MMRE

Performance & Potential

Where each position stands — and where we believe it can go.

A transparent view of our portfolio: capital at work today, and the base- and bull-case outcomes underwriting our continued conviction.

Portfolio totals

$2,518,000

Capital Invested

$6,405,606

Current Value

$10,686,551

Base Case

$21,598,102

Bull Case

Potential by position

Consumer / Baby Care

Coterie

MOIC

4.0x

Current
$1.6M
Base
$2.3M
Bull
$4.5M

Base upside

1.5x

Bull upside

2.8x

Conviction

Driver:
Mammoth acq $1B+; Dec dist $503K; H1'26 EBITDA $42.0M banked — FY26 tracking ~$88M vs $80M earnout threshold; IPO 1H 2027
Risk:
Lume/Mando -21.5% YoY gating IPO; Mammoth H1 net loss; thin ex-tariff margin gain

Real Estate

Stoneweg Fund

MOIC

2.0x

Current
$400K
Base
$400K
Bull
$520K

Base upside

1.0x

Bull upside

1.3x

Conviction

Driver:
27% net IRR, zero losses; ML relationship
Risk:
Rate environment; insurance costs

Cannabis

Jeeter

MOIC

2.4x

Current
$588.2K
Base
$882.4K
Bull
$1.8M

Base upside

1.5x

Bull upside

3.0x

Conviction

Driver:
#1 preroll globally; $482M retail rev; 56% GM; alcohol-comp upside if legalized
Risk:
Federal illegality; 280E; EBITDA growth lag (3% on 8% rev growth); leverage 4.1x

Deep Tech / Robotics

Figure AI

MOIC

15.4x

Current
$1.5M
Base
$2M
Bull
$4M

Base upside

1.3x

Bull upside

2.6x

Conviction

Driver:
15.4x already; $39B; humanoid robotics leader
Risk:
Pre-revenue at $39B; Tesla competition

Deep Tech / AI

Hark AI

MOIC

1.0x

Current
$200K
Base
$600K
Bull
$2M

Base upside

3.0x

Bull upside

10.0x

Conviction

Driver:
Brett Adcock serial winner; $5.5B Series A; Align access
Risk:
Pre-product; $5.5B premium; dual-CEO risk

Space / Defense

Loft Orbital

MOIC

1.8x

Current
$363.6K
Base
$500K
Bull
$1.2M

Base upside

1.4x

Bull upside

3.3x

Conviction

Driver:
$135M new bookings FY25; 65%+ rev growth; French military prime; UAE JV upsell; LMT/Leonardo DRS contracts; former DepSecDef on board
Risk:
Secondary discount (~$609M vs $1B Series C); IPO timing; space sector cyclicality

Venture Capital

Align Fund

MOIC

2.0x

Current
$500K
Base
$875K
Bull
$1.5M

Base upside

1.8x

Bull upside

3.0x

Conviction

Driver:
Fund II 1.4x net/132% IRR YE25; Cal Naturals 2.0x→2.5x at Series B ($110M); Olipop, Starface, Absorption Co added; Fund I 5.0x net top-5%
Risk:
Fund II may not replicate Fund I

Venture Capital

TGV Fund

MOIC

1.5x

Current
$450K
Base
$750K
Bull
$1.2M

Base upside

1.7x

Bull upside

2.7x

Conviction

Driver:
Fund MOIC 1.5x (Q1'26, past J-curve); Delightree $5M ARR, Materialspace $1.5M ARR, CarbonAI >$1M ARR; free Figure AI alloc ~$1.5M
Risk:
Limited portfolio visibility

Consumer / F&B

Insomnia Cookies

MOIC

2.0x

Current
$100K
Base
$150K
Bull
$350K

Base upside

1.5x

Bull upside

3.5x

Conviction

Driver:
350 → 1,800 stores; PE backing
Risk:
PE dilution; execution on 5x expansion

Nuclear / Deep Tech

Radiant

MOIC

1.0x

Current
$50K
Base
$175K
Bull
$500K

Base upside

3.5x

Bull upside

10.0x

Conviction

Driver:
a16z/Founders Fund/Chevron/IQT; Equinix $600M preorder; DOME first; Align 6.2x/44% underwrite
Risk:
Pre-revenue; regulatory risk; HALEU supply; long timeline to commercial deployment

Consumer / Beauty

Starface

MOIC

2.0x

Current
$100K
Base
$145K
Bull
$180K

Base upside

1.4x

Bull upside

1.8x

Conviction

Driver:
$265M at 2.7x rev; Align rolling 100%
Risk:
Gen Z fickleness

Consumer / Beverage

Olipop

MOIC

2.1x

Current
$38.1K
Base
$54K
Bull
$108K

Base upside

1.4x

Bull upside

2.8x

Conviction

Driver:
$400M rev, profitable; 60% share; Coke/Pepsi interested
Risk:
Premium pricing; Poppi competition

Retail Tech / RFID

Radar

MOIC

1.4x

Current
$71.1K
Base
$175K
Bull
$500K

Base upside

2.5x

Bull upside

7.0x

Conviction

Driver:
$135M signed (AE+Gap); $18B+ contracted opportunity (30+ retailers); rev $39M(25E)->$246M(27E), 183% CAGR; 99%+ accuracy; Align 7.6x/65% underwrite
Risk:
Pipeline conversion risk; customer concentration; retail macro

Defense AI / Robotics

Scout AI

MOIC

1.0x

Current
$200K
Base
$1M
Bull
$1.8M

Base upside

5.0x

Bull upside

8.8x

Conviction

Driver:
Fury AI platform; $11M contracts Yr 1; $221M pipeline; Army UxS winner
Risk:
Early-stage; defense procurement cycles; competitive (Anduril $60B)

Consumer Health

Next Health

MOIC

1.0x

Current
$50K
Base
$150K
Bull
$375K

Base upside

3.0x

Bull upside

7.5x

Conviction

Driver:
Largest branded longevity footprint: 20 clinics/10 states, 9 in development; mature clinic ~$1M four-wall EBITDA on ~$1.6M cash; same-store +8% in 2025 with zero funded marketing; 19% recurring revenue CAGR since 2021; 9,240 reviews at 5.0
Risk:
Consolidated EBITDA -$6.4M LTM; insider bridge not a priced round; Function Health comp is a software business, not clinics

Financial Infrastructure

Erebor

MOIC

1.0x

Current
$150K
Base
$525K
Bull
$1.2M

Base upside

3.5x

Bull upside

8.0x

Conviction

Driver:
National bank charter (final OCC approval Feb 2026) is a real moat; deposits $0→$4.6B by end-July; $100M+ ARR; $4.35B→$8B pre in months; Luckey/Lonsdale, Valor, a16z, Lux, 8VC, Haun, SV Angel
Risk:
~2.1x deposits / ~95x ARR — priced as tech, not as a bank; credit exposure to pre-revenue nuclear and crypto borrowers; concentrated depositor base is exactly what killed SVB; SPV fees/carry undisclosed

Base- and bull-case figures reflect MMRE Investments' internal estimates of potential outcomes, not guarantees. Past performance is not indicative of future results.