RAM Retail Fund
Quarterly Fact Sheet
Q3 2025
$255,468,915
Gross Asset Value
$119,065,140
Net Asset Value
16.9%
Projected IRR
1.87x
Projected EM
$0
Quarterly NOI
Portfolio
| Property | Valuation | SF | Leased | WALT |
|---|---|---|---|---|
| Mainstreet at Midtown | $64,179,678 | 120,701 | 99.2% | 5.0 |
| Shoppes of Jupiter | $54,320,751 | 198,702 | 91.0% | 4.0 |
| Homestead Market | $33,311,239 | 0 | — | — |
| The Market at Mills Mark | $30,876,132 | 55,557 | 100.0% | 3.0 |
| Mainstreet Village | $25,587,623 | 98,005 | 100.0% | 2.3 |
| Holly Springs Crossing | $21,847,742 | 92,320 | 96.2% | 2.3 |
| Bull City Market | $14,084,802 | 0 | — | — |
| Blys Retail | $11,260,948 | 30,856 | 92.8% | 8.9 |
| Total / Wtd Avg | $255,468,915 | — | — | — |
Capital & Returns
$118,404,506
Equity Invested
$138,000,000
Debt Balance
16.9%
Projected Gross IRR
1.87x
Projected Equity Multiple
Tenant Mix
30.0%
Other
24.0%
Grocery
15.5%
Food & Beverage
12.6%
Consumer Services
4.4%
Discount General Merchandise
3.6%
Healthcare
3.0%
Business Services
2.9%
Fitness
1.7%
Financial Services
1.5%
Fashion
0.7%
Home
Lease Spreads
—
New Lease Spread
6.0%
Renewal Spread
8.9%
Option Spread
7.7%
Total Spread
Market Rents (PSF)
$25.60
Grocery
$21.80
Non-Grocery Anchor
$36.80
In-Line
RAM Realty Advisors • Confidential • As of September 30, 2025