$6.47M
Equity deployed across seven realized exits
Track Record · 2005–2026
Every number,
on the record.
Twenty-one completed projects, seven documented exits, one disclosed loss — presented the way we'd want to read it as investors.
Performance Summary
Realized equity performance.
A note on what you're looking at: these results come from projects our partners completed through Thornton Development Group and affiliated companies — the same team and playbook now operating as Assemble Capital, but not Assemble Capital investor deals. They show how the operators have performed, not what any Assemble Capital offering has returned.
$13.76M
Total capital returned (incl. refi & recap proceeds)
$7.29M
Net realized profit to sponsorship
2.13x
Blended equity multiple — 2.38x excluding one 0.73x deal
~38%
Average deal-level IRR (~46% excluding that deal)
Realized Equity Returns · Documented Exits
| Property | Strategy | Equity Invested | Total Returned | Net Profit | Hold (Mo.) | MoMx | IRR (Approx.) |
|---|---|---|---|---|---|---|---|
| 7115 Macapa Dr, Hollywood Hills | Remodel + FAR Expansion | $1,274,516 | $4,093,460 | $2,818,944 | 47 | 3.21x | ~37% |
| 7932 Woodrow Wilson Dr, Hollywood Hills | Studs-Out Remodel | $1,500,000 | $3,805,728 | $2,305,728 | 24 | 2.54x | ~57% |
| 7212 Mulholland Dr, Hollywood Hills | Remodel + Refinance | $700,000 | $1,872,710 | $1,172,710 | 16 | 2.68x | ~84% |
| 7123 Macapa Dr, Hollywood Hills | Expand & Spec Rebuild | $1,000,000 | $1,612,783 | $612,783 | 18 | 1.61x | ~37% |
| 10742 Hortense St, N. Hollywood | Ground-Up Multifamily | $544,340 | $1,006,430 | $462,090 | 21 | 1.85x | ~42% |
| 5832 David Ave, Los Angeles | Ground-Up Triplex (TIC) | $448,707 | $630,439 | $181,732 | 26 | 1.41x | ~17% |
| 8070 Laurelmont Dr, Mount Olympus | Studs-Out Rebuild | $1,000,000 | $733,829 | ($266,171) | 48 | 0.73x | ~(8%) |
| Blended — 7 exits | $6,467,563 | $13,755,379 | $7,287,816 | ~29 avg | 2.13x | ~38% avg |
Total returned includes return of capital plus profit distributions, refinance proceeds, and recapitalizations (7115 Macapa includes a $1.67M second trust deed recapitalization; 7212 Mulholland includes $878K of refinance proceeds). The 8070 Laurelmont outcome is disclosed for completeness: the project carried new-construction scope (retaining walls, 30+ caissons) and generated a gross property-level profit, while sponsor equity returned 0.73x after debt and carry. Sponsor-level, unaudited, pre-tax; past performance is not indicative of future results.
Refinance Executions
Build, refinance & hold.
Three ground-up multifamily builds delivered, refinanced into term debt, and held as stabilized, 100%-occupied rentals — equity marks shown to date, unrealized until sale.
$15.85M
Combined stabilized value
$938K
Annual net operating income
1.33x
Blended DSCR — 100% occupied
$4.4M+
Gross profit created & retained
Equity marks = value less first trust deed debt; values per SREO 7/14/26, financials per portfolio analysis 6/30/26. Multiples to date are unrealized. Junior portfolio debt of ~$1.4M also encumbers these assets.
Portfolio Economics
Averages across 21 completed projects.
53.9%
Portfolio gross profit on total project cost
51.1%
Median gross profit on cost per project
~23%
Avg. annualized profit on cost per completed deal
~35 mo
Average hold — range 9 to 129 months
0
Notices of default, foreclosures, or lender workouts in ~20 years
Relative Performance
The same equity, benchmarked.
The three most recent fully documented exits — $2.27M of equity over the same actual hold periods — against public-market alternatives compounded at long-run rates.
These projects — actual2.53x
Private MF / RE fund (15%/yr)1.55x
Public REIT index (11%/yr)1.38x
S&P 500 (10%/yr)1.35x
10-yr Treasury (4.5%/yr)1.15x
Benchmarks compound each alternative at the stated long-run annual rate over each deal's actual hold period on the same equity — illustrative context only, not evidence of risk-adjusted outperformance. Real estate development involves leverage, concentration, illiquidity, and loss risk not present in diversified public indices.
Completed Work
Multifamily.
Three of these buildings were refinanced into term debt and retained; their multiples are unrealized equity marks, not proceeds. The Hortense VI was sold in October 2025.
Completed Work
Tenancy-in-common sales.
Sold as TIC · $2.91M
Tenancy-in-common lets a small multifamily building be sold as individual homes to individual buyers rather than as a single income asset to an investor — and unit buyers pay a premium to the building's bulk value.
5832 David Ave was built ground-up as a triplex and sold as three separate fee-simple TIC units across closings from November 2025 through February 2026, totaling $2.91M. The returns are the most modest of the realized exits — a sellout takes time, because each unit waits on its own buyer and its own financing.
What it produced was a documented, executed template for the TIC pathway, which is the model now being applied at 1925 19th St in Santa Monica.
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