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Cash Forecast
Capital calls, distributions, and operating cash across the next six quarters · policy reserve $60M · illustrative
Opening cash$92Mheld at the holdco
Projected calls (6Q)$139Moutflows
Projected inflows (6Q)$136Mdistributions + operating
Low point$67M+$7M vs reserve
Projected cash position
Bars: capital calls (out) and distributions + operating inflows (in). Line: balance-sheet cash. Dashed: the $60M reserve.
Cash tightens in Q3 '27 as Kestrel V and Ridgeback IV call together, bottoming at $67M — a $7M cushion over the $60M reserve — then recovers as distributions pick up.
Underlying line items
| Line item | Q4 '26 | Q1 '27 | Q2 '27 | Q3 '27 | Q4 '27 | Q1 '28 |
|---|---|---|---|---|---|---|
| Opening cash | $92M | $94M | $83M | $73M | $67M | $73M |
| Capital calls | −$18M | −$28M | −$31M | −$24M | −$22M | −$16M |
| Fund distributions | $11M | $9M | $12M | $10M | $19M | $24M |
| Operating inflows | $9M | $8M | $9M | $8M | $9M | $8M |
| Net change | +$2M | −$11M | −$10M | −$6M | +$6M | +$16M |
| Ending cash | $94M | $83M | $73M | $67M | $73M | $89M |