short answer
The figures a reader needs most, each with its date and filing. At June 30, 2026: 38 properties at a cost of $65.9 million and a net book value of $63.1 million; no mortgage debt; $16.3 million of liquid assets; $38.6 million gross of 5% unsecured convertible bonds; six-month revenue of $3,174,550, income from operations of $539,484 and a net loss of $150,608 after $871,185 of bond interest. For 2025: total revenues of $2,707,060 and a net loss of $2,067,022. Shares: 1,000,000 voting, all held by the founder’s trust; about 48.5 million non-voting; 712,500 warrants; 185,941,746 options that vest no earlier than December 2030 on price and valuation hurdles. 12
Properties: 38 (June 30, 2026; cost $65.9M, net $63.1M)
Mortgage debt: None
Liquid assets: $16.3M (June 30, 2026)
Bonds: $38.6M (5%, unsecured, convertible at $1.40)
H1 2026: Rev $3.17M; ops income $539,484 (net loss $150,608 after interest)
FY 2025: Rev $2.71M; net loss $2.07M (audited)
Balance sheet, June 30, 2026 (unaudited; the December 31, 2025 audited cost of real estate was $57,101,636)
Item | Figure |
|---|---|
Real estate, at cost (buildings $44,933,157; land $20,947,681) | $65,880,838 |
Real estate, net of depreciation | $63,082,646 |
Properties | 38, including two Utah development lots |
Mortgage debt | None |
Cash and short-term Treasuries | $16,346,435 |
Convertible bonds, 5%, unsecured, due December 31, 2032 | $38,612,004 gross, $37,965,232 net of offering costs |
Accumulated deficit | $7,555,192 |
Results
Period | Revenue | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
Six months to June 30, 2026 | $3,174,550 | $539,484 | ($150,608) after $871,185 of bond interest |
Year 2025 | $2,707,060 | not restated here | ($2,067,022) |
Six months to June 30, 2025 | $1,218,183 | ($679,191) | ($771,110) |
Ownership and claims on the company
Security | Amount | Terms |
|---|---|---|
Voting common stock | 1,000,000 shares | 100% held by the founder’s trust |
Non-voting common stock | about 48.5 million shares | no vote; no market |
Warrants | 712,500 | $1.00, callable by the company from January 1, 2026 |
Convertible bonds | $38.6 million gross | 5%, convert at $1.40; automatic from 2027 if an independent valuation supports it |
Options | 185,941,746 | $0.66 strike; five-year cliff to December 17, 2030; seven price-and-valuation tranches |
Founder transactions, separated
Type | Item |
|---|---|
Equity investment | 1,000,000 voting shares against a $1,000,000 note; $247,751 paid or offset; balance forgiven December 27, 2024 |
Bond investment | $6,000,000 of the bonds, same terms as other holders |
Repaid advance | $3,500,000 advanced September 2022, repaid shortly after |
Compensation | $1.00 salary and a $290,000 bonus for 2024; $344,002 for 2025 including benefits |
Asset sales to the company | An apartment building, September 2024, $1,600,000, below the average of three appraisals; the office building, 2025, at appraised value |
Unreimbursed support | Aircraft use January 2023 to October 2025; early payroll paid personally |
Paid related-party arrangements | Office rent charged at $6,000 a month from July 2023 to October 2025; sponsorship reimbursements between the company and his media company, disclosed but not sized |
How the home-page figure is built
The home page shows an estimated gross asset value of about $100 million. That is management’s September 2026 estimate of the real estate at market value, roughly $85 million by Kevin’s account, plus about $16.3 million of cash and Treasuries, before any liabilities. It is not an appraisal, not an audited figure, and not the amount attributable to shareholders: the $38.6 million of bonds and other liabilities come first. The audited cost of the real estate at December 31, 2025 was $57,101,636; the unaudited cost at June 30, 2026 was $65,880,838. 12
No mortgage, $16 million liquid, $38.6 million of bonds, operating income in 2026 and a net loss after interest. Every number here has a filing and a date. 12
Simply put
✅ The balance sheet
➡️ 38 properties, no mortgage, $16.3 million of cash and Treasuries, $38.6 million of bonds, as of June 30, 2026.
✅ The results
➡️ 2025: $2.7 million of revenue, a $2.1 million net loss.
➡️ First half of 2026: $3.2 million of revenue, $539,484 from operations, a $150,608 net loss after bond interest.
✅ The ownership
➡️ All voting shares in the founder's trust. About 48.5 million non-voting shares. Options that pay only after 2030 and only if the company clears $200 million.
Sources
Form 1-SA, Balance sheet and statements of operations, June 30, 2026 Open the filing
Form 1-K, annual report for 2025, Statements of Operations; Item 4, ownership Open
