One thousand properties, four maturities, one guarantee that stands behind everything else.

The single-property story scaled to the fund: $10B of total investment across 1,000 community properties, $7B raised in four laddered zero-coupon tranches, $3B of grants and impact VTB as community equity on day one. Properties do not all grow alike, so the fund view models a mix, pools the results, and shows who pays at each maturity: refinancing against property value first, re-pledged community equity second, the federal guarantee last.

SPREIIT bond (% of total investment) 30-year coupon (tranche D) Philanthropic buy-back (% of investment / yr) Growth · base-case properties Growth · floor-covenant properties Growth · below-floor properties Share of properties at the floor Share of properties below the floor Community equity re-pledged (floor covenant) Forced-sale discount at maturity

Management and Local Governance Improvement Fee: 0.40% per year on the amount owed, always included

Method. 1,000 properties at $10M total investment each (purchase plus renovation, taken as day-one value). SPREIIT raises the bond share in four zero-coupon tranches sized as in Term Sheet V7 (25% / 25% / 22.2% / 27.8%) maturing at Years 15, 20, 25 and 30, with coupons of the selected 30-year rate less 10, 5 and 0 bps for A, B and C. Each tranche is treated as a sub-fund of 250 properties running the single-property mechanics to its own maturity; the philanthropic stream is split pro-rata, so every property receives the same annual buy-back; a tranche's stream stops at its maturity, which is why the 30-year total is below $9B. The 0.40% Management and Local Governance Improvement Fee is paid annually on the amount owed while philanthropy is flowing, and accrues with the coupon when it is not.

Dispersion and pooling. Within every tranche, properties grow in three buckets: base case, floor covenant, and below floor, in the shares selected. At maturity the amount due is refinanced against each property's value less any forced-sale discount. Shortfalls arise only on properties worth less than their share of the balance. Community equity on properties above the floor is re-pledged as first-loss in the share selected and absorbs those shortfalls first. The federal guarantee pays only what remains.

Demonstration built from the single-property Coverage Path; not the canonical V10 portfolio model. Figures in nominal dollars. Coupon: Government of Canada 30-year benchmark (4.24% on 25 September 2026) + 30 bps + 30 bps, rounded to 4.85%.