--- title: January 2024 Performance Report description: Upright provides investors with monthly updates on loan portfolio performance and origination volume. Read about our performance as of January 2024. image: https://learn.upright.us/hubfs/Jan%202024-FeaturedImage.png --- [![Upright Real Estate Investment](https://learn.upright.us/hs-fs/hubfs/Upright_RGB_PrimaryLogo-2.png?width=175&height=42&name=Upright_RGB_PrimaryLogo-2.png "Upright Real Estate Investment")](https://upright.us/) [![Return Home >](https://no-cache.hubspot.com/cta/default/2129804/90add894-e0b2-4f0c-bc22-7c5b348dd1d7.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/90add894-e0b2-4f0c-bc22-7c5b348dd1d7) [Back to the Blog](https://learn.upright.us/real-estate-investing-blog) # January 2024 Performance Report February 27, 2024 | By [Matt Rodak, CEO and Founder](https://learn.upright.us/real-estate-investing-blog/author/matt-rodak) Since day one, we've been dedicated to industry-leading transparency into our business processes and performance. A few new things in case you've missed them: - We released the latest investor report on the 4Q23 performance of the Horizon Residential Income Fund I, LLC (Horizon). [**Read the report here**](https://learn.upright.us/real-estate-investing-blog/23q4-horizon-residential-income-fund-i-llc-quarterly-investor-report). - Speaking of Horizon, we have lowered the minimum investment to only $15,000 and increased the maximum offering. [Read more about these updates here.](https://learn.upright.us/real-estate-investing-blog/unlocking-opportunities-hrif) - Upright was named to the 2023 [**Deloitte Fast 500 list**](https://learn.upright.us/real-estate-investing-blog/upright-named-to-deloitte-fast-500-again), ranked at #246 for 570% growth in the past three years. ## **January Investment Details** ## **In the month of January we saw:** - $22,007,000 in new investments across Upright [offerings](https://www.upright.us/invest) (Borrower-Dependent Notes, Pre-Funding Note Fund, and Horizon Residential Income Fund) at a WAVG rate of 10.85%. - $879,000 [**Horizon Fund**](https://invest.app.upright.us/managed_funds/1) investments - Quarterly returns of over 10% - $14,049,000 BDN investments - WAVG rate 11.49% - $7,079,000 series note investments - WAVG rate of 9.58% - 1,517 total investments - **Total of $2,912,254 in income paid to investors, including:** - $2,769,894 in interest - $5,839 in late fees - $136,521 in [**extension fees**](https://learn.upright.us/real-estate-investing-blog/a-loan-you-invested-in-was-extended-now-what) Our accredited investors continue to invest in projects ranging from zero to 100% complete, in all of the 36 states in which we conduct business, split between new construction, rehab and bridge loans. Those investments into Horizon Fund are amplified through a conservative use of leverage that has allowed the Horizon portfolio to currently own $47mm in gross loan amount.  Conscientiously focused on diversification, the fund ended 2023 with just 3 of 174 loans late on payments. You can read more about the Horizon Fund’s performance in the Quarterly Investors Report [here](https://learn.upright.us/real-estate-investing-blog/23q4-horizon-residential-income-fund-i-llc-quarterly-investor-report). ## **January's Performance** In January, we originated 110 loans, totaling more than $39 million in origination volume. **![](https://lh7-us.googleusercontent.com/YTpI3kqSwwtU99p5Yle4lZe4dzp-asn6yrhXGSXZxOpd0GQrSXRhqi2iScZ4oOSN9zbZobdWYnuy6Yh0C7EspYwOX0XgSooQXmTaPciWXM2Iq6xgeT6YGYpP-elLZXOH6AH2Cmad02_I9u8PP5ZWGnA)**As of February 1, 12.7% of our total loan count was 31 days or more late on payments. **![](https://lh7-us.googleusercontent.com/fqxbclCGW_MKlt1D3jLrIgIgoC-_o9RKcg_J8RHheH-TZlV_JA7G_6vDx4xgIk7fQ1bFdbFrzHbDTIdS5iECsrXaYjBjW_DCi6cX7NqMkZvurwgBp0zjxp5QrNMAdBCednZAXb_rLmkGxDBwsUlU7b8)** **It’s the denominator.** In reviewing the recent performance metrics, we want to address an observed increase in the delinquency percentage within our portfolio. It's essential to clarify that this uptick is not necessarily indicative of a rise in the number of delinquent loans, but rather it stems from a reduction in our overall loan portfolio. The numerator, representing the actual number of delinquent loans, has remained relatively stable, demonstrating our continued commitment to sound lending practices and risk management. The challenge lies in the denominator, where the shrinking book size has disproportionately influenced the delinquency percentage. As part of our strategic efforts to optimize our portfolio and enhance overall portfolio quality, this intentional reduction in the loan portfolio size has inadvertently magnified the impact of existing delinquencies on the delinquency percentage metric. Rest assured, we are actively addressing this matter by implementing targeted measures to mitigate risk and uphold the integrity of our loan portfolio, maintaining our dedication to delivering value and transparency to our stakeholders. We are proud of of our historic performance in this area of the business; we proudly boast a principal recovery rate of over 99.7% since inception ## **How We Present Our Data** As you can see in the charts above, we show you the total count  of delinquent loans. This is to remain transparent on our business performance, but also to better align with the [**Mortgage Bankers Association**](https://www.mba.org/)'s (MBA) standard, published in its National Delinquency Survey (NDS), which is based on loan count. However, the MBA classifies delinquency as loans that are 60+ days late on payments, while we include the count of delinquent loans from 31+ days to again, remain transparent.  The NDS states: ![](https://learn.upright.us/hs-fs/hubfs/undefined.png?width=100&height=100&name=undefined.png)*The delinquency rates and foreclosure starts rate are seasonally adjusted to account for trends in the data that are caused by the time of the year. For example, delinquencies tend to increase from the first to fourth quarters, peaking in the fourth quarter, before falling in the first quarter of the next year and beginning the cycle again."* The data we share in our Performance Reports is not seasonally adjusted, but we feel it's pertinent to explain seasonal trends when applicable. **More Insight into Delinquencies** The management of delinquencies at Upright remains a top priority, with our Servicing and Asset Management teams employing best-in-class practices to ensure both expeditious and maximum recovery. These practices encompass relationship-based borrower management, swift Notice-of-Default issuance, and work-out evaluation by our loss mitigation team once a borrower is 60 days delinquent.  Additionally, Upright is continuing to enhance our proprietary foreclosure and loss mitigation management system, to ultimately provide real-time loss mitigation and foreclosure updates to investors.  It is essential to note that the short-term nature of our asset class necessitates a nuanced understanding of delinquency rates. While performing loans are typically repaid within an average of 10 months from origination, delinquent loans often require a more extended resolution period. Subject to the county court systems, Foreclosures have seen an average national timeline approaching three years, with most of the states in which we operate averaging close to two years. The past few tumultuous years have further complicated the situation as many borrowers entered into default as a function of optimizing when and at what price point their active projects should be brought to market.  Further, many investors leverage seasonal buying trends before selling a property, before refinancing it based on newer comparable sales that support higher value (and potentially waiting for lower interest rates), or before leveraging the sale or refinance of another property to sustain payments and project development. As an asset-based lender, we strive to balance being sensitive to the challenges our developers face to help foster the completion and successful exit of their active projects while also progressing towards the ability to foreclose to recoup investor principal as quickly as possible. If you have any questions or would like to provide feedback, email us at **ir@upright.us**. We will respond as soon as possible. [Log in](https://invest.app.upright.us/invest) to your account to browse all of our open offerings, including the [Horizon Residential Income Fund](https://invest.app.upright.us/managed_funds/1).  - - - ### Returns up to 13% investing in real estate. Diversify your portfolio with short- or long-term investments, individual or pooled fund offerings, and hundreds of developers and project types throughout the U.S. [![Sign Up](https://no-cache.hubspot.com/cta/default/2129804/9beb5019-97e3-48ab-bc90-ee874cd213ac.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/9beb5019-97e3-48ab-bc90-ee874cd213ac) ### Loan commitments in about 24 hours, with pre-approval up to $5M to make winning bids. [![Apply Now](https://no-cache.hubspot.com/cta/default/2129804/3420ff91-259d-4238-ae5b-bda78b01cff5.png)](https://cta-redirect.hubspot.com/cta/redirect/2129804/3420ff91-259d-4238-ae5b-bda78b01cff5) [![](https://learn.upright.us/hubfs/Horizon%20April%20Image.png)](https://learn.upright.us/real-estate-investing-blog/horizon-fund-overview-2025-apr) April 21, 2025 ## [Horizon Residential Income Fund I - April 2025 Update](https://learn.upright.us/real-estate-investing-blog/horizon-fund-overview-2025-apr) by [Upright](https://learn.upright.us/real-estate-investing-blog/author/upright) [![](https://learn.upright.us/hubfs/RegionalBankSqueeze_MedCrop-sm.jpg)](https://learn.upright.us/real-estate-investing-blog/squeeze-on-regional-banks) May 06, 2024 ## [Squeeze on Regional Banks Puts Pressure on New Housing Construction](https://learn.upright.us/real-estate-investing-blog/squeeze-on-regional-banks) by [Doug Dvorak, VP, Capital Markets](https://learn.upright.us/real-estate-investing-blog/author/doug-dvorak) **[Upright](https://www.upright.us/)** **1300 E. 9th Street, Ste. 800, Cleveland, OH 44114 Real Estate Investment [info@upright.us](mailto:info@upright.us) | [646-895-6090](tel:6468956090) [![Instagram](https://learn.upright.us/hs-fs/hubfs/Email_2023/mdi_instagram.png?width=29&height=29&name=mdi_instagram.png)](https://www.instagram.com/buildwith_upright/)  [![Linkedin](https://learn.upright.us/hs-fs/hubfs/Email_2023/linkedin-icon.png?width=29&height=29&name=linkedin-icon.png)](https://www.linkedin.com/company/buildwithupright/)  [![Facebook](https://learn.upright.us/hs-fs/hubfs/Email_2023/fb-icon.png?width=29&height=29&name=fb-icon.png)](https://www.facebook.com/buildwithupright)  [![TikTok](https://learn.upright.us/hs-fs/hubfs/Email_2023/tik-icon.png?width=29&height=29&name=tik-icon.png)](https://www.tiktok.com/@buildwith_upright?lang=en)  [![X Twitter](https://learn.upright.us/hs-fs/hubfs/Email_2023/x-icon.png?width=29&height=29&name=x-icon.png)](https://twitter.com/build_Upright)  [![YouTube](https://learn.upright.us/hs-fs/hubfs/Email_2023/ytb-icon.png?width=29&height=29&name=ytb-icon.png)](https://www.youtube.com/@buildwithupright)  [![Events](https://learn.upright.us/hs-fs/hubfs/Email_2023/calendar-icon.png?width=29&height=29&name=calendar-icon.png)](https://www.upright.us/events)**   Past performance is not indicative of future performance. Investors should not rely on forward-looking statements because such statements are inherently uncertain and involve risks. No returns are guaranteed and these types of investments involve a high degree of risk.   Neither the Securities and Exchange Commission (SEC) nor any federal or state securities commission, or any other regulatory authority has recommended or approved of the investment or the accuracy or inaccuracy of any of the information or materials provided by or through the website. Direct and indirect purchase of real estate property involves significant risks, including, but not limited to risk related to sale of land, market and industry risks, and risks specific to a given property. Investments are not bank deposits, are not insured by the FDIC or by any other Federal Government Agency, are not guaranteed by Fund That Flip, Inc. dba Upright, and may lose value.   Fund That Flip, Inc. dba Upright does not make investment recommendations and this message should not be construed as such. This message is not an offer to sell or the solicitation of an offer to buy any security, which can only be made through official offering documents that contain important information about risks, fees, and expenses. Any investment information contained herein has been secured from sources Fund That Flip, Inc. dba Upright believes are reliable, but we make no representations or warranties as to the accuracy of such information and accept no liability therefor. We recommend that you consult with a financial advisor, attorney, accountant, and any other professional who can help you to understand and assess the risks associated with any investment opportunity. If and when Fund That Flip, Inc. dba Upright is able to make investment opportunities available, only accredited investors who submit required verification will be able to invest.     **© Fund That Flip, Inc. dba Upright, 2024  | [Privacy Policy](https://www.upright.us/legal?tab=privacy-policy) | [General](https://www.upright.us/legal?tab=terms)[Terms of Service](https://www.upright.us/legal?tab=terms) [|](https://www.fundthatflip.com/terms-of-service) [Investment Terms of Service](https://www.upright.us/legal?tab=investment-tos)**     ![](https://www.facebook.com/tr?id=1484345195216823&ev=PageView&noscript=1) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Matt Rodak, CEO and Founder", "url" : "https://learn.upright.us/real-estate-investing-blog/author/matt-rodak" }, "dateModified" : "2024-02-27T14:45:09.662Z", "datePublished" : "2024-02-27T14:45:09.000Z", "headline" : "January 2024 Performance Report", "image" : [ "https://learn.upright.us/hubfs/Jan%202024-FeaturedImage.png" ], "mainEntityOfPage" : { "@id" : "https://learn.upright.us/real-estate-investing-blog/january-2024-performance-report", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://learn.upright.us/hubfs/Upright_RGB_PrimaryLogo-1.png" }, "name" : "Upright" } } ```