A first-of-kind primary bond issuance for qualified UAE investors — an 8% USD quarterly coupon anchored by senior FHA and GSE debt, with 45% upside participation at maturity.
Qualified Purchasers only · $1,000,000 minimum · UAE exclusive. The full offering, live covenant telemetry, waterfall simulator, and document vault sit behind the investor gate.
Qualified Purchasers · $1,000,000 Minimum · UAE Exclusive
This portal is provided by Alice Group Limited for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. The Alice LTL Bond is offered exclusively to Qualified Purchasers in the United Arab Emirates under applicable securities regulations. Past performance is not indicative of future results. All investments involve risk, including potential loss of principal.
Coupon payments are subject to the terms of the Credit Agreement and Bond Indenture. The 45% upside participation at maturity is based on projected disposition proceeds and is not guaranteed. Live covenant data is sourced from the independent trustee and updated quarterly. Market data is sourced from FRED (Federal Reserve Economic Data) via the St. Louis Fed API.
Program · Series 1
Coupon
Upside (Y5 base)
Senior Stack
Minimum
Credit Rating
Portal Overview
Navigate the portal using the menu above. Explore the investment thesis, model your returns in the waterfall simulator, review live covenant telemetry, access the document vault, and connect directly with our IR team.
Meet Katerine
AI Concierge · Powered by D-ID & ElevenLabs
Katerine can walk you through the entire portal in two minutes — the investment thesis, bond terms, portfolio assets, live data, and how to allocate. Press play to hear her synopsis, or explore on your own.
$1B Programmatic Bond Program
Series 1 is now open for qualified investors. Three additional series will follow programmatically, each backed by newly acquired Class-A multifamily assets with identical bond architecture — same 8% coupon, same 45% upside, same FHA/GSE senior stack.
01 — Investment Thesis
Alice LTL Bond was built around a single question asked by the most sophisticated GCC allocators: how do you engineer U.S. multifamily exposure with downside protection, current yield, and equity-like upside — in a USD-denominated, exchange-listed, compliance-gated wrapper? These are the five answers.
The bond is exchange-listed on the Vienna MTF — regulated, transparent, and with a clear secondary path. Every bondholder benefits from a structured liquidity option, not a hope.
Vienna MTF · ISIN AT0000A3G896Priced at approximately 4.85%, sourced through direct principal relationships. That senior layer is the structural downside protection — the reason the bond can pay 8% current without reaching for risk. The Sponsors are personally guaranteeing the Agency financing. A testament to aligning ourselves with our investors.
~$311M senior · ~4.85% blendedA dollar-denominated quarterly coupon is a natural FX hedge for GCC and global allocators whose liabilities or benchmarks sit in USD or pegged currencies. No drift. No accrual-only surprises.
8.00% · Quarterly · USD · Current PayAt the Year 5 base-case maturity, bondholders receive 45% of net disposition proceeds above the 8% coupon. If the Issuer elects to extend, economics flip 55/45 in the bondholders' favour, paying at final maturity in Y7 or Y8.
Base · 45% at Y5 · Extension · 55/45 flip at Y7/Y8The sponsors have worked diligently with the rating agency and preliminary indications point to an investment grade "BBB" credit rating prior to close. Institutional credit quality at an 8.00% coupon — a structural yield premium versus GCC investment-grade peers. Full rating documentation will be provided to all interested bond investors.
"BBB" · Investment Grade · Under ReviewThis is not a blind pool. NDAs have been executed with multiple U.S. portfolio owners, property tours are scheduled, financial due diligence is in flight, and senior debt negotiations are underway. Class A, institutional-grade, in markets with durable population and employment growth. Detailed asset-by-asset diligence is available to qualified investors inside the portal.
Class A · U.S. multifamily · NDA-gated detail inside portal02 — Bondholder Economics
The bond has two mutually exclusive economic paths. The base case matures in Year 5. The extension path is exercisable at the Issuer's discretion with notice to bondholders. If exercised, the carry flips to 55% bondholder / 45% Issuer at final maturity.
The 8% quarterly current pay runs the full 5-year term. At the Year 5 disposition event, bondholders take 45% of net proceeds above the coupon before any carry flips.
The extension is a compliance-gated bondholder benefit, not a sponsor option. If it triggers, the economics flip — 55% of carry to the bond, 45% to management — and pays at final maturity in Year 7 or Year 8. The final year of any extension requires an evidenced 12-month disposition plan.
03 — Capital Structure
Approximately 55% of the total enterprise is senior government-anchored debt, with bondholders holding the remaining ~45% of the capital stack — and management compensated only after the bondholder return is delivered. That's the structural alignment.
The Sponsors are personally guaranteeing the Agency financing. A testament to aligning ourselves with our investors.
The ~$561M total enterprise is anchored on an identified Class A U.S. multifamily portfolio currently under active NDA. Senior debt sizing reflects real FHA and GSE term sheet indications, not model assumptions.
04 — Waterfall Simulator
Adjust the investment size, exit cap rate, and NOI growth assumptions. The simulator models both the Base Case (Year 5, 45% at maturity) and the Extension Path (Year 7 with 55/45 flip) using the same underlying economics.
RETURN COMPOSITION
Methodology. Base case models the Y5 exit with bondholders receiving 8% quarterly coupon throughout and 45% of net proceeds above the coupon at disposition. Extension case models a Y7 exit with the same coupon throughout plus the 55/45 carry flip at the extension trigger, paying at final maturity. Exit value derived from stabilized NOI (entry NOI × growth-compounded over hold) divided by exit cap. Senior debt paid first. Indicative only; not an offer.
04b — Bond Calculator
Enter any commitment amount — every number updates in real time. Quarterly coupon income, upside at maturity, total return, and full payment schedule.
05 — Portfolio
Four off-market assets in high-growth U.S. markets. NDA executed. All properties are Class A, built post-2018, FHA/GSE-eligible, with combined 1,570 units and $32.6M vintage NOI.
Institutional Bond Tombstone
$250,000,000 · USD · Asset-Backed
Credit Rating
Investment Grade · Pending
Senior Stack
~55% FHA / GSE · ~4.85%
Program
$1B · 4 Series × $250M
06 — Coupon Calendar
Based on a representative $5,000,000 allocation at the 8% USD coupon. Your personal schedule inside the vault reflects your actual allocation and tranche.
Annual Coupon
$400,000
on $5M allocation
Per Quarter
$100,000
current pay
Total Payments
20
base term (5 years)
Cumulative (Y5)
$2,000,000
40% of principal
PAYMENT HEATMAP · 20 QUARTERS · BASE TERM
Payment dates are indicative. Actual dates subject to business day conventions. Extension scenario adds 8 additional quarterly payments (Q21–Q28) at the same 8% coupon rate. Coupon counter above reflects live accrual since issuance date based on a representative $5M allocation.
07 — Document Vault
Offering materials, market research, regulatory frameworks, and independent analysis — the complete due diligence library for the Alice LTL Bond.
Bond Offering Documents
Financial Models & Portfolio Data
Sponsor & Financing
External Market Research — Institutional source links
08 — Sponsors & Principals
Founded by Raoul Thomas and named for his late mother. Alice Group underwrites, sponsors, and personally guarantees the Agency financing on every bond-backed asset — the clearest form of alignment the market offers.
UAE-anchored primary distribution partner. Programmatic, qualified-investor-only placement across four tranches. Vector's allocator relationships across DIFC, ADGM, and the broader GCC form the distribution spine for this issuance.
09 — Comparables
Indicative references, not benchmarks. The Alice LTL Bond is a primary issuance with a government-anchored senior structure, USD current-pay coupon, equity-like upside, and compliance-gated extension architecture — a combination not typically available in a single instrument to qualified UAE investors.
10 — Investor Relations
Messages are received by AXYS Capital Ltd placement and Alice Group IR. Response SLA during the primary window is under 24 hours.
Personalized Summary
Powered by Shotstack — a 13-second cinematic summary tailored to your profile and allocation.
Live AI Concierge
Real-time AI-powered Q&A. Katerine listens, thinks, and speaks her answer live. Ask about the offering, economics, capital structure, covenants, portfolio — anything on this portal.
Katerine is an AI concierge powered by D-ID avatar technology. Her responses are generated from the bond's offering documentation. This is not investment advice. For specific allocation inquiries, contact Alice Group IR directly.
Market Context
The Alice LTL Bond enters a market defined by record housing demand, constrained supply, and institutional-grade government-backed debt priced below historical averages.
U.S. Multifamily Fundamentals
Government-Backed Debt Market
Sources: CBRE, Marcus & Millichap, Freddie Mac, FHA/HUD. Data as of Q1 2026. Not investment advice.
Structural Protection
Every identified risk has a structural mitigant embedded in the bond's capital stack, covenant framework, or operational governance.
Risk
Rising rates compress asset values and increase refinancing costs.
Mitigant
~55% of the capital stack is locked in fixed-rate FHA/GSE senior debt. Rate risk is structurally contained by the senior debt anchor.
Risk
Vacancies reduce NOI and covenant compliance.
Mitigant
Class A multifamily in supply-constrained markets. DSCR and LTV covenants tested quarterly with live telemetry.
Risk
Sponsor performance on Agency debt obligations.
Mitigant
The Sponsors are personally guaranteeing the Agency financing — a direct alignment with bondholders. Bondholders remain structurally senior to any sponsor interest.
Risk
Limited secondary market for the bond.
Mitigant
Vienna MTF listing provides regulated secondary path. ISIN assigned. Transfer agent in place.
Risk
Portfolio concentrated in U.S. multifamily.
Mitigant
Diversified across multiple MSAs. FHA insurance on senior tranches. Asset class chosen for counter-cyclical demand profile.
Risk
Bond may not be redeemed at Y5.
Mitigant
Extension is compliance-gated and flips economics to 55/45 in bondholder favor. Designed to be investor-accretive.
Stress Test — Drag to simulate portfolio losses
ESG & Impact
The Alice LTL Bond portfolio targets assets that contribute to workforce housing supply, energy efficiency, and community stability in underserved U.S. metropolitan areas.
Environmental
All repositioned assets target ENERGY STAR certification. LEED, HVAC, and water efficiency upgrades reduce operating costs and carbon footprint.
Social
Class A repositioning preserves and improves housing stock in markets with severe supply deficits. No displacement of existing tenants.
Governance
Live covenant telemetry, quarterly reporting, Vienna MTF listing requirements, independent valuation, and DLA Piper legal oversight.
Scenario B — Compliance-Gated Extension
The 5+2+1 extension is compliance-gated — it only triggers under defined covenant conditions. When it does, the economics flip decisively in bondholder favor.
Year 5 → Year 7 Extension
Year 7 → Year 8 Final Extension
The extension is not automatic. It requires satisfaction of predefined compliance conditions including DSCR, LTV, and debt yield thresholds. This is a structural safeguard — the extension only triggers when bondholder interests are demonstrably protected. If the bond does extend, the carry flip from 45/55 to 55/45 in bondholder favor compensates for the additional hold period with higher cumulative coupon and a larger share of upside.
Scenario Analysis
The bond's dual-scenario design creates a payoff matrix that is structurally investor-aligned across base, bull, bear, extension, and early redemption cases.
Modeled scenarios are indicative, not guaranteed. Actual outcomes depend on market conditions, asset performance, and covenant compliance. See the Information Memorandum for complete risk factors.
Identified Asset · A
Luxury multifamily community built in 2019. Resort-grade amenities, marble finishes, 24-hour concierge. Located in a high-growth Sun Belt employment corridor with sustained population inflows.
Asset Summary
Operating Metrics
Identified Asset · B
Premium multifamily community built in 2021 with resort-grade pool deck and amenities. FHA-eligible senior debt. Strong demand driven by proximity to employment centers and waterfront positioning.
Asset Summary
Operating Metrics
Underwriting
The financial model underpinning the Alice LTL Bond applies conservative underwriting standards across rent growth, vacancy, cap rates, and operating expenses.
Live Covenant Dashboard
Real-time covenant health across DSCR, LTV, Debt Yield, and Coverage. Historical trends, test results, and next-test countdown.
DSCR
0.00x
HealthyLTV
0.0%
Within LimitDebt Yield
0.0%
HealthyCoverage
0.0x
Healthy0 days
15 Mar 2026
4 / 4
Market Benchmarks
Risk-adjusted return comparison against institutional real estate debt and equity alternatives accessible to GCC allocators.
Yield Curve
The bond's 8% coupon provides a meaningful premium over sovereign and agency benchmarks across the duration spectrum.
Independent Validation
The Alice LTL Bond is supported by independent analysis, rating agency engagement, and recognized legal counsel.
Rating Agency
Pre-sale report completed. Rating agency engaged for ongoing surveillance. Methodology applied to FHA/GSE-anchored bond structure.
Legal Counsel
U.S. securities counsel. Structuring, documentation, and regulatory compliance for cross-border issuance.
Advisory
MENA legal and regulatory advisory. UAE placement compliance, ADGM / DIFC regulatory alignment.
Governance & Legal
The bond operates under a robust governance framework with quarterly reporting, independent oversight, and live covenant monitoring.
REPORTING CADENCE
KEY SERVICE PROVIDERS
BONDHOLDER RIGHTS
EVENT OF DEFAULT TRIGGERS
COVENANT FRAMEWORK
COMPLIANCE & OVERSIGHT
Due Diligence — Asset Gallery
High-resolution photography of portfolio properties. Every asset in the Alice LTL Bond is institutional-grade U.S. multifamily — the images speak for themselves.
9
7 MSAs
12
A
NY · CT · DC · CA · TX · FL — All assets Class A U.S. multifamily · Additional images available on request
Investor Commitment
Review key terms, simulate your investment return, execute your subscription commitment, and initiate wire transfer — all from this page.
Simulate
Use the calculator above
Commit
Submit subscription agreement
Fund
Wire to escrow account
Earn
8% quarterly + 45% upside
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