Framework Real Estate LLC

Total Revenue by Month

Revenue Trend: July accrual revenue of $86,337 is an all-time record — up +$12,577 (+17.1%) over June and +$12,433 above the prior high of $73,904 set in April. Leasing fees alone hit $29,000, a record by a wide margin and 34% of the month's revenue, as peak leasing season landed. Cash collections of $93,690 were also a record, the first month ever above $90K. The rolling T-12 (Aug 2025 – Jul 2026) closed at $659,558 accrual revenue.

Net Operating Income by Month

T-12 Summary: Accrual NOI: $122,899.87 | Cash NOI: $118,800.66 · July accrual NOI of $22,462 is the strongest month in company history — 1.17x the prior best (October's $19,230) and 2.6x June. Cash NOI of $25,867 is also a record, and for the first time exceeds accrual NOI (by $3,405) — July's contractor accruals are booked ahead of payment. Both bases moved together, which is the signal that the month was real operating performance rather than a timing artifact.

Labor Efficiency Trend (Income / Payroll Ratio)

July Note: Accrual efficiency recovered to 1.67x — the best reading since May's 1.72x, though still short of October's 1.95x high — as revenue rose +$12,577 while the payroll base fell -$3,035 to $51,589. Contractor spend eased only modestly, from June's peak $23,500 to $21,750, so the payroll base remains elevated by design. Cash efficiency improved to 1.69x. T-12 blended efficiency: Accrual 1.55x | Cash 1.55x.

Executive Insights

1
July was the best month in company history, on every measure. Accrual revenue $86,337 (+17.1% M/M), accrual NOI $22,462 — 2.6x June and 17% above the previous record. Cash revenue $93,690 and cash NOI $25,867 both set records too. Accrual and cash agreeing this closely means the month was earned, not a collections or billing timing effect.
2
The contractor investment is producing, and it is still running. Contractor spend eased only $1,750 off June's peak, to $21,750 — it is now a permanent ~$20K/month line, not a one-off. Payroll fell -$3,035 to $51,589 while revenue rose $12,577, lifting labor efficiency to 1.67x from 1.35x and swinging NOI +$13,757 in a single month. The capacity is paying for itself — but the fixed cost base has stepped up and will not step back down.
3
Leasing season drove it — and it will not repeat at this level. Leasing fees hit $29,000, up +$10,753 (+59%) on June's prior record and 34% of all July revenue. Renewals also set a record at $4,900. Recurring fees (PMF + Technology) grew a healthy but ordinary +$1,200 M/M, so plan the fall on something closer to the $66–74K May–June range rather than $86K.
4
The first full rolling year is strongly profitable. T-12 accrual revenue $659,558 with net income of $130,359 — a 19.8% net margin. Cash net income of $126,260 sits just 3.1% below accrual, confirming earnings quality. The trailing six months average $70,044 of revenue per month — an $840K annualized pace.
5
A/R quality improved even as the balance grew. The book rose to $48,272 (+$1,725, +3.7%) but past-due fell to 36.3% from 44.4% at 6/30 — the June collections push worked, with 1400-1430 Moline down -$6,043. Two items to chase: 1520-1526 Wabash at $3,581 is 100% past due, and 2031-2033 Curtis has $2,396 aged. The $8,537 at 11800 E Colfax and $4,759 at 4710 Enid Way are essentially all current — July billing, not a problem.

Framework Real Estate LLC

Total Revenue by Month

Net Operating Income by Month

Labor Efficiency Trend (Income / Payroll Ratio)

Revenue by Category (T-12)

Expense by Category (T-12 Accrual)

Revenue by Property – Top 10 (T-12 Accrual)

Executive Insights