Financials
Investor Overview — April 2026

AWKN Ranch

12-acre wellness retreat sanctuary in Austin, TX. Multi-day immersive stays combining lodging, clinical wellness, ceremony, and personal transformation.

$500K
Tranche
$8M
Valuation Cap
$1.16M
Year 1 Net (Honest Ramp)
$2.43M
Year 2+ Annual Net
Corporate Structure
Three Operating Entities. One Ecosystem.
Three distinct companies, each structured for its market, licensing, and independent growth.

Medical Co.

Clinical operations, ketamine therapy, IV wellness, and licensed medical services. Scalable to additional locations and partner centers — managing clinical programs inside other facilities.

Concierge Co.

Hospitality operations, guest services, wellness retreats, event hosting, memberships, and add-on experiences. The guest-facing brand that drives bookings and recurring revenue.

Real Estate Co.

Land acquisition, property development, and dome park construction. Structured for real estate deals, land partnerships, and distribution across multiple properties.

Each entity scales independently. Medical Co. licenses into partner centers. Real Estate Co. replicates on partner land. Concierge Co. manages the guest experience across all locations.
Executive Summary
Four Revenue Pillars. One Unified Brand.
Pivoted from Within Center's 30-day inpatient model to a diversified wellness ecosystem — therapeutic stays, outpatient services, hosted retreats, venue rentals, and memberships under one brand.

Wellness

Ketamine therapy, integration coaching, IV wellness, and clinical services through the established Within Center brand. 4.5 years of operations and 1,500+ sessions delivered with perfect five-star ratings.

Retreats & Events

Curated multi-day immersions, hosted retreats, and venue rentals across the Maloka dome, temple, and ceremonial spaces. Up to $75K/month potential in hosted retreat revenue alone.

Residential

12-bed retreat house with private ($499/night) and shared ($349/night) rooms, plus yurts, HoneyComb dome, and two private lodging domes.

Memberships

Monthly ranch access memberships generating $3K-$8K/month. 16 members secured with zero marketing investment, demonstrating organic demand and significant growth upside.

Model Evolution
From Inpatient to Ecosystem
The inpatient model created operational constraints despite strong brand reputation. The new model: one name, one website, one booking flow.
MetricPrevious ModelNew Model
Monthly Revenue $75K - $150K $171K - $304K
Monthly Payroll $50,000+ $24K - $29K
Monthly Net Profit Break-even / Loss $97K - $237K
Clinical Foundation
Within Center
Ketamine and psychedelic integration programs twice weekly. Five-star referral network drives cross-revenue between clinical services and hospitality.

Outpatient Packages

PackageIncludesPrice
AWKN Package 6 ketamine sessions, 6 coaching, 6 IV vitamin, 2 months ranch access, weekly group therapy $5,500
HEAL Package 2 ketamine sessions, 2 coaching, 2 IV vitamin, 1 month ranch access, weekly group therapy $2,200
DISCOVER Package 1 ketamine session + 1 coaching session $1,250
AWKN Package $5,500
6 ketamine sessions, 6 coaching, 6 IV vitamin, 2 months ranch access, weekly group therapy
HEAL Package $2,200
2 ketamine sessions, 2 coaching, 2 IV vitamin, 1 month ranch access, weekly group therapy
DISCOVER Package $1,250
1 ketamine session + 1 coaching session

Immersive Retreat — 7 Days

Leave the world behind. Come back changed. Seven-night residential immersion — check-in Sunday, check-out Saturday.

  • 2 guided ketamine sessions
  • 2 integration coaching sessions
  • Clinical intake & medical clearance
  • Continental breakfast daily
  • Private resort pool
  • Live-in concierge, 7 days a week
  • Wellness Center & outdoor spaces
  • Sauna, cold plunge & hot tub
Room TypePriceStraight MathSavings
Private Room $4,799 $5,990 Save $1,191
Shared Room $3,999 $4,594 Save $595
Private Room $4,799
Best for solo travellers wanting full privacy — save $1,191 vs. straight math ($5,990)
Shared Room $3,999
Best entry price — under $4K for the full week — save $595 vs. straight math ($4,594)

After checkout, guests can continue outpatient ketamine sessions at $799/session.

Therapy Package Revenue

PackagePriceVolume/MoMonthly
Immersive Stay — 7 Days (avg.)$4,5004 stays$18,000
AWKN Package (6 sessions)$5,5004$22,000
HEAL Package (2 sessions)$2,2002$4,400
DISCOVER Package (1 session)$1,2501$1,250
Therapy & Immersive Subtotal$45,650

Therapy Package Revenue

Immersive Stay (7 Days) $18,000
4 stays/mo at $4,500 avg.
AWKN (6 sessions) $22,000
4 packages/mo
HEAL (2 sessions) $4,400
2 packages/mo
DISCOVER (1 session) $1,250
1 package/mo
Therapy & Immersive Subtotal
Monthly$45,650
Within clients receive 10% discounts on nightly lodging, creating direct cross-selling between clinical and hospitality revenues.
The Property
AWKN Ranch — 12 Acres in Austin, TX
Fully operational wellness sanctuary purpose-built for multi-day immersive stays.

Lodging & Ceremony

Two ceremonial yurts, HoneyComb dome, 10-bed retreat house with commercial kitchen, and 100+ person temple space.

Wellness & Recreation

Within Center medical facility, pool, hot tub, cold plunges, saunas, pickleball court, fire pits, and curated gardens.

Maloka
Maloka
Temple
Temple
Yurts
Yurts
Ceremony Space
Ceremony Space
Retreat House
Retreat House
Wellness Offerings
Wellness Offerings
Pool
Pool
Shared Room
Shared Room
Private Lodging
Adding Two Lodging Domes
Private accommodations that showcase the AWKN Dome Collective to the market, generate immediate revenue, and solve the privacy limitation of the main house — exactly what facilitators, influencers, and retreat hosts want.
Current dome site
Current Site

The Investment

One-Time Build Cost
$75,000
2 dome units — build, deliver, install & furnish
4 beds per dome = 8 beds total
Why Domes
  • Private lodging clients demand — the house isn't private enough
  • Perfect for facilitators and influencers renting the full space
  • Showcases the Dome Collective concept to every guest
  • Adds immediate revenue from day one of installation
Hemp dome lodging unit
Lodging Dome (x2)

The Revenue

Year 1 Ramp Avg — 26.5% Occupancy
6 beds × $299/night × 30 days × 26.5%
$14,262/mo
Honest 15% → 40% ramp across 12 months
Year 2+ Steady State — 40% Occupancy
6 beds × $299/night × 30 days × 40%
$21,528/mo
Airbnb, retreat directories, brand awareness & repeat bookings
$75K
One-Time Investment
~3.5 Months
Payback Period
$258K
Year 2+ Annual (at 40%)
Wellness Lodging
12-Bed Retreat House
2-night minimum. Year 1 ramp: 12 beds blended at 26.5% occupancy = ~95 bed-nights/month (~14 guests), growing from 15% (M1) to 40% (M12). Year 2+ steady state: 40% = 144 bed-nights/month (~21 guests). Room mix: 60% private rooms ($499/night) and 40% shared rooms ($349/night). All projections include a flat 10% conservative haircut.
All stays include: continental breakfast daily, private resort pool, live-in concierge 7 days a week, Wellness Center & outdoor spaces, and sauna, cold plunge & hot tub.
Room TypeMixRateY1 Avg (26.5%)Y2+ (40%)
Private Room60% $499/night $25,701 $38,793
Shared Room40% $349/night $11,985 $18,092
Lodging Subtotal $37,686 $56,885
Private Room (60%)
Rate$499/night
Y1 Avg$25,701
Y2+$38,793
Shared Room (40%)
Rate$349/night
Y1 Avg$11,985
Y2+$18,092
Lodging Subtotal
Y1 Avg$37,686
Y2+$56,885
This analysis covers the retreat house only. Revenue from yurts, domes, venue rentals, memberships, and hosted retreats are separate line items not included here.
Guest Experience
Retreat House Enhancements — $24,000
Elevating the stay across 7 shared bedrooms — premium linens, upgraded lighting, curated decor, and thoughtful details that transform the guest experience without a full renovation.
Bedrooms
Current shared room
Before
Upgraded retreat bedroom
After
Entry Gate
Current entry gate
Before
Enhanced AWKN entry gate
After
At ~$3,400 per room, enhancements pay for themselves in fewer than 10 booked nights. Rate improvement: $349 → $399+/night.
Experience Economy
Add-On Experience Model
Zero fixed staffing or inventory costs. Revenue scales with demand through facilitator splits.
Add-OnPriceAttachY1 AvgY2+ (40%)
Chef-prepared meals$85/person60%$1,906$2,877
Bodywork (massage)$17550%$2,170$3,276
Integration coaching$20040%$954$1,440
Human Design reading$25025%$835$1,260
Licensed therapy$25030%$954$1,440
Astrology session$20020%$477$720
Hapé ceremony$7545%$429$648
Private chef (full day)$150/person15%$286$432
Add-On Subtotal$8,011$12,093
Chef-prepared meals$3,596
Bodywork (massage)$4,095
Integration coaching$1,800
Human Design reading$1,575
Licensed therapy$1,800
Astrology session$900
Hapé ceremony$810
Private chef (full day)$540
Add-On Subtotal
Y1 Avg$8,011
Y2+ (40%)$12,093
Avg per guest$581
All practitioners are contracted per session — we only spend what we sell. Every add-on deepens the guest experience while generating incremental revenue with zero idle overhead. Average add-on revenue per guest: $581.
Events & Partnerships
AWKN Hosted Events & Corporate Retreats
Curated wellness experiences for groups, brands, and corporate teams — facilitated end-to-end by AWKN. We partner with local experts, practitioners, and influencers to deliver programming that transforms team outings into something unforgettable.
AWKN hosted panel event
Wellness Panel — AWKN Ranch
Guest speaker at AWKN event
Guest Speaker Series

Corporate Wellness Retreats

We curate immersive wellness experiences unlike any other corporate outing — from half-day team experiences to multi-night residential retreats. AWKN facilitates the entire experience, creating a new kind of team gathering.

  • ◆ Guided breathwork & meditation sessions
  • ◆ Sound healing ceremonies
  • ◆ Traditional tea ceremonies
  • ◆ Sauna, cold plunge & contrast therapy
  • ◆ Curated breakout groups & intention-setting
  • ◆ Nature walks & grounding exercises
  • ◆ Chef-prepared communal dining
  • ◆ Creative workshops (journaling, art therapy)
  • ◆ Multi-night residential stay packages

AWKN Hosted Events

Monthly curated events open to the public and private groups — panels, workshops, and immersive experiences led by subject matter experts and wellness influencers.

  • ◆ Wellness panels & fireside chats
  • ◆ Influencer-hosted retreat weekends
  • ◆ Expert-led workshops (nutrition, movement, mindfulness)
  • ◆ Women’s circles & men’s groups
  • ◆ Seasonal celebrations & equinox ceremonies
  • ◆ Local practitioner spotlights
  • ◆ Community open houses & tastings
Influencer / SME budget: $3,000/mo for guest speakers, hosts, and content partnerships

Weddings & Private Celebrations

A one-of-a-kind Hill Country venue for intimate weddings and milestone celebrations. Couples get exclusive use of the grounds, resort amenities, and on-site lodging — turning a wedding weekend into a full retreat experience for their guests.

Venue Features
  • ◆ Outdoor ceremony spaces with Hill Country views
  • ◆ Maloka & Temple for ceremonies & receptions
  • ◆ On-site lodging for wedding party & guests
  • ◆ Pool, sauna, cold plunge & hot tub access
Experience Add-Ons
  • ◆ Sound healing & wellness programming
  • ◆ Morning-after recovery brunch
  • ◆ Multi-night stay packages for guests
Revenue driver: Weddings command premium venue fees, drive multi-night group bookings, and maximize add-on revenue across lodging, dining, and wellness services

Multi-Day Retreats

Extended immersive experiences ranging from 2-night weekends to week-long transformational programs. Guests stay on-property for a fully curated journey — every meal, session, and moment intentionally designed.

Retreat Formats
  • ◆ 2-night weekend intensives
  • ◆ 3–5 night deep-dive programs
  • ◆ 7-night transformational retreats
  • ◆ Themed series (couples, leadership, wellness)
What’s Included
  • ◆ On-site lodging (house, domes, yurts)
  • ◆ Chef-prepared meals & elixirs
  • ◆ Daily programming & ceremonies
  • ◆ Sauna, cold plunge & recovery access
Revenue driver: Multi-day retreats command premium per-night rates, maximize add-on spend, and fill mid-week occupancy gaps
$20K–$75K

Monthly hosted retreat revenue

$3K/mo

Influencer & expert speaker budget

Full-Service

End-to-end event facilitation — lodging, meals, programming

Every hosted event fills beds, drives add-on revenue, and builds the AWKN brand — turning the property into a destination, not just a rental.
Revenue Model
Six-Stream Diversified Revenue
No single stream exceeds 30% of total. Low concentration risk, high resilience. Year 1 reflects an honest 15% → 40% occupancy ramp; Year 2+ reflects 40% steady-state.
$163K
Y1 Avg / Mo
  • Retreat House (lodging + therapy + add-ons)Y1 $91K · Y2+ $115K
  • Maloka Dome (venue + lodging)Y1 $20K · Y2+ $32-58K
  • Other Lodging (yurts, domes, HoneyComb)Y1 $30K · Y2+ $46K
  • Hosted RetreatsY1 $13K · Y2+ $20-75K
  • Venue RentalsY1 $5K · Y2+ $8-16K
  • MembershipsY1 $4K · Y2+ $7-8K
Revenue StreamYear 1 AvgYear 2+ Base
Retreat House Lodging (12 beds)$37,686$56,885
Therapy & Immersive Packages (Within Center)$45,650$45,650
À La Carte Add-Ons$8,011$12,093
Retreat House Subtotal$91,347$114,628
Yurt Lodging (×2)$11,114$16,776
HoneyComb Dome$4,762$7,188
Lodging Domes (2 units, 6 beds)$14,262$21,528
Maloka Dome (venue + lodging)$20,000$45,000
Additional Venue Rentals$5,000$12,000
Hosted Retreats$12,500$47,500
Memberships (existing $2,500/mo base)$4,455$8,000
Combined Monthly Total$163,440$272,620
Annualized$1.96M$3.27M
Operations
Lean Operational Structure
Y1 expenses ramp from $59K (M1) to $76K (M12) as ops mature; Y2+ steady state $70K-$76K. Revenue grows from $163K (Y1 avg) to $273K (Y2+). Facilitator model scales without headcount.

Monthly Operating Expenses — Previous vs New Model

Side-by-side comparison of the historical operating model versus the streamlined post-pivot model.

ExpensePrevious ModelNew Model
On-site Hospitality
Previous: Retreat Staff Team (3)		$10,000$4,000-$5,000
Operations Manager$4,000$4,000
Medical/Clinical Staff (2 days/wk)$6,500$3,000-$5,000
Executive/Management Team$11,000$10,000-$12,000
Executive Advisory—$3,000
Property Lease$12,800$12,800
Maintenance & Utilities$4,000-$6,000$4,000-$6,000
Food Cost / Breakfast
Previous: 3 meals/day · New: breakfast only (meals = add-on)		$9,000-$10,000$2,500-$3,500
Insurance & Compliance$1,500-$2,500$1,500-$2,500
Marketing & Platform$10,000-$11,000$5,500-$6,500
Advertising (Google/Meta)$12,000$8,000-$10,000
Admissions / Corporate Sales$4,000-$6,000$4,000
Miscellaneous/Contingency$1,000-$2,000$1,000-$2,000
Total Monthly$85,800 - $93,800$63,300 - $76,300
Monthly Savings$17,500 - $22,500
Annual Savings$210K - $270K

Profitability Scenarios

ScenarioRevenueExpensesNet/MoAnnual
Year 1 Ramp $163K $67K $96K $1.16M
Year 2+ Conservative $199K $76K $123K $1.47M
Year 2+ Base $273K $70K $203K $2.43M

Profitability Scenarios

Year 1 Ramp
Revenue$163K
Expenses$67K
Net/Month$96K
Annualized$1.16M
Year 2+ Conservative
Revenue$199K
Expenses$76K
Net/Month$123K
Annualized$1.47M
Year 2+ Base
Revenue$273K
Expenses$70K
Net/Month$203K
Annualized$2.43M

Annual Net Profit by Scenario

$1.16M
Year 1 Ramp
$1.47M
Y2+ Conservative
$2.43M
Y2+ Base
Investment Opportunity
$500,000 Tranche at $8M Valuation
Capital deployed across infrastructure, marketing, operations, and reserves.

How We Arrived at the $8M Valuation

$8M represents a deeply conservative entry point — well below the sum of industry-standard asset valuations.

AssetMethodImplied Value
Dome Collective (Real Estate Co.) $200K+/mo net = $2.4M annual × 8x EBITDA
RV parks and hospitality properties typically trade at 7-8x EBITDA		 $19.2M
Functional Wellness (Medical Co.) $100K+/mo net = $1.2M annual × 8x EBITDA
Treatment centers and clinical practices sell at 7-10x EBITDA		 $9.6M
Land (9-acre adjacent parcel) Market value
Austin land comparable sales		 $12M
Total Ecosystem Value $40.8M+
Investor Entry Valuation Conservative entry point $8M
Investors entering at $8M are acquiring exposure to a $40.8M+ ecosystem — real estate, a high-margin clinical business, and prime Austin land — at a fraction of implied value.

Capital Deployment

Category Amount % of Total Details
Infrastructure $149,000 30% Maloka dome ($50K), two lodging domes — 8 beds ($75K), retreat house enhancements ($24K)
Marketing & Sales $87,000 17% Google Ads 3-mo campaign ($24K), brand launch ($30K), booking platform ($5K), landscaping & signage ($25K), local BD ($3K)
Operations $45,000 9% Executive advisory 6 months ($18K), AI systems ($10K), property improvements ($5K), Admissions/Corporate Sales hire — 3-mo ramp ($12K)
Legal & Licensing $20,000 4% MSO formation — enables partnership with licensed physician to own and operate Medical Co.
Reserves $199,000 40% Three-month operating reserve ($105K) and growth buffer ($94K)
Total $500,000 100%
Infrastructure 30%
Marketing 17%
Ops 9%
4%
Reserves 40%
The Maloka Dome already demonstrates market demand: $40,000 in 20% deposits for November from a single client booking two weekends — before construction commenced.

Capital Efficiency: The Maloka

A single infrastructure investment that pays for itself in under 45 days.

Current Maloka build site

The site today

Maloka dome rendering

The Maloka — 50-ft ceremony dome

Total Investment
$60,000
$50K build, deliver & install
$10K landscaping, trails & lighting
Added Monthly Expense
$1,000/mo
Additional rent for expanded footprint
Monthly Revenue Generated
$37,940/mo
Venue rentals (4 wkds × $5K)$20,000
Lodging (15 beds × 4 wkds × $299)$17,940
$36,940
Net Monthly Profit
~49 Days
Payback Period
7.4x
Annual ROI
Market Opportunity
Demonstrated Traction in a Surging Market
Austin's growth demographics align directly with wellness and experiential markets.
$1.4T

Global wellness tourism projected by 2027

1,500+

Sessions delivered with perfect 5-star ratings

$40K

Maloka deposits before construction

16
Members secured with zero marketing spend
$5K+
Weekly venue rental revenue
$20K+
Weekly Within Center therapy sales
100s
Weekly visitors to the property
4.5 yrs
Continuous operating history
5.0
Star rating across all review platforms
Technology & Operations
Fully Optimized Digital Infrastructure
Replacing phone sales and QuickBooks with end-to-end digital checkout, calendaring, and AI-powered guest management.

Online Checkout & Payments

Full e-commerce checkout for lodging, retreats, and add-on experiences — no more phone-only bookings

Unified Calendar System

Real-time availability across all accommodations, ceremony spaces, and facilitator schedules in one view

Add-On Experience Builder

Guests customize their stay with ceremony, chef, massage, IV drips, and wellness services at checkout

AI Guest Management

Automated communications, follow-ups, membership renewals, and revenue reporting — scaling without headcount

Replaces phone sales and QuickBooks with a single digital experience — browse, customize, checkout. Higher conversion, lower overhead.
Go-To-Market
Launch Strategy
Unified brand relaunch paired with an experiential influencer campaign and lead capture giveaway — generating awareness, content, and a qualified database from day one.
1

Brand Unification

Full rebrand consolidating AWKN Ranch and The Within Center into one cohesive experience. Unified booking calendar — retreats, lodging, events, wellness, and memberships in a single flow.

2

Influencer Launch

14 Austin-based lifestyle creators (50K+ followers) hosted one per night over two weeks. On-site videographer captures every visit. Each creator delivers reel, stories, and feed content.

3

Giveaway Funnel

Influencers drive followers to enter a launch giveaway — name, email, phone. Grand prize: all-inclusive overnight retreat for two. Non-winners enter nurture sequence toward full-price bookings.

7M+

Projected social impressions

2,000+

Email leads captured

100+

Inquiries in first 90 days

Influencer acquisition cost is effectively one room night per creator — significantly below industry average for comparable reach. Videographer already on retainer at $1.5K/month.
Growth Path
Phase 2: AWKN Dome Collective
103 geodesic dome residences on an adjacent 9-acre parcel. Intentional living community integrated with AWKN Ranch.

The Expansion Opportunity

One marketing post achieved 250,000 views with 4,000 shares and 4,000 likes, generating a waitlist of 408 interested residents before construction commenced.

103
Dome Residences
$275K
Projected Gross Monthly
$2.4M+
Annualized Net
408
Waitlist Residents
AWKN Ranch expansion land — 8+ acre adjacent parcel
11+ total acres off Hwy 71, Austin TX

Locking In the Land

With this raise, AWKN secures a 15-year lease on the full 11+ acre property with a $10M fixed purchase option — locking in an under-market price on the land and guaranteeing long-term operational control.

$10M
Purchase Option Price
~$12M
Current Area Comps
  • ◆ Below-market price locked in while Austin land continues to appreciate
  • ◆ 15-year lease eliminates displacement risk for investors & operations
  • ◆ Right to purchase — not an obligation — with built-in equity upside
  • ◆ Long-term lease gives lenders confidence for future refinancing

Dome Collective Revenue Model

Unit TypeCountRateMonthly Revenue
Tier 1 Residential Domes50$1,900/mo + $122 HOA$101,100
Tier 2 Residential Domes40$2,200/mo + $122 HOA$92,880
Short-term Rental Domes13$299/night (70% occ)$81,531
Projected Net Monthly~$200,000

Dome Collective Revenue Model

Tier 1 Residential Domes
Count50
Rate$1,900/mo + $122 HOA
Monthly$101,100
Tier 2 Residential Domes
Count40
Rate$2,200/mo + $122 HOA
Monthly$92,880
Short-term Rental Domes
Count13
Rate$299/night (70% occ)
Monthly$81,531
Projected Net Monthly ~$200,000

Ecosystem Valuation & Series A

AssetProjected Value
Dome Collective (Real Estate Co.)~$19.2M
Functional Wellness (Medical Co.)~$9.6M
Adjacent 9-Acre Land~$12M
Total Ecosystem Value~$40.8M
Phase 1 investors entering at $8M cap projected to achieve 2-4x returns (200-400% appreciation) as the ecosystem scales across all three operating entities.
Land Security
15-Year Lease with $10M Purchase Option
With this raise, AWKN will execute a 15-year land lease that includes a fixed purchase option — locking in long-term operational control and an under-market acquisition price on the property.
15 Years

Long-term lease securing uninterrupted operations on the land

$10M

Fixed purchase price option — locked in below market value

Protected

Guaranteed right to buy — no displacement risk for investors or operations

Why This Matters for Investors

  • ◆ Operational certainty — 15-year lease eliminates the risk of losing the property and ensures continuity for the business, guests, and community
  • ◆ Below-market lock-in — $10M purchase option secures the land at today’s pricing while Austin-area ranch land continues to appreciate
  • ◆ Built-in equity upside — as the property’s appraised value grows with improvements and Phase 2 development, the gap between the fixed option price and real value widens
  • ◆ Bankable asset — a long-term lease with purchase option gives lenders confidence for future refinancing and commercial debt facilities
Land control is the foundation of everything. This lease locks in AWKN’s position on the property for the next 15 years and gives us the right — not the obligation — to purchase at a price that will look increasingly favorable as the ecosystem matures.
Exit Strategy
Debt Refinance — Not an IPO Promise
Tangible return path. Once profitable, we refinance through debt and return investor capital directly.
1

Build to Profitability

Reach stable monthly cash flow within 6-9 months across all three operating entities.

2

Refinance with Debt

Leverage the profitable business and real estate assets to secure commercial debt financing.

3

Return Investor Capital

Use refinance proceeds to pay back investors quickly — with returns, not dilution.

Asset-backed return path. Dome park, land, and clinical business all qualify for commercial lending once stabilized. Capital returned through refinance — no waiting on a buyer or IPO.