The Primer — a plain-language overview. The Blueprint — our full white paper, shared after a consultation. And answers to the questions we hear most often from landowners and their advisors.
We publish two documents for landowners and their advisors. The Primer is our open introduction — a 7-page plain-language overview of the Kyma model, available instantly to anyone who asks. The Blueprint is our full 20-page white paper covering every mechanic in detail, including waterfall math, tax treatment, and project timelines.
We share the Blueprint with landowners after a brief introductory conversation. This is not about gatekeeping — it's because the Blueprint is most useful when we can frame it around your specific land, market, and goals. A 15- to 30-minute call is usually enough.
A plain-language overview of how landowners can turn idle land into durable cash flow — without contributing capital or signing construction guarantees.
Our complete white paper. The operational detail behind the model — every phase, every mechanic, in plain language.
The Blueprint is shared with landowners after a brief introductory call. We find it's far more useful when we can walk through it together, in the context of your specific situation.
Request the Blueprint →These are the questions that come up in nearly every first conversation with a landowner. If yours isn't here, the white paper almost certainly covers it — or ask us directly.
No. Your contribution to the joint venture is your land, valued at independently appraised market value. Kyma and its development partners provide all cash equity and carry all construction loan guarantees. You are not required to invest capital at any stage.
Title transfers to the project entity — a special purpose LLC — upon closing of the construction loan. This is required for the developer to secure financing. In exchange, you receive a membership interest in that entity carrying all the economic rights described in your joint venture agreement.
By an independent MAI-designated appraiser — not by Kyma. The appraised value becomes your equity credit in the joint venture, treated exactly as if you had contributed that amount in cash. You have the right to review and accept the appraisal before any agreement is finalized.
The developer carries a completion guarantee on the construction loan, ensuring the project reaches substantial completion regardless of cost overruns. The landowner is not a guarantor and is not exposed to construction debt. Cost overruns are a developer risk, not a landowner risk.
You begin participating in developer fee income during the construction and lease-up phase, per the joint venture agreement. If you elect Path A at stabilization, quarterly distributions from net operating income begin shortly after permanent financing is placed.
The joint venture agreement will specify transfer restrictions and rights of first refusal among members. In most structures, a landowner electing Path A can sell their crystallized equity interest subject to these provisions — and a future sale may be eligible for a 1031 exchange into replacement property.
Yes. Kyma regularly works with land held in family trusts, irrevocable trusts, and estates with multiple beneficiaries. The joint venture structure can be adapted to accommodate complex ownership situations, and the resulting income-producing interest is generally more estate-friendly than raw land with no income.
From first conversation to first quarterly distribution typically takes 48 to 57 months, depending on asset class, entitlement complexity, market conditions, and project scale. The white paper includes a detailed phase-by-phase timeline with milestones and landowner responsibilities at each stage.
A growing library of short-form writing from the Kyma principals — on entitlement, development economics, landowner strategy, and the forces shaping land values across the markets we work in.
Raw land and entitled land can be separated by a factor of ten — or more. Understanding why, and who captures that gain, is the most important concept in development economics for landowners.
Most landowners who sell pre-entitlement never see the promote, the fees, or the permanent equity upside they gave up. This piece explains how the waterfall actually works — and how to make sure you're in it.
Land without income creates estate planning complications — forced sales, partition actions, and tax exposure. There is a better way to structure it for the next generation.
The best way to understand whether the Kyma model is right for your land is a direct conversation with one of our principals — no cost, no obligation, no pressure.