The recent DLP Housing Fund webinar wasn’t a generic update. It walked attendees through the Fund’s structure, how it has performed, and why leadership believes this next phase matters.
It started with performance — because performance through turbulence is what builds credibility.
“We've dramatically exceeded the market the last few years in performance of this fund.” - Don Wenner
In 2025, the DLP Housing Fund distributed:
- $48.2 million total to investors
- Including $10,944,532 in Excess Distributable Cash (EDC) recently distributed
- Bringing total distributions since inception to $166 million
“We just endured a really turbulent cycle, and because the Fund is evergreen, it gives us the protection to not have to sell in a down market and keeps us in a position where we can hold onto secure, income-producing assets.” - Rich Delgado
The evergreen structure functioned exactly how it was designed to, allowing that structural advantage to compound into forward positioning.
“We do believe that we've gone through the worst. We are sitting in a very good spot, very well positioned, not just in the market, but within our structure.” - Juan Dominguez
The team highlighted several key capital events:
Dispositions: Three properties in Garden City, Georgia were sold for approximately $59 million total as part of the strategy to exit older vintage communities.
Refinance: Dream Lehigh Valley was refinanced with a $41 million Freddie Mac 5-year term loan:
- Interest rate reduced from 6.5% to 5.17%
- Approximately $240,000 in annual debt service savings
- $4.7 million cash returned to the fund
NOI increased year over year and quarter over quarter:
- Prosper Gulfport: 13% NOI growth
- Paramount at Kingwood: 13.3% NOI growth after taking over management
- Dream Asheville Exchange: 5.8% NOI growth
“One of the things we've done to drive the results, and definitely want to brag on an increase of NOI by 13% in 2025, driving an extra $464,000 of cash flow.” - Brian Genden
Average rent across the portfolio is $1,438, with rents at 26.19% of area median income, remaining below the 30% affordability threshold. But the story here isn’t just numbers.
“We estimate that we touch the lives of over 38,000 people on this portfolio, and that includes the residents, our employees, and the contractors and vendors that serve the needs of our community.” - Brian Genden
NAV Update
All third-party valuations are complete and currently with CohnReznick for final review. Final NAV will be released once the audit review is complete.
K-1s & Tax Efficiency
As always, consult your tax advisor regarding your individual situation.
The fund produces annual K-1s. As discussed during the webinar, depreciation and the REIT structure have historically resulted in investors not paying income taxes while invested in the fund, despite strong returns.
“We’re not relying on one-time bonus depreciation. This is recurring, structural depreciation.” - Bob Peterson
If you’d like to revisit the full discussion, including deeper detail on efficiencies, operations, and fund structure, you can watch the replay above.
If you have questions about your position, redemptions, or additions, our team is available to connect.
DISCLAIMER: All figures as of December 31, 2025 unless otherwise stated. DLP Housing Fund inception date January 2020. Past performance is not a guarantee of future performance. All percentages provided in this report are subject to rounding.