The Launch Report(TM). The Q3 2026 Launch Report is here. In this edition of The Launch Report(TM), Launch cover LGI Homes' second Launch Bond(R) of 2026. Launch also examine the growing role of certified payroll in Nevada infrastructure reimbursements. In addition, Launch look at Tennessee's Infrastructure Development Districts. Finally, Launch share its Mid-Year 2026 analysis of the Top 50 Selling Master Planned Communities. LGI Homes' $88.1MM Launch Bond(R) project 2.0. On September 24, 2026, LGI Homes closed an $88.1 million Launch Bond(R). The bond provides MUD forward funding for seven master-planned communities in Texas. Specifically, the communities are in the Dallas-Fort Worth and Greater Houston markets. Together, they span more than 1,860 acres and are expected to deliver 6,043 residential lots. In addition, LGI Homes closed a $68.4 million Launch Bond(R) in May. Combined, the two transactions total $156.5 million across 13 communities. Why certified payroll matters in Nevada infrastructure reimbursements. Nevada developers can use Local Improvement Districts and Tax Increment Financing to recover eligible infrastructure costs. However, those costs are reimbursed only after they clear review. Certified payroll is now receiving closer scrutiny. As a result, payroll errors can delay or disallow reimbursements that developers are counting on. Curry Froelich explains what noncompliance costs a project. He also outlines the controls that protect reimbursable dollars, including The Launch Reimbursement System(TM). Tennessee Infrastructure Development Districts. Tennessee adopted the Infrastructure Development District in 2024. Since then, the state has expanded the framework in 2025 and 2026. Chris Bassett walks through formation, authorized costs, assessment methodology, and sizing. For example, an illustrative pro forma shows how IDD financing can return developer capital earlier and improve project returns. Finally, he answers common questions about IDDs. Mid-Year 2026 Top 50 Selling Master Planned Communities. Launch partnered with RCLCO Real Estate Consulting to analyze the Mid-Year 2026 Top 50 Selling Master Planned Communities. Overall, 84% of home sales occurred within a special taxing district, a slight dip from 88% at year-end 2025. Texas still leads the list with 20 MPCs, and 18 of them use special districts. The Land to Lots(TM) podcast and book series. This quarter's Land to Lots(TM) episodes feature Chris Meany on Treasure Island and Charley Freericks on Teravalis. In addition, Tyler Cobb discusses Arizona's State Affordability Infrastructure District legislation. Launch also highlight Engineering Land Value from the Land to Lots(TM) book series. In this book, Carter Froelich shares a practical playbook for land residual analysis.

RCLCO Fund Advisors (RFA) announces new hire Shawn Veldhouse as Managing Director. Strategic new hire will expand client relationship capabilities and business development opportunities | LOS ANGELES, CA, October 15, 2026 - Leading advisor to institutional clients, RCLCO Fund Advisors (RFA), announced today that they have added Shawn Veldhouse as Managing Director to their team, working largely on client relationship management initiatives and business development. Shawn will be based in the company's New York City office. "We've known Shawn for years as a highly strategic and creative investor and are excited that he'll be able to offer his knowledge and expertise to our current and prospective clients," states RFA CEO Taylor Mammen. "Shawn's background as both a limited partner and general partner enhances and expands our ability to better serve our clients and investors and we are excited to have him on board." Before joining RFA, Shawn served as Deputy Director of Real Estate Investments at the New York State Common Retirement Fund (CRF), where he deployed capital for CRF's discretionary investment programs. Prior to CRF, Shawn worked for a family office, and several notable investment managers, including The Milestone Group and RREEF. Shawn's GP-LP perspective helps him bridge institutional objectives and practical investment execution. As for why RFA, Shawn notes that "RFA has built a reputation for delivering customized investment solutions to a sophisticated client base. Having spent the past decade on the allocator side, with prior experience as a direct investor, I understand what institutional investors need from an advisor. I am excited for the opportunity to join an organization where I can participate in the growth of a platform that meets the needs of institutional investors seeking more oversight and control of their real estate portfolio". Shawn is an active and well-known industry participant. He served as Co-Chair of the Alternative Real Estate Investments Affinity Group at the Pension Real Estate Association (PREA) from 2018 to 2024, and is a member of the Industrial and Office Park Development Council (Blue Flight) at the Urban Land Institute (ULI). Shawn is a graduate of the University of Utah, with Bachelor's Degree in Business Finance; and Loyola University Chicago, with a Master's in Business Administration, Shawn's immediate focus will be expanding RFA's presence in New York City, serving existing investors and clients on the East Coast, Canada, and Europe, and positioning the firm to attract new investors and clients globally. | | About RCLCO Fund Advisors (RFA) RCLCO Fund Advisors ("RFA") is the institutional real estate advisory and investment management affiliate of RCLCO Real Estate Consulting, a firm whose market intelligence practice traces back to 1967. Established in 2011 and registered with the SEC as an investment advisor since 2014, RFA works exclusively for the investor, without product or manager relationships that could compromise that mandate. As of July 2026, RFA advised on approximately $122 billion for clients that include pension funds, sovereign wealth funds, endowments, insurance companies and family offices across multiple countries. Learn more at www.rclco.com/rfa |