July 2026 · Dallas, Texas

Dear reader,

Manufactured housing is the most affordable home in America and the most stigmatized. That gap — between what the product is and how it is perceived — is the reason TetraHomes exists.

Roughly 22 million Americans live in manufactured homes. They are teachers, tradespeople, retirees, and young families. They own the home they sleep in. In most cases, they do not own the land under it. That is the tension the sector was built on, and it is the tension that has been mismanaged for a generation.

We buy communities because they are the highest form of unsubsidized affordable homeownership in this country. We operate them because operating them well is not optional. Roads, water, lots, management — four fundamentals. Get four right and rents stick. Get four right and the community is worth more at the exit than it was at the entry. Get four right and a family stays for a decade.

We are building TetraHomes as an operator platform first and a capital platform second. Every fund has a job. Investment funds acquire and improve. The Operations Funds pay for the community-level crews and human capital. The Reserve Funds protect the roads, the water, and the LP. We wanted a structure where the operator’s incentives and the resident’s outcomes were pointed the same direction. That is the structure we built.

Our LPs are institutional, family office, and qualified investor capital. Our residents are our customers. Our regulators are our partners. Our auditor is PwC. Our counsel is LePore Law Group. Our governance is European whole-fund, no LP fees, 8% preferred, 20% carry, 30% escrow, 2% GP commit. None of this is unusual for institutional real estate. It is unusual for manufactured housing. We are okay with that.

If you own capital and you want to see how the sector should work, come look. If you own a community and you are thinking about who should own it next, come talk. If you live in one of our communities, come to the town hall. The community is the returns.