Three Mandates · One SPV

Capital deployed where it fits your mandate.

HomeDividend Capital is organized as a single SPV with three ring-fenced funds. Each fund has its own economics, capital treatment, and borrower population — and the structural separation between impact and strategic mandates is intentional.

Fund Track Capital T-Bill Yield Equity Bonus Share
Fund I
Direct Impact
 		Impact Funded Pro rata, full 40% of the 10% Equity Bonus
Fund II
Unfunded Commitment
 		Impact Unfunded — (no T-Bills purchased) 30% of the 10% Equity Bonus
Fund III
Strategic Guarantee
 		Strategic Funded Pro rata, full Pro rata Equity Bonus on prime borrowers
Fund I

Direct Impact

Direct, funded capital backing guarantees for credit-limited first-time buyers.

Impact Track
Thesis

Fund I deploys principal into U.S. Treasuries to back Pre-Purchase Equity Share Guarantees on mortgages issued to thin-file, alternative-credit borrowers. Investors earn T-Bill yield pro rata while capital sits in reserve, and share in 40% of the 10% Equity Bonus realized on the homes the fund guarantees.

Borrower Profile

First-time buyers with limited credit history, rent-paying track record, and stable cashflow.

Investor Fit
  • Mission-driven impact LPs
  • Foundations and CRA-mandated allocations
  • Family offices with affordable-housing theses
Fund II

Unfunded Commitment

Capital-efficient commitments — pledged but undeployed until a guarantee draws.

Impact Track
Thesis

Fund II investors commit capital but do not fund it. No T-Bills are purchased and no T-Bill interest is paid out. In return, the fund extends the SPV's guarantee capacity beyond what Fund I principal alone could underwrite. Investors share in 30% of the 10% Equity Bonus on the same impact-aligned borrower population as Fund I.

Borrower Profile

Same impact-aligned borrower population as Fund I — credit-limited first-time buyers.

Investor Fit
  • Investors seeking impact exposure without parking principal
  • Institutions matching duration of other portfolio commitments
  • LPs already overweight on cash-yield strategies
Fund III

Strategic Guarantee

Direct, funded capital backing guarantees for prime borrowers electing the model.

Strategic Track
Thesis

Fund III is structurally identical to Fund I but is dedicated exclusively to prime borrowers with sufficient capital and credit who choose HomeDividend specifically to redirect down-payment funds into an S&P 500 ETF. The fund is intentionally segregated from Funds I & II so that impact-mandated investors are never co-mingled with non-impact borrowers.

Borrower Profile

Prime credit, sufficient liquid assets — electing HomeDividend to keep down-payment capital invested.

Investor Fit
  • Traditional LPs and credit-fund mandates
  • Investors seeking yield-plus exposure to U.S. residential
  • Allocators without explicit impact constraints
Exclusions
  • Closed to commingling with Fund I or Fund II proceeds
  • Does not underwrite credit-limited or alternative-data borrowers
Why the separation matters

Funds I and II are reserved for guarantees on credit-limited borrowers — directly compatible with mission-driven mandates. Fund III is structurally segregated so that no impact investor ever finds their capital underwriting a prime borrower's optimization play. The separation is documented in each fund's governing instruments.