DOCKET NO. 009 — JULY 7, 2026

This is the highest-scored deal in Docket No. 009 and the only EDGAR filing this fortnight that arrived open, operator-verified, and carrying a disclosed return structure. Ironton Capital is a Denver real estate private equity firm founded by Lon Welsh — founder of Your Castle Real Estate, exited to private equity, and First Alliance Title, exited to Compass — with more than $100 million deployed since 2024. The "Fund II" designation confirms a prior vintage of this same short-term debt strategy has already been raised and deployed. That is the rarest thing in this week's filing set: a named, independently checkable operator with two prior company exits behind him.

The structure is a debt position — senior to equity, per sponsor materials spread across 200-plus individual loans with borrower guarantees, targeting 8%–9.5% annually. That target is modest against the 15%-plus coupons on the private credit notes elsewhere in this issue, and it should be: this is priced as a low-volatility income product, not a yield-maximizing one. The gap between 76 and a higher score is what the public record cannot show — the return, collateral, and liquidity terms come from Ironton's marketing materials, not the Form D itself. The Dossier lays out exactly what to confirm in the PPM before committing.

Owner-independence is tested here, not claimed. A full-time general manager and assistant manager run a 20-person team while the owner works roughly 5–15 hours per week remotely — and the lease runs to 2035, removing the near-term lease-cliff risk that has capped most SMB deals reviewed this quarter. The facility is described as a top-5% performer in its franchise network. Three gaps hold this below 80: the franchise brand is unnamed, so system-level economics can't be verified; the listing is direct and unbrokered under a no-accuracy-guarantee disclaimer, a lower verification bar than a brokered listing with third-party diligence; and the five-year operating history spans the pandemic-era pet-care boom, which has since normalized.

RapiCredit is a real, twelve-year Colombian microlender — founded 2013, $25.3 million raised from institutional backers including Village Capital and Prosegur — disbursing millions of digital loans to Colombia's underbanked population. The "Sr. 2026-7" designation confirms a multi-series repayment history on Percent, and the senior secured, asset-based structure gives investors a first-priority claim against the loan collateral pool. The 15.0%–16.5% coupon compensates for real, identifiable risk: Colombian consumer microcredit carries elevated default rates by design, and this note carries COP/USD currency exposure and regulatory sensitivity a domestic note would not. Percent discloses no portfolio-level overcollateralization ratio or default rate publicly. Closes July 19.

The recurring base is the thesis: 300-plus signed property-management, HOA, and commercial impound agreements built over ten-plus years, a 45.6% SDE margin, and a documented team led by a VSF manager with fifteen-plus years of experience. Two risks stack to hold this at the bottom of the tier — the entire operation depends on a single licensed Vehicle Storage Facility whose lease expires June 2027 with no renewal terms disclosed, and private-property towing is one of the more ordinance-exposed, complaint-driven categories in Texas municipal regulation. A 2004-model tow truck in the three-vehicle fleet is a near-term capex signal on top of both.

SBA prequalification and a fair 3.20x multiple are the positives — SBA underwriting is a real third-party quality signal and widens the buyer pool. The constraint is the "semi-absentee" framing itself: the current owner personally handles project estimation, the actual value-creation function in a roofing business, with only two full-time employees and subcontractors supporting. That is not yet a demonstrated absentee operation. The lease is also unassigned pending landlord negotiation. One confirmed operating/sales manager in place would move this into On the Docket range.

Fundo is a real, verifiable North Miami-based SMB lender, founded 2019, BBB-accredited at a B rating. Senior secured and short-duration are the structural positives. The coupon sits at the low end for the risk category: the underlying collateral is merchant cash advance-style receivables from small businesses that could not access conventional credit — the same structural concern that held a comparable borrower to 59 in No. 007. Suitable for a diversified Percent allocation; not a standalone conviction entry.

Disclosure is unusually granular for a brokered listing — full P&L detail down to sales-tax and insurance line items at both locations — and the 1.75x package multiple looks inexpensive on its face. It is inexpensive because it is pricing in real, identifiable risk: New York's regulatory trajectory on flavored vape and tobacco retail is actively tightening, Location 1's lease has roughly two years remaining with no renewal confirmed, and the ~$400,000 combined inventory is priced separately from the asking price.

The following deals were scored and fell below the 50-point threshold. Published as a transparency signal — this is what The Docket reviewed and did not pass. All scores reflect specific, identifiable gaps — not judgments about whether good businesses or operators exist behind these listings.

The headline financials do not reconcile: revenue, SDE, and EBITDA are reported as functionally identical figures — a "100% profit margin" — which is not an achievable structure for a business with any operating cost base, including the one full-time employee the listing itself discloses. The "Fortune 500 banking partner" and comparison to Stripe are unnamed and unverifiable. A real residual-based merchant services book could be a sound acquisition; these specific public figures cannot be trusted as presented.

A 10.2x multiple on disclosed SDE is well above where a fuel/convenience asset of this size typically trades, and the listing frames profits as "proposed" rather than actual, trailing figures. Property size is reported inconsistently within the same listing, real estate and inventory are priced separately from the asking figure, and the listing explicitly markets E-2 and EB-5 visa qualification — pricing oriented toward an immigration-qualifying buyer rather than toward cash-flow return.

These fourteen sourced deals never reached a numeric score. Published for the same transparency reason as Not Cleared — this is what The Docket reviewed and set aside, and why.

Stale re-surfaces (6). No change in public data since prior review: a Wayne County, Michigan aluminum boat manufacturer, identical to the deal scored 42 in No. 008 (Fishhook Boats, Ad #2523671); a Nassau County card laundromat, identical to the deal scored 66 in No. 007 under a different ad number; and four EDGAR filings unchanged since No. 008 — Parcel Inc., 5 Soulfood Development Fund LLC, EF Beacon Hill Syndication LLC, and Chispa VC Cyber Seed Fund I.

Fully subscribed (4). Total amount sold equals or approaches the offering amount, leaving no meaningful remaining allocation: Usonia MH Raleigh LLC, ESC 200 Central LLC, Doliver Special Credit LLC, and Standard Fund Series II.

Unverifiable (2). Could not be confirmed against two independent confirmation points: SC SPF Fund LLC and SNK Investments & Capital Fund LLC.

Outside the framework (2). Suncoast Ventures Fund I and Premier Fund II, a Series of Decile Capital, are blind-pool funds run by verifiable operators — but a blind-pool fund discloses no return structure to evaluate, which places it outside this publication's scoring framework. The operators are real; the deal type is not one this framework can score.

The Docket is an independent private market intelligence publication. Nothing published here is investment advice, a recommendation to invest or not invest, or a projection of future returns. All investment decisions are the sole responsibility of the reader. The Docket is not a registered investment advisor, broker-dealer, or fund manager. Scores represent The Docket's structured editorial judgment based on publicly available information at the time of review. Accredited investors only. All private placements and business acquisitions carry substantial risk of loss, including total loss of principal. Review all offering documents carefully and conduct independent due diligence before making any investment or acquisition decision. The full scoring framework is available here.