Investment Structure

How does Manifest source its HEIs?

Manifest sources its HEI from its HEI origination partners. We leverage institutional relationships and proprietary deal flow to source high-quality investments. We buy assets from the same flows as PE firms, pension funds, university endowments, and sovereign wealth funds.

How are the underlying properties selected?

Our origination partners select assets based on criteria Manifest provides. Our team analyzes market fundamentals, property characteristics, valuation metrics, and risk factors to provide our origination partners a buy box. Properties that fit in this buy box are eligible for our HEIs. We focus on owner-occupied residential properties in stable or growing markets, optimizing for long-term appreciation potential while managing downside risk.

What does "private equity style access" mean for investors?

Private equity style access means we provide the benefits typically associated with private equity real estate funds – institutional-grade deal sourcing, off-market opportunities, professional asset management, and the ability to deploy capital at scale – but without the traditional drawbacks such as high minimums and long lock-ups. $USH offers the benefits of private equity, with improved liquidity, lower investment thresholds, and global accessibility.

How does Manifest achieve ~50% discounts to fair market home values?

Homeowners are demanding HEIs at an unprecedented rate. Because HEIs uniquely facilitate liquidity for homeowners without requiring active debt payments, or loss of occupancy rights, homeowners sell their equity at significant discounts to fair market home values – typically 50%.

What is the investment timeline for the underlying assets?

The underlying HEIs are originated with terms of 10-30 years, though they may realize returns earlier through refinancing, home sale, or other liquidity events. An average home equity investment is settled in 4.5 years. The structure of $USH allows investors to gain exposure to these long-term assets while maintaining liquidity through the tokenized structure, decoupling the investment horizon of the underlying assets from the investor's liquidity needs.

How diversified is the portfolio backing $USH?

$USH is backed by a diversified portfolio of HEIs across multiple properties, regions, and market segments within the U.S. residential real estate market. This diversification helps manage risk and provides balanced exposure to the broad U.S. housing market while reducing concentration in any single property or region. At launch, HEIs backing $USH will come from the 13 states in which our origination partner operates. Over time, we aim to have HEIs from all 50 states in the portfolio.

How are assets valued on the Manifest platform?

Assets are valued using institutional-grade methodologies consistent with private equity real estate best practices. Our valuation process incorporates third-party appraisals, market comparables, and proprietary models. All valuations are recorded onchain, providing unprecedented transparency into portfolio composition and asset values.

What happens to the underlying real estate if Manifest ceases operations?

The underlying real estate assets backing $USH are held in secure, bankruptcy-remote structures separate from Manifest's operational entity. This legal separation ensures that tokenholders' interests in the underlying assets are protected regardless of Manifest's operational status. Additionally, our governance structure includes contingency protocols to ensure continuity of asset management in all scenarios.

Can I invest in specific properties rather than the broader $USH token?

No. $USH provides exposure to the diversified portfolio of HEIs rather than specific properties. This approach provides risk diversification, economies of scale, and simplified investor experience. We may explore more targeted investment options in the future based on investor demand and market conditions.

How are property taxes, maintenance, and homeowners insurance handled?

Property taxes,maintenance, and homeowners insurance are the responsibility of the homeowners who continue to occupy and own their homes. This structure eliminates the traditional burdens of real estate ownership for investors in $USH while still providing investment exposure to American homes.