A governed protocol beats heroic execution. We do not sell because a calendar demands it. We do not rely on appreciation. We rely on structure. We do not mark to model. We mark to physics. We do not rely on a genius. We rely on a factory.
A rule-governed system designed to protect principal and allow upside to emerge — without being required.
• 2% coupon stepping to 4% cap — contractual, funded by rents and construction loan sleeve • 65% of net surplus — paid only after principal, coupons, and make-whole fully satisfied • First-lien, Trustee-held — cash moves only against documentary proof • No forced exits — perpetual hold; sell only into exuberant pricing • Illustrative returns: 3.8–6.1× MOIC | ~15–17% IRR • $20M+ sponsor capital deployed before asking anyone else for a dollar
All figures illustrative. Non-binding. Offering Memorandum governs.
- The VULPIN -
We reject forced exits driven by fund calendars.
Assets exit only when the Sale Committee confirms the Hard Deck has been cleared.
No calendar pressure. No spreadsheet IRR optimization. Sell only into exuberant pricing.
Trustee Control
Cash movement is not discretionary. Reserves are mandatory.
If an asset underperforms, sponsor economics are subordinate.
Idle capital is not passive.
~25% of AUM deployed as first-lien construction loans at ~12.75% gross yield.
Closed-circuit to PCM-controlled projects.
Coupon funded from Day 1, before any flagship generates rental income.
DOCUMENTATION
These materials are not marketing. They are the documentation of the system.
You have spent decades building equity.
You have the address and the prestige, but many legacy estates quietly cost over $175,000 per year in after-tax dollars to maintain. This book documents how to re-engineer that liability into long-duration optionality.
Development is not “just a renovation with more zeros.”
This book explains why most Missing Middle projects fail, and how FoxyHome removes those failure modes.
Infrastructure for the Missing Middle.
Senior secured. Trustee-controlled. Governance-first.
Request investor introductionThe governing rules. All other documents are subordinate.
Context, scar tissue, and why the system exists.
Legal and financial implementation of the rules.
VULPIN / Foxyhome / PCMNow execution standards and quality gates.
Not publicly posted.
If you have a legitimate business reason to review additional governance materials, contact us.