Emanay Advisors · Prepared for Capital Partners
Project Buttercup
Capital Partner
Overview & Returns
DBFL Holdings (Miami) · Regent Portfolio · Distribution Waterfall · Next Steps
Sponsor / Operator
Joy Vertz
Platform Target
35+ Units · $40M+ Rev.
Advisor
Emanay Advisors LLC
Prepared
July 2026
Confidential · Not an offer to sell or solicitation of an offer to buy any security or investment interest
Section 01
Structure at a Glance

Both deals use the same structure: a joint venture entity holds each acquisition, with the capital partner (100% of the capital, and guarantor on the debt) and Joy Vertz's holding entity as the two members, splitting distributions through an 80/20-to-20/80 waterfall.

DBFL Holdings, LLC
Miami acquisition — Investor 1 + JVDB Holdings (Miami)
Regent NewCo
Regent acquisition — Investor 2 + JVDB Holdings (Regent)
Waterfall
80/20 pre-payback → 20/80 post-payback, both deals
Section 02
Miami — DBFL Holdings, LLC
Deal Terms
Scope4 locations + 7 development licenses
Purchase price$3.0M
2025 revenue$4.49M
2025 adj. EBITDA$770,721
Target closeAugust 15, 2026
Your Role — Investor 1
CapitalEquity check + debt guaranty
Distribution split80% pre-payback → 20% post-payback
CounterpartyJVDB Holdings (Miami) — Joy Vertz

Historical revenue (2023–2025)

2023: 2.20M. 2024: 3.30M. 2025: 4.49M.

Adjustable loan terms

$3,000,000
$750,000
10
11.25%
$770,720
0%
3
6%
0%
Senior loan
$2,250,000
Seller note
$0
Equity roll
$0
Total sources (check)
$3,000,000
Sources check (of price)
100%
Annual debt service
$—
Monthly debt service
$—
DSCR

Your distribution waterfall

Note — what this section illustrates: "Cumulative distributions" is the running total of all cash paid out of DBFL Holdings since closing, not a single month's payment. Dragging that slider simulates time passing and cash building up. Below the payback threshold, every dollar of that total splits 80% to you / 20% to Joy. Once the total crosses the threshold (meaning you've fully recovered your capital), every dollar after that splits 20% / 80% instead — the badge and progress bar just show which side of that line the deal is currently on. "You receive" and "Joy receives" below are each party's running total at whatever cumulative-distribution level the slider is set to.

The flip isn't tied to a specific event — it can happen through ordinary distributions or at exit. Sale/exit proceeds count the same as any other distribution: if you haven't been paid back through operating cash flow by the time the platform sells, the sale proceeds first go toward completing your payback (still at the 80% tier) before any remainder splits 20/80. This is not a guarantee, though — if the sale doesn't generate enough proceeds to cover the shortfall, you don't get made whole. That's equity risk, not a debt guaranty.

$750,000
$500,000
Pre-payback Payback at $937,500 cumulative
You receive
$400,000
Joy receives
$100,000

Month-by-month cash flow

Cumulative distributions building month by month.
Payback month
You receive (mo. 60)
Your MOIC (mo. 60)
Avg. monthly cash back (Yr 1)
Monthly cash-on-cash yield

Figures throughout are illustrative, based on current underwriting assumptions. Final loan terms will be confirmed by the lender before closing. This chart also only models ongoing operating distributions over 60 months — it doesn't include a sale/exit event (see the waterfall note above).

Section 03
Miami — Post-Acquisition Scale-Up

Projects the platform as the 7 new ADA licenses open at roughly 1 every 8 months, using current per-store averages ($1.12M revenue, 17% EBITDA margin) with a linear ramp to maturity. Every input is adjustable.

8
$1,120,000
17%
12
Stores at year 5
Revenue at year 5
EBITDA at year 5
Your 80% share (Yr 5 EBITDA)
Joy's 20% share (Yr 5 EBITDA)
Projects portfolio revenue and EBITDA growing as new stores open at the set interval and ramp linearly to mature productivity, with store count shown as a step line.

This still runs through the 80/20 waterfall: every dollar of additional EBITDA from these new stores becomes distributable cash on the same 80/20 pre-payback → 20/80 post-payback split as the rest of the deal (Section 02) — the 80% share above assumes pre-payback; it drops to 20% once you hit payback.

Placeholders worth replacing: per-store averages are pulled from the 4 existing locations, not confirmed new-unit economics; the 12-month ramp isn't franchisor-confirmed. This also excludes capex per opening (buildout, deposits, working capital) — revenue/EBITDA scale-up only.

Section 04
Regent Portfolio
Deal Terms
Priced tranche11 locations — NY / LV / NV
Purchase price$2,000,000 flat
TTM Jan-26 EBITDA (priced tranche)$1.4M
Additional scope14 CA locations Pricing in progress
Your Role — Investor 2
CapitalEquity check + debt guaranty
Distribution split80% pre-payback → 20% post-payback
CounterpartyJVDB Holdings (Regent) — Joy Vertz

Historical performance (26-location portfolio)

FY23-TTM Jan26 revenue and EBITDA growth.

Adjustable loan terms

$2,000,000
11%
Senior loan
$2,000,000
Annual debt service
$—
DSCR
Monthly debt service
$—

Your distribution waterfall

Note: same mechanics as the Miami waterfall above — "cumulative distributions" is the running total paid out since closing, splitting 80/20 (you/Joy) below the payback threshold and 20/80 above it. The flip works the same whether that total is built from ordinary distributions or exit/sale proceeds — if you haven't been paid back by the time of sale, proceeds cover the shortfall first, but that's not a guarantee if proceeds fall short.

$400,000
$600,000
Pre-payback Payback at $500,000 cumulative
You receive
$480,000
Joy receives
$120,000

Month-by-month cash flow

Cumulative distributions building month by month.
Payback month
You receive (mo. 60)
Your MOIC (mo. 60)
Avg. monthly cash back (Yr 1)
Monthly cash-on-cash yield

CA pricing is still being finalized. Figures above reflect the priced 11-location tranche only. This chart only models ongoing operating distributions over 60 months, not a sale/exit event.

Section 05
Next Steps — Your Agreement

As a 100% capital partner and guarantor on the debt for your respective deal, here's the sequence to closing:

  1. Execute the JV operating agreement
    Documents the 80/20 → 20/80 waterfall, the definition of "payback" (capital only vs. capital + preferred return), governance, and consent rights
  2. Complete lender underwriting documentation
    Personal financial statement and guaranty package — required since you'll personally guarantee the acquisition loan
  3. KYC / entity documentation
    Identity and source-of-funds documentation for the lender and for the JV entity itself
  4. Confirm capital contribution timing
    Wire timed to close — final amount depends on closing loan terms and, for Regent, whether CA is included by then
  5. Execute the personal guaranty at closing
    Signed concurrent with the loan closing documents
  6. Establish reporting cadence
    Monthly or quarterly financials and distribution statements from the JV entity going forward

Recommended: have independent counsel review the operating agreement and guaranty terms before signing, separate from Emanay Law Group.

Prepared by Emanay Advisors LLC. Figures are illustrative and subject to change pending final diligence, financing terms, and closing conditions. Not an offer to sell or solicitation of an offer to buy any security or investment interest.