The Income
Fund
Monthly cash distributions from a diversified portfolio of real estate–backed loans — designed for accredited investors who prioritize consistent current income over speculative upside.
Consistent current income, backed by real estate — not market volatility.
The public credit markets deliver either yield or safety — rarely both. Real estate–backed private credit, underwritten with discipline, can deliver both.
The Ninety9 Capital Income Fund originates private loans secured by real estate collateral across single-family residential, multi-family, and manufactured home projects. Every loan is backed by first-position liens against real property, supported by third-party appraisals, and subject to conservative loan-to-value discipline.
Investors receive a fixed preferred return distributed on a monthly or quarterly basis — sourced from interest paid by underlying borrowers, not from asset sales or market timing. The structure is deliberately simple: capital is deployed as real estate–backed loans, interest is collected, and preferred returns are paid.
The fund is evergreen and open-ended, allowing accredited investors to subscribe on a rolling basis and choose from three share classes calibrated to different commitment sizes and lock-up horizons.
Three share classes — matched to commitment size and lock-up horizon.
Non-Compounded
Non-Compounded
Non-Compounded
Preferred returns are targeted, not guaranteed. Returns accrue on a cumulative, non-compounded basis beginning the business day following capital contribution, and are prorated for partial years. Payment of the preferred return is at the discretion of the General Partner and is subject to the fund's cash position, reserve requirements, and other factors. See the Private Placement Memorandum for complete terms.
Key terms and structure.
All terms above are provided for illustrative purposes and are subject to the fund's Private Placement Memorandum (PPM), which governs in the event of any conflict. Preferred returns, distribution timing, and withdrawal terms are subject to change and are not guarantees. See offering documents for complete terms, risk factors, lock-up provisions, and eligibility requirements.
The underwriting behind the yield.
A conservative preferred return is only conservative if the underlying loan portfolio is disciplined. Every Portfolio Loan is subject to the same underwriting framework.
Loans backed by real property across three durable segments.
The fund lends against three real estate segments chosen for their income durability and resilience across market cycles: single-family residential, multi-family, and manufactured home projects.
The fund's initial focus is the Dallas–Fort Worth metroplex, where our operational infrastructure supports both origination and workout scenarios. Lending activity extends across the continental United States for opportunities that meet the fund's underwriting standards.
No management fees.
The General Partner takes no management fees for operating the fund. GP compensation comes entirely from Class B interests — participation in fund upside only after Class A investors have received their full preferred return. If investors don't earn their preferred return, the GP earns nothing.
Paid First
After Investors Made Whole
How to invest — step by step.
Frequently asked.
The fund is available exclusively to verified accredited investors as defined under Regulation D of the Securities Act. Up to 35 sophisticated non-accredited investors may be admitted at the General Partner's discretion. Accreditation must be verified prior to subscription — self-certification is not sufficient.
The three Class A tiers differ by minimum commitment, preferred return, and lock-up period. Class A-3 has the lowest minimum ($50K), a 6-month lock-up, and an 8% preferred return. Class A-2 requires $250K with a 12-month lock-up and 10% preferred return. Class A-1 requires $500K with a 12-month lock-up and 12% preferred return. All classes pay preferred returns on a cumulative, non-compounded basis.
The General Partner endeavors to distribute preferred returns on either a monthly or quarterly basis, at its discretion, sourced from interest collected on the underlying Portfolio Loans. Distributions are subject to the fund's cash position, reserve requirements, and outstanding obligations, and are not guaranteed. Preferred return accrual begins the business day following your capital contribution.
Every Portfolio Loan is secured by a first-position lien against real property via mortgage or deed of trust. Loans are underwritten to a maximum 80% loan-to-value ratio based on independent third-party appraisals. In a default scenario, the fund has senior claim to the collateral property.
The fund lends to borrowers operating in single-family residential, multi-family, and manufactured home real estate projects. Borrowers must meet defined credit standards — either an "A" rating from a recognized agency, or a minimum 650 FICO for principals with no prior bankruptcies. Some borrowers may be Ninety9 Capital affiliates, subject to the arm's-length underwriting standards and mandatory foreclosure procedures disclosed in the PPM.
No. Capital is committed for the full lock-up period (6 months for Class A-3, 12 months for Class A-1 and A-2). After the lock-up expires, withdrawals require 60 days' prior written notice. If aggregate withdrawal requests exceed 20% of outstanding capital in the same 60-day period, a withdrawal gate may be implemented under which withdrawals are processed over an extended timeline. Full mechanics are detailed in the PPM.
No. The General Partner takes no management fees for operating the fund. GP compensation is entirely dependent on Class B upside participation, which is only paid after Class A investors have received their full preferred return. This structure aligns the GP's economic interest directly with investor outcomes.
The fund is structured as a Delaware limited partnership. Investors receive an annual K-1 reflecting their share of fund income, gain, loss, or credit. Preferred return distributions are generally taxed as ordinary income. Consult your tax advisor regarding your specific circumstances.
Interested in learning more?
Ninety9 Capital's funds are available exclusively to verified accredited investors. Reach out to our investor relations team to discuss share class fit, liquidity needs, and the current pipeline.
This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offer will be made only pursuant to a Private Placement Memorandum (PPM) provided to eligible investors. Investors must complete accreditation verification prior to subscription.
Preferred return figures are targets, not guarantees. Distributions are subject to the fund's cash position, reserve requirements, and General Partner discretion. Investments in private funds involve significant risks including illiquidity, potential loss of principal, borrower default risk, and limited transferability. The fund may lend to Ninety9 Capital affiliate borrowers; while such loans are underwritten on arm's-length commercial terms as disclosed in the PPM, this affiliation constitutes a disclosed conflict of interest. Consult your own legal, tax, and financial advisors before investing.
Contact Investor Relations
Our team is ready to answer your questions and help you evaluate whether our funds align with your portfolio goals.