Kalkan Network

Relationship Map

Corporate Entity Map

Kalkan Family Entities

Kalkan Capital Ltd

Parent holding company

Texas Excel Property Mgmt

Property management arm

ENKB Monticello LLC + 4 JA

Ch.11 jointly administered

Piney Point 2023 LLC

Foreclosed Jan 6, 2026

Rosslyn / Esencia / Timbers

Dismissed Ch.11 -> refiled Ch.7

20+ Property LLCs

Westheimer, La Plaza, RockRidge, etc.

Silverstone Entities

Silverstone Communities LLC

TX, formed Mar 2025 | RA: Ahmet Kalkan

Silverstone Fund Mgmt LLC

TX, formed Oct 2025 | GP entity

Silverstone Value-Add Fund LLC

DE, Oct 2025 | $75M Piney Point bid

Prosperity Real Estate Fund LLC

TX, Oct 2024 | FORFEITED | Insider liens

PREF Prosperity Fixed Income Fund

TX, Apr 2025 | RA: Fercan Kalkan

All entities at 8600 Woodway Dr, Houston TX 77063 — same as Kalkan Capital

SITG / A Square Entities

SITG Capital ("Skin In The Game")

8600 Woodway Dr | Claims $1.3B AUM | 11,000+ units

Trails at Dominion Park

843 units | Acquired Dec 2024 for $62M | 80% Esterad Bank (Bahrain)

Siena on Westheimer

643 units | $39M purchase | 10% stake for $2M offered to investors

Reserve at Eagle Landing

232 units | $11M loan at 6.5% | $12M first lien proposed

Excelsior on the Park (from Kalkan)

~200 units | Purchased Mar 2024 from Kalkan | Occupancy 68%→92%

A Square Group

A Square Group LLC

Frederick MD | $300M+ fed contracts

A2T JV LLC

$500K in Piney Point (2.5%)

Major Lenders & Adversaries

SouthState Bank N.A.

$83M across 4 ENKB properties

Fannie Mae / JLL

$74.6M Piney Point — foreclosed Jan 2026

Morgan Stanley Private Bank

$51.3M across Esencia/Rosslyn/Timbers

Thistle Creek Partners LP

$27.6M ENKB-Monticello — 15% of fund AUM

Arbor Realty Trust

$17.1M Creekside — stay relief GRANTED

BSD Houston → Ranch Knot Realty

$6.062M pref equity → $8M judgment (21% weekly)

Resolution Finance LLC

$5.3M tax liens — super-priority across portfolio

Total secured debt: $280M+ across 12+ entities