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Updates - 1845 W 48th St, Cleveland, OH 44102.md

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Property Updates - **Property Update (2026-04-08):** April 2026 Property Update: · Field · Value · · ------- · ------- · · Yhome Net Due TO DAO · $71,488.10 · · Lofty Operating Cash · $1,104.54 · · ECO Operating Cash · $46.60 · · Outstanding Liabilities (Unpaid Bills) · $-2,162.59 · · DAO Net Cash (Capital Call) · $109,763.00 · · Estimated Owners' Equity · $31,700.00 · · DAO Estimated NAV Per Token · $48.31 · · DAO Tokens · 4430 · · Current PM · YHOME · Yhome transition reconciliation as of April

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# Property Updates

- **Property Update (2026-04-08):**

    April 2026 Property Update:

| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $71,488.10 |
| Lofty Operating Cash | $1,104.54 |
| ECO Operating Cash | $46.60 |
| Outstanding Liabilities (Unpaid Bills) | $-2,162.59 |
| DAO Net Cash (Capital Call) | $109,763.00 |
| Estimated Owners' Equity | $31,700.00 |
| DAO Estimated NAV Per Token | $48.31 |
| DAO Tokens | 4430 |
| Current PM | YHOME |


    Yhome transition reconciliation as of April 6, 2026.

    Property under YHOME management. Transition reconciliation complete.

# Property Updates

## 2026-03-06

- Property Update (03/06/2026):
- Owner-Proposed Governance Vote for 1845 W 48th St:
- This Resolution of the members of Lofty Holding 1845 W 48th Street DAO LLC (the "48th DAO" or "DAO") seeks authorization for Earl Vanze Co acting as Authorized Representative on behalf of the DAO to approve filing a civil lawsuit against Yhome Nursing LLC and/or Calixte Duffaut (the “Prospective Lawsuit”). If approved, this proposal will provide the 48th DAO with the authority to file the Prospective Lawsuit, but will not obligate or require the 48th DAO to actually file the Prospective Lawsuit. Litigation mechanics and strategy will be finalized at a later date, subject to the advice and recommendation of counsel.
- If approved, this proposal authorizes Lofty to identify counsel to represent the 48th DAO in connection with the Prospective Lawsuit, understanding that Lofty is willing to pay for those legal costs and expenses reasonably incurred by the 48th DAO in connection with the Prospective Lawsuit.
- This proposal is being submitted based upon information and belief that Yhome Nursing LLC and/or Calixte Duffaut (collectively, “Yhome”) breached their agreement(s) with the 48th DAO and its members, and/or otherwise engaged in wrongful and/or illegal conduct with respect to 1845 W 48th St. Cleveland, Ohio 44102 (“48th” or the “Property”) and the management thereof. More specifically, the conduct motivating this proposal includes, but is not limited to, the following:
- Yhome’s false misrepresentation that Yhome was the sole member of the DAO LLC as Grantor at the time of granting title to Yhome Nursing LLC as Grantee
- Yhome's refusal to transfer beneficial interest to the Property back to its rightful beneficiaries
- Yhome’s possession of assets (~$72,683 in cash and ~$31,700 in equity as of June 2025) that rightfully belong to the members of the 48th DAO
- If approved, this proposal authorizes Earl Vanze Co to serve as the single point of contact for the DAO and liaison to legal counsel on behalf of the DAO, and further authorizes Earl Vanze Co to receive any and all litigation updates from legal counsel on behalf of the DAO, and to make any decisions with respect to the prospective litigation and to authorize any action in the prospective litigation on behalf of the DAO. Such authorization will continue throughout the pendency of the litigation until resolution is reached by settlement, adjudication on the merits, or dismissal, unless otherwise terminated by a valid and enforceable vote of the DAO.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, March 10th, once the voting period ends.

## 2026-03-06

- Property Update (03/06/2026):
- Governance Results for 1845 W 48th St:
- The Governance Voting results are back for the owner-proposed governance votes.
- The first winning vote is:
- Yes [authorize Earl Vanze Co to act as Authorized Representative on behalf of the DAO]
- This voting option received 1,061/1,061 which is equal to 100% of the token votes.
- The voting results can be found on chain [here](https://allo.info/application/3473033698) or by searching the application ID: 3473033698
- The second winning vote is:
- Yes [authorize Earl Vanze Co to serve as the single point of contact for the DAO and liaison to legal counsel on behalf of the DAO, and further authorizes Earl Vanze Co to receive any and all litigation updates from legal counsel on behalf of the DAO, and to make any decisions with respect to the prospective litigation and to authorize any action in the prospective litigation on behalf of the DAO. Such authorization will continue throughout the pendency of the litigation until resolution is reached by settlement, adjudication on the merits, or dismissal, unless otherwise terminated by a valid and enforceable vote of the DAO]
- This voting option received 1,061/1,061 which is equal to 100% of the token votes.
- The voting results can be found on chain [here](https://allo.info/application/3473034669) or by searching the application ID: 3473034669

## 2025-09-16

- Property Update (09/16/2025):
- Governance Results for 1845 W 48th St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Approve Proposal as outlined.
- This option received 948 / 948 token votes, which is equal to 100% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3215951653) or by searching the application ID: 3215951653

## 2025-09-11

- Property Update (09/11/2025):
- Owner-Proposed Governance Vote for 1845 W 48th St:
- The property manager, Earl Co with ECO Systems LLC the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- The property manager holds 0 tokens in this property.
- [View investor report/property update from Earl.](https://www.dropbox.com/scl/fi/3pjfvmmswwn7zfa2cvdtw/Property-Update-2025-09-09-1845-W-48th-St-Cleveland-OH-44102.pdf?rlkey=lpzwfir6ebkdeo73ap6p3v9em&e=2&dl=0)
- Their reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- [View Proposal to Approve Mortgage Agreement](https://www.dropbox.com/scl/fi/8tlh5m9y7azjg41lborvo/Proposal-to-Approve-Mortgage-Agreement-1845-W-48th-St-Cleveland-OH-44102.docx?rlkey=nl05hv3d1cf5ehy5cnrd94oye&e=2&dl=0)
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, September 16th, once the voting period ends.

## 2025-06-13

- Property Update (06/13/2025):
- Please be advised that as of June 1, 2025, ECO Systems LLC, the Property Manager, no longer has access to this property on the Aligned AppFolio dashboard or any of its Owner Financial Statements. Due to its status as having been deeded to Yhome Nursing LLC, this property has switched back to Calixte Duffaut outside of ECO Systems or DAO approval. This also means that Yhome continues to receive net rents for this property. Owners may reach out directly to Nathan Fisher at Aligned Properties Group for any questions or concerns.
- Title to the property is currently vested in the previous Property Manager, Yhome Nursing LLC ℅ Calixte Duffaut.
- Owners voted to sell the property to Yhome Nursing LLC. See the "Property Updates" section below for more details.
- Refinance/sale proceeds and security deposits totaling $72,683.10 is currently being withheld by Calixte Duffaut.
- DAO Funds Lent to EARLDAO: $72,683.10
- Unpaid Bills Due to Aligned: $2,089.25
- Universal Lending DAO Balance: $8,958.02
- DAO Net Cash: $63,352.05
- [View Owner Statement](https://www.dropbox.com/scl/fi/ujyb89seeqylqve5o40mj/Owner-Statement-2025-05-1845-W-48th-St-Cleveland-OH-44102.pdf?rlkey=7hsbdvviuso9ftd53nznqwyfi&dl=0)
- [View Financial Reconciliation Details](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=4rurmo3m2swur63oxq0hafr01&dl=0)
- The Operating Reserve structure and related information will be updated upon completion of the property management transition from Yhome Nursing LLC to ECO Systems LLC.

## 2025-05-21

- Property Update (05/21/2025):
- The Governance Voting results are back for the owner-proposed governance votes by ECO Systems LLC.
- The winning vote for 1845 W 48th St is:
- YES – Approve the creation of a Lending DAO and transition plan as described above, and request Lofty to review, amend, and execute the cease-and-desist letter to Yhome.
- This voting option was declared the winner in Round 1 with 689 token votes via the Ranked Choice Voting method.
- The voting results can be found on chain [here](https://allo.info/application/3007597713) or by searching the application ID: 3007597713

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 1845 W 48th St:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Vote to change to ECO Systems property management and NOT give away 5% equity to Yhome.
- This option received 1,595 / 1,596 token votes, which is equal to 99.9% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974613789) or by searching the application ID: 2974613789

## 2025-04-29

- Property Update (04/29/2025):
- Owner-Proposed Governance Vote for 1845 W 48th St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 509 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager and AVOID an immediate 5% (over $10,000!) dilutive equity giveaway to our current property manager (Yhome).
- Longer story:
- If we take no action in the next three weeks, our current property manager (Yhome) will be granted an immediate 5% dilutive equity stake in this DAO, worth over $10,000. This giveaway is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.
- Although I think in some rare cases, equity stakes can be an effective way to align a property manager's incentives with co-owners, I strongly object to one that vests immediately and which the manager can keep even if they decide to stop managing our property right after the grant, or even if they perform poorly. Yhome was asked to agree to a vesting schedule and refused, which is a red flag that they do not have our long-term interests in mind.
- I urge you to vote against this by transitioning management of 1845 W 48th St to ECO Systems, effective May 15th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).
- ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- Option 1: Vote to change to ECO Systems property management and NOT give away 5% of equity to Yhome.
- Option 2: Vote to retain Yhome as property manager, giving them an immediate 5% dilutive equity grant, which they can keep or sell regardless of performance.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

## 2025-04-01

- Property Update (04/01/2025):
- The property manager sent a "Mutual Release Agreement" related to the change of strategy update from 3/14/25.
- They noted that the original contra