# Full-cycle investment data: Summary

Source: https://baker1031.com/data/full-cycle

Compiled: 2026-11-03. Source workbook: full_cycle_sponsor_summary_reviewed.xlsx; SHA-256: 57b6a4f1684fe8705993e9ddbe73bdadc275be6df22e56a12153298457264a8e. This date describes the compilation, not the currency of every underlying record.

## Data limitations and educational use

This data was collected from sponsor materials and manually entered into a data file for analysis. Transcription, calculation or classification errors may exist. The compilation has not been independently audited or verified for correctness, completeness or currency. Consult the current private placement memorandum (PPM), its supplements and sponsor reports for complete, up-to-date track-record information.

Displayed metrics use the higher endpoint of each reported range, including averages and medians of those values. Selecting higher return or multiple endpoints presents the more favorable source case. These figures do not establish typical or expected performance. Original ranges remain in the underlying data and source materials.

Some source data is dated, estimated or based on valuations rather than cash exits. Sponsors may use different periods, fees, return definitions and calculation methods, making direct comparisons unreliable or impossible. Available histories may be incomplete or selected, and exclusions and missing values affect each metric’s sample. Averages are not pooled investor returns or a ranking of sponsors.

For educational purposes only. This data is not investment, tax or legal advice, a recommendation, or an offer to buy or sell securities. Past performance does not guarantee or predict future results. Real estate securities are speculative and illiquid; distributions are not guaranteed and investors may lose their entire investment.

## Summary [49](#note-49) [50](#note-50)

| Metric | All investments | Preferred Sponsors |
| --- | --- | --- |
| Avg. annual return | 15.36% | 28.43% |
| Avg. hold (years) | 6.54 | 4.43 |
| Avg. equity multiple | 1.66x | 1.97x |
| Success rate | 90.61% | 97.34% |

Each available investment record receives equal weight within its metric. The all-investment comparator includes the preferred group. Success rate reflects nominal break-even or better on the available source basis.

## Preferred Sponsors [50](#note-50)

The designation is not an endorsement or recommendation. For educational purposes only; review current PPMs before considering an investment.

- [Bluerock](https://baker1031.com/data/full-cycle/sponsors/bluerock.md)
- [BridgeView](https://baker1031.com/data/full-cycle/sponsors/bridgeview.md)
- [ExchangeRight](https://baker1031.com/data/full-cycle/sponsors/exchangeright.md)
- [Griffin Capital](https://baker1031.com/data/full-cycle/sponsors/griffin-capital.md)
- [Hamilton Point](https://baker1031.com/data/full-cycle/sponsors/hamilton-point.md)
- [NexPoint](https://baker1031.com/data/full-cycle/sponsors/nexpoint.md)
- [NLC](https://baker1031.com/data/full-cycle/sponsors/nlc.md)
- [Peachtree](https://baker1031.com/data/full-cycle/sponsors/peachtree-group.md)
- [Reliant](https://baker1031.com/data/full-cycle/sponsors/reliant.md)
- [Resource Royalty](https://baker1031.com/data/full-cycle/sponsors/resource-royalty.md): No Full-Cycle Data Reported
- [Secure Properties](https://baker1031.com/data/full-cycle/sponsors/secure-properties.md)

## Explore the data

[Sponsor summaries](https://baker1031.com/data/full-cycle/sponsors.md), [Investments](https://baker1031.com/data/full-cycle/investments.md), [Methods](https://baker1031.com/data/full-cycle/methodology.md).

## Comparison disclosures

“Preferred Sponsors” identifies Baker 1031’s selected group for quantitative comparison of historical sponsor results against the wider compiled dataset. The designation is not an endorsement or recommendation of any sponsor or investment, a suitability determination, or a prediction of future performance.

The selected group and the available histories are retrospective and may be incomplete. The full-dataset averages include the preferred group. Extreme observations and uneven sponsor representation can materially affect the averages; no outlier trimming or risk/time normalization is applied. This compilation is not a broad-market benchmark or a risk-adjusted, time-matched comparison and does not establish that every designated sponsor has outperformed, or will outperform, the wider market. A designation alone does not establish an available track record; sponsors without reported histories contribute no observations to the averages.

For educational purposes only; not investment advice. Review the current PPM, supplements and sponsor reports for complete, up-to-date track records, methods, fees and risks before considering an investment. Past performance does not guarantee or predict future results.

## Footnotes

<a id="note-49"></a>

### 49. Overall averages and success rate

Each available investment record receives equal weight within its metric; sponsor averages are not averaged, and results are not weighted by invested capital or hold length. Annual return: 737 available, 4 excluded, 96 unavailable; Hold period: 824 available, 1 excluded, 12 unavailable; Equity multiple: 646 available, 4 excluded, 187 unavailable; Success Rate: 820 available, 1 excluded, 16 unavailable. Missing values are omitted, not treated as zero. Displayed values use the higher endpoint of each source range; means and medians use those higher values. Both original bounds remain in the underlying data. Annual return combines source-reported AAR and supported simple annual profit, (equity multiple − 1) / hold years; it is not IRR or a compounded portfolio return. Success Rate is 743 nominal break-even-or-better indications among 820 available outcomes, based on capital-inclusive multiples or qualified lifetime-return/IRR-sign inferences assuming conventional cash flows. 169 included outcomes use valuations or in-kind consideration; 171 are inferred from return signs. These qualifications may overlap. 2 listed results are source-estimated or nonfinal. Existing metric-specific comparison exclusions apply, including the NLC estate exception; ordinary losses remain included. Different source dates, fees, methods and populations limit comparison. See Methods and the individual investment footnotes for the source exceptions and calculation details.

<a id="note-50"></a>

### 50. Preferred Sponsors: selection, coverage and samples

Only Bluerock, BridgeView, ExchangeRight, Griffin Capital, Hamilton Point, NexPoint, NLC, Peachtree, Reliant, Resource Royalty, Secure Properties are designated Preferred Sponsors. 309 investment histories are listed for 10 of the 11 designated sponsors. No Full-Cycle Data Reported in this compilation for Resource Royalty; those sponsors contribute no observations and are not assigned zero returns. Annual return: 296 available, 2 excluded, 11 unavailable; Hold period: 303 available, 1 excluded, 5 unavailable; Equity multiple: 278 available, 2 excluded, 29 unavailable; Success Rate: 301 available, 1 excluded, 7 unavailable. Apply the same equal-investment weighting, higher-endpoint presentation for source ranges, missing-value handling and metric-specific exclusions as the full dataset; retain the NLC estate exception and ordinary losses. 293 of 301 available outcomes indicate nominal break-even or better on the source basis. 33 included outcomes use valuations or in-kind consideration; 22 are inferred from return signs. These qualifications may overlap. The all-investment comparator includes the preferred group. Samples differ in sponsor concentration, property mix, dates, fees, source definitions and risk; higher descriptive return or success figures and shorter holds do not establish risk-adjusted or wider-market outperformance. No independent broad-market benchmark is included. The largest included annual-return observation is 899.97% for Raising Canes Champaign; arithmetic means are sensitive to such outliers. No outlier trimming or risk/time normalization is applied. Review current PPMs and source calculation notes.

## Proprietary compilation and use

Baker 1031 Investments, LLC’s selection, organization, annotations and presentation form a proprietary compilation. Underlying sponsor materials and third-party content remain subject to their respective owners’ rights. No open-data or redistribution license is granted. Contact Baker 1031 for permission to reproduce the compilation.

Methods: https://baker1031.com/data/full-cycle/methodology.md

Securities offered through Aurora Securities, Inc., member FINRA/SIPC. Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. Contact: hello@baker1031.com.