Cocoon Homes
Confidential — Investor Access
FLEET OVERVIEW · DEPLOYABLE WORKFORCE HOUSING PREPARED NOV 2026 · FIRST SEASON 2027 · WORKING DRAFT FOR DISCUSSION
15 Duplexes · 30 Beds · Owned Outright, No Debt

Real beds on the fire line.
Owned outright. No debt.

A purpose-built fleet of 15 deliverable duplexes (30 private beds), owned outright by its investors and Cocoon, placed with the U.S. wildland fire service through a dedicated operations partner, and redeployed in the off-season. The first season is 2027.

30
Beds · 15 duplex units
$1.43M
Potential Year 1 revenue
37%
Potential Year 1 cash yield to owners

The problem on the ground

U.S. wildland fire service · high season

In high season the U.S. wildland fire service fields at minimum 10,000 — and routinely more than 30,000 — firefighters on active incidents. The majority sleep on the ground between 16-hour shifts: in personal tents when they have them, often on a tarp and a sleeping bag when they don't — for weeks at a time, while mental-health strain and suicide rates in the profession climb. The data and the camp photos are further down this page.

“Every firefighter deserves a bed to sleep in, a place to shower, and privacy.”

That is the standard the fire service wants to build toward, and it is the problem this fleet exists to solve. The model plans on a May-to-September season of 153 nights and bills each bed for 130 of them. Because the units are fully mobile, off-season work adds revenue on top of the fire season.

Aerial view of a fire camp: crews sleeping on the ground in tents and sleeping bags
The same camp equipped with rows of deployable housing units
Today — crews on the ground
↔
Drag to compare · concept rendering — the same camp, re-equipped

Why hasn’t this been done before?

Why the time is now

Because until this year, nobody in charge said it had to be. Sleeping in the dirt was treated as part of the job, and fatigue management was not a written priority. That changed on April 17, 2026, when the National Multi-Agency Coordinating Group, the body that sets national priorities for wildland fire, directed incident teams to pilot new rest and sleep arrangements for the 2026 season. Sleeper trailers, and modern ones with private compartments, are named in it several times.

NMAC Correspondence M2026-05
Fatigue Mitigation Guidance and Policy Direction for the 2026 Fire Season · April 17, 2026
↓ Read the full letter (PDF)
The old model is no longer the default
“The historic standard of a single large camp serving all responders is not the only, or the default, choice.”
Leadership is telling incident teams to plan rest around the crew, not around one big camp.
Sleeper trailers are named directly
“Prioritize segregated sleeping areas for night/swing-shift resources (hotels, separate campground loops, sleeper trailers).”
Hub-and-spoke rest locations using sleeper trailers are also listed as a model to explore.
Teams can act now
“The following ‘best practices’ will be available to IMTs without requiring higher-level approval.”
Hotels and sleeper trailers are authorized options this season. When they are fiscally and operationally advantageous, the letter says to use them.
What the next generation should look like
“Consider revising sleeper trailer standards and piloting modern mobile sleep trailers with private ventilated compartments.”
A private, climate-controlled room with its own entrance is what each side of this duplex is.
The standard for real rest
“Allow for a minimum 2200–0500 sleep window (target 7–9 hours of quality rest).”
A dark, quiet room lets a day crew sleep at night and a night crew sleep through the day.
Rest has to be close
“Driving time: 30–45 minutes one-way maximum.”
Hotels are the right answer when they are close, but near remote incidents they rarely are. This fleet brings the rooms to within that drive.
OptionWhy it hasn’t filled the need
Tents & the groundThe historic default. No climate control, no privacy, no real sleep for a crew coming off a 16-hour shift or sleeping through the day.
HotelsThe best option when available, and the letter authorizes them. Near most remote incidents, there are not enough rooms within a 30–45 minute drive.
Bunk sleeper trailersHouse 12 to 40 firefighters in one trailer in stacked, submarine-style bunks. Shared air, shared noise, shared light: little better than a tent.
RVs, campers, mobile homesBuilt for recreation or for a single move to a permanent site, and sourced one unit at a time. Not built to deploy into a fire camp and come back, season after season.
This fleetPurpose-built duplexes: two private, climate-controlled rooms per unit, each with its own entrance and bath, built to residential standards on a chassis made for repeated mobilization, and placed within the drive the letter sets.

The window — why this pilot, why now

Federal budget reset · FY2027–FY2028

Federal wildland fire is being restructured right now. The U.S. Wildland Fire Service was formally established inside the Department of the Interior in January 2026, and over the next one to three budget cycles Congress will decide the new service's structure, its budget, and how that budget is spent — including firefighter housing, which is already named in the service's own budget justification. Fire service leadership has been direct: this trial phase must prove the concept before that budget is set.

2025
Proposed

Administration proposes a consolidated U.S. Wildland Fire Service; executive order directs DOI and USDA to consolidate wildland fire programs.

2026
Established & studied

USWFS formally established within DOI. Congress orders an independent study on full consolidation — the evidence window this pilot feeds.

FY27
The budget fight

The FY2027 request again seeks a fully consolidated service — roughly $6.9B for federal wildland fire. Congress is deciding now.

2027
The forcing function

The multi-billion-dollar wildfire suppression reserve fund expires Sept 30, 2027. Congress must rewrite how federal wildfire is funded — structure and allocations get reset.

30 BEDS
This pilot — the proof of concept
10,000+
Firefighters the service has signaled it wants in beds
5,000+
Duplex builds at full program scale

If the pilot performs through the trial window, the service's stated direction is beds for its deployed force at scale — a program hundreds of times the size of this fleet. Scale figures reflect the service's signaled intent, not a committed contract; what this raise buys is the operating proof, the direct contract relationship, and first position in that program before the budget is written.

How the deal is built

Three parties · clean lanes

The fleet owner holds the homes outright, with no lender behind them. The operations partner brings the work and runs the field side, and Cocoon builds the units and manages the business for the owners.

Fleet Owner

Owns the homes outright

Owns all 15 duplexes outright, with no debt. Two cash investors and Cocoon’s principals own it together. Provides the units insured, maintained to return-condition standard, and deployment-ready every season.

Operations Partner

Contracts & operations

Brings the deployment contracts and runs the field side: mobilization, camp operations, and day-to-day management. Reimbursed at actual cost plus a 3% fee, and earns a 30% incentive only on fire profit above a 15% return to owners.

Cocoon Homes

Manufacturer · co-owner

Builds the fleet: duplexes built to residential standards with full deliverable capability, engineered for repeat transport and rapid siting. Puts $30,000 of its margin on every duplex into the fleet as ownership, and manages the business for the owners.

OPERATIONS PARTNER SOURCES & OPERATES  →  FLEET OWNER OWNS THE UNITS  →  COCOON BUILDS & MANAGES

Fleet acquisition

15 duplexes · Cocoon equity in kind
Retail price per duplex$130,000
Cocoon equity in kind per duplex− $30,000
Investor cash per duplex$100,000
Total fleet acquisition · 15 duplexes (30 beds)$1,500,000
$450,000 of Cocoon ownership. Cocoon puts $30,000 of margin from every duplex into the fleet as equity, so the owners hold $1,950,000 of fleet at retail value for $1,500,000 of cash. Cocoon’s equity sits alongside the investors’ capital, not ahead of it.

Why it matters to investors: investor cash buys each duplex at $100,000 against a $130,000 retail value, and the manufacturer’s own capital is at risk next to theirs.

No debt: no lender, no note, no balloon. Profit goes to the owners from the first season.

Built for this work: residential-standard duplexes on steel trailer chassis, designed for repeated mobilization: transportable, durable in field conditions, and returnable to service between seasons without rebuild-level refurbishment.

Return-condition standard: units are inspected against a documented condition standard at each demobilization, and upkeep is funded from revenue every year, so the fleet a crew moves into in year five is the fleet from year one.

The revenue engine

Billed per bed, per night · potential, not guaranteed

The fire service pays per bed, for every night billed: $285 at the federal GSA per-diem rate, or $450 at the Cal Fire rate. Nothing here is guaranteed. These are the potential results at each rate. Flip the rate, flip the off-season, and drag the season.

Fire rate per bed per night
Off-season
Where potential Year 1 revenue goes · at 130 billed nights
$1.43M
Potential Year 1 revenue — fire + off-season
→
Partner costs at actualPartner fee + incentiveFleet costs (manager, insurance, upkeep, yard, 2% asset fee)Net to owners
$1,111,500
Fire service revenue — 30 beds × 130 nights
$316,847
Off-season Trade Outpost rent
$723,714
Potential net to owners — Year 1
Nights that cover the owners’ 15% target Billed nights above the target Not billed (153-night season)
130of 153 nights
54
Billed nights per bed to cover the owners’ 15%
$1,111,500
Fire revenue at 130 nights
$1,428,347
Fire + off-season revenue at that season

Ownership & returns

No debt · owners paid first

There is no lender and no note. Two cash investors and Cocoon’s principals own the fleet together, and every dollar of profit belongs to them. Choose how profit is used: paid out every year, or reinvested into more duplexes.

Capital stack
Investor A · cash$750,00038.5%
Investor B · cash$750,00038.5%
Cocoon principals · in kind$450,00023.1%
Total$1,950,000100%
Preferred dividend8% · paid first
Unpaid dividendCarries forward
Sponsor promote (proposed)25% above the 8%
Asset management fee2% of revenue
DebtNone
How profit is used
Preferred dividend
DUPLEXES IN SERVICE, END OF EACH YEAR · 2027–2036

$750,000
A · $750K
B · $750K
The two investors always total $1,500,000 of cash. Investor B fills whatever Investor A doesn’t. Each dollar earns the same return, so the multiple and IRR stay the same and the dollars scale.

Investor A

$750,000 cash · 38.5%
Year 1 cash—
Cash over 10 years—
Share of Year 10 sale—
10-year multiple—
10-year IRR—

Investor B

$750,000 cash · 38.5%
Year 1 cash—
Cash over 10 years—
Share of Year 10 sale—
10-year multiple—
10-year IRR—

Why the promote

Investors are paid first

Cocoon sourced the deal (the fire work, the operations partner and the structure), runs the business for the full hold while the investors stay silent, and has real money in: $30,000 of margin on every duplex, about 23% of the capital. Investors are paid their 8% first, every year, before any promote, and any shortfall carries forward.

Year 10

What the program becomes
15 duplexes
Fleet in service · 2036

Field-proven duplexes with ten seasons of deployment history and an operating partnership already in place.

$0.81M / yr
Potential net to owners · Year 10

Year 10 profit after the operations partner, fleet costs and fees, with rates and costs growing each year.

$4.06M
Potential sale value · end of Year 10

The higher of the fleet’s depreciated value and Year 10 profit at an illustrative 5× multiple, plus cash on hand.

Downside check. If fire work and the off-season redeploy both disappeared, the fleet could still earn the owners’ 15% by renting the units directly, at about $153 per side per night and 60% occupancy, with an in-house rental manager.

Beyond fire season

Off-season demand · same fleet

The fire season runs May to September. The fleet is mobile all 365. In the base case, the operations partner rents the units for its Trade Outpost program for 215 off-season nights at about $98 per duplex per night. Beyond that, the same duplexes serve a deep bench of adjacent buyers.

State wildfire agencies

CAL FIRE · Texas A&M Forest Service · Washington DNR · Oregon Dept. of Forestry

States run their own large fire programs on their own calendars — surge demand on top of the federal season.

Disaster response

FEMA · U.S. Army Corps of Engineers · State emergency management

Hurricanes, floods, and tornadoes create sudden temporary-housing demand — the exact job a deliverable duplex is built for.

Utility restoration crews

PG&E · Southern California Edison · Xcel Energy · Duke Energy

Utilities spend billions on wildfire response and storm restoration; housing line crews near the work is a recurring, unsolved problem.

Private fire contractors

Grayback Forestry · Miller Timber Services · PatRick Environmental

Contract crews mobilize hundreds of firefighters every season and compete for the same scarce beds near every incident.

Industrial workforce

Oil & gas · Mining · Pipelines · Wind & solar · Data center builds

Remote megaprojects — the Bechtels, Kiewits, and Fluors — house large crews for months at a time, year-round.

Military & National Guard

Training rotations · Exercises · Temporary base camps · Mobilizations

Deployable, private, climate-controlled billeting that stands up in hours and demobilizes just as fast.

Representative demand categories — indicative markets, not committed contracts
8 ACRESUtah County · Fleet Base

A dedicated fleet-management property for the off-season: parking and storage, staging, maintenance, and return-condition inspection between deployments. The fleet always has a home — and a fast road back out to the next contract.

Built like homes, because they are

Cocoon build quality

These are not converted trailers or camp shells. Cocoon builds to residential standards with deliverable capability: conventional wood-framed homes on steel trailer chassis, with residential doors, windows, and finishes — standing-seam metal roofs, dedicated mini-split climate control on every unit, and running gear engineered for repeated transport. The fleet's duplex sleeper units are purpose-configured for crew rest, built to the same standard shown here.

The duplex sleeper layout: two fully private units per build, each with its own entrance, kitchen, bed, and private bath (concept floor plan) Chassis-built and road-ready — delivered, set, and livable in hours Full kitchen and living space — residential appliances, real finishes A real bed in a real bedroom — quiet, dark, and warm after a shift Every unit includes its own private bathroom — full shower and toilet, no lines, no waiting
The duplex sleeper layout: two fully private units per build, each with its own entrance, kitchen, bed, and private bath (concept floor plan)
Deliverable by designWood-framed homes on steel trailer chassis — built to mobilize, deploy, and return year after year without rebuild-level wear.
Climate-controlledEvery unit carries its own mini-split heating and cooling — a consistent sleeping temperature in July heat or October cold.
Residential standardsReal doors, real windows, insulated walls, finished interiors — a home a crew member walks into, not a container they're assigned to.

Who this fleet serves

Photos from a working fire camp

Wildland firefighters work 16-hour shifts on the line — and then sleep on the ground. The nearest real bed is often a motel 1.5 to 2 hours away, far enough that crews routinely skip it just to bank more sleep. Shower lines at camp can run hours; days pass without one. And a large share of every incident is worked overnight — those crews come off the line at dawn and try to sleep through the day, in a tent, in summer heat and full daylight, with a camp operating around them. It is not an environment built for real sleep. The photos below are a working incident camp. This is the standard the job currently offers the people doing it.

16 HRS
A standard shift on the line
1.5–2 HRS
Drive to the nearest motel bed
HOURS
Waiting in line for a shower
DAYS
Between showers on assignment
Crew tents on open ground below the highway — sleep after a 16-hour shift
Crew tents on open ground below the highway — sleep after a 16-hour shift
Personal tents pitched at the edge of the vehicle lot — daytime sleep for night crews happens here
Personal tents pitched at the edge of the vehicle lot — daytime sleep for night crews happens here
The sanitation line and water tenders — camp infrastructure on bare dirt
The sanitation line and water tenders — camp infrastructure on bare dirt
Handwash stations and pin flags marking home for the deployment
Handwash stations and pin flags marking home for the deployment
Soft-sided shelters with ducted air — the current best case in the field
Soft-sided shelters with ducted air — the current best case in the field
Field power distribution — the infrastructure it takes to run a camp on open ground
Field power distribution — the infrastructure it takes to run a camp on open ground

This is bigger than comfort

1 IN 5
Reported suicidal ideation in the past year
2–10×
Depression, anxiety & PTSD vs. general population
5–8×
Higher odds of those screens among firefighters with insomnia
> LODD
More firefighters die by suicide than in the line of duty

In the largest national survey of U.S. wildland firefighters to date, 17% screened positive for depression and roughly 14% for probable PTSD — and one in five reported suicidal ideation within the past year. Across conditions, rates run two to ten times the general population.

Sleep sits near the center of it. Firefighters with insomnia show roughly five to eight times higher odds of screening positive for depression, anxiety, and PTSD, and researchers describe poor sleep and mental-health strain as a cycle — each making the other worse. Housing does not treat any of this. But sleep is one of the few conditions a deployment program actually controls, and a dark, quiet, climate-controlled bed minutes from the line is the most direct sleep intervention a camp can make.

SOURCES: NATIONAL SURVEY OF 2,625 U.S. WILDLAND FIREFIGHTERS (O'BRIEN, 2021) · FIREFIGHTER BEHAVIORAL HEALTH ALLIANCE · PEER-REVIEWED FIREFIGHTER SLEEP & MENTAL-HEALTH STUDIES (CARLETON ET AL., 2021)

30 real beds, minutes from the incident — climate-controlled, quiet, and dark at any hour, so day crews recover overnight and night crews can actually sleep through the day. Crew recovery stops being the cost of the job and becomes part of the operation.