Atlantic Trading Systems

Housing.
Boring. Scalable. Infinite.

We forward-purchase multifamily at construction cost and convert it into perpetual yield infrastructure.

8%
Total Return
100%
Loan-to-Cost
0%
Churn
∞
Duration
Raising $5M Seed
The Problem

Capital is stuck.
Housing doesn't have to be.

Post-SVB, regional banks retreated. Developers with shovel-ready projects can't close their capital stacks.

$5T in pension capital needs 7%+ returns but can't stomach 10-year lockups. They're buying T-Bills at 4.5% and watching their liabilities grow.

Status Quo With ATS
Developer LTC 60-65% 100%
Equity Required 35-40% 0%
Investor Liquidity 7-10 years Quarterly
Investor Return ~15% (illiquid) 8% (liquid)
Why Now

The window is open.

1. Bank Retreat

Regional bank CRE exposure is at historic highs. Regulators are forcing pullback. Construction lending has dropped 40% YoY.

2. Rate Normalization

As rates decline, a liquid 8% total return becomes increasingly attractive vs. duration-matched alternatives.

3. Pension Pressure

Public pensions are 20% underfunded on average. They need yield, but core RE funds have 2-year redemption queues.

"The rails exist. 144A. ATS registration. Institutional custody. We're not inventing infrastructure—we're using it."
The Product

The Yield Strip.

Perpetual claim on NOI. Priced at cost. Boring by design.

  • Entry Price $30.0M (at cost)
  • Retail Value (Gordon Growth) $37.1M
  • Day 1 Embedded Equity $7.1M (24%)
  • Gross Yield on Cost 6.17%
  • Net Yield (after 20% platform fee) ~5%
  • Annual NOI Growth 3%
  • Total Return 8%
Valuation Logic
Gordon Growth Model:

Value = NOI / (r - g)

Value = $1.85M / (8% - 3%)
Value = $1.85M / 5%
Value = $37.1M

Entry at $30M = 24% margin of safety
Business Model

Toll booth economics.

Revenue Streams

  • Origination Fee 1.5% of deal size
  • Platform Fee (Asset Mgmt) 20% of NOI
  • Redemption Fee 1% of NAV

Per-Deal Economics

  • Deal Size $30M
  • Origination Fee (1.5%) $450K
  • Annual Platform Fee $278K
Scale Model
10 deals/year × $30M = $300M AUM
Origination: $4.5M
Platform Fee: $2.8M/yr
Year 3 Run-Rate: $12M+
Developer Alignment
Developers receive 25% of platform fee
= ~$93K/year perpetual income stream
Repeat business incentive
Market Size

Boring scales.

$900B
Annual MF Construction

US multifamily starts. Every year. Like clockwork.

$180B
SAM: Merchant Builds

~20% are merchant builds seeking exit capital.

$1.8B
Year 5 Target

1% penetration. 60 deals. $30M avg.

Platform revenue at 1% penetration: +$22M/year, stacking forever.

The Unlock

Zero churn.
Buildings don't cancel.

Infrastructure Economics
This isn't SaaS. Customers don't churn.
This isn't PE. Assets don't exit.

Yield Strips are perpetual.
The building stays. The NOI flows.
Forever.

Redemptions transfer ownership between investors. The asset never leaves the platform. Every deal closed is permanent ARR.

Cumulative Platform Revenue (1% US)

$22M Y1
$44M Y2
$66M Y3
$88M Y4
$110M Y5
Stacking, not replacing

Year 5 isn't $22M. It's $110M. Because nothing ever leaves.

Progress

Building the rails.

Completed

  • Financial model & unit economics ✓
  • Legal structure outlined (144A/QIB) ✓
  • Product design document (80+ pages) ✓
  • Developer pipeline conversations ✓

Next (Post-Seed)

  • Engage Tier 1 securities counsel Q1
  • Finalize LLC/SPV structure Q1
  • Execute pilot deal ($30-35M) Q2-Q3
  • Anchor LP commitment Q3
Team

Infrastructure people.

Elliott Dehnbostel
CEO / Managing Partner
Background in infrastructure research and development. Previously at Meta focused on core software infrastructure. Deep familiarity with market mechanisms and experience with exchange development.
[Hiring] Head of Capital Markets
Post-Seed Hire
Target: Senior hire from institutional LP (pension, insurance) or RE securities platform. Owns anchor LP relationship and secondary market strategy.

Advisors & Counsel (Target)

Latham & Watkins or Kirkland & Ellis (securities) · Sidley Austin (real estate) · Big 4 (tax structuring)

The Ask

$5M Seed

To build the legal rails and close Deal 1.

Legal & Structure ($1.5M)
Pilot Execution ($900K)
ATS Development ($1.5M)
Team & Ops ($600K)

Use of Funds

  • Securities counsel (144A structure) $800K
  • Tax structuring & opinions $400K
  • RE counsel & deal structuring $300K
  • Pilot deal costs $900K
  • ATS development & certification $1.5M
  • Team (18 mo runway) $600K
Milestones to Series A
1. Legal structure complete & blessed
2. Pilot deal closed ($30-35M)
3. Anchor LP soft-circled ($50M+)
4. 3+ developers in pipeline

→ Raise Series A ($15-20M)
Atlantic Trading Systems

Housing.
Boring.
Scalable.
Infinite.

Elliott Dehnbostel
This presentation is for informational purposes only and does not constitute an offer to sell
or solicitation of an offer to buy any securities. Confidential.
Bonus // The Long Game

Rebuild Ukraine.

Saturate the airwaves of capital into housing.

The Opportunity
Post-war reconstruction: $500B+
Housing alone: $100B+

Western capital wants in.
But there's no structure.
No rails. No liquidity. No exit.

We are the rails.

Why This Matters

The same structure that works for US multifamily works for any housing market with rule of law and enforceable property rights.

EU accession means Ukraine will have both.

Pensions can't write checks to "rebuild Ukraine." But they can buy Yield Strips on Kyiv apartments generating 8% forever.

The Vision

Boring. Scalable. Infinite.
Everywhere.

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