Full due diligence · Step 5 of 10 · 15 min
See how the fund has performed since 2021, how distributions have moved, and where the portfolio stands today.
$239,000 in total value, net of fees, or about 19% a year. The $99,000 of appreciation is unrealized appraised value (NAV) that hasn’t been paid out. The $40,000 was paid as distributions.
Distributions come from the cash flow of our stabilized properties, so they move with how those properties perform. When several large properties were in lease-up at once, we used cash to cover their operating costs until occupancy caught up. That’s why 2025 distributions fell to $0.03 per unit and why we paused the Q1 2026 distribution. Occupancy at those properties now covers their expenses, and we expect distributions to resume for the Q4 2026 period. That isn’t guaranteed.
Distributions come from stabilized properties. Today that’s 44% of our units. The rest are leasing up or under construction, so they don’t contribute cash flow yet. As lease-ups finish and those units move into the stabilized column, more of the portfolio supports distributions.
Current value of $428M against a stabilized value of $482M: $54M (+13%) of value Sage expects to unlock as properties finish development and lease-up. The existing properties carried about $124M of secured debt as of January 2026 [update to current].
As of September 2026. Kirkland (123 units, in development) is under contract to sell, expected to close in October 2026.
| Year | Sage | S&P 500 | U.S. bonds | Equity REITs |
|---|---|---|---|---|
| 2021 | 48.0% | 28.7% | -1.5% | 41.3% |
| 2022 | 10.2% | -18.1% | -13.0% | -25.0% |
| 2023 | 11.2% | 26.3% | 5.5% | 11.4% |
| 2024 | 18.0% | 25.0% | 1.3% | 4.9% |
| 2025 | 20.2% | 17.9% | 7.3% | 2.3% |
| Cumulative | 157% | 96% | -1.8% | 27% |
Sage annual return = change in unit price plus distributions, divided by the starting unit price, net of fees. Benchmarks: S&P 500 total return, Bloomberg U.S. Aggregate Bond Index and FTSE Nareit All Equity REITs, all with income reinvested. Sage’s unit price comes from appraisals, which move more smoothly than market prices, so these years understate how much Sage’s value could swing. Cumulative figures compound with distributions reinvested, which is why 157% here is higher than the $239,000 example above, where distributions are taken as cash.
Past performance is not indicative of future results. Hypothetical $100,000 invested 1/1/2021, valued at NAV 12/31/2025, net of fees (DPI 0.40x, RVPI 1.99x). NAV is an unrealized appraised value, not cash.