After a detailed sourcing, selection, and due diligence process, Homebase puts the residential property under contract and sets up an SPV (Special Purpose Vehicle) to hold the asset. Using that SPV, Homebase issues a private (e.g. Reg D) or public (i.e. Reg A+) fund via the so-called STO (Security Token Offering) process. After the filing (and/or approval) with the SEC (the U.S. Security and Exchange Commission), Homebase issues non-fungible security tokens using the Metaplex NFT standard, and ensures that certain guardrails and functions are available to these tokens to enforce the laws governing these securities.