Reports · Portfolio Dashboard & Asset Allocation
Portfolio Dashboard & Asset Allocation
A report packet — 8 tabs · Active investments, Hale-adjusted · exportable as one Excel workbook.
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Portfolio Summary — 31 deals | Hale NAV basis — as of 9/30/2026
Total NAV (Hale Share)
$57,605,000
Total NAV (100% Basis)
$60,580,000
Net Worth
TBD
MTD Return
TBD
QTD Return
TBD
YTD Return
TBD
1-Yr Return
TBD
3-Yr Ann Return
TBD
5-Yr Ann Return
TBD
Asset Class Breakdown — as of 9/30/2026
| Asset Class | NAV (Total) | NAV (Hale Share) | % of NAV | Cost | Market Value | Current Balance |
|---|---|---|---|---|---|---|
| Real Estate | $27,650,000 | $25,270,000 | 43.9% | $25,270,000 | ||
| Private Equity | $23,550,000 | $22,955,000 | 39.8% | $22,955,000 | ||
| Private Credit | $6,650,000 | $6,650,000 | 11.5% | $6,650,000 | ||
| Venture Capital | $2,730,000 | $2,730,000 | 4.7% | $2,730,000 | ||
| Total | $60,580,000 | $57,605,000 | 100.0% | $57,605,000 | $0 | $0 |
4 rows
Liabilities
| Liability Type | Amount (Total) | Amount (Hale Share) | % of Total Debt |
|---|---|---|---|
| Margin Loans | $-0 | $-0 | 100.0% |
| Total Debt | $-0 | $-0 | 100.0% |
1 rows
Net NAV (Gross Assets − Margin Loans)
| Basis | Gross Assets | Margin Loans | Net NAV |
|---|---|---|---|
| NAV (100% Basis) | $60,580,000 | $-0 | $60,580,000 |
| NAV (Hale Share) | $57,605,000 | $-0 | $57,605,000 |
2 rows
Lookbacks by Asset Type — 1/3/6/12-Month % — as of September 2026
| Asset Type | Value | % of Total | 1-Mo % | 3-Mo % | 6-Mo % | 12-Mo % |
|---|---|---|---|---|---|---|
| Real Estate | $25,270,000 | 43.9% | 0.0% | 0.0% | ||
| Private Equity | $22,955,000 | 39.8% | 0.0% | 0.0% | ||
| Private Credit | $6,650,000 | 11.5% | 0.0% | 0.0% | ||
| Venture Capital | $2,730,000 | 4.7% | 0.0% | 0.0% | ||
| TOTAL | $57,605,000 | 100.0% | 0.0% | -3.1% |
4 rows
Deal-Level Detail — All Active Deals (entities combined, high → low) — as of 9/30/2026
| Deal / Property Name | Legal Name of Investment | Investing Entities | Allocation Asset Type | Allocation Sub-Type | Date of Investment | NAV (Total) | NAV (Hale Share) | Cost | Market Value | Current Balance | Grade | Cash Flow | Value | Performance | Debt | Manager | Why not graded |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TOTAL — 31 deals | $60,580,000 | $57,605,000 | $57,605,000 | $0 | $0 | grades still scoring | |||||||||||
| Alder Health Partners | Alder Health Partners Inc. | Northwind Family LP | Private Equity | Direct Investment | 3/18/2021 | $4,000,000 | $4,000,000 | $4,000,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Granite Peak Fund III | Granite Peak Real Estate Fund III LP | Northwind Family LP | Private Equity | Fund | 7/1/2020 | $3,600,000 | $3,600,000 | $3,600,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Sunbelt Logistics Park | Sunbelt Logistics Park Owner LLC | Harbor LP | Real Estate | Industrial | 4/20/2021 | $4,000,000 | $3,600,000 | $3,600,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Crosswater Portfolio | Crosswater Residential Fund I LP | Harbor LP | Real Estate | Multi-Family | 2/14/2022 | $3,600,000 | $3,240,000 | $3,240,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Harbor Point Fund IV | Harbor Point Capital Partners IV LP | Northwind Family LP | Private Equity | Fund | 1/20/2022 | $3,100,000 | $3,100,000 | $3,100,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Riverstone Precision | Riverstone Precision Holdings LLC | Harbor Equities LLC | Private Equity | Direct Investment | 12/1/2020 | $3,200,000 | $2,880,000 | $2,880,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Riverbend Commons | Riverbend Commons Investors LLC | Harbor LP | Real Estate | Multi-Family | 9/30/2021 | $3,100,000 | $2,790,000 | $2,790,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Eastport Distribution Center | Eastport DC Holdings LLC | Harbor LP | Real Estate | Industrial | 8/9/2024 | $2,800,000 | $2,520,000 | $2,520,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Lakeshore II | Lakeshore Opportunity Fund II LP | Northwind Family LP | Private Equity | Fund | 4/12/2018 | $2,500,000 | $2,500,000 | $2,500,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Orchard Software Group | Orchard Software Group LLC | Harbor Equities LLC | Private Equity | Direct Investment | 9/9/2022 | $2,750,000 | $2,475,000 | $2,475,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Northgate III | Northgate Growth Partners III LP | Northwind Growth Trust | Private Equity | Growth Equity | 10/5/2021 | $2,400,000 | $2,400,000 | $2,400,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Maple Court Apartments | Maple Court Holdings LLC | Harbor LP | Real Estate | Multi-Family | 5/12/2022 | $2,500,000 | $2,250,000 | $2,250,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Beacon Credit Fund II | Beacon Credit Opportunities II LP | Northwind Family LP | Private Credit | Note Purchase | 6/18/2021 | $2,200,000 | $2,200,000 | $2,200,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Clearwater Dental Partners | Clearwater Dental Partners LLC | Northwind Family LP | Private Equity | Co-Investment | 5/25/2023 | $2,000,000 | $2,000,000 | $2,000,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Lakeshore Terrace | Lakeshore Terrace Apartments LLC | Harbor LP | Real Estate | Multi-Family | 11/2/2022 | $2,200,000 | $1,980,000 | $1,980,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Northgate Plaza | Northgate Plaza Retail LLC | Northwind Family LP | Real Estate | Retail | 6/15/2020 | $1,750,000 | $1,750,000 | $1,750,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Oakline Flats | Oakline Flats Owner LLC | Harbor LP | Real Estate | Multi-Family | 7/19/2023 | $1,900,000 | $1,710,000 | $1,710,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Summit Packaging Term Loan | Summit Packaging Corp. | Northwind Credit LLC | Private Credit | Business Loan | 2/15/2025 | $1,500,000 | $1,500,000 | $1,500,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Pinecrest Senior Living | Pinecrest Senior Living Investors LLC | Harbor LP | Real Estate | Senior Living | 4/30/2026 | $1,500,000 | $1,350,000 | $1,350,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Summitwoods Apartments | Summitwoods Apartments LP | Harbor LP | Real Estate | Multi-Family | 3/8/2023 | $1,400,000 | $1,260,000 | $1,260,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Cedar Ridge Ventures V | Cedar Ridge Ventures Fund V LP | Northwind Growth Trust | Venture Capital | Fund | 11/8/2023 | $1,230,000 | $1,230,000 | $1,230,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Westfield Bridge Loan | Westfield Bridge Lender LLC | Northwind Credit LLC | Private Credit | Bridge Loan | 10/10/2025 | $1,200,000 | $1,200,000 | $1,200,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Clearwater Storage | Clearwater Self Storage LLC | Northwind Holdings LLC | Real Estate | Self-Storage | 10/5/2023 | $1,200,000 | $1,200,000 | $1,200,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Lakeshore Terrace Mezz Loan | Lakeshore Terrace Mezz Lender LLC | Northwind Credit LLC | Private Credit | Mezzanine | 12/20/2023 | $1,000,000 | $1,000,000 | $1,000,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Willow Creek Shops | Willow Creek Shops LLC | Northwind Family LP | Real Estate | Retail | 2/1/2024 | $900,000 | $900,000 | $900,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Northwind Coffee Term Note | Northwind Coffee Co. | Northwind Credit LLC | Private Credit | Business Loan | 9/1/2024 | $750,000 | $750,000 | $750,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Pathline | Pathline Technologies Inc. | Northwind Growth Trust | Venture Capital | Series B+ | 6/30/2022 | $750,000 | $750,000 | $750,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Birch Lane Townhomes | Birch Lane Development LLC | Harbor LP | Real Estate | Development | 6/3/2025 | $800,000 | $720,000 | $720,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Tessera Diagnostics | Tessera Diagnostics Inc. | Northwind Growth Trust | Venture Capital | Series A | 3/14/2024 | $500,000 | $500,000 | $500,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Helios Robotics | Helios Robotics Inc. | Northwind Growth Trust | Venture Capital | Seed | 1/10/2023 | $250,000 | $250,000 | $250,000 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| Intercompany Loan: Northwind Holdings LLC | Northwind Family LP | Northwind Family LP, Northwind Holdings LLC | Private Credit | Line of Credit | 1/2/2024 | $0 | $0 | $0 | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | ||
| TOTAL — 31 deals | $60,580,000 | $57,605,000 | $57,605,000 | $0 | $0 | grades still scoring |
31 rows
Notes
- Total NAV = Hale-share investment assets net of margin debt (ties to the master workbook’s CO1433). Gross assets appear in the Asset Class Breakdown; margin debt under Liabilities. NAV is NOT net worth.
- A GRADE COLUMN THAT IS MOSTLY EMPTY IS NOT A BOOK OF UNRATED DEALS. The Report Card scores the deals it CAN score - those with a filed, non-zero Actual NOI line - which is a minority of the Active book. `Why not graded` says which of three things a blank means, and they are different: NOT SCOREABLE is a fact about our ingestion and says nothing about the deal; BELOW THE FLOOR means it scored but under half the rubric was answered, so the engine refuses to issue a letter on half a scorecard; NOT A GRADED DEAL is a stock position, cash or a loan, which an operating rubric cannot grade at all. The letters are the same ones on the Report Card pack and every cell links to that deal’s scorecard.
- Net Worth follows different logic than NAV: it adds non-investment assets and the full liability picture (RE mortgages, credit facilities) that are not yet sourced — shown TBD until then.
- NAV is a BLEND of three bases, which is why it is not called "invested capital": COST for every asset class except Cash & Cash Equivalents (current balance) and Public Equities brokerage accounts (fair market value). The Asset Class Breakdown's Cost / Market Value / Current Balance columns show which basis each class sits on in dollars, and the three foot to NAV (Hale Share); the Deal-Level Detail states it per deal in its Valuation Basis column.
- Label mapping for anyone tying to the master Investments Tracker: NAV (100% Basis) = column CN "Total Invested Capital", NAV (Hale Share) = column CO "Total Invested Capital for Hale". Only the report labels changed (MH, 8/27) — the figures, the columns they come from, and the CN1433 / CO1433 tie-out are unchanged.
- Amber rows in the Deal-Level Detail are current Top-25 holdings (same highlight as the Top Holdings tab).
- Lookbacks read the merged monthly series — frozen month-end NAVs laid over the monthly "4. Asset Allocation (ALLOCATION ONLY)" report history — with "Now" = the newest frozen month; the TOTAL row carries the whole-portfolio lookbacks. The full by-month and by-type series live on the Monthly History tab. The Excel export includes the allocation charts (also on the Cover Page).
Top Holdings ($1M+) — Top 25 of 37 holdings ≥ $1,000,000 | Active | stock positions as of 10/08/2026 (Excel import — Stock App unreachable)
Top 5 % of NAV
71.3%
Top 10 % of NAV
109.5%
HHI (0–10,000)
1,674
Holdings on Watch
0
Top 25 Holdings
| Rank | Holding | Asset Class | Market Value | Cost Basis | NAV Value | % of NAV | Unrealized G/L | MTD Return | YTD Return | Watch | Grade | Cash Flow | Value | Performance | Debt | Manager | Why not graded |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Apple | Public Equities | $8,943,723 | $7,006,844 | $8,943,723 | 15.0% | $1,936,879 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 2 | Advanced Micro Devices | Public Equities | $8,908,804 | $8,468,460 | $8,908,804 | 15.0% | $440,344 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 3 | Caterpillar | Public Equities | $8,835,047 | $7,210,560 | $8,835,047 | 14.9% | $1,624,487 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 4 | Broadcom | Public Equities | $8,171,566 | $6,815,879 | $8,171,566 | 13.7% | $1,355,686 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 5 | Micron Technology | Public Equities | $7,504,423 | $5,325,671 | $7,504,423 | 12.6% | $2,178,751 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 6 | SPDR S&P 500 ETF | Public Equities | $5,341,763 | $4,867,587 | $5,341,763 | 9.0% | $474,176 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 7 | Palantir Technologies | Public Equities | $4,929,712 | $4,710,245 | $4,929,712 | 8.3% | $219,467 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 8 | Nvidia | Public Equities | $4,856,393 | $3,507,694 | $4,856,393 | 8.2% | $1,348,699 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 9 | Alder Health Partners | Private Equity | $4,000,000 | $4,000,000 | 6.7% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 10 | Sunbelt Logistics Park | Real Estate | $3,600,000 | $3,600,000 | 6.1% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 11 | Granite Peak Fund III | Private Equity | $3,600,000 | $3,600,000 | 6.1% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 12 | Crosswater Portfolio | Real Estate | $3,240,000 | $3,240,000 | 5.5% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 13 | Harbor Point Fund IV | Private Equity | $3,100,000 | $3,100,000 | 5.2% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 14 | Riverstone Precision | Private Equity | $2,880,000 | $2,880,000 | 4.8% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 15 | Microsoft | Public Equities | $2,846,450 | $2,565,751 | $2,846,450 | 4.8% | $280,700 | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| 16 | Riverbend Commons | Real Estate | $2,790,000 | $2,790,000 | 4.7% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 17 | Eastport Distribution Center | Real Estate | $2,520,000 | $2,520,000 | 4.2% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 18 | Lakeshore II | Private Equity | $2,500,000 | $2,500,000 | 4.2% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 19 | Orchard Software Group | Private Equity | $2,475,000 | $2,475,000 | 4.2% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 20 | Northgate III | Private Equity | $2,400,000 | $2,400,000 | 4.0% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 21 | Maple Court Apartments | Real Estate | $2,250,000 | $2,250,000 | 3.8% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 22 | Beacon Credit Fund II | Private Credit | $2,200,000 | $2,200,000 | 3.7% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 23 | Clearwater Dental Partners | Private Equity | $2,000,000 | $2,000,000 | 3.4% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 24 | Lakeshore Terrace | Real Estate | $1,980,000 | $1,980,000 | 3.3% | TBD | TBD | — | — | — | — | — | — | Grades are still being scored — reopen in a minute | |||
| 25 | iShares Gold Trust | Public Equities | $1,913,992 | $1,974,983 | $1,913,992 | 3.2% | ($60,992) | n/a | n/a | — | — | — | — | — | — | — | Grades are still being scored — reopen in a minute |
| Total | $64,900,000 | $109,405,729 | $119,875,000 | 201.7% |
25 rows
Portfolio Concentration Metrics
| Metric | % of NAV | Index Value |
|---|---|---|
| Top 5 % of NAV | 71.3% | |
| Top 10 % of NAV | 109.5% | |
| Herfindahl-Hirschman Index (HHI) | 1,674 |
3 rows
Notes
- Valuation basis: NAV Value uses MARKET value for stocks and COST (invested capital) for every other holding — the same convention used throughout this report. Market Value is shown for stocks only.
- Stock positions are individual securities aggregated across all brokerage accounts (investing entities ignored), pulled Excel import — Stock App unreachable as of 10/08/2026 from the Stocks app (stocks.northwind.com), which holds Lakeside’s authoritative daily holdings; it falls back to the master Excel "Lakeside Advisors Holdings" import if the Stocks app is unreachable. Each stock links to its position in the Stocks app. Fidelity, UBS, and Merrill Lynch appear at account level until position-level data is provided.
- Excluded from this list: cash & cash equivalents, intercompany loans, and family loans.
- Unrealized G/L is market value minus cost basis (stock positions only). MTD/YTD are the stock’s PRICE return for the month and year-to-date, as of the report month-end (from the Stocks app’s price history). Deal-level returns stay TBD pending the returns & distributions approval process.
- % of NAV uses the full Hale-share NAV (including margin and cash) so percentages tie to the Total Portfolio Dashboard.
- The top 25 rows are highlighted; the same holdings are amber in the dashboard’s Deal-Level Detail.
- A GRADE COLUMN THAT IS MOSTLY EMPTY IS NOT A BOOK OF UNRATED DEALS. The Report Card scores the deals it CAN score - those with a filed, non-zero Actual NOI line - which is a minority of the Active book. `Why not graded` says which of three things a blank means, and they are different: NOT SCOREABLE is a fact about our ingestion and says nothing about the deal; BELOW THE FLOOR means it scored but under half the rubric was answered, so the engine refuses to issue a letter on half a scorecard; NOT A GRADED DEAL is a stock position, cash or a loan, which an operating rubric cannot grade at all. The letters are the same ones on the Report Card pack and every cell links to that deal’s scorecard.
- Every holding is clickable: stocks open their position in the Stocks app; deals open the FO investment detail page of the deal’s largest sibling row.
- Watch lists the measurable signals that fired on a deal — it is NOT a verdict that the deal is bad, and nothing here is a recommendation. Four signals, each true of roughly 10% of the book: Risk 4–5 (the app’s own daily risk score), no distribution in over 12 months WHERE a monthly/quarterly/semi-annual schedule is expected, a ≥50% markdown of Hale NAV against initial investment, and a negative carrying value outside margin. A blank means no signal fired, not that the deal was reviewed.
- Signals we could NOT use, so you know what this does not cover: write-offs (the column is zero on every active row), distribution status (the field holds numbers, not statuses — a data bug, tracked separately), and mark staleness (only 15 of 985 rows carry a valuation date at all, so "stale" would flag 98.5% of the book). Which signals should count, and at what thresholds, is on the MH / CL Decisions tab.
- Portfolio Concentration Metrics moved here from the Concentration Risk tab, which was deleted (MH, 8/27) because its Top-10 table was this same universe. Top 5 / Top 10 share and HHI (sum of squared % shares, 0–10,000 scale) are computed over EVERY qualifying holding (≥$1M), not just the rows displayed above.
Capital Deployment & Disposition — 2026 year to date, through Sep 2026 · new deals, dispositions, and follow-on capital calls
New Investments (Jan–Sep 2026)
$2,650,000
New Deals
1
Dispositions
1
Exited — Capital Originally In (Jan–Sep 2026)
$1,100,000
Add'l Capital Funded (Jan–Sep 2026)
$4,010,000
Add'l Capital Returned (Jan–Sep 2026)
$0
Add'l Capital NET (Jan–Sep 2026)
$4,010,000
Pending Capital Calls
$0
New Investments — through Sep 2026
| Date | Deal / Property Name | State | Asset Type | Sub-Type | Investing Entities | Initial Investment |
|---|---|---|---|---|---|---|
| 4/30/2026 | Pinecrest Senior Living | NC | Real Estate | Senior Living | Harbor LP | $2,650,000 |
| TOTAL — 1 deals | $2,650,000 |
1 rows
Exited Investments (Dispositions) — through Sep 2026
| Date | Deal / Property Name | State | Asset Type | Sub-Type | Investing Entities | Initial Investment |
|---|---|---|---|---|---|---|
| 3/27/2026 | Juniper Ridge Townhomes | TN | Real Estate | Multi-Family | Harbor LP | $1,100,000 |
| TOTAL — 1 deals | $1,100,000 |
1 rows
Additional Capital — Calls & Contributions to Existing Deals, 2026 YTD (from QuickBooks)
| Deal / Investment | Asset Type | Sub-Type | Status | # Transactions | Capital Funded | Capital Returned | Net Deployed |
|---|---|---|---|---|---|---|---|
| Harbor Point Fund IV | Private Equity | Fund | Active | 2 | $2,150,000 | $0 | $2,150,000 |
| Northgate III | Private Equity | Growth Equity | Active | 2 | $650,000 | $0 | $650,000 |
| Cedar Ridge Ventures V | Venture Capital | Fund | Active | 1 | $600,000 | $0 | $600,000 |
| Beacon Credit Fund II | Private Credit | Note Purchase | Active | 1 | $410,000 | $0 | $410,000 |
| Birch Lane Townhomes | Real Estate | Development | Active | 1 | $200,000 | $0 | $200,000 |
| TOTAL Additional Capital — 2026 YTD | 7 | $4,010,000 | $0 | $4,010,000 |
5 rows
QuickBooks Tie-Out — Additional Capital (1/1/2026 – 9/30/2026)
| Line | Postings | Capital Funded | Capital Returned | Net Deployed | Data runs through |
|---|---|---|---|---|---|
| QuickBooks Online — every capital call / contribution posting | 8 | $5,510,000 | $0 | $5,510,000 | 9/27/2026 |
| less: deals already listed under New Investments above | ($1,500,000) | $-0 | ($1,500,000) | ||
| = Additional Capital shown on this tab | $4,010,000 | $0 | $4,010,000 | 9/27/2026 | |
| memo — retired Distribution Report workbook feed, for comparison only | 1 | $1,500,000 | $0 | $1,500,000 | 4/30/2026 |
4 rows
QuickBooks Detail — capital call / contribution accounts (1/1/2026 – 9/30/2026)
Re-reads 2026 from QuickBooks Online, replacing that year rather than appending, so nothing is doubled. Takes a few minutes; reload this tab when it finishes.
| QuickBooks Account | Postings | Funded (debits) | Returned (credits) | Net |
|---|---|---|---|---|
| Harbor Point Capital Partners IV LP:Capital Contribution | 2 | $2,150,000 | $0 | $2,150,000 |
| Pinecrest Senior Living Investors LLC:Capital Contribution | 1 | $1,500,000 | $0 | $1,500,000 |
| Northgate Growth Partners III LP:Capital Contribution | 2 | $650,000 | $0 | $650,000 |
| Cedar Ridge Ventures Fund V LP:Capital Contribution | 1 | $600,000 | $0 | $600,000 |
| Beacon Credit Opportunities II LP:Capital Contribution | 1 | $410,000 | $0 | $410,000 |
| Birch Lane Development LLC:Capital Contribution | 1 | $200,000 | $0 | $200,000 |
| TOTAL — 6 accounts | 8 | $5,510,000 | $0 | $5,510,000 |
6 rows
Pending / Expected Capital Calls (committed, not yet funded)
| Expected Date | Deal / Investment | Asset Class | Note / Timeline | Expected Call |
|---|---|---|---|---|
| No pending capital calls as of the period | $0 |
1 rows
Notes
- WINDOW: every section on this tab covers 1/1/2026 – 9/30/2026 — calendar year to date, capped at the report month-end from the "Report as of" selector. A frozen July report CANNOT show August activity; the cap is applied to new deals, dispositions, QuickBooks capital calls and pending calls alike. Choosing "Current (live)" instead runs the window to today.
- New deals and dispositions come from the Investments Tracker (investment / exit dates in 2026), combined by deal across investing entities and listed newest first. Individual stocks and cash are excluded.
- Additional Capital is capital calls + follow-on contributions to EXISTING investments, read from QUICKBOOKS ONLINE — accounts whose name is "Capital Call" or "Capital Contribution" — and grouped by the deal the account sits under. QuickBooks Online is DEBIT-POSITIVE, so a positive posting is money OUT (Capital Funded) and a negative one is capital coming back (Capital Returned); Net Deployed is the difference, so a short-term funding that was repaid weeks later nets to roughly nothing instead of reading as capital still at work. Deals whose initial investment already appears above are excluded so nothing is counted twice. Asset Type, Sub-Type and Status come from the tracker rows behind the deal, and a deal classified two ways across its investing entities shows BOTH labels with both carried into its filter link.
- ⚠️ THIS SECTION CHANGED SOURCE ON 8/30 AND THE FIGURE MOVED. It used to read the Distribution Report MASTER workbook, which is uploaded by hand and had not been refreshed since July: its data stopped at 5/30/2026 while the books ran to 8/28, and even inside its own window it was short by 5 postings and about $2.2M. It now reads the nightly QuickBooks Online sync. The tie-out below keeps the old feed as a memo line with its own as-of date so the difference is visible rather than mysterious. Nothing else on the platform moved — the workbook still backs distributions, cash and the close.
- A posting whose QuickBooks account names no deal the tracker knows is LISTED under that account name with its status reading "Not in tracker", never dropped. The bridge below counts them, so the difference between QuickBooks and this table is always either a New-Investments exclusion or a mapping somebody can go and fix.
- QuickBooks Tie-Out reconciles QuickBooks down to the figure printed above: every capital posting in the window, less the deals already listed under New Investments, equals what is shown. "Sync QuickBooks postings" re-reads this calendar year from QuickBooks Online — worth pressing for an earlier year, because the nightly loop only refreshes the trailing 45 days and older periods wait for the rolling backfill to come round.
- Pending / Expected Capital Calls are commitments we have made that are NOT yet funded (from the Unfunded Commitments list / 13-Week forecast) — capital not yet deployed, kept separate from the actual deployments above. A frozen-month report shows only calls expected through that month; once a call is made it drops off automatically.
Monthly History — Portfolio value by month — monthly AA-report history + frozen month-end NAVs
Portfolio Value by Month
| Month | Portfolio Value | MoM $ | MoM % | Source |
|---|---|---|---|---|
| Jun 2026 | $59,435,000 | Frozen NAV | ||
| Aug 2026 | $57,605,000 | ($1,830,000) | -3.1% | Frozen NAV |
| Sep 2026 | $57,605,000 | $0 | 0.0% | Frozen NAV |
3 rows
By Asset Type
| Month | Public Equities | Real Estate | Private Equity | Cash & Equivalents | Private Credit | Venture Capital | Alternative Investments | Total |
|---|---|---|---|---|---|---|---|---|
| Apr 2026 | $58,449,300 | $26,549,250 | $26,453,700 | $8,782,410 | $7,971,600 | $3,667,300 | $131,873,560 | |
| May 2026 | $59,605,440 | $27,074,400 | $26,976,960 | $8,956,128 | $8,129,280 | $3,739,840 | $134,482,048 | |
| Jun 2026 | $25,270,000 | $22,955,000 | $6,650,000 | $2,730,000 | $1,830,000 | $59,435,000 | ||
| Jun 2026 | $60,761,580 | $27,599,550 | $27,500,220 | $9,129,846 | $8,286,960 | $3,812,380 | $137,090,536 | |
| Jul 2026 | $61,917,720 | $28,124,700 | $28,023,480 | $9,303,564 | $8,444,640 | $3,884,920 | $139,699,024 | |
| Aug 2026 | $25,270,000 | $22,955,000 | $6,650,000 | $2,730,000 | $57,605,000 | |||
| Aug 2026 | $63,073,860 | $28,649,850 | $28,546,740 | $9,477,282 | $8,602,320 | $3,957,460 | $142,307,512 | |
| Sep 2026 | $25,270,000 | $22,955,000 | $6,650,000 | $2,730,000 | $57,605,000 | |||
| Sep 2026 | $64,230,000 | $29,175,000 | $29,070,000 | $9,651,000 | $8,760,000 | $4,030,000 | $144,916,000 |
9 rows
By Asset Sub-Type — Month over Month
| Asset Type | Sub-Type | Jun 2026 | Aug 2026 | Sep 2026 | MoM $ | MoM % |
|---|---|---|---|---|---|---|
| — Source — | Frozen NAV | Frozen NAV | Frozen NAV | |||
| Real Estate | $25,270,000 | $25,270,000 | $25,270,000 | $0 | 0.0% | |
| Multi-Family | $13,230,000 | $13,230,000 | $13,230,000 | $0 | 0.0% | |
| Industrial | $6,120,000 | $6,120,000 | $6,120,000 | $0 | 0.0% | |
| Retail | $2,650,000 | $2,650,000 | $2,650,000 | $0 | 0.0% | |
| Senior Living | $1,350,000 | $1,350,000 | $1,350,000 | $0 | 0.0% | |
| Self-Storage | $1,200,000 | $1,200,000 | $1,200,000 | $0 | 0.0% | |
| Development | $720,000 | $720,000 | $720,000 | $0 | 0.0% | |
| Private Equity | $22,955,000 | $22,955,000 | $22,955,000 | $0 | 0.0% | |
| Direct Investment | $9,355,000 | $9,355,000 | $9,355,000 | $0 | 0.0% | |
| Fund | $9,200,000 | $9,200,000 | $9,200,000 | $0 | 0.0% | |
| Growth Equity | $2,400,000 | $2,400,000 | $2,400,000 | $0 | 0.0% | |
| Co-Investment | $2,000,000 | $2,000,000 | $2,000,000 | $0 | 0.0% | |
| Private Credit | $6,650,000 | $6,650,000 | $6,650,000 | $0 | 0.0% | |
| Business Loan | $2,250,000 | $2,250,000 | $2,250,000 | $0 | 0.0% | |
| Note Purchase | $2,200,000 | $2,200,000 | $2,200,000 | $0 | 0.0% | |
| Bridge Loan | $1,200,000 | $1,200,000 | $1,200,000 | $0 | 0.0% | |
| Mezzanine | $1,000,000 | $1,000,000 | $1,000,000 | $0 | 0.0% | |
| Venture Capital | $2,730,000 | $2,730,000 | $2,730,000 | $0 | 0.0% | |
| Fund | $1,230,000 | $1,230,000 | $1,230,000 | $0 | 0.0% | |
| Series B+ | $750,000 | $750,000 | $750,000 | $0 | 0.0% | |
| Series A | $500,000 | $500,000 | $500,000 | $0 | 0.0% | |
| Seed | $250,000 | $250,000 | $250,000 | $0 | 0.0% | |
| Alternative Investments | $1,830,000 | |||||
| Art | $1,240,000 | |||||
| Watches | $380,000 | |||||
| Wine | $210,000 | |||||
| TOTAL — sub-typed rows only | $59,435,000 | $57,605,000 | $57,605,000 |
27 rows
Valuation Method by Asset Type & Sub-Type — as of September 2026
| Asset Type | Sub-Type | Valuation Basis | Priced From | NAV (Hale Share) |
|---|---|---|---|---|
| Real Estate | $25,270,000 | |||
| Multi-Family | Cost | Investments Tracker — invested capital, not re-marked monthly | $13,230,000 | |
| Industrial | Cost | Investments Tracker — invested capital, not re-marked monthly | $6,120,000 | |
| Retail | Cost | Investments Tracker — invested capital, not re-marked monthly | $2,650,000 | |
| Senior Living | Cost | Investments Tracker — invested capital, not re-marked monthly | $1,350,000 | |
| Self-Storage | Cost | Investments Tracker — invested capital, not re-marked monthly | $1,200,000 | |
| Development | Cost | Investments Tracker — invested capital, not re-marked monthly | $720,000 | |
| Private Equity | $22,955,000 | |||
| Direct Investment | Cost | Investments Tracker — invested capital, not re-marked monthly | $9,355,000 | |
| Fund | Cost | Investments Tracker — invested capital, not re-marked monthly | $9,200,000 | |
| Growth Equity | Cost | Investments Tracker — invested capital, not re-marked monthly | $2,400,000 | |
| Co-Investment | Cost | Investments Tracker — invested capital, not re-marked monthly | $2,000,000 | |
| Private Credit | $6,650,000 | |||
| Business Loan | Cost | Investments Tracker — invested capital, not re-marked monthly | $2,250,000 | |
| Note Purchase | Cost | Investments Tracker — invested capital, not re-marked monthly | $2,200,000 | |
| Bridge Loan | Cost | Investments Tracker — invested capital, not re-marked monthly | $1,200,000 | |
| Mezzanine | Cost | Investments Tracker — invested capital, not re-marked monthly | $1,000,000 | |
| Line of Credit | Cost | Investments Tracker — invested capital, not re-marked monthly | $0 | |
| Venture Capital | $2,730,000 | |||
| Fund | Cost | Investments Tracker — invested capital, not re-marked monthly | $1,230,000 | |
| Series B+ | Cost | Investments Tracker — invested capital, not re-marked monthly | $750,000 | |
| Series A | Cost | Investments Tracker — invested capital, not re-marked monthly | $500,000 | |
| Seed | Cost | Investments Tracker — invested capital, not re-marked monthly | $250,000 | |
| TOTAL | $57,605,000 |
23 rows
Notes
- Source "AA report" = the monthly "4. Asset Allocation (ALLOCATION ONLY)" file kept since Jan 2025 (AllocationHistory import). Source "Frozen NAV" = the Investments Tracker month-end freeze (the 6/30/2026 columns, or the imported "… - M/D/YYYY" snapshot triples for other months). Where both exist for a month, the frozen NAV overrides the AA-report figure — the freeze is the reconciled one.
- By Asset Type merges the type-level AA-report series with each frozen month-end summed by allocation asset type (Active rows; Entity/Management stakes excluded). Fixed Income, Hedge Funds, and Commodities (never held) are omitted and Insurance is folded into Other — the same class filter as the Cover Page allocation chart. The Portfolio Value column can differ slightly from the sum of the type columns on frozen months because the total includes rows without an allocation asset type.
- By Asset Sub-Type runs sub-types DOWN and months ACROSS (there are far more sub-types than asset types) and merges the same two sources on the same rule as By Asset Type — the monthly AA report, overridden by the tracker roll-up on frozen month-ends. Its TOTAL covers sub-typed rows only: $57,605,000 of the $57,605,000 portfolio value in Sep 2026, the rest being rows the source of that month gives no sub-type for.
- ⚠️ READ THIS BEFORE COMPARING PUBLIC EQUITIES TO THE DASHBOARD. On this tab Public Equities is NET OF MARGIN — both the AA report and the tracker roll-up sum the class including its negative Margin rows, so the type-level figure is brokerage minus the margin loan (about $460.7M at the June 2026 freeze). The Total Portfolio Dashboard shows the same class GROSS (about $861.1M) and carries the margin separately under Liabilities. Both are correct and they differ by the margin balance; the Valuation Method table below names the basis for every class so a figure can be read without guessing which convention it follows.
- ⚠️ Venture Capital has sub-type history only from the frozen month-ends. The monthly AA workbook breaks its VC block down by STATE (34 of its 40 VC labels are state codes or country names), so those rows are locations rather than sub-types and are left out rather than shown to you as a sub-type series. Same for Public Equities and Cash, which the AA report does not sub-type at all. To get VC sub-type history before Jun 2026 the AA workbook's VC block would have to be re-cut by sub-type — one for the decisions list, not a code change.
Strategic Allocation Monitor — Actual vs Lakeside Advisors FO target allocation (Hale NAV basis)
Total NAV
$57,605,000
Asset Classes
4
Target vs Actual Allocation
| Asset Class | NAV | Actual % | Target % (GS FO) | Target % (MH) | Drift | Dollar Drift | Status | Action Needed | Prior Month % | Prior Drift | Drift Δ (MoM) | Direction |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Real Estate | $25,270,000 | 43.9% | 11.0% | +32.9% | $18,933,450 | Overweight | Trim ~$18.9M | 20.1% | +9.1% | +23.7% | Worsening | |
| Private Equity | $22,955,000 | 39.8% | 15.0% | +24.8% | $14,314,250 | Overweight | Trim ~$14.3M | 20.1% | +5.1% | +19.8% | Worsening | |
| Private Credit | $6,650,000 | 11.5% | 4.0% | +7.5% | $4,345,800 | Overweight | Trim ~$4.3M | 6.0% | +2.0% | +5.5% | Worsening | |
| Venture Capital | $2,730,000 | 4.7% | 6.0% | -1.3% | ($726,300) | In Range | — | 2.8% | -3.2% | +2.0% | Improving | |
| TOTAL | $57,605,000 | 100.0% | 36.0% | +64.0% | $36,867,200 |
4 rows
Notes
- ⚠️ Target % (MH) IS BLANK ON PURPOSE — MH fills it in. Every Drift, Dollar Drift, Status and Action Needed figure on this tab is currently measured against Target % (GS FO), the Lakeside Advisors 2025 Family Office suggested allocation (Asset Allocation workbook, cells BG6:BG18): a generic house model for family offices, NOT a policy this family has adopted. Read the drift as "distance from Lakeside's shelf allocation" until MH's own targets replace it — then the drift columns repoint to his column. Dollar Drift = (Actual − Target) × NAV; positive is over-allocated.
- Direction and Drift Δ are shaded — GREEN where the drift against target NARROWED since the prior month, RED where it WIDENED. The shading is about the MOVEMENT, not the size: a class can sit well outside the ±2pp band and still be green because it is closing the gap, and a class inside the band can be red because it is drifting out. An unshaded "—" means there is no prior month to compare against, which is not the same as no change. Both colours inherit the GS-target caveat above: they measure movement toward a target nobody here has ratified.
- Action Needed restates Dollar Drift as the move that would close the gap (Trim / Add ~$X, "—" when within the ±2pp In-Range band). It is the size of the gap, not a trade recommendation, and it inherits the GS-target caveat above.
- Values are Hale-share invested capital (the Total Portfolio Dashboard NAV basis); Track Sep placeholders, Entity/Management, and zero-target/zero-position classes (e.g. Insurance) are excluded. Classes with NO current position (Fixed Income, Hedge Funds, Commodities) are omitted even where the GS targets list them, so the Target % column can total under 100%.
- Prior Month % / Prior Drift use August 2026 from the merged monthly series (AA-report history + frozen month-ends). Drift Δ (MoM) = current Drift − Prior Drift, in percentage points; Direction reads the same comparison — Worsening when the drift vs target widened, Improving when it narrowed.
Allocation by Geography & Sector — Geography × asset class, public-equity look-through, and asset type → sub-type (Hale NAV basis)
Total NAV
$57,605,000
Locations
13
Geography × Asset Class ($)
| Location | Real Estate | Private Equity | Private Credit | Venture Capital | Total |
|---|---|---|---|---|---|
| NC | $10,350,000 | $4,000,000 | $4,450,000 | $0 | $18,800,000 |
| IL | $1,980,000 | $2,500,000 | $1,000,000 | $750,000 | $6,230,000 |
| TX | $3,600,000 | $2,475,000 | $0 | $0 | $6,075,000 |
| GA | $4,270,000 | $0 | $0 | $0 | $4,270,000 |
| CO | $0 | $3,600,000 | $0 | $0 | $3,600,000 |
| SC | $2,160,000 | $0 | $1,200,000 | $0 | $3,360,000 |
| FL | $1,200,000 | $2,000,000 | $0 | $0 | $3,200,000 |
| NY | $0 | $3,100,000 | $0 | $0 | $3,100,000 |
| OH | $0 | $2,880,000 | $0 | $0 | $2,880,000 |
| CA | $0 | $2,400,000 | $0 | $0 | $2,400,000 |
| MA | $0 | $0 | $0 | $1,730,000 | $1,730,000 |
| TN | $1,710,000 | $0 | $0 | $0 | $1,710,000 |
| PA | $0 | $0 | $0 | $250,000 | $250,000 |
| TOTAL | $25,270,000 | $22,955,000 | $6,650,000 | $2,730,000 | $57,605,000 |
13 rows
Geographic Allocation by Asset Class
| Geography | Real Estate | Private Equity | Private Credit | Venture Capital | Total | % of Portfolio |
|---|---|---|---|---|---|---|
| NC | $10,350,000 | $4,000,000 | $4,450,000 | $0 | $18,800,000 | 32.6% |
| IL | $1,980,000 | $2,500,000 | $1,000,000 | $750,000 | $6,230,000 | 10.8% |
| TX | $3,600,000 | $2,475,000 | $0 | $0 | $6,075,000 | 10.5% |
| GA | $4,270,000 | $0 | $0 | $0 | $4,270,000 | 7.4% |
| CO | $0 | $3,600,000 | $0 | $0 | $3,600,000 | 6.2% |
| SC | $2,160,000 | $0 | $1,200,000 | $0 | $3,360,000 | 5.8% |
| FL | $1,200,000 | $2,000,000 | $0 | $0 | $3,200,000 | 5.6% |
| NY | $0 | $3,100,000 | $0 | $0 | $3,100,000 | 5.4% |
| OH | $0 | $2,880,000 | $0 | $0 | $2,880,000 | 5.0% |
| CA | $0 | $2,400,000 | $0 | $0 | $2,400,000 | 4.2% |
| MA | $0 | $0 | $0 | $1,730,000 | $1,730,000 | 3.0% |
| TN | $1,710,000 | $0 | $0 | $0 | $1,710,000 | 3.0% |
| PA | $0 | $0 | $0 | $250,000 | $250,000 | 0.4% |
| TOTAL | $25,270,000 | $22,955,000 | $6,650,000 | $2,730,000 | $57,605,000 | 100.0% |
13 rows
Geographic Breakdown — by Region (deal location)
| Region | NAV | % of Portfolio |
|---|---|---|
| North America | $57,605,000 | 100.0% |
| Total | $57,605,000 | 100.0% |
1 rows
Allocation by Asset Type & Sub-Type
| Asset Type | Sub-Type | Value | % of Portfolio | % of Type | Deals Graded | Avg Grade |
|---|---|---|---|---|---|---|
| Real Estate | $25,270,000 | 43.9% | 100.0% | — | — | |
| Multi-Family | $13,230,000 | 23.0% | 52.4% | — | — | |
| Industrial | $6,120,000 | 10.6% | 24.2% | — | — | |
| Retail | $2,650,000 | 4.6% | 10.5% | — | — | |
| Senior Living | $1,350,000 | 2.3% | 5.3% | — | — | |
| Self-Storage | $1,200,000 | 2.1% | 4.7% | — | — | |
| Development | $720,000 | 1.2% | 2.8% | — | — | |
| Private Equity | $22,955,000 | 39.8% | 100.0% | — | — | |
| Direct Investment | $9,355,000 | 16.2% | 40.8% | — | — | |
| Fund | $9,200,000 | 16.0% | 40.1% | — | — | |
| Growth Equity | $2,400,000 | 4.2% | 10.5% | — | — | |
| Co-Investment | $2,000,000 | 3.5% | 8.7% | — | — | |
| Private Credit | $6,650,000 | 11.5% | 100.0% | — | — | |
| Business Loan | $2,250,000 | 3.9% | 33.8% | — | — | |
| Note Purchase | $2,200,000 | 3.8% | 33.1% | — | — | |
| Bridge Loan | $1,200,000 | 2.1% | 18.0% | — | — | |
| Mezzanine | $1,000,000 | 1.7% | 15.0% | — | — | |
| Line of Credit | $0 | 0.0% | 0.0% | — | — | |
| Venture Capital | $2,730,000 | 4.7% | 100.0% | — | — | |
| Fund | $1,230,000 | 2.1% | 45.1% | — | — | |
| Series B+ | $750,000 | 1.3% | 27.5% | — | — | |
| Series A | $500,000 | 0.9% | 18.3% | — | — | |
| Seed | $250,000 | 0.4% | 9.2% | — | — | |
| TOTAL | $57,605,000 | 100.0% | — | — |
23 rows
Investment Structure Breakdown
| Structure | NAV | % of Portfolio |
|---|---|---|
| Direct | $42,975,000 | 74.6% |
| Fund / LP | $12,630,000 | 21.9% |
| Co-Investment | $2,000,000 | 3.5% |
| Total | $57,605,000 | 100.0% |
3 rows
Investment Structure — Deals in Each Type
34 rows
Notes
- EVERY location links, Israel included (MH, 8/30), and so does each class cell inside a location. The link carries `?geo=`, which applies the report's own location bucket to the Investments list rather than filtering the State column: Israel is derived from state, country OR city; a row whose State reads "KS, MO" is counted under KS here and would be missed by a State filter; and every non-geographic asset (brokerage, cash) is bucketed Virtual by the master's own designation. So the list you land on is exactly the rows behind the figure you clicked.
- "Multi-State (Various)" is the catch-all for deals that resolve to no single location — mostly multi-state portfolio deals whose State column says "Various".
- Public Equities look-through comes from the Stocks app and isn't loaded into this demo. The geography above therefore leaves the whole brokerage book in the master’s "Virtual" bucket.
- The type-total row (asset type in the first column) is followed by its sub-types. "% of Portfolio" is share of NAV; "% of Type" is share within the parent asset type.
- Deals Graded counts how many deals in the class carry a Report Card letter, against how many are in it. Most do not, and that is a fact about our ingestion rather than about the deals: the Report Card can only score a deal with a filed, non-zero Actual NOI line. Avg Grade is the mean WEIGHTED SCORE of the graded deals put back through the same ladder - never an average of letters, which is not a number. The Portfolio Dashboard carries the per-deal letters and a Why not graded column beside them.
- Region and Investment Structure moved here from the deleted Global Exposure tab — they were the only two of its four sections not already reported elsewhere. Its US-state section duplicated the Geographic Allocation grid above, and its Currency section was an all-USD guess, now replaced by real GS currency data.
- ⚠️ Investment Structure is DERIVED, not recorded. There is no structure field in the master: each deal is bucketed by keywords in its asset type, sub-type and name — "co-invest"/"syndicat" → Co-Investment, then "fund"/"lp"/"partnership"/"feeder" → Fund / LP, then Public Equities → Separate Account, everything else → Direct. First match wins, so a fund whose name also says syndicate lands in Co-Investment. "Investment Structure — Deals in Each Type" lists every deal under the bucket it was given so the guesses can be checked and the keyword lists corrected; that section is the answer to "what have they identified as each type".
- ONE THING THE DRILL-THROUGHS CANNOT MATCH. Every link on this tab carries the allocation scope, so the list you land on counts the same rows this report counts — 729 against 729 as measured. The exception is a deal whose STATUS changed since the frozen month: this report reads the freeze, the Investments list reads today, so a deal that has exited since is counted here and missing there, and a deal opened since is the reverse. It nets to zero overall and moves a state row by one or two. Choosing "Current (live)" in the as-of selector removes it.
Performance & Benchmarks — Portfolio YTD vs benchmark, by asset class — Q4 2025
Performance vs Benchmarks by Asset Class
8 rows
Notes
- ⚠️ HOW THESE ARE CALCULATED — both amber columns are STALE, and the benchmark side is not calculated at all. Portfolio Return (YTD) is the as-published quarterly report (Q4 2025): the signed-off YTD ROI per asset class, read straight from what was published, never recomputed here. Benchmark Return (YTD) is a set of figures TYPED INTO THE REPORT TEMPLATE as of 2/28/2026 — nothing fetches them, nothing refreshes them, and they have not moved since. Over/Under is the simple difference of those two, so it compares a Q4 2025 figure with a 2/28/2026 one and is directional at best.
- Check the index — every link was re-pointed on 8/30 after MH reported that clicking a source produced nothing usable. The links were not broken: they were the wrong kind of page. This column asks you to check a YTD RETURN, and the S&P link went to a Yahoo quote showing the index LEVEL, while two others went to company homepages carrying no figure at all. Each URL has now been opened and checked. THREE give you a return outright — S&P 500 total return by year, SOFR from the NY Fed, and AGG, which tracks the Bloomberg Aggregate itself and prints its YTD NAV total return on the page. BKLN also prints a YTD return but tracks the Morningstar LSTA Leveraged Loan 100, a DIFFERENT index from the CS/UBS one named here, so treat it as a sanity check, not as verification. HFRI needs a free HFR registration. NCREIF ODCE and both Cambridge indices — Real Estate, Private Equity and Venture Capital — keep their values behind membership, so those three figures cannot be checked from a link by anyone without access. Which is itself an argument for decision 6.
- What the links show TODAY, for scale: the S&P 500 is up about 13.5% for the year and AGG about 0.2%, against the 6.2% and 0.5% in the table — which is the staleness the note above warns about, made visible. The benchmark column has not moved since 2/28/2026.
- Status: Outperform / In Line / Underperform, In Line = within ±1pp; — where the portfolio side has no published figure.
- Which indices to use at all is decision 6 on the MH & CL Decisions tab. Two rows here (Hedge Funds, Fixed Income) benchmark asset classes the family does not hold.
MH & CL Decisions — Open questions MH and CL have to agree on — 11 open
Open Decisions
11
Open Decisions
| # | Topic | Decision Needed | Why It Matters | Size / Impact | Owner | Status | Raised |
|---|---|---|---|---|---|---|---|
| 1 | Valuation basis | Use Gross (100%) or Net (Hale %) values for deals the family does not own outright — Silverleaf, Harbor LP, Harbor Equities and every other deal where the Hale ultimate percentage is under 100%? | Gross = the whole deal · Net = our share. Every tab reports NET today. | $3.0M across 12 deals (gross $29.8M vs net $26.8M) | MH + CL | Open | 8/27/2026 |
| 2 | Columns on every tab | Should cost, current value and NAV appear on EVERY tab, the way the dashboard's Asset Class Breakdown now shows them side by side? | Consistency vs width. Most tabs report one basis; showing three everywhere triples the columns but removes the "which number is this?" question MH raised on the dashboard. | Presentation — no figure changes | MH + CL | Open | 8/27/2026 |
| 3 | Exited deals | Should the Capital Deployment tab include returns for deals that have already been exited? | Exits are listed today but carry no return. Including them makes the tab a full-period performance view; excluding them keeps it a deployment tracker. | Blocked on the returns approval step (Report Calendar, 12th) | MH + CL | Open | 8/27/2026 |
| 4 | Allocation targets | MH to set his own target allocation per asset class, replacing the Lakeside Advisors FO model currently driving the Strategic Allocation Monitor. | Every Drift, Status and Action Needed figure on that tab is measured against a generic Lakeside house allocation this family has never ratified. Fill the "Target % (MH)" column and the drift repoints to it. | Changes every drift and action figure on that tab | MH | Open | 8/27/2026 |
| 5 | Geography & sector taxonomy | MH to define the sub-categories he wants for geography and for sector. | Geography is reported by US state and by region; sector by asset type → sub-type. Neither is a taxonomy MH chose. | Presentation — no figure changes | MH | Open | 8/27/2026 |
| 6 | Benchmarks | MH to pick the benchmark index for each asset class (see the Benchmark Options section below). | The eight pairings on the Performance & Benchmarks tab came from the report template, not from a decision, and their returns are frozen at 2/28/2026. Nothing on that tab is trustworthy until the indices are chosen and a live data source is wired to them. | Whole Performance & Benchmarks tab | MH | Open | 8/27/2026 |
| 7 | Public-equity look-through | Should the equity look-through countries be folded INTO the main Geography × Asset Class grid, or stay a separate block beneath it? | The master marks all brokerage and cash "Virtual", so 41% of NAV has no location in the main grid. The look-through answers that but on a different basis (security domicile, not deal location) — mixing the two in one grid trades a gap for an inconsistency. | Moves ~$487M between geography rows | MH + CL | Open | 8/27/2026 |
| 8 | What counts as a problem deal | Which signals should flag a holding on Top Holdings, and at what thresholds? | Four are live now (risk score 4–5, no distribution in 12 months where one is expected, a 50%+ markdown, negative NAV), each firing on about 10% of the book. The thresholds are ours, not MH's. | Changes which deals MH sees flagged | MH + CL | Open | 8/27/2026 |
| 9 | VC sub-type history | Re-cut the monthly AA workbook's Venture Capital block by sub-type instead of by state? | That block is broken down by state, so 34 of its 40 VC "sub-types" are locations. VC therefore has no sub-type history before the June 2026 freeze on the Monthly History tab. Fixing it is a workbook change, not a code change. | Adds 17 months of VC sub-type history | CL | Open | 8/27/2026 |
| 10 | Return and unrealized-gain basis | Unrealized G/L, MTD Return and YTD Return: are they measured on cash flow, on value, or on both — and which for each asset type? And is an unrealized gain measured against INVESTED CAPITAL or against TAX BASIS, particularly for everything that is not a stock? | MH raised this on 8/30 and nothing on the report can answer it today. Public Equities is the only class with a live market price, so it is the only place an unrealized gain is computable at all — and even there about 7.6%% of the reported gain sits on Accel Entertainment, which carries a cost basis of ZERO. Every other class is held at cost, so gain against invested capital is structurally nil, and tax basis (which differs from both after depreciation, debt-financed distributions and 754 step-ups) is not stored on the investment at all. Until this is settled the three columns stay TBD rather than showing a number whose meaning nobody agreed. | $57.6M across 31 deals have NO market value on any basis | MH + CL | Open | 8/30/2026 |
| 11 | Collectibles and collections | Should collectibles and collections — art, jewellery, watches, wine, memorabilia — be tracked in the platform, and if so on what basis (cost, last appraisal, or insured value) and how often re-appraised? | They are in NO part of the platform today: the tracker carries eight allocation asset types (Real Estate, Public Equities, Private Credit, Cash, Private Equity, Venture Capital, Entity, Insurance) and none of them is collectibles, so nothing on this report — NAV, allocation, net worth, geography — includes a dollar of them. That is a gap in scope, not a data-quality problem, and it needs a decision before it can become a column. | Not measurable until they are tracked — currently $0 of NAV | MH + CL | Open | 8/30/2026 |
11 rows
Benchmark Options — MH to Select (decision 6)
8 rows
Notes
- This tab is a register, not a report — it holds decisions, not figures. Only the Size / Impact column is computed; everything else is written down so it does not get lost between reviews.
- Decisions 1–3 are MH's own (8/27). 4–6 are the decisions his other comments implied — targets, taxonomy and benchmarks are all things he said he wanted to choose. 7–9 came out of building this round and are flagged rather than decided. 10 and 11 are MH's from 8/30: 10 is the question he asked about what the return and unrealized-gain columns actually measure, and 11 is the collectibles item he asked to have opened.
- Decision 10 is why Unrealized G/L, MTD Return and YTD Return read TBD on every deal row of Top Holdings. They are populated for stock positions only, from the Stocks app's price history, and the deal side is deliberately blank rather than showing a zero that would read as "no gain" when it means "no second number to measure against".
- Decision 1 is sized live against the current book, so the figure moves with the portfolio rather than going stale.
- The last two columns of Benchmark Options are blank for MH to fill in the exported workbook. The current returns are the report template's static figures as of 2/28/2026 — they are NOT live, which is part of what decision 6 has to fix.