Alliance Mortgage Fund
One fund. Loans we made, in markets we know.
Alliance Mortgage Fund holds private loans that Alliance Portfolio originates, underwrites, and services, all secured by California real estate. Accredited investors participate in the Fund and receive the interest income those loans produce, with capital preservation the first consideration in each loan the Fund holds.
Fund overview
What the Fund is, and why investors consider it.
Alliance Mortgage Fund invests in private loans originated and serviced by Alliance Portfolio and secured by California real estate. The Fund is available to accredited investors, with eligibility and participation terms governed by the current offering documents.
What the Fund invests in
Private loans secured by deeds of trust on California real estate, originated by Alliance Portfolio rather than purchased from another lender.
What secures each loan
Real property. Every loan is written against a specific California property, and borrower equity stands between the loan and the value of that collateral.
Where the terms are stated
The current offering documents govern the investment. They state the minimum investment, the fee structure, and the conditions that apply to subscription and withdrawal.
Income that does not wait for a sale
Borrowers pay interest for as long as a loan is outstanding, and that interest is what the Fund distributes. The income does not depend on a property being sold or on values rising.
Borrower equity beneath the loan
Loans are written well below what the property is worth: the Fund’s average portfolio loan-to-value is 53.3%, so borrower equity stands between the loan and the value of the collateral.
Terms and exits that are defined in advance
Every loan is written to a defined term and a defined exit rather than to a forecast, and Alliance Portfolio services the loan itself for as long as it is outstanding.
What the Fund holds, and how a loan gets there.
Every loan in the Fund is originated, underwritten and serviced by Alliance Portfolio, with real California property, borrower equity and a defined exit at the center of the decision.
The Fund holds California real estate loans of a particular character. Portfolio composition changes continuously, so current quantities, counts and concentrations are in the current fund materials.
- Security
- Deeds of trust on California real estate, in first and second position.
- Property types
- Residential, multifamily, commercial and land, held as investment or business-purpose collateral rather than owner-occupied consumer lending.
- Markets
- Coastal California, principally Orange County, coastal Los Angeles, San Diego County and the San Francisco Bay Area.
- Terms
- Short and defined. Loans are written to a term and an exit, with extension considered on its own merits rather than assumed.
- Purposes
- Acquisition, bridge, construction and repositioning transactions where timing, structure or property condition puts the loan outside conventional lending.
The loan should make sense before the return does.
Alliance Portfolio evaluates the loan before it evaluates the return. Five questions come before any discussion of yield.
Is the property appropriately valued?
What the property is worth today, in its own market, rather than what it might be worth later.
How much borrower equity is in the transaction?
How much of the borrower’s own capital stands beneath the loan, and what else is secured against the property.
Where does the Fund sit in the capital structure?
The recorded position, and what obligations would stand ahead of the Fund if the plan changes.
Is the exit realistic?
How the loan is repaid: a sale, a refinance or a completed project, evaluated before capital goes out.
What happens if the original plan takes longer?
What recovery could look like, and whether Alliance Portfolio knows the asset and market well enough to manage that outcome.
Fund performance
Consistency supported by equity.
The Fund’s value is not one number. It is the relationship between the income generated by the loan portfolio, the income distributed, and the equity supporting the underlying loans.
This view highlights the relationship between portfolio income, investor distributions, and the equity supporting the loans underneath.
12-month average actual blended yield
8.06%
The average income generated by the underlying loan portfolio over the trailing 12 months ended July 2026.
12-month average distribution
7.49%
The average rate distributed to members across the same 12-month period, ended July 2026.
Weighted average LTV
53.3%
The weighted average loan-to-value across the portfolio as of August 26, 2026, reflecting how much equity stands behind the loans.
The remaining reported property value above the Fund’s loan exposure provides an added layer of support. Not a guaranteed buffer against loss.
Monthly distributions over the past 12 months.
Distribution %, 12 months ended July 2026
A month-by-month view of distributions, showing the 12-month range.
All twelve months fell within a 0.91-point band, between a low of 7.10% and a high of 8.01%, holding close to the 7.49% average across the period August 2025 to July 2026.
Actual blended yield, the income behind the distribution.
Supporting measure
A secondary view of portfolio income generation across the same period.
12-month average actual blended yield
Monthly values ranged from 7.27% to 9.29% over the same period.
What supports it.
August 2026 listed loan balances
Portfolio construction matters. These underlying characteristics help explain how the Fund is positioned.
Property type
Shows how the portfolio is allocated across residential, commercial, and land collateral.
Lien position
Shows where the Fund sits in the capital stack across the underlying loans.
Location
Shows geographic concentration across the portfolio’s California markets.
Portfolio condition.
As of August 26, 2026
The current status of portfolio assets. Current & Active includes 87.27% reported current assets plus 6.76% of other active or current assets. Late or default assets shown were still accruing interest as reported.
Fund discipline.
Structural characteristics
Highlights several operating characteristics that support the overall structure of the Fund.
No leverage
The Fund does not borrow against the portfolio.
Audited financials
The Fund is audited annually.
Monthly income or growth
Distributions may be taken as income or reinvested.
Point-in-time portfolio figures are drawn from the Alliance Mortgage Fund portfolio letter and lender statement dated August 26, 2026. Distribution and actual blended yield figures are trailing 12-month averages of monthly figures for the 12 months ended July 2026; monthly values are shown as reported. Point-in-time and trailing 12-month figures are different measurements and should not be read as the same metric. Actual blended yield is the yield generated by the loan portfolio and is not an investor return.
Past performance does not indicate future results and returns are not guaranteed. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security. Any offer is made only through the current offering documents, which govern and should be read in full.
How portfolio income becomes investor distribution.
The yield the loan portfolio generates and the distribution members receive are related but different measurements.
8.06%
Average actual blended yield
Income generated by the mortgage portfolio.
Fund-level considerations
Fund-level expenses, management costs, reserves, non-accruals, undeployed capital and other portfolio activity
7.49%
Average member distribution
Income distributed to members over the same 12-month period.
These are related but different measurements. The difference between the two figures is not a fixed spread; it reflects Fund-level conditions during the period and will vary.
How income reaches you.
The Fund turns interest paid by borrowers into monthly investor distributions, so income is generated by the loans themselves rather than by selling property or relying on rising values.
Interest is what the Fund earns. Borrowers pay interest monthly for as long as a loan is outstanding, and the Fund distributes that income to investors monthly. The Fund has paid monthly distributions without a missed payment since 2013.*
Income is generated by loan payments rather than by selling assets, so a distribution does not depend on a property transacting or on a valuation being marked up.
The structure is straightforward: the Fund earns interest from the loans it holds, and monthly distributions are paid from that income. Distribution mechanics, reinvestment options and other participation terms are governed by the current offering documents.
- Frequency
- Monthly, following the interest borrowers pay on the loans the Fund holds.
- Reinvestment
- Whether distributions may be reinvested, and on what terms, is set out in the current offering documents.
- Reporting and tax
- How income is reported to you, and how it is treated for tax, are set out in the offering documents and are worth reviewing with your own tax adviser.
* Alliance Mortgage Fund figure. Past performance does not indicate future results.
Long-term capital, not daily liquidity.
The Fund’s assets are privately originated real estate loans that do not trade daily. Withdrawals follow a defined sequence.
12 months
Minimum holding period
Before a return of capital may be requested.
60 days
Written notice
Required before a withdrawal request.
10%
Annual Fund-level limit
Maximum aggregate return of capital at the Fund level each year.
Withdrawals remain subject to available Fund liquidity and the governing documents. Investors should treat the Fund as a long-term, illiquid investment: capital committed to the Fund should generally be money an investor does not expect to need on short notice.
What can go wrong, and what stands against it.
Capital preservation starts before a loan is funded, with borrower equity, disciplined loan-to-value and a defined exit helping shape every decision.
Private real estate lending carries risk, including the risk of losing capital. Alliance Portfolio does not present these as solved. What follows is what can happen and what the Fund does about it.
- A borrower stops paying
- Alliance Portfolio services its own loans, so it sees a problem early and deals with the borrower directly. Where a loan has to be enforced, the security is real property and the remedy is against that property.
- Property values move
- Loans are written against what a property is worth today, well below that value, so borrower equity absorbs movement before an investor’s capital is exposed.
- A loan runs past its term
- Every loan is written to a defined exit, and an extension is considered on its own merits rather than granted to avoid a problem.
- Capital is not liquid
- This is an investment in loans held to their terms, not a traded security. The conditions that apply to withdrawal are set out in the offering documents and should be understood before subscribing.
- Everything is in California
- Alliance Portfolio lends where it has judgment, which concentrates the portfolio in coastal California and its property markets. The trade-off is deliberate: local knowledge in exchange for geographic concentration.
Private real estate lending involves risk, including the risk of loss of capital. Yields and returns are not guaranteed and past performance does not indicate future results. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security. Any offer is made only through the current offering documents, which govern and which should be read in full.
No fund-level leverage.
Returns come from the mortgage portfolio itself, not from borrowing against it.
No extra debt at the Fund level
The Fund does not borrow against its portfolio, so the loans do not first have to cover a separate layer of fund-level interest expense.
No outside lender setting the terms
There is no separate portfolio lender imposing borrowing limits, collateral tests or refinancing deadlines on the Fund.
Returns come from the loans themselves
The Fund still takes credit risk, but results are driven by the underlying mortgage loans rather than amplified by added borrowing.
99.65%
of audited assets funded by member equity at December 31, 2024. At year-end 2024 the audited balance sheet reported $17.50M in members’ equity against $60.8K in total liabilities. Audited by Armanino. These are audited historical figures, not current portfolio figures.
How investing works.
From eligibility through ongoing reporting, the investment process is designed to be clear, direct and supported by the Alliance Portfolio team.
Confirm eligibility
The Fund is available to accredited investors. Alliance Portfolio confirms eligibility before sending offering material.
Review the offering documents
The documents state the terms, the fees, the risks and the conditions on subscription and withdrawal. This is the part worth taking time over, and worth taking to your own adviser.
Subscribe
Subscription is completed on the terms set out in those documents.
Receive distributions
Income is distributed monthly for as long as the investment is held.
Documents and diligence.
The offering documents are the source of truth, giving accredited investors the terms, disclosures and reporting needed to evaluate the Fund with clarity.
Alliance Portfolio sends material rather than publishing it, because offering documents carry eligibility conditions and because the current version is the only one worth reading. Ask, and a person will send what applies to you.
Fund information
What the Fund is, what it invests in and how participation works.
Available on request.
Offering documents
The governing terms: structure, fees, risk factors, and the conditions on subscription and withdrawal.
Provided to eligible investors once accreditation is confirmed.
Ongoing reporting
What holders receive while an investment is held.
Provided to investors in the Fund.
Questions investors ask.
A good investment decision starts with the right questions, and we want investors to understand the Fund before they commit capital.
What does the Fund actually own?
A portfolio of private loans secured by deeds of trust on California real estate. The Fund is a lender, not a property owner: it holds the debt and the security behind it, not the buildings.
What secures my investment?
The loans in the portfolio are secured by specific California properties, each written below what the property is worth. The Fund’s average portfolio loan-to-value is 53.3%.
Who can invest?
Accredited investors. The eligibility requirements, and how accreditation is confirmed, are set out in the current offering documents.
How much do I need to invest?
A minimum applies and it is stated in the current offering documents. Alliance Portfolio will send them once eligibility is confirmed.
How and when is income paid?
Monthly, from the interest borrowers pay on the loans the Fund holds. The Fund has paid monthly distributions without a missed payment since 2013.*
Can I get my capital back?
This is an investment in loans held to their terms rather than a traded security. The conditions that apply to withdrawal are set out in the offering documents, and are worth understanding before subscribing.
What happens if a borrower defaults?
Alliance Portfolio services its own loans, so it deals with the borrower directly and early. Where a loan has to be enforced, the remedy is against the real property securing it. Enforcement can take time and can affect the amount recovered.
How do I start?
Ask for information. Alliance Portfolio confirms eligibility, sends the current documents, and answers questions directly. There’s no portal to sign up through.
* Alliance Mortgage Fund figure. Past performance does not indicate future results.
Ask for the documents.
Tell us what you are evaluating and Alliance Portfolio will confirm eligibility and send the current fund and offering material. Questions are answered by the people who make the lending decisions.