Webinars

We have secured ≈$7.5M in capital, with the project significantly oversubscribed. Approximately 150 investors are at some stage of onboarding, including capital from Chris and Andrew. Of the total committed, ≈$11.5M sits in cash reserves, ≈$5M is in various onboarding stages, and another ≈$5M was at expression-of-interest stage. We have officially closed to new participants - those already in the onboarding queue will be onboarded.

New renders show the full site as it will appear in about a year. The town of Anelo sits to the upper right; entering the site you turn right toward 112 single-level houses (the project expansion), with two-storey units at the end of the block that may be picked up by larger groups as their own project. The original apartment blocks - one long block on the northern edge, four to five medium blocks, and one smaller block - are on the left, all three levels high.

Funds are held across multiple institutions: over $5M in the CI Mavericks Cayman bank account at Butterfield's, ≈$4.5M on deposit at Deutsche Bank Switzerland, additional funds in the Fortress USDT account, and smaller amounts with IFX and Clearing. We have just opened a relationship with Erebor, one of the first newly licensed banks in America, which combines full traditional banking with a complete suite of crypto services. Peter Thiel has invested over $700M into Erebor, and Mots has put all CI Mavericks accounts and the BVI and related entities through this bank.

We have also completed a full compliance review with Banco Industrial in Argentina - a major milestone. Institutional capital can now flow from our Fortress USDT wallet through PMI into the Argentine peso banking system. This matters because Argentine banks would otherwise require full AML/KYC source-of-wealth documentation tracing to the ultimate beneficial owner for every investor; the funds-flow structure with PMI and USDT eliminates that requirement for Riverland and Terra as well. Separately, we have spent ≈$600K on rolled steel for the steel house fabrication.

All commercial agreements are in place with our construction firm Grupo Brick - covering foundations, concrete, steel framing (Steeltech Group), and lock-up and security installations. We have full municipal council approval for both houses and apartments, and work commences next week. A major recent win is approval from local council and unions to use Grupo Brick's existing contracted staff (≈500 permanent employees in Buenos Aires) - 30 to 70 of whom will move down depending on build phase. We have also secured approval to house our own staff onsite in repurposed containers, outside union and local control. The initial team of ≈20 begins next week.

The build follows a production-line approach with construction broken into subcomponents. Each stage covers 16 houses plus one apartment block, and crews progress through foundation, frame, exterior cladding, interior wiring and walls, fittings and fixtures, and final lock-up. The first 16 houses and one apartment block are expected to be rental-ready by end of October, with new blocks rolling off every 2-3 weeks thereafter. The full site - 112 houses and all apartment blocks - is targeted for completion by end of Q1 next year.

The investment vehicle does not change. Capital flows into the Subvertere Real Estate Fund Phase 1 Anelo Oasis project, then into the Argentine company Anelo Oasis SA, which is responsible for constructing both the apartments and the houses. The houses are held in a trust shared with existing Argentine investors and the landowner - Anelo Oasis SA is a shareholder of that trust. The legal documents already provide for directors to make these expansion decisions in the project's best interest.

The expansion brings the total to 112 houses (72 sqm each) and 144 apartments - 916 beds across the site, with the 20% IRR retained. Some house sites have pre-existing concrete foundations from the founding team's earlier investment; we are building all of it. The doubled scale enabled aggressive negotiations with construction firms across procurement, inputs, and crews, delivering outstanding quality. Detailed financials sit in the Q1 report.

Construction is steel frame fabrication with an exterior board, with finishes varying between brick-look and rolled corrugated steel. The walls include 40mm of insulated material between the steel frame and the exterior. Houses use a low-rise format with central courtyards, parking, and walkways between units, and high-end finishings - certainly not luxury, but better than anything else in the market. Video renders are available on request.

We have ≈$20M in expressions of interest from ≈350 investors, with most coming through CI Mavericks - likely a higher percentage than the 80% we saw on Anelo. About $2.5M currently sits in treasury (Fortress USDT wallets or CI Mavericks bank accounts), and we are pushing the balance through Providence. Providence is genuinely backed up due to the volume of legal document changes between CI Mavericks and BVI structures - we apologise for the delay. We have also negotiated a very favourable bank fee restructure, and confirmed today that EMIs are not subject to the same CRS regulations as traditional banks. BVI bank account details should reach the remaining investors next week.

The project is extended by only three months. Across the seven-year project life, the original 2026 build window simply pushes into Q4 of this year - this does not represent a hard stop at year seven. The final exit will land somewhere between year six and year eight depending on the buyer and structure. In the grand scheme of things, three months is not material.

The Cayman entities, BVI entity, and the BVI's Argentine business registration are all in place. The two Argentine entities - the land company and the operating company - are also created, with final registrations pending. We have analysed 15 farms in northern Entre Ríos and made an offer last Friday on a 5,000-hectare farm we particularly like. Several other farms are ready for offers, contingent on the response to the first one.

On Monday we installed the first virtual fence ever in Argentina, on Pepo's farm in Entre Ríos. The system uses a neckband on each animal that connects via base station to the cloud and a phone or iPad - the user draws boundaries and the animals stay inside them. Animals are still in the training period and performance is exceeding expectations - early observations show animals turning back at the virtual line rather than testing it. The technology should increase carrying capacity by 5000%, allowing hundreds of smaller paddocks per farm and dramatically better grass management.

Labour drops sharply because animals are concentrated and can be checked in minutes instead of hours. Calves are not collared, so they can roam to graze the greener grass that the cows will reach the next day - based on what other farmers report, we expect roughly 30 kg more per calf, though we are budgeting only 10 kg. This is arguably the most impactful livestock technology of the past 200-300 years and effectively systematises what has been the "art" of grazing management.

May and June are dedicated to completing the raise, onboarding investors, and collecting capital contributions, with the aim to close end of June. In parallel we are negotiating and analysing farms and rolling out the virtual fencing technology - which has shifted from an upside case to a base case based on early results. We aim to close on properties in June and have them operational by August.

Argentina is a net producer and exporter of fuels, so the country is relatively insulated from energy shocks elsewhere in the world. With Vaca Muerta development, Argentina is set to become one of the largest natural gas exporters - critical because natural gas is the main input for nitrogen fertilisers like urea, and local production capacity is being expanded significantly. The Riverland farms themselves have very low energy dependency. Inputs are mostly sun, water, grass, and animals born and raised on the farm.

Grass production is entirely rain-fed - we are not irrigating and are relying on the strong natural rainfall typical of these areas. This is standard practice across the 130,000 hectares we currently manage in the region. Cattle water is delivered ≈95% via windmills from wells 5-20 metres deep, with large tanks for storage. No energy is required for pumping.

Argentine fuel prices have risen only marginally compared to other countries, with no concerns about shortages. The biggest project inputs outside the natural cycle are some animal health products, mineral supplements, and fuel for tractors and trucks - all relatively small line items. Most of what we produce comes from sun, water, grass, and animals. The system is fundamentally low-energy by design.

The early tests are exceeding expectations and matching what other farmers using the technology consistently report. We expect operating margins to increase by 50-100% after the annual investment in neckbands. Each neckband costs ≈$250, working out to ≈$60 per head per year. This is not built into the base case - we include it in the upside scenario as part of operational improvements.

Yes, both are budgeted. The system is largely self-supporting with minimal outside inputs - breeding is done by bulls (not artificial), and we periodically buy outside bulls and use a small selected herd to produce the bulls used on the property. Veterinary inputs run ≈$10-20 per animal depending on whether the animal is for reproduction. All of this is reflected in the model.

We carry liability insurance and general insurance on trucks and tractors. We are not relying on production insurance - this is uncommon in Argentina and uncommon globally for grazing livestock.

The farms we are selecting have substantial areas suitable for conversion based on soil quality, topography, and flooding risk. Argentina classifies wooded areas as red, yellow, or green, and green areas already have a defined approval process. Milei has signalled a 2026 law to allow clearing in green areas via after-the-fact notification, and we are working with the provincial Minister of Agriculture to update the outdated policies (some yellow areas should reclassify to green). Hard to put exact percentages on it, but the outlook is very positive.

Yes. Based on Mavericks member feedback we started with livestock, but we have a pipeline of cropland opportunities both in this region and elsewhere in Argentina. We will bring those to market after this Riverland raise.

The three-stage onboarding process applies to every project: AML/KYC via Providence Compliance, then a signed subscription document, then bank details. Bank details are typically sent ≈72 hours after the subscription document is countersigned. Cayman bank details are already going out, and BVI entity bank details for Riverland follow next week.

We are midstream. If you have not yet completed AML/KYC for Anelo, you will receive a Providence Compliance email link to upload an identity document and proof of address. Stage two is the subscription document, and stage three is banking details - one set for CI Mavericks, another for the BVI fund.

Chris and Andrew bought into Terra Oil, which has a family relationship with the Capura family - and Capura have first right of refusal on YPF's divestment from conventional oil (the older "donkey rig" wells, distinct from non-conventional fracking). Through that relationship, Mavericks investors collectively bought into 7,000 barrels per day in the first project and now sit at the table for the remaining ≈60,000 barrels per day YPF is divesting. The Capura team has reviewed 8-9 projects, gone deep on three, and is at tender stage in the next week for a project of 12,000-13,000 barrels per day.

Terra has assembled a consultancy and advisory group drawn from independent contractors at Roche, Chevron, and YPF. Doris Capura - former Chevron president - has close relationships across the major operators, allowing daily and weekly conversations with key parties. We will know the tender outcome within a week to ten days, with a final result roughly two weeks after that. The hope is to share a confirmed project at the June webinar and propose a Q3 launch raise for late June into July.

The Q1 report is operational and overview, not a full financial deep-dive - the Anelo project has not substantively started yet. Quarterly reports will focus on operations with high-level financial reporting only, and NAV reporting will be delivered annually. For Riverland, the first 2-3 years will be reported on a book-value or cost basis, with independent third-party valuations performed after 3 years or following any significant property gain. We are in the capital accumulation phase, so PFIC tests are exempt for the first year of operation, and annual certificates confirming dividend, distribution, and payout status will be issued as required.

Short answer: yes. Read Dalio's recent work on this - sound asset allocation includes spreading capital across jurisdictions, and you should not house the majority of your capital in any one jurisdiction even where the underlying investment is offshore. This is exactly why CI Mavericks was founded - to provide a crowdsourced offshore structure on top of these projects, allowing proceeds to be held in treasury and redeployed into future projects without repatriating. The CI Mavericks annual conference in Cayman on July 24-25 will cover these issues directly with tax representatives, accountants, lawyers, and corporate service providers.

Vaca Muerta is the focus of the decade - 40-80 years of extraction capability, currently producing at less than 15% of capacity. All majors including YPF are concentrating capital there. YPF's conventional operations have become bloated and inefficient, and management wants to exit them quickly as a profit line item rather than chase significant sale prices.

The current deal is priced at $63.50 per barrel on a forward discount basis - sellers cannot price in speculation, only today's value with forward analysis. We are pushing for the average of the last two years rather than future expectations. As purchasers we are also exploring novel structures - a lower upfront price plus a percentage of the upside if oil holds at $100 for sustained periods. These conversations are active with Doris Capura and the Terra Oil CFO.

We priced these at $3,600 per m² (the 2025 average for Anelo apartments) with 8% capital growth applied (the 5-year average). The $3,600 figure is still valid - plenty of property is selling at that price at retail. That price is also discounted for bulk units, location, size, and quality. No one else is currently building at our quality or in our location, so we expect to capture a substantial premium.

Tenants are commercial - we rent entire apartment blocks to oil majors and oil service providers. Sales begin as units come off the production line; a real estate brokerage will list them immediately. Initial buyers are retail Argentines chasing yield, since real estate is the primary wealth preservation vehicle in a country with no functioning credit market - our $3,500-$3,600 price band delivers 10-12% cash-on-cash yield, three to four times what is available in Buenos Aires or Cordoba. As the project matures we expect smaller funds, then larger funds, to buy entire blocks - and the eventual exit could be the whole project sold to a single large fund.

We are oversubscribed but the housing project expansion has rebalanced capital against cost - we expect to land just under or just over the full requirement. In a month or six weeks, if we end up with $1-2M in excess after the build is fully covered, we may indeed redirect that to Riverland. So yes, that is a real possibility we will revisit then.