Income Fund — Ninety9 Capital
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Real Estate–Backed Private Credit

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.

Asset Class
Private Credit
First-lien real estate collateral
Structure
Evergreen · 506(b)/(c)
Rolling, open-ended subscription
Distributions
Monthly / Quarterly
Preferred return, cash basis
Minimum
$50,000
Class A-3 tier · Accredited only
The Thesis

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.

Share Class Structure

Three share classes — matched to commitment size and lock-up horizon.

Entry Tier
Class A-3
8%
Preferred Return · Annualized
Minimum $50,000
Lock-up 6 Months
Structure Cumulative
Non-Compounded
Mid Tier
Class A-2
10%
Preferred Return · Annualized
Minimum $250,000
Lock-up 12 Months
Structure Cumulative
Non-Compounded
Top Tier
Class A-1
12%
Preferred Return · Annualized
Minimum $500,000
Lock-up 12 Months
Structure Cumulative
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.

Fund at a Glance

Key terms and structure.

Minimum Investment
$50,000
Class A-3 tier · Higher tiers available
Investor Eligibility
Accredited Only
Verification required prior to subscription
Offering Type
Rule 506(b) & 506(c)
Regulation D private placement
Fund Structure
Evergreen · Open-Ended
Rolling subscription · Delaware LP
Distribution Cadence
Monthly / Quarterly
At General Partner's discretion
Management Fees
None
GP compensated only via upside above preferred return

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.

Lending Discipline

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.

First-Position Liens
Senior secured
Portfolio Loans are primarily first-position liens against the underlying real property — the senior claim in a default scenario.
Loan-to-Value Cap
Up to 80% LTV
Loans sized to preserve meaningful equity cushion between the loan balance and the collateral's appraised value.
Third-Party Appraisals
Independent valuation
Every collateral property is supported by a third-party appraisal to establish market value before loan origination.
Borrower Credit
Rated or 650+ FICO
Borrowers require a minimum "A" rating from a recognized agency, or 650+ credit score for principals with no prior bankruptcies.
Loan Sizing
$50K – $10M
Portfolio Loans range from $50,000 to $10 million, allowing diversification across borrower size and project type.
Comprehensive Underwriting
5-factor evaluation
Every loan is evaluated across sponsorship, business plan, market, asset quality, and exit strategy before origination.
Collateral & Markets

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.

01
Single-Family Residential
Owner-occupied & investor projects
02
Multi-Family
Class B/C acquisitions & value-add
03
Manufactured Home
Community & project financing
Aligned By Design

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.

Investor Capital
Class A Preferred Return
Paid First
GP Compensation
Class B Upside
After Investors Made Whole
The Process

How to invest — step by step.

01
Initial Conversation
A call with our investor relations team to understand your objectives, share class fit, and whether the fund aligns with your income and liquidity needs.
02
Accreditation Verification
You complete accreditation verification via our third-party service — typically a CPA/attorney letter, brokerage statements, or direct income documentation.
03
PPM & Class Selection
You receive the Private Placement Memorandum, subscription agreement, and partnership agreement. You select the share class (A-1, A-2, or A-3) that fits your commitment and lock-up horizon.
04
Subscription & Funding
Signed subscription documents are executed and capital is wired to the fund. Subscription closings occur on rolling tranches, typically the 1st or 15th of each month.
05
Distributions Begin
Preferred return begins accruing the business day following your capital contribution. Distributions are paid on a monthly or quarterly basis, with quarterly performance reports and annual K-1s for tax filing.
Common Questions

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.

Next Steps

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.

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Important Disclosures

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.