October 5, 2026·Firm News
Erebor joins the MMRE portfolio
We've backed Erebor, the nationally chartered U.S. bank Palmer Luckey founded for the innovation economy.
MMRE has invested in Erebor, a nationally chartered U.S. bank founded by Palmer Luckey to serve the innovation economy — defense, robotics, crypto, fintech, AI and hard tech. Erebor received its full OCC national charter in February 2026, the fastest approval for an insured depository institution in 25 years, and has raised $2.125B at a $9.5B valuation from investors including 8VC, Lux Capital, Human Capital and Valor Equity Partners.
The bank is built to be conservative where this market's last lender was not. It targets a loan-to-deposit ratio of 50% or less, against 80–90% for the industry, holds its excess liquidity in short-dated government securities, and offers up to $285M of pass-through FDIC insurance. Around that balance sheet sits a full stack: asset-based and C&I lending, equipment finance including GPU and compute, venture debt, securities-backed lending, fund finance and government financing advisory; managed treasury yielding up to ~5% through Moment Advisors; a 24/7 FX desk with multi-currency accounts; and stablecoin payment rails.
Why we like it: a national charter is a genuine moat, and the gap Silicon Valley Bank left in 2023 is still largely unfilled. What we're watching: the valuation relative to the deposit base, and how the loan book behaves through its first credit cycle. We carry the position at cost — $150K, 1.0x — on the round price.
October 4, 2026·Firm News
Portfolio snapshot: October 2026
16 positions, $2.52M invested, $5.91M current value — 2.35x on invested capital.
MMRE holds 16 positions with $2.518M invested. At current marks the portfolio is worth $5.906M, a 2.35x multiple on invested capital. Across our scenarios the conservative case sums to $4.87M (1.93x), the base case to $10.94M (4.34x) and the bull case to $21.73M (8.63x) — bearing in mind that bull cases will not all land together.
The largest contributors today are Figure AI (15.4x, carried at the $39B Series C), Coterie (4.0x through the Mammoth Brands acquisition), Loft Orbital (3.6x at MMRE's internal mark) and Olipop (2.1x). Newer positions — Hark AI, Scout AI, Radiant, Next Health and Erebor — are held at cost until their next priced round.
The book spans deep tech and AI (Figure AI, Hark AI, Radiant, Radar), space and defense (Loft Orbital, Scout AI), consumer brands (Coterie, Olipop, Starface, Jeeter, Insomnia Cookies, Next Health), financial infrastructure (Erebor), venture funds (Align, TGV) and real estate (Stoneweg). Live position data is on the Portfolio and Performance pages.
September 15, 2026·Investment Thesis
How we mark the portfolio
Every position is carried at its last priced round. Here is how we mark, how we build scenarios, and what changed in September.
Every MMRE position is carried at the price of its last primary round — the most recent round in which the company actually sold stock to investors. Secondary trades, broker quotes, public comps and contract awards are recorded as context, not as the carrying value. Secondary markets in private companies are thin and can print well above or below a priced round; we would rather hold a mark we can defend than chase one we can't.
Current value is our position carried through to the latest valuation: invested × (latest valuation ÷ entry valuation), adjusted for structure where the position is a fund interest, a convertible note or an acquisition payout. For funds we carry the manager's reported mark. Current MOIC is current value ÷ invested.
Each position also carries three forward scenarios. Conservative is a realistic downside, base is the outcome we underwrite, and bull is what happens if the thesis lands in full. Each scenario MOIC is the scenario value ÷ invested, and the note beside it states the assumption. Bull-case totals assume every thesis lands at once, which they will not — read them as a ceiling, not a forecast.
In September 2026 we returned marks to their last primary rounds across the portfolio. A small number of positions now carry an internal mark, set conservatively ahead of a round that has not yet priced; for those, the conservative scenario reverts to the last priced round.
September 8, 2026·Firm News
Next Health joins the portfolio
We've backed Next Health, the largest branded longevity and functional-medicine clinic network in the US.
MMRE has invested in Next Health, the largest branded longevity and functional-medicine clinic network in the United States. Founded by Dr. Darshan Shah, host of the Extend podcast, Next Health operates 20 clinics across 10 states with nine more in development, including recent openings in Boston, Chicago, Nashville, Bellevue, Phoenix and Boulder.
The model is membership-led: members come for diagnostics, IV and recovery therapies and physician-guided longevity programs, and stay on a recurring plan. This financing funds the commercial launch of Health Nexus, the company's AI longevity platform, which turns 1,000+ biomarkers into a biological age and a vitality score across 15 dimensions of health — and gives every clinic visit a digital relationship that continues between visits.
Why we like it: a trusted national brand in a category moving from early adopters to the mainstream, with clinic-level economics that work at maturity. What we're watching: corporate profitability as the newer clinics mature, and whether Health Nexus can earn platform economics on top of a physical footprint. The investment is a convertible note, held at cost — $50K, 1.0x — until it converts in a priced round.
August 28, 2026·Market Analysis
Radiant takes the largest Janus award
The Army's largest advanced-reactor award de-risks Radiant's path to market. It is not a priced round, so our mark holds.
In August the U.S. Army named five companies to Janus, its $2.2B program for advanced reactors on military installations. Radiant received the largest award — up to $750M to deliver 15 Kaleidos 1-MWe microreactors by 2030, starting at Fort Benning. The design is identical to Radiant's commercial unit, which already carries a $600M preorder from Equinix.
How we read it: the award meaningfully de-risks the commercial path, and we raised our Radiant base case to 4.0x. It is not a priced round. Janus is a fixed-price, milestone-based agreement: future milestones are not obligated in advance, the Army buys power rather than the reactors themselves, and the program expects substantial private capital alongside government funding. So we continue to carry Radiant at its $1.9B Series D price. We also trimmed the bull case to 7.5x after the public nuclear comparables it was anchored to de-rated.
The milestone that matters next is criticality at Idaho National Laboratory's DOME test facility.