# Data methods and source notes
Source: https://baker1031.com/data/full-cycle/methodology
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.
## Data coverage
| Measure | Value |
| --- | --- |
| Investment histories | 837 |
| Sponsors covered (25 with histories) | 39 |
| Annual-return observations | 737 |
## Population and calculations
837 distinct listed entries, 39 covered sponsors and 1851 underlying source observations. TICs, DSTs and property histories with unconfirmed structures are retained. Identified fund, debt, corporate-security and foreign-property records are outside this screen; duplicates count once. Inclusion is not a determination of 1031 eligibility.
Annual return uses reported AAR first, otherwise supported simple annual profit: (equity multiple - 1) / hold years. IRR stays separate. Holds retain source conventions, including exact day counts / 365.25, elapsed months / 12, or a reported positive hold. See individual calculations and date warnings.
Means and medians weight each available observation equally. Displayed metrics use the higher endpoint of each source range; displayed means and medians use those higher values. Both original bounds remain stored for source traceability. Missing values and metric-specific exclusions affect each sample. Sorting uses the displayed higher endpoint and keeps unknown values last.
Success Rate is nominal capital recovery or better on the available source basis: a capital-inclusive multiple of at least 1.00x, or a qualified lifetime-return/IRR-sign inference assuming conventional cash flows. Unknown outcomes are omitted. NAV/721 values are not final cash realization. Ordinary losses remain included; specific exceptions are documented below.
## Preferred Sponsors comparison
“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.
The Summary lists the exact selected sponsors and uses the same calculation and exclusion policy for both groups.
| Field | Value |
| --- | --- |
| Compiled | November 3, 2026 |
| Source workbook | full_cycle_sponsor_summary_reviewed.xlsx |
| Workbook checksum (SHA-256) | 57b6a4f1684fe8705993e9ddbe73bdadc275be6df22e56a12153298457264a8e |
| Availability | Crawler-readable data with visitor sign-in |
## Footnotes
### 1. US Government Veterans Administration (original VA Birmingham DST)
Original VA Birmingham DST: a member of its single ownership group died in 2020, and Net Lease Capital Advisors purchased the property in March 2021. The PPM reports 1.104x including returned capital, equivalent to a 10.4% nominal gain. Excluded from performance comparisons at Jerry’s direction as the death-related early-exit exception he identified. The source confirms the death and property purchase; the estate-driven early-exit rationale comes from Jerry.
Treatment: Excluded from annual, hold, multiple, success comparisons; listing retained
Source: NLC - NLC Financial Service HQ DST - PPM.pdf, PDF viewer pages 45, 48.
### 2. LSC-BIO HC1, DST
LSC-BIO HC1: the PPM reports 1.46x, while its disclosed total distributions of $7,319,376 divided by $4,453,890 of invested equity equal about 1.6434x. Multiple and derived annual-return averages omit the conflicted magnitude; the reported capital-recovery outcome remains a success.
Treatment: Excluded from annual, multiple comparisons; listing retained
Source: Livingston Street Capital - LSC-Fort Washington MD, DST - PPM.pdf, PDF viewer pages 101.
### 3. Midgard Naples 2
Midgard Naples 2: the PPM reports a 1.09x deal multiple, but $8,461,740 of investor distributions divided by $4,788,100 of investor capital equals about 1.7672x. Multiple and derived annual-return averages omit the unresolved magnitude; success remains positive under both figures.
Treatment: Excluded from annual, multiple comparisons; listing retained
Source: Reliant - Reliant Midgard Self Storage DST I - PPM.pdf, PDF viewer pages 61, 62.
### 4. 1501 Jackson
1501 Jackson: the report prints malformed distributions of “$1,869,0533” and a 0.28x multiple. The magnitude is unresolved and omitted from multiple/annual-return averages. Its explicitly reported loss outcome remains in Success Rate; no cash amount is corrected by assumption.
Treatment: Excluded from annual, multiple comparisons; listing retained
Source: Syndicated Full Track Record (2024).pdf, PDF viewer pages 10.
### 5. LSC-UKHS HC2, DST
LSC-UKHS HC2: the source states 2 years 11 months, while its dates imply about 2.74 years. Its 1.29x multiple is slightly below the 1.2995x cash ratio. The worksheet uses its stated date convention and preserves these differences.
Treatment: Source warning / existing missing input; offering retained
Source: Livingston Street Capital - LSC-Fort Washington MD, DST - PPM.pdf, PDF viewer pages 101.
### 6. The Cottages at Warner Robins
The Cottages at Warner Robins: printed purchase/sale years are reversed. The calculations use the separately reported 24-month hold; the date typo is preserved in the notes.
Treatment: Source warning / existing missing input; offering retained
Source: Bluerock - BR Diversified Industrial Portfolio 8, DST - PPM.pdf, PDF viewer pages 133.
### 7. NREA Adair DST
NREA Adair DST: source acquisition October 2022 follows its April 2022 sale. Hold is unavailable. Reported 17.1% annualized return and 1.70x multiple remain source observations.
Treatment: Source warning / existing missing input; offering retained
Source: NexPoint - NexPoint Lodging II DST - PPM.pdf, PDF viewer pages 85.
### 8. Midgard Murrells Inlet Two
Midgard Murrells Inlet Two: both dates are June 2020 at month precision. The reported 4.3x multiple remains included; a positive hold and simple annual-return estimate are unavailable.
Treatment: Source warning / existing missing input; offering retained
Source: Reliant - Reliant Midgard Self Storage DST I - PPM.pdf, PDF viewer pages 62.
### 9. Superior Huntington
Superior Huntington: no investor capital was called; source MOIC and IRR are N/A. The offering remains listed, with return magnitude and success outcome unavailable rather than treated as a failure.
Treatment: Source warning / existing missing input; offering retained
Source: Secure Properties - Secure Net Lease Industrial II, DST - PPM.pdf, PDF viewer pages 67.
### 10. Guidepost
Guidepost: an 18-asset program reports “Various” dates. Its cash multiple and success outcome remain; a single hold or simple annual-return estimate is unavailable.
Treatment: Source warning / existing missing input; offering retained
Source: Secure Properties - Secure Net Lease Industrial II, DST - PPM.pdf, PDF viewer pages 67.
### 11. Kyle Estates - West
Kyle Estates–West: source MOIC is 0.00x. Positive property-sale proceeds do not establish investor distributions after allocations. The reported loss remains included; its cash allocation has not been independently reconciled.
Treatment: Source warning / existing missing input; offering retained
Source: Walton Global - Colorado Growth 1 - Holly Ridge DST - PPM.pdf, PDF viewer pages 200, 201, 211.
### 12. Hunt County
The source row starts in April 2018 but has no RUC vehicle label or footnote proving a capital rebase. The earlier rebase inference is not used to suppress its reported-multiple outcome: loss (0.88x). Capital-basis uncertainty is retained as a warning. The Investments-tab annual return remains unavailable.
Treatment: Reported-multiple outcome restored; annual return remains unavailable
Source: Walton Global - Colorado Growth 1 - Holly Ridge DST - PPM.pdf, PDF viewer pages 200, 208, 211.
### 13. Caldwell- Southern US Land 2, 100 Acres
The source row starts in April 2018 but has no RUC vehicle label or footnote proving a capital rebase. The earlier rebase inference is not used to suppress its reported-multiple outcome: success (1.71x). Capital-basis uncertainty is retained as a warning. The Investments-tab annual return remains unavailable.
Treatment: Reported-multiple outcome restored; annual return remains unavailable
Source: Walton Global - Colorado Growth 1 - Holly Ridge DST - PPM.pdf, PDF viewer pages 200, 208, 211.
### 14. Sorrel Phillips Creek / Sovereign Apartments portfolio
The source reports combined portfolio equity and return for Sorrel Phillips Creek and Sovereign Apartments, while the displayed holding period relates to one property. A matched portfolio annual rate is unavailable. The portfolio is counted once; its supported multiple and reported success remain.
Treatment: Annual return already unavailable; reported portfolio multiple and outcome retained
Source: Bluerock - BR Diversified Industrial Portfolio 8, DST - PPM.pdf, PDF viewer pages 131, 134.
## 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.