Q2 turned the year around, and June/July are the proof: June was the best month of the year (22 starts, $188.7K) and July has 9 starts and $63.1K in its first 9 days, 2.5x last year's pace.
Leaner cost base as of June 1: forward run rate is ~$83.8K/mo with Ben off the books and PSG at $7.8K. Breakeven is ~$112K in fees/mo; Q2 averaged $120.3K.
Pipeline supports the pace: $117.9K in committed starts over the next three weeks, plus 52 open jobs worth $457K+ in potential.
Cash is healthy: $313.9K open AR, 77% within 30 days, only two items over 90. Sourcing efficiency held at $869/start (7.3x fee return).
Watch item: client concentration, with the top five clients at 68% of fees.
Starts YTD
115
−1.7% vs 117 same period 2025
Placement Fees YTD
$726.7K
−15.3% vs $858.2K 2025
Q2 Fees vs Q2 2025
+40.7%
$360.8K vs $256.4K ↑
Committed Pipeline
$117.9K
15 accepted / in-background future starts
Momentum check, June 1 to July 9: 31 starts and $251.8K in fees in the last five and a half weeks, 35% of all YTD fees. June ($188.7K) was the best month of the year and July is running at 2.5x last July's pace.
Revenue trajectory
Placement fees by month. The story of 2026 is a soft Q1 followed by a strong and accelerating Q2: quarterly fees grew 19% sequentially and beat Q2 2025 by $104K. July is ahead of last year's pace ($63.1K in 9 days vs $25.5K).
$89K
JAN
$75K
FEB
$138K
MAR
$108K
APR
$64K
MAY
$189K
JUN
$63K
JUL 1–9
Period
Starts
Fees
vs 2025
Q1 (Jan–Mar)
47
$302,796
−$273K
Q2 (Apr–Jun)
59
$360,798
+$104K
Jul 1–9
9
$63,129
+$38K
YTD
115
$726,723
−$131K
$6,319
Avg fee / start
June: 22 starts, $188.7K, the best fee month of the year. July: 9 starts and $63.1K in 9 days vs $25.5K last July (2.5x pace). Q2 starts (59) beat Q2 2025 (43) by 37%. The YTD fee gap to 2025 is entirely a Q1 story and narrowed from $273K to $131K over the last 14 weeks.
Where revenue comes from
Fees YTD by client and by desk. Top five clients account for 68% of fees.
Client
Starts
Fees
% of Fees
B.HOM Student Living
17
$192,992
26.6%
The Community Builders
17
$100,686
13.9%
Asset Living
13
$82,776
11.4%
UMH Properties
13
$61,402
8.4%
TRG Management
6
$54,472
7.5%
All others (12 clients)
49
$234,395
32.2%
Total (17 clients)
115
$726,723
100%
Desk
Starts
Fees
Boston
56
$486,251
Manila
59
$240,472
Total
115
$726,723
Manila now delivers the majority of start volume (51%) while Boston carries the higher-fee searches. Both desks contributed to the Q2 acceleration.
June/July drove the top accounts. B.HOM billed $63.9K across 6 June starts. TCB added 8 starts in June and July ($44.9K). Every dollar of TRG's $54.5K YTD landed in the last five weeks, including a $14.6K Community Manager fee.
Pipeline & activity
Forward-looking view as of tonight.
52
Open jobs
57
Seats open
$457K+
Est. revenue potential
Committed pipeline: 15 candidates past offer stage (9 offer accepted, 4 in background, 2 awaiting start date) worth $117.9K, with starts scheduled July 13–27. Added to the $63.1K already billed, July has a path to roughly $181K. Senior searches in flight: Asset Living EVP/SVP/VP Affordable & PNW leadership ($65K combined potential) and MCG VP of Medicare Sales.
1,034
Interview events YTD
813
Interviews held
55%
Pass rate
Of 849 net scheduled interviews, 813 occurred (8% no-show). 450 passed, 192 failed, remainder pending or unreviewed feedback. Q2 volume (436) ran below Q1 (530) yet produced more starts, a sign of better-qualified submittals. June (177) was the busiest interview month since March, and July's 68 events in 9 days annualize to the fastest pace of the year.
Sourcing spend & efficiency
Actual ad spend verified from Brex (Indeed, ZipRecruiter, LinkedIn). CMS budget fields are excluded by design.
Channel
Q1
Q2
YTD
Indeed
$33,458
$44,030
$84,941
ZipRecruiter
$6,944
$6,944
$13,888
LinkedIn
$319
$701
$1,126
Total
$40,720
$51,675
$99,955
YTD includes $7,560 in July to date.
$869
Ad spend / start
13.8%
Spend as % of fees
7.3x
Fee return on ad spend
Cost per start held steady quarter over quarter ($866 Q1, $876 Q2) even as Indeed spend rose 32%, because start volume rose with it. Indeed is 85% of channel spend. June and July efficiency beat the YTD average: June ran $825/start (22 starts on $18.1K) and July is at $840/start (9 starts on $7.6K).
Accounts receivable
Open invoice aging from QuickBooks as of July 9, 2026, credits excluded. Collections are healthy: 77% of open receivables are within 30 days, and the $199.6K current bucket is largely fresh June and July billing (B.HOM's $63.9K current balance is exactly its six June starts).
Client
Open
Current
1–30
31–60
61+
B.HOM Student Living
$81,389
$63,904
$17,485
—
—
Asset Living
$73,736
$33,020
—
$22,716
$18,000
The Community Builders
$59,939
$39,688
—
—
$20,251
TRG Management
$27,236
$21,236
$6,000
—
—
GoldOller
$20,285
$20,285
—
—
—
Legacy Communities
$18,304
—
$8,320
$9,984
—
Weidner
$14,250
$14,250
—
—
—
PeakMade
$11,544
—
$11,544
—
—
University Partners
$7,176
$7,176
—
—
—
Total open AR
$313,859
$199,559
$43,349
$32,700
$38,251
$313.9K
Open AR
77%
Within 30 days
$71.0K
Past due 31+
Only two items sit over 90 days: Asset Living ($18,000) and The Community Builders ($14,011), both under active follow-up. The remaining past-due balance is concentrated in the 31–60 bucket (Asset Living $22,716, Legacy Communities $9,984).
Cost structure going forward
Monthly run rate effective June 1, built from the Jan–May 2026 P&L adjusted for three changes: Ben's guaranteed payments ($175K/yr) and healthcare ($1K/mo) are off the books, legacy PSG A/P is fully paid off, and PSG settles at roughly $7,800/mo going forward.
Category
Monthly
Guaranteed payments
$18,750
Team payroll (base)
$18,615
Commission
$6,307
variable
Payroll taxes & processing
$2,253
Benefits & insurance
$4,136
PSG (Manila desk)
$7,800
Candidate marketing (job boards)
$16,053
variable
Client marketing & recruiting SaaS
$794
Office & G&A
$7,352
Loan interest
$1,400
Travel, team & other
$329
Total run rate
$83,790
$83.8K
Monthly run rate
−$12.5K
vs Jan–May avg
~$112K
Breakeven fees / mo
The June 1 changes take $15.6K/mo ($187K/yr) directly off the books, partially offset by PSG stepping up to $7,800/mo. The new base splits roughly $61.4K fixed and $22.4K variable (commission plus job boards). Breakeven is about $112K in gross fees per month, roughly 18 starts at the current average fee, after the 25% attrition reserve the P&L books against gross fees. June, the first month on the new cost base, billed $188.7K against $83.8K of run-rate costs, and July's first 9 days ($63.1K) already cover more than half a month's breakeven.
Basis note: Run rate uses Jan–May 2026 P&L monthly averages for all unchanged categories (April's third payroll period is smoothed by averaging). Commission and job board spend scale with placement volume.