UPDATES.md

# Property Updates

## 2026-07-15

- Property Update (07/15/2026):
    - Owner-Proposed Governance Vote for 9 Country Club Ln N:
    - The co-owner, Noah Simon with the following [wallet address](https://allo.info/account/YG27ELKFUIQ5V3OE3S6QPJZ5H3X2GHDXOFGZ3DWMGUUFV46I55BSSUJOTY), is proposing a governance vote.
    - This owner holds 7,839 shares in this property.
    - The owner's reasoning is below, word-for-word:
    - Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Good afternoon Team:
    - I request to submit the below governance vote to the 9 Country Club Ln N DAO regarding proposed reimbursement for out of pocket expenses of $12,629.12 I personally outlayed in October/November 2025 to secure a feature on the Staycation Sports' Hudson Valley episode, alongside five other hudson valley properties.
    - The cost breakdown includes the fee to Staycation to appear on the show and deliverables in the social media package ($8,000), plus the cost of new furnishings purchased on Amazon.com to meaningfully upgrade all aspects of the home decor and create a modernized, cohesive feel of luxury and distinction ($4,629.12).
    - You can view and download all social media cuts here: [Stone Manor](https://next.frame.io/share/ae0890ba-d179-4e24-9961-dabe25f52c17/bbbee5e5-bb76-47a4-bc68-4ea6d7913cd7)
    - This includes:
    - 5 Instagram promo posts
    - 4 Reels/Stories
    - 1 full home intro (for your website)
    - Total: 10 videos
    - Staycation Sports episode is airing around the country after debuting in the New York market, and currently streaming on Roku by searching for and downloading the Destination Channel on your Roku TV or device.
    - YouTube on the Staycation and The Destination Channels: [Inside a Sleepy Hollow Manor That Feels Straight Out of a Legend | Stone Manor Tour](https://www.youtube.com/watch?v=xkOx72w8Bpo)
    - Full episode (approx. 28 mins) features 5 Hudson Valley properties in total, and below is a password protected link.
    - Vimeo Links: [Staycation Sports Edition: Hudson Valley & West Point, NY](https://vimeo.com/1180526901?share=copy&fl=sv&fe=ci)
    - PW: westpoint1
    - Background & Rationale: Given the extremely limited window in which we had to make a decision on participation (less than one month from decision to filming around November 20, 2025), and after conducting exhaustive due diligence and conferring with PM Earl Co, I concluded that this was an unparalleled opportunity and a wise investment for the property to accelerate the transformation to a top-tier luxury vacation rental, driving demand and revenue through enhanced brand recognition and publicity. Perhaps the best part: this also addressed the much needed marketing and social media presence that we would've otherwise needed to spend on a marketing/social media professional.
    - Project Scope & Deliverables | Cost Breakdown | Proposed Partial Reimbursement: The ambitious project of getting the house ready for 'prime-time' comprised three areas of cost as outlined below. Important note: I am not seeking reimbursement for the cost of [Julian Porcino's design and styling services](https://www.julianporcino.com/) totaling $7,000. Julian came highly recommended and I knew shortly after meeting him that he would be a tremendous value-add to join the shoot, beyond his work in advising on styling and staging matters. Julian has been a great partner to Stone Manor and conducted a subsequent [photoshoot in March 2026 which you can view here](https://www.dropbox.com/scl/fo/j3vdebyav9ng3vk7mze86/AL50XTrVyXKzsBV5YrYXbC8?rlkey=0063oom7bmr18t97qdmp3dkud&st=wdwct8kx&e=1&dl=0) (I also covered the cost of this shoot and did not seek reimbursement from the DAO). Cost summary:
    - Staycation Sports Feature in their 'Hudson Valley' episode
    - Total cost including 10 curated social media videos and appearance on the show including syndicated and streaming: $8,000
    - Executed contract can be found in the Public Dropbox along with other materials (economic case studies, CBS letter, etc)
    - Furnishings purchased on Amazon.com in preparation for the shoot
    - Total cost across a wide array of upgrades to home furnishings and decor: $4,629.12
    - Julian Porcino styling services
    - To reiterate: I am not seeking reimbursement for the cost of Julian's services, totaling $7,000, which included multiple on-site visits, consultation and appearance on the episode as a good complement and subject matter expert. I was more than happy to personally cover this given my high degree of conviction in his vision and execution.
    - Voting Options:
    - Option A: Reimburse Noah for $12,629.12 to cover the Staycation fee and cost of furnishings that currently reside in the house and are property of the DAO.
    - Option B: Status quo; no reimbursement for expenses.
    - Thank you for your trust and confidence — big things ahead for Stone Manor.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, July 21st, once the voting period ends.

## 2026-07-15

- Property Update (07/15/2026):
    - Owner-proposed Governance Results for 9 Country Club Ln N:
    - The governance results are back for the most recent governance vote.
    - The winning vote is:
    - Option A: Implement a 5-business-day timeline. Noah must supply all valid receipts within 5 business days of the vote's conclusion, or the reimbursement is forfeited.
    - This voting option received 54/58 votes and received 99.07% of the voting power. This is a co-ownership property, which means the governance mechanism used the [scaled governance calculations](https://loftyai.notion.site/Governance-Mechanism-For-Partial-Property-Sales-e74b184f52124e219c320bb61b2b89b8) as opposed to the default of 1 share equals 1 vote.
    - The voting results can be found on chain [here](https://allo.info/application/3637939224) or by searching the application ID: 3637939224

## 2026-07-15

- Property Update (07/15/2026):
    - Financial Reconciliation Correction:
    - The prior -$40,484.52 "ECO Operating Cash" listing value was not a bank balance; it mixed operating activity, accruals, mortgage settlements, owner capital, and transfers.
    - June 2026 revenue is $25,653.31, operating expenses are -$15,434.20, and net operating cash flow after the $2,875 mortgage interest expense is $7,344.11.
    - Every completed month from July 2025 through June 2026 closes to $0.00 after the correction. June 30 retained earnings are $1,326.83 and ECO operating principal is $0.00.
    - Baselane bank cash is $36,981.50 before required transfers of $13,071.60 to ECO Systems LLC and $63.74 to Heron. Projected cash after transfers is $23,846.16.
    - Projected bank cash is not distributable. Remaining tax, insurance, and legal liabilities total $46,317.31, $22,471.15 above projected post-transfer bank cash.
    - Noah mortgage interest payable is $0.00. July and August 2025 interest was already withheld from the NOCF remittance and must not be accrued again.
    - July 2026 is still open at -$3,684.28 in ECO GL Column E.

    - Financial summary:
    - Lofty-held current maintenance reserve: $3,108.19
    - ECO GL Column E sum: -$3,684.28 (245 rows)

## 2026-07-09

- Property Update (07/09/2026):
    - Owner-Proposed Governance Vote for 9 Country Club Ln N:
    - Historical notice: this receipt-submission vote is unrelated to the two outstanding $2,875 mortgage-interest payments. The $5,750 mortgage-interest payable to Noah is an ordinary DAO obligation and does not require governance.
    - An Owner with the following [wallet address](https://allo.info/account/QVFBHWGZVKIJXBKOYHWL6UQ6CD2Z6YQMV7H5KOE7CNG25GIM2PSVZONOVE) is proposing a governance vote.
    - This owner holds 100 shares in this property.
    - The owner's reasoning is below, word-for-word:
    - Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Governance Proposal: Resolution of Outstanding Reimbursements for The DAO's Co-Owner
    - Context A DAO co-owner (Noah) is owed for several items for the property but has not supplied receipts. To get this property to have a proper financial picture, we need to settle this up timely.
    - We are voting on whether to implement a strict submission window or maintain the status quo. If Option A passes, Noah will have exactly 5 business days from the conclusion of this vote to submit all valid receipts to DAO. If the deadline passes without the required documentation, the reimbursement request will be permanently canceled, and the funds will remain in the DAO account.
    - Voting Options
    - Option A: Implement a 5-business-day timeline. Noah must supply all valid receipts within 5 business days of the vote's conclusion, or the reimbursement is forfeited.
    - Option B: Do nothing. Keep the reimbursement request open indefinitely without a strict deadline.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, July 14th, once the voting period ends.

    - Financial summary:
    - Lofty-held current maintenance reserve: $3,108.19
    - ECO GL Column E sum: -$10,334.84 (178 rows)

## 2025-11-16

- Property Update (11/16/2025):
    - Owners are receiving the net cash flow for October on a daily basis from November 15th through December 14th.
    - October's net cash flow totaled $0, compared to September's net cash flow of $8,531.84 (100% decrease), on account of a large investment in a [TV feature](https://discord.com/channels/847877825373012018/1379898174835134645/1437941577640181951) on [Staycation](https://www.thedestinationchannel.com/get-featured-staycation) on the Destination Channel, as well as new furnishings and interior design. The cost of the interior designer is being subsidized by the co-owner, Noah Simon, but a capital call for the furnishings and marketing is subject to an upcoming governance vote.
    - [P&L Statement](https://www.dropbox.com/scl/fi/emwqqww18rge0ls4tj99v/Cash-Flow-Statement-9-Country-Club-Lane-North-Briarcliff-Manor-NY-10510.xlsx?rlkey=oaut2zt3wd3azr7fum4u6bmsy&dl=0)
    - All financial data are in [Dropbox](https://asset.lofty.ai/LFTY0476) and Metrics are in [Hospitable](https://share.hospitable.com/metrics/350c4051-ef8b-4208-b44c-a895e21e8b97). Email earl@earlbnb.com if something is missing.

## 2025-10-22

- Property Update (10/22/2025):
    - Owner-proposed Governance Results for 9 Country Club Ln N:
    - The governance results are back for the most recent governance vote.
    - The winning vote is:
    - maintain status quo of paying out all FCF
    - This voting option received 13/28 votes and received 76% of the voting power. This is a co-ownership property, which means the governance mechanism used the scaled governance calculations as opposed to the default of 1 token equals 1 vote.
    - The voting results can be found on chain [here](https://allo.info/application/3277225211) or by searching the application ID: 3277225211

## 2025-10-17

- Property Update (10/17/2025):
    - Owner-Proposed Governance Vote for 9 Country Club Ln N:
    - An Owner with the following [wallet address](https://allo.info/account/TBM7IBZYTO5GGMTELJXSIAV5N55YETID4CXR5E23P2C3ARKPNWKII2LS3M) is proposing a governance vote.
    - This owner holds 80 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - "while stone manor is in a depressed price point from the oddities surrounding the oracle price adjustment last month, we have a unique opportunity to make some accretive share repurchases.
    - I would like to propose that we spend 50% of FCF (free cash flow) on shar