Friend's deal is to be a programmatic capital provider to the leading player in the indoor shooting sports industry. In doing so, we are building a vertically integrated shooting sports infrastructure platform focused on designing, developing, and selectively owning / co-owning and operating modern indoor ranges across the U.S. The thesis is simple: the category remains highly fragmented, under-institutionalized and capital constrained despite strong underlying demand, recurring membership economics and attractive real estate yields. We target development economics of ~8.25%+ unlevered stabilized cap rates while also participating in site-level operating cash flow through structured JV partnerships. The model combines: - asset-backed real estate ownership - operating participation - capital recycling via refinancing - recurring cash flow - and long-term portfolio compounding Initial pipeline includes four identified development opportunities, with a broader roadmap toward a scaled multi-site platform over the coming years. Currently raising initial capital and looking to connect with: - family offices - real estate investors - operating partners - development partners - and investors interested in experiential infrastructure and alternative real estate platforms.