Investment Performance
CapEx Tracker · ROI · Payback · Sources & Uses
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PORTFOLIO ROLLUP · 4 STORES · MAY 2026

Sources & Uses · All Stores

Portfolio Capital Structure · 01–03 Firm · All-In Basis
Partner Equity
$824,946
HDRG 01 only
Webster LOC Drawn
$1,201,206
02 + 03 · incl. Phase 1 int.
Total Deployed
$2,026,152
41% eq · 59% LOC
Total LOC Interest
$102,467
02: $64K · 03: $38K
Annual EBITDA
$922K
3 stores operating
Portfolio Yield
45.5%
Pre-Phase 2 interest
Per-Store Snapshot
HDRG 01 · Forest Hills
DATA · LIVE
Total Invested$824,946
Sources mix100% equity
Annual EBITDA~$285K
Payback35 mo · hit Feb 2025
Cash-on-Cash34.5%
HDRG 02 · Fresh Meadows
DATA · LIVE
All-In Invested$624,504
Sources mix100% LOC · 0% equity
Total Interest$64,445 · 36 mo
Payback30 mo · Jun 2026
True Yield on Cost36.4% · post-interest
HDRG 03 · Ralph Ave
PAID BACK · BEST
All-In Invested$576,702
Sources mix100% LOC · 0% equity
Total Interest$38,022 · 23 mo
Payback17 mo · Aug 2025 ✓
True Yield on Cost64.5% · best in port.
HDRG 04 · Erskine St
IN CONSTRUCTION
Construction Bid$458,130
All-in Budget Est.~$703K
Sources mix100% LOC likely · TBD
Spent to date$0 · contract pending
Opening targetSep 15, 2026
Cost Stack · Side-by-Side · All Stores
HDRG 01 · Forest Hills
2022 · 100% Equity
Construction$267,795
FF&E + Signage$169,815
Architect$15,840
Franchise + Dev Fees$77,585
Security Deposits$20,660
Software—
Pre-Opening$136,179
Soft Costs (other)$45,771
Working Capital$91,302
Constr. Interest—
Total$824,946
Payback achieved Feb 2025
HDRG 02 · Fresh Meadows
2023 · 100% LOC
Construction$374,525
FF&E + Signage$185,638
Architect$17,266
Franchise + Dev Fees$11,000
Security Deposits$19,799
Software$5,536
Pre-Opening—
Soft Costs (other)—
Working Capital—
Constr. Interest$10,741
Total$624,505
Payback Jun 2026 · ~1 mo away
HDRG 03 · Ralph Ave
2024 · 100% LOC
Construction$338,275
FF&E + Signage$180,350
Architect$22,700
Franchise + Dev Fees$11,000
Security Deposit$8,958
Software$5,500
Pre-Opening—
Soft Costs (other)—
Working Capital—
Constr. Interest$9,919
Total$576,702
Payback achieved Aug 2025
HDRG 04 · Erskine St
2026 · Building · Mixed Firm/Est.
Construction$458,130
FF&E + Signage$161,395
Architect~$31,400
Franchise + Dev Fees$11,000
Security Deposit$23,265
Software$5,500
Pre-Opening—
Soft Costs (other)—
Working Capital—
Constr. Interest~$12,087
Total Est.~$703K
Target open Sep 15, 2026
Schedule of Values · Construction by CSI Division · Four-Store Trajectory
Division
HDRG 01 · 2022
HDRG 02 · 2023*
HDRG 03 · 2024
HDRG 04 · Bid '26
'22 → '26
Sources: AIA G702/G703 #6 Final (HDRG 01, 3/16/22) · *HDRG 02 estimated by scaling HDRG 03 percentages to $374,525 · Ralph Ave SoV (HDRG 03, 2/3/24) · Kuo Bid #2 (HDRG 04, 2/9/26) HDRG 01: $267,795 · 02: $374,525 · 03: $338,275 · 04 Bid: $458,130
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Portfolio data status: HDRG 01 fully populated from CapEx Final 2022, AIA #6, and Five Kids order. HDRG 02/03/04 sources data and capitalized cost detail pending — Webster Bank LOC drawn balances and per-store CapEx files will populate the empty rows. Annual EBITDA for 02/03 sourced from financial_performance dashboard.
FOREST HILLS · 642 SF · OPENED MARCH 23, 2022

107-12 Continental Avenue, Queens NY

Payback Achieved
Total Invested
$824,946
Sources = Uses
Annual EBITDA
$285K
Q1 '26 run rate
Payback
35 mo
Hit Feb 2025
Cash-on-Cash
34.5%
Upper band
Build / SF
$417
NYC QSR norm
D / E Ratio
0.00×
All equity
Payback Timeline
Mar 2022Store opens
Feb 2025Payback · month 35
May 2026Today · month 49
Recovered
$824,946
All-in invested
Profit since payback
$320,133
14 mo · avg $22,867/mo
Sources & Uses · Forest Hills · Balanced at $824,946
Sources
Partner Equity$824,946
Webster Bank LOC$0
Total Sources$824,946
Mix100% equity · 0% debt
Uses
Construction$267,795
FFE + FOH + Smallwares$145,965
Signage$23,850
Franchise & Deposits$98,245
Pre-Open Payroll + Soft Costs$197,789
Working Capital$91,302
Total Uses$824,946
Sources − Uses$0 · Balanced ✓
Cost Stack · Actual vs. Original Master Budget
Construction
$267,795
+0%
FFE + FOH + Smallwares
$169,815
+49%
Franchise & Deposits
$98,245
+44%
Working Capital
$91,302
N/A
Pre-Opening Payroll
$86,469
+116%
Soft Costs
$61,611
+142%
Pre-Opening Rent
$49,710
N/A
Total Invested
$824,946
Vendor Detail · Alphabetical
Vendor
Category
Amount
% of Total
Adrian Jara + crew (manager training, hourly)
Pre-Open · Payroll
$86,469
10.5%
Audio / Video vendor · TBD
FF&E · AV
$13,268
1.6%
Engineering · TBD
Soft · Eng.
$9,760
1.2%
FH Property Group (pre-opening rent during build)
Pre-Open · Rent
$49,016
5.9%
FH Property Group (rent deposit)
Sec. Dep.
$18,000
2.2%
Five Kids Group (kitchen equipment)
FF&E
$91,705
11.1%
Furniture / Fixtures · TBD
FF&E
$34,582
4.2%
Graphics vendor · TBD
FF&E · Graphics
$6,410
0.8%
Greg Ralph + SWA Architecture
Soft · Arch.
$15,840
1.9%
Jersey Mike's (Dev Fee + Franchise + Store Opening)
Franchise
$77,585
9.4%
Kuo Construction (incl. change orders)
Construction
$267,795
32.5%
Laurel Environmental (Phase I)
Soft · Env.
$5,260
0.6%
NECC + Peacock Gladstone (loan costs)
Soft · Loan
$12,920
1.6%
Paris Ackerman + TBL + bank fees
Soft · Legal/Acct.
$3,520
0.4%
Permitting / Expediting · TBD
Soft · Permits
$14,255
1.7%
Pre-opening utilities / R&M · TBD
Pre-Open · Other
$693
0.1%
Tee Pee Signs (signage)
FF&E · Signage
$23,850
2.9%
Utility deposits · TBD
Sec. Dep.
$2,660
0.3%
Working Capital Reserve (cash on hand at open)
Working Capital
$91,302
11.0%
Total Forest Hills Investment
$824,946
100%
Source: HDRG CapEx Final 2022 · QuickBooks ledger · AIA G702/G703 #6 Final · Five Kids equipment quote Vendor names marked "TBD" need additional documentation; dollar amounts confirmed from CapEx Final.
Portfolio Sources & Uses · All Stores
Roll-up across HDRG 01–04. Click "Portfolio S&U" tab for full detail.
Partner Equity
$824,946
HDRG 01 only
Webster LOC
$1,176,275
All-in basis · 02 + 03
LOC Interest
$100,823
All-in lifecycle
Annual EBITDA
$922K
3 stores operating
Portfolio Yield 45.5% pre-Phase 2 interest · 01-03 firm · HDRG 04 capital structure pending
!
Variance flags: Soft Costs +142% (permits + loan origination ran hot) · Pre-Opening Payroll +116% (extended training period) · Pre-Opening Rent +$50K (not in original budget). Construction came in at 0% — disciplined GC management. Working Capital reserve sized at 11% of total deployment — appropriate cushion above CapEx for opening operations.
FRESH MEADOWS · 1,456 SF · OPENED DECEMBER 1, 2023 · MONTH 29

61-34 190th Street, Queens NY

Payback Imminent · ~1 mo
Total Invested
$624,504
All-in · capex + Phase 1 int.
Annual EBITDA
$247K
Q1 '26 run rate
Payback
30 mo
Hits Jun 2026
Yield on Cost
39.6%
Pre-Phase 2 interest
Phase 2 Interest
$53,704
Operating period
True Yield on Cost
36.4%
All-in incl. all interest
Payback Timeline
Dec 2023Store opens
May 2026Today · month 29
Jun 2026Payback · month 30
Profit since payback
pending
Payback ~1 mo away
To recover
$624,505
All-in invested
Sources & Uses · Balanced at $624,504 (All-In Basis)
Sources
Partner Equity$0
Webster Bank LOC drawn$624,504
Total Sources$624,504
Mix0% equity · 100% debt
Uses · CapEx + Capitalized Interest
Construction$374,525
FFE + FOH + Smallwares$165,544
Signage$20,094
Architect$17,266
Security Deposits$19,799
Franchise + Developer Fees$11,000
Software$5,536
Construction Period Interest$10,741
Total Uses$624,504
Sources − Uses$0 · Balanced ✓
Debt Service Analysis · 7% APR · Two-Phase Interest
Phase 1 · Construction Period (Capitalized)
Duration6 months · drawdown
Capital deployed$613,763 (linear ramp)
Avg outstanding balance$306,882
Interest @ 7% × 0.5 yr$10,741
TreatmentCapitalized into Uses
Phase 1 Interest$10,741
Phase 2 · Operating Period (Expensed)
Duration30 months · 2.5 yr
Capital paid down$624,504 (incl. Phase 1)
Avg outstanding balance$306,882
Interest @ 7% × 2.5 yr$53,704
TreatmentP&L · paid from EBITDA
Phase 2 Interest$53,704
TOTAL LOC LIFECYCLE INTEREST · 36 MONTHS
$64,445
TRUE COST OF CAPITAL
$678,208
All-in $624,504 + Phase 2 Interest $53,704
TRUE YIELD ON COST
36.4%
$247K EBITDA ÷ $678K true cost
Cost Stack · HDRG 02 Official Categorization
Construction
$374,525
61.0%
FFE + FOH + Smallwares
$165,544
27.0%
Signage
$20,094
3.3%
Security Deposits
$19,799
3.2%
Architect
$17,266
2.8%
Franchise + Dev Fees
$11,000
1.8%
Software
$5,536
0.9%
Total Invested
$613,763
Vendor Detail · Alphabetical
Vendor
Category
Amount
% of Total
Con Edison (utility deposit)
Sec. Dep.
$5,985
1.0%
Federal Realty (rent deposit, net)
Sec. Dep.
$13,814
2.3%
Five Kids + Jersey Shore + Resource POS
Kitchen Equip
$165,544
27.0%
Jersey Mike's (ASA Software)
Software
$5,536
0.9%
Jersey Mike's (Developer Fee)
Dev Fee
$5,000
0.8%
Jersey Mike's (Franchise Fee)
Franchise
$6,000
1.0%
Michelle Kuo Construction (+ allied trades)
Construction
$374,525
61.0%
Ralph + Gregory Ralph (architects)
Architect
$17,266
2.8%
Tee Pee Signs
Signage
$20,094
3.3%
Total Startup Costs
$613,763
100%
Source: HDRG official Fresh Meadows startup cost categorization 9 cost categories · construction is largest at 61%
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Capital structure · pure leverage play: Fresh Meadows was funded entirely by the Webster Bank LOC — partners deployed zero cash equity. With $0 equity, true Cash-on-Cash on partner capital is mathematically infinite; Yield on Cost (EBITDA ÷ total deployed capital) is 40.2% pre-debt-service. Payback at month 30 means cumulative EBITDA equals the LOC balance, but actual LOC paydown depends on interest rate — at e.g. 8% APR, ~$49K/yr of EBITDA goes to interest, leaving ~$198K available to amortize principal (giving real LOC paydown closer to month 37). Provide the Webster LOC interest rate and current outstanding balance to compute precise DSCR, annual debt service, and net cash to partners.
RALPH AVE · 1,509 SF · OPENED MARCH 11, 2024 · MONTH 27

2115 Ralph Avenue, Brooklyn NY

Payback Achieved · Aug 2025
Total Invested
$576,702
All-in · capex + Phase 1 int.
Annual EBITDA
$390K
Q1 '26 run rate
Payback
17 mo
Hit Aug 2025
Yield on Cost
67.6%
Pre-Phase 2 interest
Phase 2 Interest
$28,103
Operating period
True Yield on Cost
64.5%
All-in · best in port.
Payback Timeline
Mar 2024Store opens
Aug 2025Payback · month 17
May 2026Today · month 27
Recovered
$576,702
All-in invested
Profit since payback
$243,734
8 mo · avg $30,467/mo
Sources & Uses · Balanced at $576,702 (All-In Basis)
Sources
Partner Equity$0
Webster Bank LOC drawn$576,702
Total Sources$576,702
Mix0% equity · 100% debt
Uses · CapEx + Capitalized Interest
Construction$338,275
FFE + FOH + Smallwares$161,739
Architect + Permitting$22,700
Signage$18,611
Franchise + Dev Fees$11,000
Security Deposit$8,958
Software$5,500
Construction Period Interest$9,919
Total Uses$576,702
Sources − Uses$0 · Balanced ✓
Debt Service Analysis · 7% APR · Two-Phase Interest
Phase 1 · Construction Period (Capitalized)
Duration6 months · drawdown
Capital deployed$566,783 (linear ramp)
Avg outstanding balance$283,392
Interest @ 7% × 0.5 yr$9,919
TreatmentCapitalized into Uses
Phase 1 Interest$9,919
Phase 2 · Operating Period (Expensed)
Duration17 months · 1.42 yr
Capital paid down$576,702 (incl. Phase 1)
Avg outstanding balance$283,392
Interest @ 7% × 1.42 yr$28,103
TreatmentP&L · paid from EBITDA
Phase 2 Interest$28,103
TOTAL LOC LIFECYCLE INTEREST · 23 MONTHS
$38,022
TRUE COST OF CAPITAL
$604,805
All-in $576,702 + Phase 2 Interest $28,103
TRUE YIELD ON COST
64.5%
$390K EBITDA ÷ $605K true cost
Cost Stack · HDRG 03 · 100% Firm
Construction
$338,275
59.7%
FFE + FOH + Smallwares
$161,739
28.5%
Architect + Permitting
$22,700
4.0%
Signage
$18,611
3.3%
Franchise + Dev Fees
$11,000
1.9%
Security Deposit
$8,958
1.6%
Software
$5,500
1.0%
Total Invested
$566,783
Vendor Detail · Alphabetical
Vendor
Category
Amount
% of Total
Five Kids Group (kitchen equip + FOH + smallwares)
FF&E
$161,739
28.5%
Gregory Ralph Architect (incl. permitting)
Architect
$22,700
4.0%
Jersey Mike's (ASA software)
Software
$5,500
1.0%
Jersey Mike's (Franchise + Developer Fees)
Franchise
$11,000
1.9%
Landlord (security deposit · Georgetown SC)
Sec. Dep.
$8,958
1.6%
Michelle Kuo Construction
Construction
$338,275
59.7%
Tee Pee Signs (channel letter sign + pylon panels)
Signage
$18,611
3.3%
Total Ralph Ave CapEx
$566,783
100%
Source: Kuo SoV (2/3/24) · Five Kids Final 4/11/24 + FOH & SW Rev 3/21/24 · Greg Ralph Proposal 10/24/23 · Tee Pee Signs Proposal 3/28/24 · User-confirmed franchise / deposit / software 7 vendors · 100% firm
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Best performer in the portfolio: HDRG 03 paid back faster than any other store — month 17 (Aug 2025) on $566,783 invested. The 1,509 SF footprint (vs 642 SF at Forest Hills) drove construction cost per SF down to $224 — best in the portfolio. Annual EBITDA of $390K is highest in the portfolio (vs HDRG 01 $285K, HDRG 02 $247K), and Net Margin of 14.6% leads as well. With 100% LOC funding and no equity deployed, every dollar of free cash flow post-debt-service flows to partners. Five Kids vendor total of $161,739 reflects Equipment Final ($137,237 · 4/11/24) plus FOH & Smallwares Rev ($24,502 · 3/21/24) confirmed by user as separate purchase. All seven cost categories firm.
ERSKINE ST · 1,551 SF · IN CONSTRUCTION · TARGET OPEN SEP 15, 2026

959 Erskine Street, Brooklyn NY

In Construction
Construction Budget
$458,130
Kuo Bid #2 · 2/9/26
Total Budget
~$703K
All-in · 7 firm · 1 TBD
Spent to Date
$0
No draws yet
Webster LOC
$0 / $TBD
Commitment pending
Days to Open
132
May → Sep 15, 2026
vs HDRG 01 Build
+71%
Construction only
Master Budget Estimate · Sources & Uses Tie-Out
Sources · Estimated
Partner EquityTBD
Webster Bank LOC~$702,777
Total Sources~$702,777
MixLikely 100% LOC · pattern from 02/03
Uses · Mixed Firm + Estimated
Construction$458,130
FFE + FOH + Smallwares$145,940
Architect~$31,400
Security Deposit$23,265
Franchise + Dev Fees$11,000
Signage$15,455
Software$5,500
Construction Period Interest (Phase 1 capitalized)~$12,087
Total Uses~$702,777
Status~$679K firm · ~$24K Greg Ralph main TBD
Cost Stack · HDRG 04 · Budget · Mixed Firm + Estimated
Construction
$458,130
51.2%
FFE + FOH + Smallwares
$145,940
21.4%
Architect + Permitting
~$31,400
4.6%
Signage
$15,455
2.3%
Security Deposit
$23,265
3.4%
Franchise + Dev Fees
$11,000
1.6%
Software
$5,500
0.8%
Total Budget
$690,690
Vendor Detail · Alphabetical (Budget · Pending Final Vendor Selection)
Vendor
Category
Budget
% of Total
Construction Period Interest (Phase 1 capitalized)
Interest
~$12,087
1.7%
Five Kids Group (kitchen equip + FOH + smallwares)
FF&E
$145,940
20.8%
Greg Ralph Architect (Additional Services Proposal)
Architect
$7,000
1.0%
Greg Ralph Architect (Main Contract · TBD)
Architect
~$22,700
3.2%
Greg Ralph Architect (Survey Proposal)
Architect
$1,700
0.2%
Jersey Mike's (Franchise + Developer Fees)
Franchise
$11,000
1.6%
Jersey Mike's ASA (software)
Software
$5,500
0.8%
Kuo Construction (Bid #2 selected)
Construction
$458,130
65.2%
Landlord (security deposit)
Sec. Dep.
$23,265
3.3%
Tee Pee Signs (channel letters + NYC permits)
Signage
$15,455
2.2%
HDRG 04 Total Budget · Mixed Firm + Estimated
~$702,777
100%
Source: Kuo Bid #2 firm · Five Kids Quote 4/8/26 firm · GRA Survey + Additional Services proposals firm · Tee Pee Signs proposal 3/17/26 firm · Landlord deposit firm · GRA main contract TBD 7 vendors firm · 1 TBD · Phase 1 interest capitalized
Debt Service Analysis · Methodology (Pending Final Numbers)
When HDRG 04 opens and total invested capital + payback period are firm, interest expense will be computed using the same methodology as HDRG 02 and HDRG 03:
  • Phase 1 — Drawdown: 6-month equal capital draws · avg outstanding balance = X/2 · interest = X/2 × 7% × 0.5 yr
  • Phase 2 — Payback: linear paydown over payback period · avg outstanding balance = X/2 · interest = X/2 × 7% × payback_years
  • Total interest = X/2 × 7% × (0.5 + payback_years)
Preliminary estimate at $1.05M total invested and assumed 30-month payback: total interest ≈ $110K · true cost of capital ≈ $1.16M. Both numbers will firm up as construction progresses and EBITDA projections refine.
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Live build tracking pipeline: as Kuo Construction issues AIA pay applications and Webster LOC draws are made, this panel will populate with budget-vs-spent for each CSI division. Today: bid selected, contract execution in progress. FF&E, soft costs, and franchise budget figures shown above are placeholders informed by Forest Hills + escalation — replace with actuals as POs and invoices arrive.