Project Porchlight
A private fund holding 30 to 35 single-family rental homes in a large Texas metro. It raised its capital in 2022 and has been selling homes since 2024. Nearly every home is leased, and a refinance of the debt on non-recourse terms has been approved. Some investors want out before the fund sells. A sale of the whole book today would return less than they put in. YMC Capital is arranging a vehicle to buy the interests of investors who want to leave and hold the homes to a planned sale around 2029. A YMC principal is an investor in the fund. The portfolio, the debt, the quarterly reports and the model are in the room after a confidentiality agreement.
Homes
30 to 35
Nearly all leased
Portfolio value
US$11 to 12M
Manager's marks, June 2026
Debt
US$6 to 7M
Refinance approved
Capital raised
US$8 to 9M
2022
Values are the manager's MLS marks of June 2026, within 2% of an independent review. Debt and leasing are from the Q2 2026 quarterly report.
- Asset
- Single-family rental homes
- Location
- A large Texas metro
- Vehicle
- A Delaware LLC fund with about 21 investors
- Transaction
- Purchase of investor interests by assignment, with the manager's consent
- Horizon
- A planned sale of the homes around 2029
- Target buyer
- Investors wanting US rental housing through a secondary