Secured Income For Life with Note Investing

Ellis San Jose Ellis@thenoteguys.comGerald Lemoine GL@thenoteguys.com

Office: (310) 414-9757www.TheNoteGuys.com

AgendaWho we are & What to expect tonightWhy notes? Goals & StrategiesWhat are notes? How we buy & evaluate notes Typical yieldsManaging notesPitfallsExit strategies & Case Studies

Ellis San Jose Investing & Work Experience Influences: Father & Mother: Retired Navy and Housekeeper to Real Estate InvestorsCourthouse Steps: Managing rental propertyMy First Solo InvestmentBud Fox vs. My Dad Wall St. is callingBruce Norris wake up callFull-time leap of faithNotes: The Beginning

Gerald Lemoine Influences - my father - entrepreneurWork Experience Project Manager General ContractorSteamboat Springs, CO - land development California ForeclosuresHow I got started in Notes Ward Hanigan reunionBuying REOs from lenders

What We Specialize In.

1st Position and JuniorsDeeply Discounted NotesNon- PerformingRe-performingBK 13We Fix Damaged Goods and Improve ValueThink of Us as Note Rehabbers

How We Do Business?

Happy Happy Notes- Happy if they pay - Happy if they dontHappy Happy Borrowers & InvestorsWe have flexibility to modify payments, loan balancesWe are the lending committee

What Are Notes? Note: a contract for a payment or series of payments.

Categories: Unsecured- no collateral attachedSecured (cars, land, equipment, house)

What is a Trust Deed/Mortgage?Backed by collateral (Real Property) Secured InvestmentRecorded document on the public recordWhen you buy a Trust Deed: YOU ARE THE BANKThe security for the note (contract)

Amortization:Portion of the principal paid with each paymentTerm: How many paymentsFace value: Original loan amountRate: Contracted interest rateBPO: Brokers price opinion of valueITV%: Investment to valueUPB:Unpaid balance

Terminology

TerminologyDiscount: Percentage under face amountYield %: Annual rate of return of investment expressed in %Performing: Paying as agreedNon-performing: Not paying at allRe-performing: Re-establishing paymentsPriority:Determines order of payment in liquidation (1st, 2nd, 3rd)

Two Common QuestionsWhy would banks sell?Clear portfolio of poor or non-performing notesRaise capitalWhy would Note Funds sell?Buy pools of $100 million or morePrimary model is to liquidate propertyNot interested in long term holdSell to investor is last choice

How to evaluate notes?

Purpose for buyingBuy and Hold for YieldRehab and FlipBroker to other investors

How to evaluate notes?Types of notesPrice range - inexpensive to expensivePenny Stocks to Blue Chip - qualityNationwide vs. Local - locationBorrowers ability to pay?Performing or Non-performingVacant or occupiedChapter 13 BK

Lafayette, LA

Redding, CA

How to evaluate notes?

Primary modelOwner occupied, source of income, desire to stayThis results in a lower risk investmentBuy multiple notes in low to medium price rangeBK 13 payment deducted from paycheckPerforming or non-performingLoan modification to help borrower make payments

How to purchase notes?

Due DiligenceValue Zillow, Dataquick, Epraisal, GoogleBest indication of value Local RealtorTitle searchTaxes could be $10,000 plusBuilding Dept Code violationsAssessor web site additions, remodels

How to purchase notes?Calculating offer price

Offer calc

Low EquityHigh Equity

Property value45000105000

Monthly payment850850

% Fair Market Value62%46%

Yearly payment1020010200

Note offer2800048000

Yield - cash on cash36%21%

Limiting factorInvestment to value (ITV)Yield

Notes

Monthly Payment

BorrowerCityStatePurch dateOrig loan2nd MtgTotal debtLoan orig dateUPBPayoffFair Mkt ValueNote purchase amountOther exp - tax, legal, rehabTotal investmentScheduledCurrentFutureComments

1CarrDaytonOH8/20/0923,90012,50036,4009/8/9218,45420,75028,000200200200Performing

2FisherWest NewtonPA8/25/0961,8502,40064,2501/31/0056,55670,40943,000550450450Sold with owner financing Aug 2010

3DupreeHoustonTX2/25/1067,20067,20010/7/0563,81368,00035,00018,1277770.0500FC set for Sept 2010

4EverttsLakelandFL3/5/1087,40087,4004/6/0787,26489,58025,000926600600Performing

5PenningtonDetroitMI5/20/100.043,5518,0005,000370200Non-performing

6CrutcherDaytonOH6/21/100.050,04350,000516200516Performing

7JonesLumbertonNC6/30/100.025,58075,000500841841841Reinstatement amount of $7,000 scheduled for Sept 1, 2010

8BrooksMilwaukeeWI6/30/100.082,88850,000718718600Performing

9MartinLafayetteLA6/22/100.08,78030,0005,0002800.0400FC scheduled for December 2010

10WilsonDetroitMI6/15/100.0145,38050,00013,0001,3040.01,000FC scheduled for September 2010

Totals563,855366,000111,95041,627153,5776,2812,8095,107

Months in year121212

Yearly income$75,377$33,70861,284

Expected yield49.1%21.9%39.9%

Appreciation

MonthsAppreciation MonthlyNote Purchase PriceNote UPBMonthsAppreciation TearlyNote Purchase PriceNote UPB

1125,00075,000300,0001200,00075,000300,000

2125,37575,000300,0002206,00075,000300,000

3125,75175,000300,0003212,18075,000300,000

4126,12875,000300,0004218,54575,000300,000

5126,50775,000300,0005225,10275,000300,000

6126,88675,000300,0006231,85575,000300,000

7127,26775,000300,0007238,81075,000300,000

8127,64975,000300,0008245,97575,000300,000

9128,03275,000300,0009253,35475,000300,000

10128,41675,000300,00010260,95575,000300,000

11128,80175,000300,00011268,78375,000300,000

12129,18775,000300,00012276,84775,000300,000

13129,57575,000300,00013285,15275,000300,000

14129,96475,000300,00014293,70775,000300,000

15130,35475,000300,00015302,51875,000300,000

16130,74575,000300,00016311,59375,000300,000

17131,13775,000300,00017320,94175,000300,000

18131,53075,000300,00018330,57075,000300,000

19131,92575,000300,00019340,48775,000300,000

20132,32175,000300,00020350,70175,000300,000

21132,71875,000300,000

22133,11675,000300,000

23133,51575,000300,000

24133,91675,000300,000

25134,31775,000300,000

26134,72075,000300,000

27135,12575,000300,000

28135,53075,000300,000

29135,93775,000300,000

30136,34475,000300,000

31136,75375,000300,000

32137,16475,000300,000

33137,57575,000300,000

34137,98875,000300,000

35138,40275,000300,000

36138,81775,000300,000

37139,23375,000300,000

38139,65175,000300,000

39140,07075,000300,000

40140,49075,000300,000

41140,91275,000300,000

42141,33575,000300,000

43141,75975,000300,000

44142,18475,000300,000

45142,61075,000300,000

46143,03875,000300,000

47143,46775,000300,000

48143,89875,000300,000

49144,32975,000300,000

50144,76275,000300,000

51145,19775,000300,000

52145,63275,000300,000

53146,06975,000300,000

54146,50775,000300,000

55146,94775,000300,000

56147,38875,000300,000

57147,83075,000300,000

58148,27375,000300,000

59148,71875,000300,000

60149,16475,000300,000

61149,61275,000300,000

62150,06175,000300,000

63150,51175,000300,000

64150,96275,000300,000

65151,41575,000300,000

66151,87075,000300,000

67152,32575,000300,000

68152,78275,000300,000

69153,24075,000300,000

70153,70075,000300,000

71154,16175,000300,000

72154,62475,000300,000

73155,08875,000300,000

74155,55375,000300,000

75156,02075,000300,000

76156,48875,000300,000

77156,95775,000300,000

78157,42875,000300,000

79157,90075,000300,000

80158,37475,000300,000

81158,84975,000300,000

82159,32675,000300,000

83159,80475,000300,000

84160,28375,000300,000

85160,76475,000300,000

86161,24675,000300,000

87161,73075,000300,000

88162,21575,000300,000

89162,70275,000300,000

90163,19075,000300,000

91163,67975,000300,000

92164,17075,000300,000

93164,66375,000300,000

94165,15775,000300,000

95165,65275,000300,000

Provide Cash Flow & Increase Net Worth

Note PortfolioCase StudyLong term InvestmentRiskInvesting in IRA/HSA

Managing Re-performing Notes: An Example Portfolio

Provide Cash Flow & Increase Net Worth

Case StudiesFix & Flip - Ontario, CASeller Financing - West Newton, PA Cash Flow Crutcher /Dayton, OH

Ontario, CA Sold July 2009

Note Purchase $155,000Repairs $ 25,000Sold $218,000Net profit $ 24,000Total time 77 days

West Newton, PASold Aug. 2010

Purchased in August 2009 $19,000Cost of rehab, etc.$ 8,000Total invested$27,000Received Payments ($ 4,000)Net Investment$23,000Sold with Seller financing $43,000Down payment$5,000Total financed$38,000Payments are $450/mo for 125 months @ 8% interest rateResulting Yield 24.93%

Dayton, OH

Note Purchase $ 16,500UPB $ 50,043Monthly pmnt $ 516Maturity date 10/2036Yield 37%Performing by Nov. 10

How to provide CF & increase NW?Long-term InvestmentAs underlying asset appreciates value of note increases.Note balance is decreasing due to amortization.Investor capital returned in 50 months with payment at $1,500/mo.See following chart showing appreciation, reduction of note balance (UPB) and return of capital.

Offer calc

Low EquityHigh Equity

Property value45000105000

Monthly payment850850

% Fair Market Value62%46%

Yearly payment1020010200

Note offer2800048000

Yield - cash on cash36%21%

Limiting factorInvestment to value (ITV)Yield

Notes

Monthly Payment

BorrowerCityStatePurch dateOrig loan2nd MtgTotal debtLoan orig dateUPBPayoffFair Mkt ValueNote purchase amountOther exp - tax, legal, rehabTotal investmentScheduledCurrentFutureComments

1CarrDaytonOH8/20/0923,90012,50036,4009/8/9218,45420,75028,000200200200Performing

2FisherWest NewtonPA8/25/0961,8502,40064,2501/31/0056,55670,40943,000550450450Sold with owner financing Aug 2010

3DupreeHoustonTX2/25/1067,20067,20010/7/0563,81368,00035,00018,1277770.0500FC set for Sept 2010

4EverttsLakelandFL3/5/1087,40087,4004/6/0787,26489,58025,000926600600Performing

5PenningtonDetroitMI5/20/100.043,5518,0005,000370200Non-performing

6CrutcherDaytonOH6/21/100.050,04350,000516200516Performing

7JonesLumbertonNC6/30/100.025,58075,000500841841841Reinstatement amount of $7,000 scheduled for Sept 1, 2010

8BrooksMilwaukeeWI6/30/100.082,88850,000718718600Performing

9MartinLafayetteLA6/22/100.08,78030,0005,0002800.0400FC scheduled for December 2010

10WilsonDetroitMI6/15/100.0145,38050,00013,0001,3040.01,000FC scheduled for September 2010

Totals563,855366,000111,95041,627153,5776,2812,8095,107

Months in year121212

Yearly income$75,377$33,70861,284

Expected yield49.1%21.9%39.9%

Appreciation

MonthsAppreciationPurchase PriceUPBMonthsAppreciation TearlyNote Purchase PriceNote UPB

1125,00075,000$250,823.121200,00075,000300,000

2125,37573,500$250,472.732206,00075,000300,000

3125,75172,000$250,120.733212,18075,000300,000

4126,12870,500$249,767.124218,54575,000300,000

5126,50769,000$249,411.895225,10275,000300,000

6126,88667,500$249,055.046231,85575,000300,000

7127,26766,000$248,696.547238,81075,000300,000

8127,64964,500$248,336.408245,97575,000300,000

9128,03263,000$247,974.629253,35475,000300,000

10128,41661,500$247,611.1710260,95575,000300,000

11128,80160,000$247,246.0611268,78375,000300,000

12129,18758,500$246,879.2712276,84775,000300,000

13129,57557,000$246,510.8113285,15275,000300,000

14129,96455,500$246,140.6514293,70775,000300,000

15130,35454,000$245,768.8015302,51875,000300,000

16130,74552,500$245,395.2416311,59375,000300,000

17131,13751,000$245,019.9817320,94175,000300,000

18131,53049,500$244,642.9918330,57075,000300,000

19131,92548,000$244,264.2719340,48775,000300,000

20132,32146,500$243,883.8220350,70175,000300,000

21132,71845,000$243,501.62

22133,11643,500$243,117.68

23133,51542,000$242,731.97

24133,91640,500$242,344.50

25134,31739,000$241,955.24

26134,72037,500$241,564.21

27135,12536,000$241,171.38

28135,53034,500$240,776.76

29135,93733,000$240,380.32

30136,34431,500$239,982.07

31136,75330,000$239,581.99

32137,16428,500$239,180.07

33137,57527,000$238,776.32

34137,98825,500$238,370.72

35138,40224,000$237,963.25

36138,81722,500$237,553.92

37139,23321,000$237,142.71

38139,65119,500$236,729.62

39140,07018,000$236,314.64

40140,49016,500$235,897.75

41140,91215,000$235,478.95

42141,33513,500$235,058.23

43141,75912,000$234,635.59

44142,18410,500$234,211.00

45142,6109,000$233,784.47

46143,0387,500$233,355.99

47143,4676,000$232,925.54

48143,8984,500$232,493.12

49144,3293,000$232,058.72

50144,7621,500$231,622.32

51145,1970.0$231,183.93

52145,632$230,743.53

53146,069$230,301.10

54146,507$229,856.65

55146,947$229,410.17

56147,388$228,961.63

57147,830$228,511.05

58148,273$228,058.39

59148,718$227,603.66

60149,164$227,146.85

61149,612$226,687.94

62150,061$226,226.93

63150,511$225,763.81

64150,962$225,298.56

65151,415$224,831.19

66151,870$224,361.67

67152,325$223,889.99

68152,782$223,416.16

69153,240$222,940.16

70153,700$222,461.97

71154,161$221,981.59

72154,624$221,499.01

73155,088$221,014.22

74155,553$220,527.20

75156,020$220,037.95

76156,488$219,546.47

77156,957$219,052.72

78157,428$218,556.72

79157,900$218,058.44

80158,374$217,557.88

81158,849$217,055.02

82159,326$216,549.86

83159,804$216,042.39

84160,283$215,532.58

85160,764$215,020.45

86161,246$214,505.96

87161,730$213,989.12

88162,215$213,469.90

89162,702$212,948.31

90163,190$212,424.33

91163,679$211,897.94

92164,170$211,369.14

93164,663$210,837.92

94165,157$210,304.27

95165,652$209,768.17

96166,149$209,229.61

97166,648$208,688.58

98167,148$208,145.07

99167,649$207,599.07

100168,152$207,050.57

101168,657$206,499.56

102169,163$205,946.02

103169,670$205,389.94

104170,179$204,831.32

105170,690$204,270.13

106171,202$203,706.37

107171,715$203,140.03

108172,230$202,571.09

109172,747$201,999.55

110173,265$201,425.38

111173,785$200,848.58

112174,306$200,269.14

113174,829$199,687.05

114175,354$199,102.28

115175,880$198,514.84

116176,408$197,924.70

117176,937$197,331.86

118177,468$196,736.30

119178,000$196,138.02

120178,534$195,536.98

121179,070$194,933.20

122179,607$194,326.65

123180,146$193,717.31

124180,686$193,105.19

125181,228$192,490.26

126181,772$191,872.51

127182,317$191,251.93

128182,864$190,628.50

129183,413$190,002.22

130183,963$189,373.07

131184,515$188,741.03

132185,068$188,106.10

133185,624$187,468.25

134186,180$186,827.49

135186,739$186,183.78

136187,299$185,537.13

137187,861$184,887.51

138188,425$184,234.92

139188,990$183,579.33

140189,557$182,920.74

141190,126$182,259.13

142190,696$181,594.49

143191,268$180,926.80

144191,842$180,256.05

145192,417$179,582.23

146192,995$178,905.32

147193,574$178,225.30

148194,154$177,542.17

149194,737$176,855.91

150195,321$176,166.51

151195,907$175,473.94

152196,495$174,778.20

153197,084$174,079.27

154197,675$173,377.14

155198,268$172,671.78

156198,863$171,963.20

157199,460$171,251.37

158200,058$170,536.27

159200,658$169,817.90

160201,260$169,096.24

161201,864$168,371.27

162202,470$167,642.97

163203,077$166,911.34

164203,686$166,176.35

165204,297$165,438.00

166204,910$164,696.26

167205,525$163,951.12

168206,142$163,202.57

169206,760$162,450.58

170207,380$161,695.15

171208,003$160,936.26

172208,627$160,173.89

173209,252$159,408.02

174209,880$158,638.64

175210,510$157,865.74

176211,141$157,089.30

177211,775$156,309.29

178212,410$155,525.71

179213,047$154,738.54

180213,686$153,947.77

181214,328$153,153.36

182214,971$152,355.32

183215,615$151,553.62

184216,262$150,748.24

185216,911$149,939.18

186217,562$149,126.40

187218,214$148,309.90

188218,869$147,489.66

189219,526$146,665.66

190220,184$145,837.88

191220,845$145,006.30

192221,507$144,170.92

193222,172$143,331.71

194222,838$142,488.65

195223,507$141,641.72

196224,177$140,790.92

197224,850$139,936.22

198225,525$139,077.59

199226,201$138,215.04

200226,880$137,348.53

201227,560$136,478.04

202228,243$135,603.57

203228,928$134,725.09

204229,615$133,842.58

205230,303$132,956.03

206230,994$132,065.42

207231,687$131,170.72

208232,382$130,271.93

209233,080$129,369.01

210233,779$128,461.95

211234,480$127,550.74

212235,184$126,635.35

213235,889$125,715.77

214236,597$124,791.97

215237,307$123,863.94

216238,018$122,931.65

217238,732$121,995.09

218239,449$121,054.24

219240,167$120,109.07

220240,888$119,159.58

221241,610$118,205.73

222242,335$117,247.51

223243,062$116,284.90

224243,791$115,317.87

225244,523$114,346.42

226245,256$113,370.51

227245,992$112,390.13

228246,730$111,405.25

229247,470$110,415.86

230248,213$109,421.94

231248,957$108,423.46

232249,704$107,420.40

233250,453$106,412.75

234251,204$105,400.48

235251,958$104,383.57

236252,714$103,362.00

237253,472$102,335.74

238254,233$101,304.79

239254,995$100,269.10

240255,760$99,228.67

241256,528$98,183.48

242257,297$97,133.49

243258,069$96,078.69

244258,843$95,019.05

245259,620$93,954.56

246260,399$92,885.19

247261,180$91,810.91

248261,963$90,731.72

249262,749$89,647.57

250263,537$88,558.46

251264,328$87,464.36

252265,121$86,365.24

253265,916$85,261.09

254266,714$84,151.87

255267,514$83,037.57

256268,317$81,918.16

257269,122$80,793.62

258269,929$79,663.93

259270,739$78,529.06

260271,551$77,388.99

261272,366$76,243.69

262273,183$75,093.15

263274,002$73,937.33

264274,824$72,776.21

265275,649$71,609.77

266276,476$70,437.99

267277,305$69,260.83

268278,137$68,078.28

269278,972$66,890.31

270279,809$65,696.89

271280,648$64,498.01

272281,490$63,293.63

273282,334$62,083.73

274283,181$60,868.28

275284,031$59,647.26

276284,883$58,420.65

277285,738$57,188.42

278286,595$55,950.53

279287,455$54,706.98

280288,317$53,457.72

281289,182$52,202.74

282290,050$50,942.01

283290,920$49,675.49

284291,792$48,403.18

285292,668$47,125.03

286293,546$45,841.02

287294,426$44,551.13

288295,310$43,255.33

289296,196$41,953.58

290297,084$40,645.87

291297,976$39,332.17

292298,869$38,012.45

293299,766$36,686.68

294300,665$35,354.83

295301,567$34,016.87

296302,472$32,672.79

297303,379$31,322.54

298304,290$29,966.11

299305,202$28,603.45

300306,118$27,234.56

301307,036$25,859.39

302307,958$24,477.91

303308,881$23,090.11

304309,808$21,695.94

305310,737$20,295.38

306311,670$18,888.41

307312,605$17,474.98

308313,543$16,055.08

309314,483$14,628.67

310315,427$13,195.72

311316,373$11,756.21

312317,322$10,310.09

313318,274$8,857.35

314319,229$7,397.95

315320,186$5,931.86

316321,147$4,459.05

317322,110$2,979.49

318323,077$1,493.15

319324,046$0.00

Amort

Amortization table for $264,182.00 borrowed on Mar 01, 2007

Month / YearPaymentPrincipalInterestTotalBalance

Paid Paid Interest

Apr-07$1,500.00$289.16$1,210.83$1,210.83$263,892.84

May-07$1,500.00$290.49$1,209.51$2,420.34$263,602.35

Jun-07$1,500.00$291.82$1,208.18$3,628.52$263,310.53

Jul-07$1,500.00$293.16$1,206.84$4,835.36$263,017.38

Aug. 2007$1,500.00$294.50$1,205.50$6,040.86$262,722.87

Sept. 2007$1,500.00$295.85$1,204.15$7,245.00$262,427.03

Oct. 2007$1,500.00$297.21$1,202.79$8,447.79$262,129.82

Nov. 2007$1,500.00$298.57$1,201.43$9,649.22$261,831.25

Dec. 2007$1,500.00$299.94$1,200.06$10,849.28$261,531.31

Jan. 2008$1,500.00$301.31$1,198.69$12,047.97$261,230.00

Feb. 2008$1,500.00$302.69$1,197.30$13,245.27$260,927.31

Mar. 2008$1,500.00$304.08$1,195.92$14,441.19$260,623.23

Apr-08$1,500.00$305.47$1,194.52$15,635.71$260,317.76

May-08$1,500.00$306.87$1,193.12$16,828.83$260,010.89

Jun-08$1,500.00$308.28$1,191.72$18,020.55$259,702.61

Jul-08$1,500.00$309.69$1,190.30$19,210.85$259,392.91

Aug. 2008$1,500.00$311.11$1,188.88$20,399.74$259,081.80

Sept. 2008$1,500.00$312.54$1,187.46$21,587.20$258,769.26

Oct. 2008$1,500.00$313.97$1,186.03$22,773.22$258,455.29

Nov. 2008$1,500.00$315.41$1,184.59$23,957.81$258,139.88

Dec. 2008$1,500.00$316.86$1,183.14$25,140.95$257,823.03

Jan. 2009$1,500.00$318.31$1,181.69$26,322.64$257,504.72

Feb. 2009$1,500.00$319.77$1,180.23$27,502.87$257,184.95

Mar. 2009$1,500.00$321.23$1,178.76$28,681.63$256,863.72

Apr-09$1,500.00$322.70$1,177.29$29,858.93$256,541.02

May-09$1,500.00$324.18$1,175.81$31,034.74$256,216.83

Jun-09$1,500.00$325.67$1,174.33$32,209.07$255,891.16

Jul-09$1,500.00$327.16$1,172.83$33,381.90$255,564.00

Aug. 2009$1,500.00$328.66$1,171.34$34,553.24$255,235.34

Sept. 2009$1,500.00$330.17$1,169.83$35,723.06$254,905.17

Oct. 2009$1,500.00$331.68$1,168.32$36,891.38$254,573.49

Nov. 2009$1,500.00$333.20$1,166.80$38,058.17$254,240.29

Dec. 2009$1,500.00$334.73$1,165.27$39,223.44$253,905.56

Jan. 2010$1,500.00$336.26$1,163.73$40,387.18$253,569.30

Feb. 2010$1,500.00$337.80$1,162.19$41,549.37$253,231.50

Mar. 2010$1,500.00$339.35$1,160.64$42,710.01$252,892.15

Apr-10$1,500.00$340.91$1,159.09$43,869.10$252,551.24

May-10$1,500.00$342.47$1,157.53$45,026.63$252,208.77

Jun-10$1,500.00$344.04$1,155.96$46,182.59$251,864.73

Jul-10$1,500.00$345.62$1,154.38$47,336.97$251,519.11

Aug. 2010$1,500.00$347.20$1,152.80$48,489.76$251,171.91

Sept. 2010$1,500.00$348.79$1,151.20$49,640.97$250,823.12$250,823.12

Oct. 2010$1,500.00$350.39$1,149.61$50,790.57$250,472.73$250,472.73

Nov. 2010$1,500.00$352.00$1,148.00$51,938.57$250,120.73$250,120.73

Dec. 2010$1,500.00$353.61$1,146.39$53,084.96$249,767.12$249,767.12

Jan. 2011$1,500.00$355.23$1,144.77$54,229.73$249,411.89$249,411.89

Feb. 2011$1,500.00$356.86$1,143.14$55,372.86$249,055.04$249,055.04

Mar. 2011$1,500.00$358.49$1,141.50$56,514.37$248,696.54$248,696.54

Apr-11$1,500.00$360.14$1,139.86$57,654.22$248,336.40$248,336.40

May-11$1,500.00$361.79$1,138.21$58,792.43$247,974.62$247,974.62

Jun-11$1,500.00$363.45$1,136.55$59,928.98$247,611.17$247,611.17

Jul-11$1,500.00$365.11$1,134.88$61,063.87$247,246.06$247,246.06

Aug. 2011$1,500.00$366.79$1,133.21$62,197.08$246,879.27$246,879.27

Sept. 2011$1,500.00$368.47$1,131.53$63,328.61$246,510.81$246,510.81

Oct. 2011$1,500.00$370.16$1,129.84$64,458.45$246,140.65$246,140.65

Nov. 2011$1,500.00$371.85$1,128.14$65,586.59$245,768.80$245,768.80

Dec. 2011$1,500.00$373.56$1,126.44$66,713.04$245,395.24$245,395.24

Jan. 2012$1,500.00$375.27$1,124.73$67,837.76$245,019.98$245,019.98

Feb. 2012$1,500.00$376.99$1,123.01$68,960.77$244,642.99$244,642.99

Mar. 2012$1,500.00$378.72$1,121.28$70,082.05$244,264.27$244,264.27

Apr-12$1,500.00$380.45$1,119.54$71,201.60$243,883.82$243,883.82

May-12$1,500.00$382.20$1,117.80$72,319.40$243,501.62$243,501.62

Jun-12$1,500.00$383.95$1,116.05$73,435.45$243,117.68$243,117.68

Jul-12$1,500.00$385.71$1,114.29$74,549.74$242,731.97$242,731.97

Aug. 2012$1,500.00$387.47$1,112.52$75,662.26$242,344.50$242,344.50

Sept. 2012$1,500.00$389.25$1,110.75$76,773.00$241,955.24$241,955.24

Oct. 2012$1,500.00$391.03$1,108.96$77,881.96$241,564.21$241,564.21

Nov. 2012$1,500.00$392.83$1,107.17$78,989.13$241,171.38$241,171.38

Dec. 2012$1,500.00$394.63$1,105.37$80,094.50$240,776.76$240,776.76

Jan. 2013$1,500.00$396.44$1,103.56$81,198.06$240,380.32$240,380.32

Feb. 2013$1,500.00$398.25$1,101.74$82,299.81$239,982.07$239,982.07

Mar. 2013$1,500.00$400.08$1,099.92$83,399.72$239,581.99$239,581.99

Apr-13$1,500.00$401.91$1,098.08$84,497.81$239,180.07$239,180.07

May-13$1,500.00$403.75$1,096.24$85,594.05$238,776.32$238,776.32

Jun-13$1,500.00$405.60$1,094.39$86,688.44$238,370.72$238,370.72

Jul-13$1,500.00$407.46$1,092.53$87,780.97$237,963.25$237,963.25

Aug. 2013$1,500.00$409.33$1,090.66$88,871.64$237,553.92$237,553.92

Sept. 2013$1,500.00$411.21$1,088.79$89,960.43$237,142.71$237,142.71

Oct. 2013$1,500.00$413.09$1,086.90$91,047.33$236,729.62$236,729.62

Nov. 2013$1,500.00$414.99$1,085.01$92,132.34$236,314.64$236,314.64

Dec. 2013$1,500.00$416.89$1,083.11$93,215.45$235,897.75$235,897.75

Jan. 2014$1,500.00$418.80$1,081.20$94,296.65$235,478.95$235,478.95

Feb. 2014$1,500.00$420.72$1,079.28$95,375.93$235,058.23$235,058.23

Mar. 2014$1,500.00$422.65$1,077.35$96,453.28$234,635.59$234,635.59

Apr-14$1,500.00$424.58$1,075.41$97,528.69$234,211.00$234,211.00

May-14$1,500.00$426.53$1,073.47$98,602.16$233,784.47$233,784.47

Jun-14$1,500.00$428.48$1,071.51$99,673.67$233,355.99$233,355.99

Jul-14$1,500.00$430.45$1,069.55$100,743.22$232,925.54$232,925.54

Aug. 2014$1,500.00$432.42$1,067.58$101,810.79$232,493.12$232,493.12

Sept. 2014$1,500.00$434.40$1,065.59$102,876.39$232,058.72$232,058.72

Oct. 2014$1,500.00$436.39$1,063.60$103,939.99$231,622.32$231,622.32

Nov. 2014$1,500.00$438.39$1,061.60$105,001.59$231,183.93$231,183.93

Dec. 2014$1,500.00$440.40$1,059.59$106,061.19$230,743.53$230,743.53

Jan. 2015$1,500.00$442.42$1,057.57$107,118.76$230,301.10$230,301.10

Feb. 2015$1,500.00$444.45$1,055.55$108,174.31$229,856.65$229,856.65

Mar. 2015$1,500.00$446.49$1,053.51$109,227.82$229,410.17$229,410.17

Apr-15$1,500.00$448.53$1,051.46$110,279.28$228,961.63$228,961.63

May-15$1,500.00$450.59$1,049.41$111,328.69$228,511.05$228,511.05

Jun-15$1,500.00$452.65$1,047.34$112,376.03$228,058.39$228,058.39

Jul-15$1,500.00$454.73$1,045.27$113,421.30$227,603.66$227,603.66

Aug. 2015$1,500.00$456.81$1,043.18$114,464.48$227,146.85$227,146.85

Sept. 2015$1,500.00$458.91$1,041.09$115,505.57$226,687.94$226,687.94

Oct. 2015$1,500.00$461.01$1,038.99$116,544.56$226,226.93$226,226.93

Nov. 2015$1,500.00$463.12$1,036.87$117,581.43$225,763.81$225,763.81

Dec. 2015$1,500.00$465.25$1,034.75$118,616.18$225,298.56$225,298.56

Jan. 2016$1,500.00$467.38$1,032.62$119,648.80$224,831.19$224,831.19

Feb. 2016$1,500.00$469.52$1,030.48$120,679.28$224,361.67$224,361.67

Mar. 2016$1,500.00$471.67$1,028.32$121,707.60$223,889.99$223,889.99

Apr-16$1,500.00$473.83$1,026.16$122,733.76$223,416.16$223,416.16

May-16$1,500.00$476.01$1,023.99$123,757.75$222,940.16$222,940.16

Jun-16$1,500.00$478.19$1,021.81$124,779.56$222,461.97$222,461.97

Jul-16$1,500.00$480.38$1,019.62$125,799.18$221,981.59$221,981.59

Aug. 2016$1,500.00$482.58$1,017.42$126,816.59$221,499.01$221,499.01

Sept. 2016$1,500.00$484.79$1,015.20$127,831.80$221,014.22$221,014.22

Oct. 2016$1,500.00$487.01$1,012.98$128,844.78$220,527.20$220,527.20

Nov. 2016$1,500.00$489.25$1,010.75$129,855.53$220,037.95$220,037.95

Dec. 2016$1,500.00$491.49$1,008.51$130,864.04$219,546.47$219,546.47

Jan. 2017$1,500.00$493.74$1,006.25$131,870.29$219,052.72$219,052.72

Feb. 2017$1,500.00$496.00$1,003.99$132,874.28$218,556.72$218,556.72

Mar. 2017$1,500.00$498.28$1,001.72$133,876.00$218,058.44$218,058.44

Apr-17$1,500.00$500.56$999.43$134,875.44$217,557.88$217,557.88

May-17$1,500.00$502.86$997.14$135,872.58$217,055.02$217,055.02

Jun-17$1,500.00$505.16$994.84$136,867.41$216,549.86$216,549.86

Jul-17$1,500.00$507.48$992.52$137,859.93$216,042.39$216,042.39

Aug. 2017$1,500.00$509.80$990.19$138,850.13$215,532.58$215,532.58

Sept. 2017$1,500.00$512.14$987.86$139,837.98$215,020.45$215,020.45

Oct. 2017$1,500.00$514.49$985.51$140,823.49$214,505.96$214,505.96

Nov. 2017$1,500.00$516.84$983.15$141,806.65$213,989.12$213,989.12

Dec. 2017$1,500.00$519.21$980.78$142,787.43$213,469.90$213,469.90

Jan. 2018$1,500.00$521.59$978.40$143,765.83$212,948.31$212,948.31

Feb. 2018$1,500.00$523.98$976.01$144,741.85$212,424.33$212,424.33

Mar. 2018$1,500.00$526.38$973.61$145,715.46$211,897.94$211,897.94

Apr-18$1,500.00$528.80$971.20$146,686.66$211,369.14$211,369.14

May-18$1,500.00$531.22$968.78$147,655.43$210,837.92$210,837.92

Jun-18$1,500.00$533.66$966.34$148,621.77$210,304.27$210,304.27

Jul-18$1,500.00$536.10$963.89$149,585.67$209,768.17$209,768.17

Aug. 2018$1,500.00$538.56$961.44$150,547.11$209,229.61$209,229.61

Sept. 2018$1,500.00$541.03$958.97$151,506.07$208,688.58$208,688.58

Oct. 2018$1,500.00$543.51$956.49$152,462.56$208,145.07$208,145.07

Nov. 2018$1,500.00$546.00$954.00$153,416.56$207,599.07$207,599.07

Dec. 2018$1,500.00$548.50$951.50$154,368.06$207,050.57$207,050.57

Jan. 2019$1,500.00$551.01$948.98$155,317.04$206,499.56$206,499.56

Feb. 2019$1,500.00$553.54$946.46$156,263.50$205,946.02$205,946.02

Mar. 2019$1,500.00$556.08$943.92$157,207.42$205,389.94$205,389.94

Apr-19$1,500.00$558.63$941.37$158,148.79$204,831.32$204,831.32

May-19$1,500.00$561.19$938.81$159,087.60$204,270.13$204,270.13

Jun-19$1,500.00$563.76$936.24$160,023.83$203,706.37$203,706.37

Jul-19$1,500.00$566.34$933.65$160,957.49$203,140.03$203,140.03

Aug. 2019$1,500.00$568.94$931.06$161,888.55$202,571.09$202,571.09

Sept. 2019$1,500.00$571.55$928.45$162,817.00$201,999.55$201,999.55

Oct. 2019$1,500.00$574.17$925.83$163,742.83$201,425.38$201,425.38

Nov. 2019$1,500.00$576.80$923.20$164,666.03$200,848.58$200,848.58

Dec. 2019$1,500.00$579.44$920.56$165,586.58$200,269.14$200,269.14

Jan. 2020$1,500.00$582.10$917.90$166,504.48$199,687.05$199,687.05

Feb. 2020$1,500.00$584.76$915.23$167,419.72$199,102.28$199,102.28

Mar. 2020$1,500.00$587.44$912.55$168,332.27$198,514.84$198,514.84

Apr-20$1,500.00$590.14$909.86$169,242.13$197,924.70$197,924.70

May-20$1,500.00$592.84$907.15$170,149.28$197,331.86$197,331.86

Jun-20$1,500.00$595.56$904.44$171,053.72$196,736.30$196,736.30

Jul-20$1,500.00$598.29$901.71$171,955.43$196,138.02$196,138.02

Aug. 2020$1,500.00$601.03$898.97$172,854.40$195,536.98$195,536.98

Sept. 2020$1,500.00$603.79$896.21$173,750.61$194,933.20$194,933.20

Oct. 2020$1,500.00$606.55$893.44$174,644.05$194,326.65$194,326.65

Nov. 2020$1,500.00$609.33$890.66$175,534.71$193,717.31$193,717.31

Dec. 2020$1,500.00$612.13$887.87$176,422.59$193,105.19$193,105.19

Jan. 2021$1,500.00$614.93$885.07$177,307.65$192,490.26$192,490.26

Feb. 2021$1,500.00$617.75$882.25$178,189.90$191,872.51$191,872.51

Mar. 2021$1,500.00$620.58$879.42$179,069.31$191,251.93$191,251.93

Apr-21$1,500.00$623.43$876.57$179,945.88$190,628.50$190,628.50

May-21$1,500.00$626.28$873.71$180,819.60$190,002.22$190,002.22

Jun-21$1,500.00$629.15$870.84$181,690.44$189,373.07$189,373.07

Jul-21$1,500.00$632.04$867.96$182,558.40$188,741.03$188,741.03

Aug. 2021$1,500.00$634.93$865.06$183,423.46$188,106.10$188,106.10

Sept. 2021$1,500.00$637.84$862.15$184,285.62$187,468.25$187,468.25

Oct. 2021$1,500.00$640.77$859.23$185,144.85$186,827.49$186,827.49

Nov. 2021$1,500.00$643.70$856.29$186,001.14$186,183.78$186,183.78

Dec. 2021$1,500.00$646.65$853.34$186,854.48$185,537.13$185,537.13

Jan. 2022$1,500.00$649.62$850.38$187,704.86$184,887.51$184,887.51

Feb. 2022$1,500.00$652.60$847.40$188,552.26$184,234.92$184,234.92

Mar. 2022$1,500.00$655.59$844.41$189,396.67$183,579.33$183,579.33

Apr-22$1,500.00$658.59$841.41$190,238.08$182,920.74$182,920.74

May-22$1,500.00$661.61$838.39$191,076.46$182,259.13$182,259.13

Jun-22$1,500.00$664.64$835.35$191,911.82$181,594.49$181,594.49

Jul-22$1,500.00$667.69$832.31$192,744.13$180,926.80$180,926.80

Aug. 2022$1,500.00$670.75$829.25$193,573.37$180,256.05$180,256.05

Sept. 2022$1,500.00$673.82$826.17$194,399.55$179,582.23$179,582.23

Oct. 2022$1,500.00$676.91$823.09$195,222.63$178,905.32$178,905.32

Nov. 2022$1,500.00$680.01$819.98$196,042.62$178,225.30$178,225.30

Dec. 2022$1,500.00$683.13$816.87$196,859.48$177,542.17$177,542.17

Jan. 2023$1,500.00$686.26$813.73$197,673.22$176,855.91$176,855.91

Feb. 2023$1,500.00$689.41$810.59$198,483.81$176,166.51$176,166.51

Mar. 2023$1,500.00$692.57$807.43$199,291.24$175,473.94$175,473.94

Apr-23$1,500.00$695.74$804.26$200,095.49$174,778.20$174,778.20

May-23$1,500.00$698.93$801.07$200,896.56$174,079.27$174,079.27

Jun-23$1,500.00$702.13$797.86$201,694.42$173,377.14$173,377.14

Jul-23$1,500.00$705.35$794.65$202,489.07$172,671.78$172,671.78

Aug. 2023$1,500.00$708.58$791.41$203,280.48$171,963.20$171,963.20

Sept. 2023$1,500.00$711.83$788.16$204,068.64$171,251.37$171,251.37

Oct. 2023$1,500.00$715.09$784.90$204,853.55$170,536.27$170,536.27

Nov. 2023$1,500.00$718.37$781.62$205,635.17$169,817.90$169,817.90

Dec. 2023$1,500.00$721.66$778.33$206,413.50$169,096.24$169,096.24

Jan. 2024$1,500.00$724.97$775.02$207,188.53$168,371.27$168,371.27

Feb. 2024$1,500.00$728.29$771.70$207,960.23$167,642.97$167,642.97

Mar. 2024$1,500.00$731.63$768.36$208,728.59$166,911.34$166,911.34

Apr-24$1,500.00$734.99$765.01$209,493.60$166,176.35$166,176.35

May-24$1,500.00$738.35$761.64$210,255.24$165,438.00$165,438.00

Jun-24$1,500.00$741.74$758.26$211,013.50$164,696.26$164,696.26

Jul-24$1,500.00$745.14$754.86$211,768.36$163,951.12$163,951.12

Aug. 2024$1,500.00$748.55$751.44$212,519.80$163,202.57$163,202.57

Sept. 2024$1,500.00$751.98$748.01$213,267.81$162,450.58$162,450.58

Oct. 2024$1,500.00$755.43$744.57$214,012.38$161,695.15$161,695.15

Nov. 2024$1,500.00$758.89$741.10$214,753.48$160,936.26$160,936.26

Dec. 2024$1,500.00$762.37$737.62$215,491.11$160,173.89$160,173.89

Jan. 2025$1,500.00$765.87$734.13$216,225.24$159,408.02$159,408.02

Feb. 2025$1,500.00$769.38$730.62$216,955.86$158,638.64$158,638.64

Mar. 2025$1,500.00$772.90$727.09$217,682.95$157,865.74$157,865.74

Apr-25$1,500.00$776.45$723.55$218,406.50$157,089.30$157,089.30

May-25$1,500.00$780.00$719.99$219,126.49$156,309.29$156,309.29

Jun-25$1,500.00$783.58$716.42$219,842.91$155,525.71$155,525.71

Jul-25$1,500.00$787.17$712.83$220,555.74$154,738.54$154,738.54

Aug. 2025$1,500.00$790.78$709.22$221,264.96$153,947.77$153,947.77

Sept. 2025$1,500.00$794.40$705.59$221,970.55$153,153.36$153,153.36

Oct. 2025$1,500.00$798.04$701.95$222,672.50$152,355.32$152,355.32

Nov. 2025$1,500.00$801.70$698.30$223,370.80$151,553.62$151,553.62

Dec. 2025$1,500.00$805.38$694.62$224,065.42$150,748.24$150,748.24

Jan. 2026$1,500.00$809.07$690.93$224,756.35$149,939.18$149,939.18

Feb. 2026$1,500.00$812.78$687.22$225,443.57$149,126.40$149,126.40

Mar. 2026$1,500.00$816.50$683.50$226,127.07$148,309.90$148,309.90

Apr-26$1,500.00$820.24$679.75$226,806.82$147,489.66$147,489.66

May-26$1,500.00$824.00$675.99$227,482.81$146,665.66$146,665.66

Jun-26$1,500.00$827.78$672.22$228,155.03$145,837.88$145,837.88

Jul-26$1,500.00$831.57$668.42$228,823.46$145,006.30$145,006.30

Aug. 2026$1,500.00$835.38$664.61$229,488.07$144,170.92$144,170.92

Sept. 2026$1,500.00$839.21$660.78$230,148.85$143,331.71$143,331.71

Oct. 2026$1,500.00$843.06$656.94$230,805.79$142,488.65$142,488.65

Nov. 2026$1,500.00$846.92$653.07$231,458.86$141,641.72$141,641.72

Dec. 2026$1,500.00$850.81$649.19$232,108.05$140,790.92$140,790.92

Jan. 2027$1,500.00$854.70$645.29$232,753.34$139,936.22$139,936.22

Feb. 2027$1,500.00$858.62$641.37$233,394.72$139,077.59$139,077.59

Mar. 2027$1,500.00$862.56$637.44$234,032.16$138,215.04$138,215.04

Apr-27$1,500.00$866.51$633.49$234,665.64$137,348.53$137,348.53

May-27$1,500.00$870.48$629.51$235,295.16$136,478.04$136,478.04

Jun-27$1,500.00$874.47$625.52$235,920.68$135,603.57$135,603.57

Jul-27$1,500.00$878.48$621.52$236,542.20$134,725.09$134,725.09

Aug. 2027$1,500.00$882.51$617.49$237,159.69$133,842.58$133,842.58

Sept. 2027$1,500.00$886.55$613.45$237,773.13$132,956.03$132,956.03

Oct. 2027$1,500.00$890.61$609.38$238,382.51$132,065.42$132,065.42

Nov. 2027$1,500.00$894.70$605.30$238,987.81$131,170.72$131,170.72

Dec. 2027$1,500.00$898.80$601.20$239,589.01$130,271.93$130,271.93

Jan. 2028$1,500.00$902.92$597.08$240,186.09$129,369.01$129,369.01

Feb. 2028$1,500.00$907.06$592.94$240,779.03$128,461.95$128,461.95

Mar. 2028$1,500.00$911.21$588.78$241,367.82$127,550.74$127,550.74

Apr-28$1,500.00$915.39$584.61$241,952.43$126,635.35$126,635.35

May-28$1,500.00$919.58$580.41$242,532.84$125,715.77$125,715.77

Jun-28$1,500.00$923.80$576.20$243,109.04$124,791.97$124,791.97

Jul-28$1,500.00$928.03$571.96$243,681.00$123,863.94$123,863.94

Aug. 2028$1,500.00$932.29$567.71$244,248.71$122,931.65$122,931.65

Sept. 2028$1,500.00$936.56$563.44$244,812.15$121,995.09$121,995.09

Oct. 2028$1,500.00$940.85$559.14$245,371.29$121,054.24$121,054.24

Nov. 2028$1,500.00$945.16$554.83$245,926.12$120,109.07$120,109.07

Dec. 2028$1,500.00$949.50$550.50$246,476.62$119,159.58$119,159.58

Jan. 2029$1,500.00$953.85$546.15$247,022.77$118,205.73$118,205.73

Feb. 2029$1,500.00$958.22$541.78$247,564.55$117,247.51$117,247.51

Mar. 2029$1,500.00$962.61$537.38$248,101.93$116,284.90$116,284.90

Apr-29$1,500.00$967.02$532.97$248,634.90$115,317.87$115,317.87

May-29$1,500.00$971.46$528.54$249,163.44$114,346.42$114,346.42

Jun-29$1,500.00$975.91$524.09$249,687.53$113,370.51$113,370.51

Jul-29$1,500.00$980.38$519.61$250,207.15$112,390.13$112,390.13

Aug. 2029$1,500.00$984.87$515.12$250,722.27$111,405.25$111,405.25

Sept. 2029$1,500.00$989.39$510.61$251,232.87$110,415.86$110,415.86

Oct. 2029$1,500.00$993.92$506.07$251,738.95$109,421.94$109,421.94

Nov. 2029$1,500.00$998.48$501.52$252,240.46$108,423.46$108,423.46

Dec. 2029$1,500.00$1,003.06$496.94$252,737.40$107,420.40$107,420.40

Jan. 2030$1,500.00$1,007.65$492.34$253,229.75$106,412.75$106,412.75

Feb. 2030$1,500.00$1,012.27$487.73$253,717.47$105,400.48$105,400.48

Mar. 2030$1,500.00$1,016.91$483.09$254,200.56$104,383.57$104,383.57

Apr-30$1,500.00$1,021.57$478.42$254,678.98$103,362.00$103,362.00

May-30$1,500.00$1,026.25$473.74$255,152.73$102,335.74$102,335.74

Jun-30$1,500.00$1,030.96$469.04$255,621.76$101,304.79$101,304.79

Jul-30$1,500.00$1,035.68$464.31$256,086.08$100,269.10$100,269.10

Aug. 2030$1,500.00$1,040.43$459.57$256,545.65$99,228.67$99,228.67

Sept. 2030$1,500.00$1,045.20$454.80$257,000.44$98,183.48$98,183.48

Oct. 2030$1,500.00$1,049.99$450.01$257,450.45$97,133.49$97,133.49

Nov. 2030$1,500.00$1,054.80$445.20$257,895.65$96,078.69$96,078.69

Dec. 2030$1,500.00$1,059.64$440.36$258,336.01$95,019.05$95,019.05

Jan. 2031$1,500.00$1,064.49$435.50$258,771.51$93,954.56$93,954.56

Feb. 2031$1,500.00$1,069.37$430.63$259,202.14$92,885.19$92,885.19

Mar. 2031$1,500.00$1,074.27$425.72$259,627.86$91,810.91$91,810.91

Apr-31$1,500.00$1,079.20$420.80$260,048.66$90,731.72$90,731.72

May-31$1,500.00$1,084.14$415.85$260,464.51$89,647.57$89,647.57

Jun-31$1,500.00$1,089.11$410.88$260,875.40$88,558.46$88,558.46

Jul-31$1,500.00$1,094.10$405.89$261,281.29$87,464.36$87,464.36

Aug. 2031$1,500.00$1,099.12$400.88$261,682.17$86,365.24$86,365.24

Sept. 2031$1,500.00$1,104.16$395.84$262,078.01$85,261.09$85,261.09

Oct. 2031$1,500.00$1,109.22$390.78$262,468.79$84,151.87$84,151.87

Nov. 2031$1,500.00$1,114.30$385.70$262,854.49$83,037.57$83,037.57

Dec. 2031$1,500.00$1,119.41$380.59$263,235.07$81,918.16$81,918.16

Jan. 2032$1,500.00$1,124.54$375.46$263,610.53$80,793.62$80,793.62

Feb. 2032$1,500.00$1,129.69$370.30$263,980.84$79,663.93$79,663.93

Mar. 2032$1,500.00$1,134.87$365.13$264,345.96$78,529.06$78,529.06

Apr-32$1,500.00$1,140.07$359.92$264,705.89$77,388.99$77,388.99

May-32$1,500.00$1,145.30$354.70$265,060.59$76,243.69$76,243.69

Jun-32$1,500.00$1,150.55$349.45$265,410.04$75,093.15$75,093.15

Jul-32$1,500.00$1,155.82$344.18$265,754.21$73,937.33$73,937.33

Aug. 2032$1,500.00$1,161.12$338.88$266,093.09$72,776.21$72,776.21

Sept. 2032$1,500.00$1,166.44$333.56$266,426.65$71,609.77$71,609.77

Oct. 2032$1,500.00$1,171.78$328.21$266,754.86$70,437.99$70,437.99

Nov. 2032$1,500.00$1,177.16$322.84$267,077.70$69,260.83$69,260.83

Dec. 2032$1,500.00$1,182.55$317.45$267,395.15$68,078.28$68,078.28

Jan. 2033$1,500.00$1,187.97$312.03$267,707.18$66,890.31$66,890.31

Feb. 2033$1,500.00$1,193.42$306.58$268,013.76$65,696.89$65,696.89

Mar. 2033$1,500.00$1,198.89$301.11$268,314.87$64,498.01$64,498.01

Apr-33$1,500.00$1,204.38$295.62$268,610.48$63,293.63$63,293.63

May-33$1,500.00$1,209.90$290.10$268,900.58$62,083.73$62,083.73

Jun-33$1,500.00$1,215.45$284.55$269,185.13$60,868.28$60,868.28

Jul-33$1,500.00$1,221.02$278.98$269,464.11$59,647.26$59,647.26

Aug. 2033$1,500.00$1,226.61$273.38$269,737.49$58,420.65$58,420.65

Sept. 2033$1,500.00$1,232.24$267.76$270,005.25$57,188.42$57,188.42

Oct. 2033$1,500.00$1,237.88$262.11$270,267.37$55,950.53$55,950.53

Nov. 2033$1,500.00$1,243.56$256.44$270,523.81$54,706.98$54,706.98

Dec. 2033$1,500.00$1,249.26$250.74$270,774.55$53,457.72$53,457.72

Jan. 2034$1,500.00$1,254.98$245.01$271,019.56$52,202.74$52,202.74

Feb. 2034$1,500.00$1,260.73$239.26$271,258.82$50,942.01$50,942.01

Mar. 2034$1,500.00$1,266.51$233.48$271,492.31$49,675.49$49,675.49

Apr-34$1,500.00$1,272.32$227.68$271,719.99$48,403.18$48,403.18

May-34$1,500.00$1,278.15$221.85$271,941.84$47,125.03$47,125.03

Jun-34$1,500.00$1,284.01$215.99$272,157.82$45,841.02$45,841.02

Jul-34$1,500.00$1,289.89$210.10$272,367.93$44,551.13$44,551.13

Aug. 2034$1,500.00$1,295.80$204.19$272,572.12$43,255.33$43,255.33

Sept. 2034$1,500.00$1,301.74$198.25$272,770.38$41,953.58$41,953.58

Oct. 2034$1,500.00$1,307.71$192.29$272,962.66$40,645.87$40,645.87

Nov. 2034$1,500.00$1,313.70$186.29$273,148.96$39,332.17$39,332.17

Dec. 2034$1,500.00$1,319.72$180.27$273,329.23$38,012.45$38,012.45

Jan. 2035$1,500.00$1,325.77$174.22$273,503.45$36,686.68$36,686.68

Feb. 2035$1,500.00$1,331.85$168.15$273,671.60$35,354.83$35,354.83

Mar. 2035$1,500.00$1,337.95$162.04$273,833.64$34,016.87$34,016.87

Apr-35$1,500.00$1,344.09$155.91$273,989.55$32,672.79$32,672.79

May-35$1,500.00$1,350.25$149.75$274,139.30$31,322.54$31,322.54

Jun-35$1,500.00$1,356.43$143.56$274,282.87$29,966.11$29,966.11

Jul-35$1,500.00$1,362.65$137.34$274,420.21$28,603.45$28,603.45

Aug. 2035$1,500.00$1,368.90$131.10$274,551.31$27,234.56$27,234.56

Sept. 2035$1,500.00$1,375.17$124.83$274,676.13$25,859.39$25,859.39

Oct. 2035$1,500.00$1,381.47$118.52$274,794.66$24,477.91$24,477.91

Nov. 2035$1,500.00$1,387.81$112.19$274,906.85$23,090.11$23,090.11

Dec. 2035$1,500.00$1,394.17$105.83$275,012.68$21,695.94$21,695.94

Jan. 2036$1,500.00$1,400.56$99.44$275,112.12$20,295.38$20,295.38

Feb. 2036$1,500.00$1,406.98$93.02$275,205.14$18,888.41$18,888.41

Mar. 2036$1,500.00$1,413.42$86.57$275,291.71$17,474.98$17,474.98

Apr-36$1,500.00$1,419.90$80.09$275,371.80$16,055.08$16,055.08

May-36$1,500.00$1,426.41$73.59$275,445.39$14,628.67$14,628.67

Jun-36$1,500.00$1,432.95$67.05$275,512.44$13,195.72$13,195.72

Jul-36$1,500.00$1,439.52$60.48$275,572.92$11,756.21$11,756.21

Aug. 2036$1,500.00$1,446.11$53.88$275,626.80$10,310.09$10,310.09

Sept. 2036$1,500.00$1,452.74$47.25$275,674.05$8,857.35$8,857.35

Oct. 2036$1,500.00$1,459.40$40.60$275,714.65$7,397.95$7,397.95

Nov. 2036$1,500.00$1,466.09$33.91$275,748.56$5,931.86$5,931.86

Dec. 2036$1,500.00$1,472.81$27.19$275,775.75$4,459.05$4,459.05

Jan. 2037$1,500.00$1,479.56$20.44$275,796.18$2,979.49$2,979.49

Feb. 2037$1,500.00$1,486.34$13.66$275,809.84$1,493.15$1,493.15

Mar. 2037$1,500.00$1,493.15$6.84$275,816.68$0.00$0.00

Chart1

12500075000250823

12537573500250472

125751.12572000250120

126128.37837570500249767

126506.76351012569000249411

126886.28380065567500249055

127266.94265205766000248696

127648.74348001364500248336

128031.68971045363000247974

128415.78477958561500247611

128801.03213392460000247246

129187.43523032558500246879

129574.99753601657000246510

129963.72252862455500246140

130353.6136962154000245768

130744.67453729952500245395

131136.90856091151000245019

131530.31928659349500244642

131924.91024445348000244264

132320.68497518646500243883

132717.64703011245000243501

133115.79997120243500243117

133515.14737111642000242731

133915.69281322940500242344

134317.43989166939000241955

134720.39221134437500241564

135124.55338797836000241171

135529.92704814234500240776

135936.51682928633000240380

136344.32637977431500239982

136753.35935891330000239581

137163.6194369928500239180

137575.11029530127000238776

137987.83562618725500238370

138401.79913306624000237963

138817.00453046522500237553

139233.45554405621000237142

139651.15591068819500236729

140070.1093784218000236314

140490.31970655616500235897

140911.79066567515000235478

141334.52603767213500235058

141758.52961578512000234635

142183.80520463310500234211

142610.3566202469000233784

143038.1876901077500233355

143467.3022531776000232925

143897.7041599374500232493

144329.3972724173000232058

144762.3854642341500231622

145196.6726206270231183

145632.26263848852230743

146069.15942640453230301

146507.36690468354229856

146946.88900539755229410

147387.72967241356228961

147829.89286143157228511

148273.38254001558228058

148718.20268763559227603

149164.35729569860227146

149611.85036758561226687

150060.68591868862226226

150510.86797644463225763

150962.40058037364225298

151415.28778211465224831

151869.5336454666224361

152325.14224639767223889

152782.11767313668223416

153240.46402615569222940

153700.18541823470222461

154161.28597448871221981

154623.76983241272221499

155087.64114190973221014

155552.90406533574220527

156019.56277753175220037

156487.62146586376219546

156957.08433026177219052

157427.95558325278218556

157900.23945000179218058

158373.94016835180217557

158849.06198885681217055

159325.60917482382216549

159803.58600234783216042

160282.99676035484215532

160763.84575063585215020

161246.13728788786214505

161729.87569975187213989

162215.0653268588213469

162701.71052283189212948

163189.81565439990212424

163679.38510136291211897

164170.42325666692211369

164662.93452643693210837

165156.92333001694210304

165652.39410000695209768

166149.35128230696209229

166647.79933615397208688

167147.74273416198208145

167649.18596236499207599

168152.133520251100207050

168656.589920811101206499

169162.559690574102205946

169670.047369645103205389

170179.057511754104204831

170689.59468429105204270

171201.663468342106203706

171715.268458747107203140

172230.414264124108202571

172747.105506916109201999

173265.346823437110201425

173785.142863907111200848

174306.498292499112200269

174829.417787376113199687

175353.906040738114199102

175879.967758861115198514

176407.607662137116197924

176936.830485124117197331

177467.640976579118196736

178000.043899509119196138

178534.044031207120195536

Appreciation

Purchase Price

UPB

Number of Months

10 Year Investment (in Thousands)

10 year

MonthsAppreciationPurchase PriceUPB

0

1125,00075,000250,823

2125,37573,500250,472

3125,75172,000250,120

4126,12870,500249,767

5126,50769,000249,411

6126,88667,500249,055

7127,26766,000248,696

8127,64964,500248,336

9128,03263,000247,974

10128,41661,500247,611

11128,80160,000247,246

12129,18758,500246,879

13129,57557,000246,510

14129,96455,500246,140

15130,35454,000245,768

16130,74552,500245,395

17131,13751,000245,019

18131,53049,500244,642

19131,92548,000244,264

20132,32146,500243,883

21132,71845,000243,501

22133,11643,500243,117

23133,51542,000242,731

24133,91640,500242,344

25134,31739,000241,955

26134,72037,500241,564

27135,12536,000241,171

28135,53034,500240,776

29135,93733,000240,380

30136,34431,500239,982

31136,75330,000239,581

32137,16428,500239,180

33137,57527,000238,776

34137,98825,500238,370

35138,40224,000237,963

36138,81722,500237,553

37139,23321,000237,142

38139,65119,500236,729

39140,07018,000236,314

40140,49016,500235,897

41140,91215,000235,478

42141,33513,500235,058

43141,75912,000234,635

44142,18410,500234,211

45142,6109,000233,784

46143,0387,500233,355

47143,4676,000232,925

48143,8984,500232,493

49144,3293,000232,058

50144,7621,500231,622

51145,1970.0231,183

52145,632230,743

53146,069230,301

54146,507229,856

55146,947229,410

56147,388228,961

57147,830228,511

58148,273228,058

59148,718227,603

60149,164227,146

61149,612226,687

62150,061226,226

63150,511225,763

64150,962225,298

65151,415224,831

66151,870224,361

67152,325223,889

68152,782223,416

69153,240222,940

70153,700222,461

71154,161221,981

72154,624221,499

73155,088221,014

74155,553220,527

75156,020220,037

76156,488219,546

77156,957219,052

78157,428218,556

79157,900218,058

80158,374217,557

81158,849217,055

82159,326216,549

83159,804216,042

84160,283215,532

85160,764215,020

86161,246214,505

87161,730213,989

88162,215213,469

89162,702212,948

90163,190212,424

91163,679211,897

92164,170211,369

93164,663210,837

94165,157210,304

95165,652209,768

96166,149209,229

97166,648208,688

98167,148208,145

99167,649207,599

100168,152207,050

101168,657206,499

102169,163205,946

103169,670205,389

104170,179204,831

105170,690204,270

106171,202203,706

107171,715203,140

108172,230202,571

109172,747201,999

110173,265201,425

111173,785200,848

112174,306200,269

113174,829199,687

114175,354199,102

115175,880198,514

116176,408197,924

117176,937197,331

118177,468196,736

119178,000196,138

120178,534195,536

15 year

MonthsAppreciationPurchase PriceUPB

1125,00075,000$250,823.12

2125,37573,500$250,472.73

3125,75172,000$250,120.73

4126,12870,500$249,767.12

5126,50769,000$249,411.89

6126,88667,500$249,055.04

7127,26766,000$248,696.54

8127,64964,500$248,336.40

9128,03263,000$247,974.62

10128,41661,500$247,611.17

11128,80160,000$247,246.06

12129,18758,500$246,879.27

13129,57557,000$246,510.81

14129,96455,500$246,140.65

15130,35454,000$245,768.80

16130,74552,500$245,395.24

17131,13751,000$245,019.98

18131,53049,500$244,642.99

19131,92548,000$244,264.27

20132,32146,500$243,883.82

21132,71845,000$243,501.62

22133,11643,500$243,117.68

23133,51542,000$242,731.97

24133,91640,500$242,344.50

25134,31739,000$241,955.24

26134,72037,500$241,564.21

27135,12536,000$241,171.38

28135,53034,500$240,776.76

29135,93733,000$240,380.32

30136,34431,500$239,982.07

31136,75330,000$239,581.99

32137,16428,500$239,180.07

33137,57527,000$238,776.32

34137,98825,500$238,370.72

35138,40224,000$237,963.25

36138,81722,500$237,553.92

37139,23321,000$237,142.71

38139,65119,500$236,729.62

39140,07018,000$236,314.64

40140,49016,500$235,897.75

41140,91215,000$235,478.95

42141,33513,500$235,058.23

43141,75912,000$234,635.59

44142,18410,500$234,211.00

45142,6109,000$233,784.47

46143,0387,500$233,355.99

47143,4676,000$232,925.54

48143,8984,500$232,493.12

49144,3293,000$232,058.72

50144,7621,500$231,622.32

51145,1970.0$231,183.93

52145,632$230,743.53

53146,069$230,301.10

54146,507$229,856.65

55146,947$229,410.17

56147,388$228,961.63

57147,830$228,511.05

58148,273$228,058.39

59148,718$227,603.66

60149,164$227,146.85

61149,612$226,687.94

62150,061$226,226.93

63150,511$225,763.81

64150,962$225,298.56

65151,415$224,831.19

66151,870$224,361.67

67152,325$223,889.99

68152,782$223,416.16

69153,240$222,940.16

70153,700$222,461.97

71154,161$221,981.59

72154,624$221,499.01

73155,088$221,014.22

74155,553$220,527.20

75156,020$220,037.95

76156,488$219,546.47

77156,957$219,052.72

78157,428$218,556.72

79157,900$218,058.44

80158,374$217,557.88

81158,849$217,055.02

82159,326$216,549.86

83159,804$216,042.39

84160,283$215,532.58

85160,764$215,020.45

86161,246$214,505.96

87161,730$213,989.12

88162,215$213,469.90

89162,702$212,948.31

90163,190$212,424.33

91163,679$211,897.94

92164,170$211,369.14

93164,663$210,837.92

94165,157$210,304.27

95165,652$209,768.17

96166,149$209,229.61

97166,648$208,688.58

98167,148$208,145.07

99167,649$207,599.07

100168,152$207,050.57

101168,657$206,499.56

102169,163$205,946.02

103169,670$205,389.94

104170,179$204,831.32

105170,690$204,270.13

106171,202$203,706.37

107171,715$203,140.03

108172,230$202,571.09

109172,747$201,999.55

110173,265$201,425.38

111173,785$200,848.58

112174,306$200,269.14

113174,829$199,687.05

114175,354$199,102.28

115175,880$198,514.84

116176,408$197,924.70

117176,937$197,331.86

118177,468$196,736.30

119178,000$196,138.02

120178,534$195,536.98

121179,070$194,933.20

122179,607$194,326.65

123180,146$193,717.31

124180,686$193,105.19

125181,228$192,490.26

126181,772$191,872.51

127182,317$191,251.93

128182,864$190,628.50

129183,413$190,002.22

130183,963$189,373.07

131184,515$188,741.03

132185,068$188,106.10

133185,624$187,468.25

134186,180$186,827.49

135186,739$186,183.78

136187,299$185,537.13

137187,861$184,887.51

138188,425$184,234.92

139188,990$183,579.33

140189,557$182,920.74

141190,126$182,259.13

142190,696$181,594.49

143191,268$180,926.80

144191,842$180,256.05

145192,417$179,582.23

146192,995$178,905.32

147193,574$178,225.30

148194,154$177,542.17

149194,737$176,855.91

150195,321$176,166.51

151195,907$175,473.94

152196,495$174,778.20

153197,084$174,079.27

154197,675$173,377.14

155198,268$172,671.78

156198,863$171,963.20

157199,460$171,251.37

158200,058$170,536.27

159200,658$169,817.90

160201,260$169,096.24

161201,864$168,371.27

162202,470$167,642.97

163203,077$166,911.34

164203,686$166,176.35

165204,297$165,438.00

166204,910$164,696.26

167205,525$163,951.12

168206,142$163,202.57

169206,760$162,450.58

170207,380$161,695.15

171208,003$160,936.26

172208,627$160,173.89

173209,252$159,408.02

174209,880$158,638.64

175210,510$157,865.74

176211,141$157,089.30

177211,775$156,309.29

178212,410$155,525.71

179213,047$154,738.54

180213,686$153,947.77

Provide Cash Flow and Increase Net Worth

Manage RiskBasket of notes like mutual fundIndividual notes one goes bad, may take months/years to recover investmentInvestor risk tolerance - buying singles or partials?Investor skill level manage notes?

Pitfalls

Owner may use BK as a delaying tacticUnder estimate repairsOver estimate valueForensic loan audit

Whats the Market Opportunity? Why Now?Volume of institutional re-performing paper is ENORMOUSChoice of notes Hi Equity vs Low Equity, Low price vs HigherExpected Yield, Various ways to generate yieldNot just yield BIG payday down the roadAdvantages of investing in IRAsSupercharge your portfolio with Partial Note Sales (Leverage)Long Term Investing in Institutional Re-Performing Paper = Positive Cash Flow!

NO SECRET SAUCE, FUNDAMENTALS OF WHAT,WHY, HOW TO USE THEM. NOT THE DETAILS OUR PROPRIATARY BUSINESS *********************