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Utah Brands & Entertainment LLC -- Model
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Source: AUP Report No. 25-21 (FY2025 actuals) | Otro Capital press releases | House v. NCAA settlement | Big 12 media filings
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Revenue Growth Variables
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($000s)FY2026FY2027FY2028FY2029FY2030FY2031FY2032FY203350%% CapturedNotes / Assumptions
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Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Captured Growth Capped Growth
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 REVENUES
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 Media Rights31,70031,70031,70031,70031,70031,70039,62539,62525.0%MR Step-UpFlat per Big 12 contract through FY2031 + renegotiation bump in FY2032 | Source: Big 12 ESPN/Fox deal filings
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Confrence Distributions18,00018,45018,91119,38419,86920,36520,87421,3962.5%5%
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 Ticketing14,03614,73715,47416,24817,06017,91318,80919,7505.0%10%Source: AUP FY25 actuals ($14.04M)
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 Seating Related Contributions29,70031,18532,74434,38136,10137,90639,80141,7915.0%10%60% of total contributions ($49.5M AUP); seating-linked only; university retains non-seating donations
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 Concessions-3,0903,1833,2783,3773,4783,5823,6903.0%6%Auxiliary Services revenue share to UBE
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 Sponsorships & Licensing15,70016,48517,30918,17519,08320,03821,04022,0915.0%10%JMIS $6.6M guarantee + Under Armour + licensing royalties; Source: AUP FY25 actuals (15.7M)
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 NCAA Distributions2,3922,4402,4892,5382,5892,6412,6942,7482.0%4%NCAA distribution formula escalator; Source: AUP FY25 actuals (2.39M)
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 Events & Premium Experiences3,0003,2253,4673,7274,0064,3074,6304,9777.5%15%KEY UPSIDE DRIVER – Otro/Legends Hospitality expertise
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Total Revenue114,528121,312125,277129,432133,785138,348151,055156,068
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 OPERATING EXPENSES
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 Athlete Compensation — Rev Share20,50021,32022,17323,06023,98224,94125,93926,9774%RS Step-Up4% annual growth; Rebalanced every 3 years | House v. NCAA settlement framework | source: collegesportscommission.org
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 Sponsorship Costs2,5002,6252,7562,8943,0393,1913,3503,518-Growth tied directly to Sponsorship Revenue; Source: AUP FY25 actuals (2.5M)
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 Fundraising & Marketing2,5002,5382,5762,6142,6532,6932,7342,7751.5%3%Scales with commercial activity
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 Administration6,0006,0606,1216,1826,2446,3066,3696,4331.0%2%Fixed overhead — intentionally lower than revenue growth
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 Event Costs5,0005,1255,2535,3845,5195,6575,7985,9432.5%5%Scales with Events & Premium Experiences revenue
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Total Operating Expenses36,50037,66838,87840,13441,43742,78844,19045,645
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EBITDA78,02883,64586,39989,29892,34895,559106,864110,423
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EBIT (Operating Income)78,02883,64586,39989,29892,34895,559106,864110,423
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 CASH FLOW BRIDGE — EBITDA TO FREE CASH FLOW
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 EBITDA78,02883,64586,39989,29892,34895,559106,864110,423Linked from EBITDA above
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 (-) Capital Expenditures-(5,000)(5,000)(5,000)(5,000)(5,000)(5,000)(5,000)Conservative estimate for CapEx upkeep
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Unlevered Free Cash Flow (UFCF)78,02878,64581,39984,29887,34890,559101,864105,423Cash available before distributions to Otro | primary return driver
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 TAX LAYER — LLC Pass-Through (Otro's Share)
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 Unlevered Free Cash Flow78,02878,64581,39984,29887,34890,559101,864105,423Linked from CF bridge
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 Otro's Pro-Rata Share (36%)28,09028,31229,30430,34731,44532,60136,67137,95236% per cap table — Class B Preferred Interest
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Otro's Pre-Tax FCF28,09028,31229,30430,34731,44532,60136,67137,952Distributable to Otro before tax drag
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 (-) Blended Tax Rate on Pass-Through Income0%-------Due to LLC Tax pass through, Rate is set at 0 due to nuance
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Otro's After-Tax Annual FCF28,09028,31229,30430,34731,44532,60136,67137,952Net cash Otro receives annually; drives IRR calculation
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Exit Multiple Assumption (applied to EBITDA)12xSensitivity table tests 8x–16x | EBITDA multiple
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 OTRO CAPITAL — RETURNS ANALYSIS
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(-) Initial Investment — Otro Capital(225,000)-------Per Cap Table
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(+) Otro's After-Tax Annual FCF-28,31229,30430,34731,44532,60136,67137,952Annual after-tax distributions from tax section
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(+) Exit Enterprise Value (Yr 7 EBITDA × Multiple)-------1,325,070Year 7 EBITDA × Exit Multiple
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(+) Otro Exit Proceeds (36% of EV)-------477,02536% × EV
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Net Cash Flows to Otro Pre-Tax(225,000)28,31229,30430,34731,44532,60136,671514,977
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Net Cash Flows to Otro(225,000)28,31229,30430,34731,44532,60136,671514,977
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Pre-Tax IRR22.0%Pre-tax benchmark; compare to ~15–20% PE sports hurdle rate
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After-Tax IRR22.0%After-tax net return; accounts for LLC pass-through tax drag (~25%)
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MOIC3.13xTotal proceeds ÷ invested capital; target 2.0x–2.5x for PE sports
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 SENSITIVITY: After-Tax IRR | Exit Multiple (rows)
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Exit Multiple \ Captured Growth22.0%20%40%60%80%100%
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8x Exit Multiple814.4%16.4%18.4%20.4%22.5%
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10x Exit Multiple1016.8%18.8%20.9%22.9%25.0%
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12x Exit Multiple1218.9%21.0%23.0%25.1%27.2%
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14x Exit Multiple1420.8%22.9%25.0%27.1%29.2%
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16x Exit Multiple1622.5%24.6%26.7%28.9%31.0%
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Exit Multiple \ CapEx22.0% $ - $ (2,500) $ (5,000) $ (7,500) $ (10,000)
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8x Exit Multiple818.1%17.8%17.4%17.1%16.7%
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10x Exit Multiple1020.5%20.2%19.9%19.5%19.2%
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12x Exit Multiple1222.6%22.3%22.0%21.7%21.4%
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14x Exit Multiple1424.5%24.2%23.9%23.6%23.3%
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16x Exit Multiple1626.2%25.9%25.7%25.4%25.1%
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Exit Multiple \ Tax22.0%0%10%20%30%40%
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8x Exit Multiple817.4%16.2%14.9%13.7%12.5%
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10x Exit Multiple1019.9%18.7%17.6%16.4%15.3%
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12x Exit Multiple1222.0%20.9%19.8%18.8%17.7%
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14x Exit Multiple1423.9%22.9%21.9%20.8%19.8%
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16x Exit Multiple1625.7%24.7%23.7%22.7%21.7%
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Exit Multiple \ New Media Rights Deal (2031-32)$31.7M/Year$36.5M/Year$41.2M/Year$46M/Year$50.7M/Year
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22.0%0.0%15.0%30.0%45.0%60.0%
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8x Exit Multiple816.4%17.0%17.6%18.2%18.7%
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10x Exit Multiple1018.8%19.5%20.1%20.6%21.2%
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12x Exit Multiple1220.9%21.6%22.2%22.8%23.4%
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14x Exit Multiple1422.8%23.5%24.1%24.7%25.3%
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16x Exit Multiple1624.5%25.2%25.9%26.5%27.1%
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Exit Multiple \ Revenue Sharig Step Up22.0%2%4%6%8%10%
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8x Exit Multiple817.6%17.4%17.3%17.1%17.0%
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10x Exit Multiple1020.0%19.9%19.7%19.6%19.4%
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12x Exit Multiple1222.2%22.0%21.8%21.7%21.5%
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14x Exit Multiple1424.1%23.9%23.8%23.6%23.4%
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16x Exit Multiple1625.8%25.7%25.5%25.3%25.2%
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