| Building Communities Fund | Housing Fund | Preferred Credit Fund | Lending Fund | |
|---|---|---|---|---|
| Fund Type | Real Estate Equity Fund | Real Estate Preferred Equity Fund | Preferred Real Estate Credit Fund | Senior Secured Mortgage Pool Fund |
| Fund Investment | Primarily equity investments into existing single-family and multifamily communities, mobile home and camp communities, and self-storage. | Primarily equity investments into existing single-family and multifamily communities, mobile home and camp communities, and self-storage. | Loan and preferred equity investment backed by real estate first position, subordinate, mezz, note-on-note finance, and preferred equity, primarily workforce housing assets | Senior mortgages, primarily workforce housing assets |
| Direct/Indirect Security | Equity Ownership in Real Estate | Equity Ownership in Real Estate | Notes Secured by Equity Pledges, Mortgages and Personal Guaranties | 1st Position Mortgages backed by Real Estate along w/ Personal Guarantees |
| Fund Term | Evergreen | Evergreen | Evergreen | Evergreen |
| REIT | No | Yes | No | Yes |
| QBI (199A) Deduction Eligible | Yes | Yes*** | Yes | Yes*** |
| Distribution Frequency | Quarterly (Pref); Annually (EDC) | Monthly (Pref); Annually (EDC) | Monthly (Pref); Quarterly (EDC) | All Distributions Paid Monthly |
| Reporting Frequency | Quarterly | Quarterly | Quarterly | Monthly |
| Targeted Current Distributions | 8% | 6% | 10% | 9% |
| Preferred Return | 8% | 6% | 9% | 8% |
| Targeted Annual Net Return to Investors | 11-13% | 10-12% | 10-11% | 9-10% |
| Average Annualized Return Since Inception | 8%* | 26.98% | 10.73% | 12.87% |
| Management Fee (Subordinate to Pref) | 2.0%** | 2.0% | 2.0% | 2.0% |
| Annual Investment Rebate For Investments of $1MM+ per account per fund | 0.50% | 0.50% | 0.50% | 0.50% |
| Annual Investment Rebate For Investments of $10MM+ per account per fund | 1.0% | 1.0% | 1.0% | 1.0% |
| Return Split | 80/20 upon achieving preferred return | 80/20 upon achieving preferred return | 80/20 upon achieving preferred return | 80/20 upon achieving preferred return |
| Redemptions | Annual Redemption | Annual Redemption | 90 Day Notice | 90 Day Notice |
| Benefits of Leverage | Yes | Yes | Yes | Yes |
| Tax Shelter through Depreciation | No | Yes | No | No |
| Minimum Investment | $200,000 | $200,000 | $200,000 | $200,000 |
| Target Fund Size | $1,000,000,000 | $2,000,000,000 | $1,000,000,000 | $2,000,000,000 |
| Tax Reporting Method | K-1 | K-1 | K-1 | 1099-DIV |
| Immediate Deployment of Funds (Y/N) | Yes | No (20-60 days on average) | No (15-45 days on average) | No (15-45 days on average) |
| Inception Date | October 2021 | January 2020 | October 2021 | October 2014 |
| DLP Investment Funds are for Accredited Investors | *Annualized Preferred Return **management fee is paid monthly, but subject to claw back | ***Not subject to phase out |
This document is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interests in the Funds or any other securities.