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$100,000. The Manager can accept smaller subscriptions at its discretion. SIG26 is offered only to accredited investors under Rule 506(c) of Regulation D, so every investor’s status is verified by a third party before their subscription is accepted.

SIG26, LLC is the fund you invest in. It uses the money it raises to buy an ownership stake in Sage Investment Group LLC, which owns all 32 properties through individual project companies. SIG26 expects to own about 22% of Sage Investment Group, alongside five earlier Sage funds (SIG20 through SIG25). Sage plans to raise future funds the same way. Each one adds capital for new projects and reduces SIG26’s percentage ownership.

From the cash flow of our stabilized properties, after debt service, fees, expenses and reserves. They rise and fall with how those properties perform. The Manager sets the amount and timing each period, and they aren’t guaranteed. Distributions have generally been paid quarterly, and new investors share in them for the part of each period they’ve owned units. You can take them as cash or reinvest them.

Yes. Distributions fell to $0.03 per unit for 2025, and we paused the Q1 2026 distribution. Several large properties were in lease-up at the same time, and we used cash to cover their operating costs until occupancy caught up with expenses. We expect distributions to resume for the Q4 2026 period, but that isn’t guaranteed.

The Manager sets the unit price, currently $1.99 for SIG26, based on annual independent appraisals of the portfolio by CBRE. The PPM gives the Manager broad discretion over valuation, and appraised values can differ from what a property would actually sell for.

Plan on a long hold. The PPM describes this as a long-term commitment that could last ten years or more, and you have no right to redeem before then. The Manager plans to offer a redemption option after about five years, but whether and when it does is at its discretion. Redemptions run through a 270-day window and can be limited or delayed if the fund can’t sell or borrow to pay them. There’s no market for the units, and transfers need the Manager’s consent. If you need your money back by a specific date, this isn’t the right investment.

A 4% due diligence fee on each project’s total cost (purchase price plus construction and development), about 2% of each project’s monthly rent revenue for asset management, and a 30% profits interest in each project once it has returned 100% of the capital invested in it. Ross Hubbard’s brokerage typically earns 1.5–6% of the purchase or sale price when a project is bought or sold. The Manager is also reimbursed for pre-acquisition, lender liquidity and fund organization costs, and the fund may pay placement fees to broker-dealers or finders. All of these are paid before distributions reach SIG26.

You’ll never be required to contribute more than the amount you subscribe for. If the fund needs more capital, it can borrow or bring in new capital, and that capital may be repaid ahead of yours.

Ross and Emily Hubbard are the largest investors across Sage’s funds, and Ryan is the second-largest individual investor. The Sponsors and their affiliates hold about 7% fully diluted ownership. More than 65% of employees and key contractors at Sage’s operating company are invested too. The Sponsors also earn fees and a profits interest, so weigh both.

Ridgecrest Management, owned by Ross Hubbard, Emily Hubbard and Ryan Sudeck, manages SIG26, Sage Investment Group and every project company, and is paid fees and a profits interest by them. It sets the unit price, decides how expenses are allocated, and will launch future funds that dilute SIG26. Ross Hubbard’s brokerage typically earns a fee when projects are bought or sold. The Manager may share part of its fees or profits interest with some investors and may sign side letters with individual investors. The PPM’s Conflicts of Interest section covers each of these.

Yes, through a self-directed IRA custodian such as Horizon Trust. Horizon charges a flat $695 for setup, transfer and the first year, with no wire or transaction fees. You sign the subscription documents, and your custodian funds the investment from your IRA. You can reinvest distributions so they compound inside the IRA, and Horizon charges no extra asset fees on reinvested holdings. The annual independent appraisal gives your custodian the year-end value it needs for reporting. Depreciation matters less inside an IRA, and real estate that uses debt can create UBTI, so check with your tax advisor about how it applies to you. Horizon sets its own pricing, which can change.

An annual Schedule K-1, issued by April 1 and delivered electronically through Juniper Square. Because the properties are in six states, you may receive state K-1s as well.

Each property is financed on its own, typically at about 70% loan-to-cost through local banks and credit unions, with the Sponsors personally guaranteeing the loans. After a property stabilizes, loan-to-value typically drops to the low 40s. As of January 2026, the existing properties carried about $124M of secured debt against a Manager valuation of about $407.5M.

[Confirm: quarterly fund reports from the CEO and annual audited financial statements], your K-1, and 24/7 access to your position and documents in the Juniper Square investor portal.

Citrin Cooperman (independent auditor), CohnReznick (accounting and tax), Juniper Square (fund administration), CBRE (appraisals), Perkins Coie (outside counsel to the Manager; it doesn’t represent investors) and Marsh (insurance broker).

All of them, indirectly. SIG26 owns a stake in Sage Investment Group, which owns all 32 properties in six states and the new conversions it acquires. As properties sell, proceeds can be reinvested in new projects inside Sage Investment Group.

No. A 1031 exchange requires trading real property for real property, and units in an LLC fund don’t qualify. Separately, the Manager may sell individual properties through 1031 exchanges at the project level to defer tax inside the fund.

Real estate depreciation passes through to investors on the annual K-1, which can offset some of the taxable income from your distributions. If you invest through an IRA, depreciation matters less, and debt-financed real estate can create UBTI. This isn’t tax advice, so check with your tax advisor.

The gap between how hotels and apartments are valued. Distressed hotels trade at roughly 10–14% cap rates, while stabilized apartments trade at 5–7%, so the same building can be worth substantially more once it’s converted. And the supply of opportunities is deep: there are 32,000+ economy and midscale hotels in the U.S., economy hotel revenue is down about 50% since 2019, and the country is millions of homes short.

Because it’s hard. About half of a conversion budget goes to infrastructure you never see, like electrical, plumbing, fire suppression and code upgrades. Operators who budget $15,000 to $25,000 a unit, as they would for a typical apartment renovation, often end up at $35,000 to $45,000. Changing a building from hotel to residential use triggers fire, energy, egress and accessibility requirements, and every new kitchen needs four to seven new electrical circuits. The pool of qualified contractors in most markets is in the single digits, and the city relationships that make approvals predictable take years to build.

No. Sage buys economy and midscale hotels, typically built between 1950 and 1990 with 100 or more rooms, including extended-stay properties. Recent and pending conversions include a former Quality Inn, Homewood Suites, Days Inn, Residence Inn and Holiday Inn & Suites. Extended-stay hotels are especially attractive because suites often already have kitchens.

Sometimes. Many hotel rooms convert directly into studios, but where the building and the local market support it, Sage combines rooms into one- and two-bedroom apartments. In Boca Raton, for example, a 183-room hotel is planned to become 125 apartments.

Working residents who want a quality home in a good location at a fair rent: young professionals ages 25–35 (about 40–50%), essential workers like nurses, teachers and first responders (about 30–40%), and retirees 55+ on fixed incomes (about 15–25%). Sage’s units typically rent for $300–500 a month less than similar Class A apartments.

[Draft: Yes. Let your Sage contact know which property you’d like to see, and we’ll arrange a tour with the on-site team. Confirm which properties are available for tours.]

[Draft: Name the property, what went wrong, what Sage did about it and where it stands today.]

Budget for what’s behind the walls from day one. About half of every conversion budget goes to infrastructure, and our cost and timing models now come from actual results on 30+ projects. Build city relationships early, because approvals move faster where planners already know how we work. Walk away when diligence breaks the numbers, even after real money is spent: we’ve abandoned deals after six-figure sunk costs, including over an $800,000 impact fee and a $600,000 fire sprinkler surprise. And hold enough cash for several lease-ups running at once. Having multiple large properties filling up at the same time is why we cut 2025 distributions and paused Q1 2026.