Progress — Altus Equity

Altus Mid-Month Update

April 2025

Spring break may be in full swing for many—but here at Altus, there’s no break. We’ve kept our foot on the gas, advancing acquisitions, development, and value creation across the portfolio. A standout milestone this month: we officially closed on the Odessa multifamily portfolio introduced in our March update. This acquisition adds immediate cash flow and long-term appreciation to our holdings—exactly the kind of strategic investment we aim to deliver for investors.

Market conditions continue to evolve—and with that change comes opportunity. Below, you’ll find updates on active projects, fund performance, and new investments in the pipeline.

For those looking to expand an existing real estate position—or take the first step into real estate as part of a diversified portfolio—now is an opportune time to explore what’s next.

New Altus Secured Income Fund: We are finalizing the details on a new debt fund that will be available soon. The fund will offer an 8% preferred return and 50% of the Fund profit with total returns expected to be in the 9 – 10% range. The Fund will only invest in senior position loans secured by real estate, providing a compelling option for investors seeking consistent, passive income with downside protection. If you would like to reserve a spot to get additional information, please reply back to this email.

For those that are not already invested in the Opportunity Fund but considering doing so, please join us next Wednesday, April 23rd, for an exclusive webinar on the Fund, presented by our CEO, Forrest Jinks.

You can click here to register:

See below for a recap of some of our projects underway:

Multifamily Portfolio, Texas (Purchased): In March, we officially closed on the purchase of a 1225 unit portfolio spread across 6 individual properties. This is a stabilized and well-maintained portfolio with incredible initial cash flow right out of the gate, but also with what we believe to be value upside through selective unit upgrades. This investment is currently fully funded but a few investment slots may open up in the weeks following the closing.

If you are interested in more information please reach out to Chad Richards (crichards@altusequity.com).

Screenshot 2025 01 13 At 2.27.29 pm — Odessa, TX: Downtown and 3 of 6 Properties

Multifamily Construction, Oxford, MS (Development): Construction on the 98-unit multifamily project remains on construction delivery schedule, which is well ahead of the investment pro forma timeline. Key building components, including insulation, drywall, and exterior finishes, are advancing steadily, while major utility installations near completion. Leases have been and are continuing to be signed in expectation of full property stabilization by the end of the summer. Check out the website now live: The Belle Oxford. Notably, market rents are trending above pro forma projections, positioning the project for strong returns and added value for investors.

Oxford, MS: Multi-Family Project Rendering

Industrial, Dallas/Fort Worth, TX (Purchased): The lease-up is ongoing.

Kennedale 2 — Kennedale Light Industrial

Industrial Warehouse, MS: The lease-up is ongoing with negotiations with a major multinational tenant well advanced that would result in absorption of large portion of the empty space. Negotiations for smaller spaces are also in process.

Highfill Duplexes Phase I, NW Arkansas: The lease-up is ongoing though to date has not been as robust as we would have expected. We are hopeful the spring leasing season can provide a tailwind to get over the hump to full stabilization.

New Industrial, Charleston, SC: The 1.4+ million square foot project is now complete, and marketing and leasing activity remains ongoing.

Multifamily, Oklahoma (Sale): We are currently under contract for the sale of a multifamily property in Oklahoma. While the sale has become more complicated than originally forecasted due to the lender declining the loan assumption, we are anticipating that the sale will close by the end of April.

Fund Updates:

Altus Opportunity Fund: The fund continues to expand its pipeline with a diverse range of high-quality opportunities, further strengthening its position for long-term success. Year 1 results outperformed proforma*. As we continue to grow, our focus remains on identifying and executing opportunities that drive exceptional returns. For more information on the Opportunity Fund, click here.

NPL Fund: We’ve officially put documentation in place to reopen the Non-Performing Loan Fund to new investment. The fund has substantially outperformed expectations in its first year of operations, with overall returns well in excess of original pro forma projections*. As part of our broader strategy to identify value in dislocated markets, the NPL Fund complements our equity and income-focused offerings—providing investors with diversified exposure to opportunistic real estate debt. For more information on the NPL Fund, click here.

ACG Updates (Altus Capital Group) – Private Money Lending: Our lending division remains active with a pipeline of loan opportunities across several different states. Loan funding opportunities are presented first to those who actively let us know they are looking to fund private mortgages or deeds of trust. For more information on Altus Capital Group, click here.

_{^{*Past performance is not indicative of future results}}

If you have a portion of your investment portfolio that is earmarked for debt, please reach out so we can add your name to our hot sheet. If you are trying to figure out the capital stack for your own project, feel free to reach out and we are happy to brainstorm possibilities with you.

Are you invested in any other real estate or debt investments that are struggling? We are actively looking for investment opportunities and have the ability and creativity to often be able help in challenging situations. Please contact us if you have or know of such situations.

For those looking to explore equity investments or private lending opportunities, please contact Chad Richards (crichards@altusequity.com), our VP of Investor Relations, at (707) 227-4422 or reply directly to this email. We’re here to help you navigate the investment landscape and identify opportunities that align with your goals.

Happy Investing!

The Altus Equity Team
Investors@altusequity.com
(707) 932-5887

This message is not an offer or solicitation of an offer to buy or sell any securities. Offers are made only by prospectus or other offering materials. The information contained herein has been obtained from a variety of sources which are believed to be reliable, but have not been independently verified, and may be subject to change without notice. To obtain further information, you must complete our investor questionnaire and meet the suitability standards required by law.

Core Value

“We approach our roles with the belief that strong, collaborative relationships are essential to success. This emphasizes the importance of cultivating trust, open communication, and mutual respect with clients, tenants, and team members. By prioritizing meaningful connections, we foster a positive, cooperative environment that drives exceptional service, resolves challenges efficiently, and creates long-lasting partnerships. Building strong relationships is not just about business; it’s about creating a foundation for shared success and growth, ensuring all parties feel valued and supported throughout their journey.”

Amanda Harrison

Director of Property Management

Altus Management Group

amandaharrison@altusequity.com

Amanda joined Altus Management Group in March 2025 as a seasoned executive with over 27 years in property management across residential, commercial, and medical office sectors. With a proven track record of driving growth in net operating income, optimizing team performance, and delivering exceptional customer service, Amanda has demonstrated success in managing large portfolios, developing business strategies, and overseeing real estate operations.

An expert in risk management, contract negotiations, and profitability, Amanda consistently achieves operational excellence through strategic leadership and fostering strong client relationships. Amanda holds a B.B.A. in Real Estate and certifications including Certified Property Manager (CPM), Realtor, and LEED AP, alongside numerous industry accolades such as the BOMA Nashville Toby Award and Regional Director of the Year.

Outside of work, Amanda enjoys spending time with her adult daughter and teenage son as well as cooking, reading, listening to music, entertaining friends, and traveling.

Core Value

“Opportunity can come in many different forms, and Altus Equity takes pride in being flexible, ready, and responsive, while acting with integrity to secure quality investments. We strive for authentic, mutually beneficial relationships with all market participants, each and every time.”

Andy Eicher

Senior Vice President of Investments

aeicher@altusequity.com

Andrew joined Altus Equity in February of 2017 following 16 years working in and around the financial markets, the last ten spent overseeing the Operations of Securities Broker-Dealers. Years spent working with multiple asset classes, adjusting to changing business models, and seeking dynamic solutions to problems facing the Investor, have given Andrew an eye for detail, proven communication skills, and a determination to find investment value in the marketplace. A background of success, ranging from Corporate Finance with a Fortune 500 company, to the lively and uncertain world of a Securities Trader, has provided Andrew with a unique perspective and skill set that he’s eager to apply to the opportunities facing Altus today.

A resident of Austin, Texas for over 17 years, Andrew was born, raised and educated in Iowa, earning a B.B.A in Finance from the University of Iowa. He holds FINRA Series 7, 24, and 57, as well as several state securities licenses.

Core Value

“Success is earned by investing in authentic relationships. The more people we can help, the more successful we will be.”

Ian Tavelli

Director of Lending

Altus Capital Group

itavelli@acginclending.com

Ian Tavelli is the Director of Lending at Altus Capital Group (ACG), Altus Equity Group’s private money lending subsidiary. ACG offers quick and reliable real estate loans for business purposes, specializing in creative, fast, and flexible financing solutions secured by residential, multi-family, commercial, industrial, and land properties.

Since joining in September 2022, Ian has worked on boosting ACG’s reputation for creativity, personalized service, and strong customer relationships. He believes in doing business with integrity and building lasting relationships.

Before ACG, Ian ran his family business, Tavelli Co., Inc., where he handled daily operations and managed debt collection. This hands-on experience taught him the full debt cycle, from giving credit to resolving issues, sharpening his skills in both finance and operations.

Earlier in his career, Ian worked as a Credit Analyst, Underwriter, and Loan Officer, gaining deep insights into banking. He later became a Relationship Manager at Tri Counties Bank. Ian has a Bachelor’s degree in Global Business Finance from Arizona State University. He lives in Santa Rosa with his son and daughter, and brings a practical, grounded approach to leading ACG.

Core Value

“Acting with integrity, continuous growth, and developing relationships are the keys for long-term success for us and our investors. We strive for excellence while staying true to our values and beliefs.”

Eric Mohrmann

Director of Accounting/Controller

emohrmann@altusequity.com

Eric Mohrmann is the Director of Accounting/Controller for Altus Equity Group, Inc. He joined Altus Equity in 2021 after working 7 years in public accounting gaining experience in tax, audit, and financial reporting. Since joining Altus, he has been an integral contributor of the accounting and financial reporting team. He is a licensed CPA in the state of South Carolina and is a member of the SC Association of CPAs.

Eric graduated from Clemson University with bachelor’s degrees in Accounting and Financial Management and a master’s degree in Professional Accountancy. He resides in Greenville, SC with his two children where they like to go swimming, hiking and play tennis. He is an avid Clemson Tigers fan and loves to spend Saturdays in the fall watching and attending Clemson football games.

Core Value

“Integrity is the cornerstone of enduring relationships, fostering trust, transparency, and mutual respect. At Altus, integrity serves as the foundation upon which long term, meaningful connections are built with our investors and team members.”

Teri Ernandes

Vice President of Operations

ternandes@altusequity.com

Teri joined Altus Equity Group, Inc., in April 2024, enriching the team with her extensive business acumen. With a 30-year background that spans various leadership roles in marketing and operations within a franchised multi-unit restaurant company, Teri brings a wealth of experience to Altus. Her expertise lies in marketing, enhancing business efficiencies, fostering positive team culture, and refining systems and processes. Teri is a graduate of CSU, Chico with a BS in Business Administration/Marketing.

Outside of work, Teri resides in Chico, California where she co-owns an orchard management business with her husband. She cherishes time with her two adult children who also live nearby and remains active in the community. During her leisure moments, Teri indulges in her passions for cooking and entertaining, listening to live music and spending quality time with family and friends.

Core Value

“Action alone is rash. Thought alone is idle. When the two ally, thoughts become realized, and actions become rewarding. The growth that Altus is experiencing is a testament to our team’s ability to put the two together.”

Sebastian Smith

Commercial Property Management

ssmith@altusequity.com

Sebastian joined Altus as an intern while pursuing his degree in Business Administration with a concentration in Finance at Sonoma State University. After graduating in the Summer of 2021, he became a full-time team member, initially serving as an analyst in asset management. He quickly advanced to the role of Commercial Property Manager, where he oversees the day-to-day operations of our commercial properties.

Sebastian is dedicated to optimizing property performance and ensuring tenant satisfaction. He holds the designation of Certified Manager of Commercial Properties (CMCP) and actively seeks opportunities for professional growth in the real estate industry.

Based in Chico, California, Sebastian enjoys outdoor activities, running, and spending quality time with his family.

Core Value

“Proactive management, combined with strong relationships with our residents, tenants, partners and communities, is key to achieving our investment objectives. This is what energizes us. And working with the Altus team of exceptional professionals and project partners makes it possible.”

Kent Borowick

Commercial Asset Management

kborowick@altusequity.com

Kent Borowick joins Altus Equity with more than 20 years’ experience working with both private and institutional real estate investors. He specializes in the management and repositioning of real estate assets and has experience with all major product types including multifamily, retail, office and mixed-use properties.

Kent is a graduate in Mechanical Engineering from Stanford University, and also holds an MBA and PhD in Statistics from Baylor University. Prior to joining Altus, he served as the Chief Financial Officer for a publicly traded firm providing technological solutions and customized programs to the social services industry.

Kent enjoys the outdoors and is often seen walking OPD’s (Other Peoples Dogs). He also enjoys live music and travel.

Core Value

“I believe that nothing is more important than our reputation and holding ourselves to the highest levels of integrity is fundamental to who we are.”

James McGee

Director of Business Development

jmcgee@altusequity.com

James joined the Altus team in June 2022. He lives and pursues his career in multi-family and commercial real estate asset management with a simple precept that has been guiding him for years; “In order to be a true leader, one must serve and give to others”. James is laser focused on providing stable cash flows with long-term capital appreciation. He brings an ‘outside-the-box’ point of view and premier customer service to his property management relationships, tenants, and outside service providers.

James pursued Architecture at Arizona State University and has completed formal training in many real estate focused areas including income-producing property optimization, repositioning, private lending, property management and negotiation. James loves cooking, hiking, and spending time with his family. He lives in San Diego with his wife and two young children.

Core Value

“I strive to continuously provide transparency and accuracy. I believe these are the foundation to building trusting and lasting relationships that can thrive. “

Marie Cattrell

Vice President of Finance

mcattrell@altusequity.com

Marie joined Altus Equity Group in 2020 after 11 years working in real estate, the last four as a Controller for a southeastern multifamily development company. Marie has extensive experience in accounting and asset management which has equipped her with an arsenal of skills conducive to aiding in Altus’ trajectory. She is best known for her passion of the industry and ability to assess and solve problems. Marie is a graduate of Clemson University with a BS in financial management with an emphasis in real estate. She resides in Travelers Rest, South Carolina with her husband, Dave, and their two children.

Core Value

“When you have a great team of people with shared values, common goals, and strong work ethic, wonderful things happen. Couple that with investment competency and you have… Altus Equity.”

Mark Nelson

Board Chair

mnelson@altusequity.com

Mark G. Nelson is co-Founder and Board Chair of Altus Equity Group, Inc., where he drives business strategy and organizational development. Over his thirty plus year career, Mr. Nelson has served as a Board member and strategist for a myriad of start-ups and established businesses in the human capital, real estate and technology industries. He is the former President and Chief Operating Officer of the Nelson Family of Companies, and during his two- decade tenure with the firm, the company grew from $10 million to over $400 million in revenues. Mr. Nelson started his career in the San Francisco office of Price Waterhouse Coopers (PWC) and is a CA Certified Public Accountant. He is an avid philanthropist, currently serving as a Trustee for Dominican University of California and is the former Board Chairman of the Sonoma Mountain Business Cluster (Rohnert Park, CA) and Bread and Roses (Larkspur, CA). Mr. Nelson received his BS in Accounting from University of San Francisco.

He is a published author, songwriter and musician, and a dedicated family man to his wife Stacy and two sons.

Core Value

“Building trust and fostering relationships with investors through honesty and transparency is part of the Altus philosophy. Connecting, communicating, collaborating through Teamwork is a part of the company culture. These are key components to Altus’ continuing success and growth.”

Michelle Scobba

Investor Relations Specialist

mscobba@altusequity.com

Michelle joined Altus in the Summer of 22, bringing her experience in real estate investment, banking, and mortgages. She also worked several years as a business analyst in the fitness industry. Her communication, collaboration and problem-solving skills all lend to her ability to support the various segments of the Altus Team.

Michelle earned her B.A. in Rhetoric and Communications from University of California, Davis, and M.B.A. with an emphasis in Finance at San Diego State University. During her personal time Michelle keeps busy as a mom of two teenagers, where there is never a dull moment.

Core Value

“Investors are at the heart of everything we do. We pride ourselves on building deep and intimate relationships, giving us the ability to successfully align personal financial objectives with investment opportunities.”

Chad Richards

Vice President of Investor Relations

crichards@altusequity.com

Chad has worked in the commercial real estate field for over 20 years. Initially specializing in investment real estate assets throughout the United States, Chad was responsible for working with developers, property owners, REITS, and high net worth private equity investors. He has facilitated relationships on behalf of his clients and has been involved in the acquisition and disposition of ~$750M of properties in 40 different states. Chad also has an extensive background in 1031 exchanges, investment property evaluation, and sale-leasebacks involving national corporations. Among the many hats Chad wears with Altus, he is also on the investment committee, the leadership committee, and sits on the board of the AE HGF Debt Liquidity Fund.

In his life outside of commercial real estate, Chad founded, and later sold a successful wine business and was a minority owner of a retail pharmacy. He currently resides in Sonoma, California and is very active in his community through coaching youth soccer, youth flag football and serving philanthropically as a founding member of a local men’s charitable group. While not at work, he enjoys spending time with his wife and two young boys.

Core Value

“We take pride in our ability to adapt with opportunities as trends change and risk is re-assessed. Altus has a unique ability to find value in real estate projects. We do so by staying flexible and using creative thinking with the hope of benefiting all parties associated in our investment opportunities. “

Garrett Buffo

Acquisitions Analyst

gbuffo@altusequity.com

Garrett joined Altus in the summer of 2021 after graduating from Chico State University. He received his Bachelor of Science in finance while earning a minor in entrepreneurship. During his time as an undergraduate, he was the treasurer of the Kappa Sigma Fraternity and a member of the investors club. Garrett works as an acquisition’s analyst focusing on broker relationships and evaluating real estate opportunities.

Garrett lives in Petaluma, California with his wife Karina and volunteers as a football coach at St. Vincent de Paul High School.

Core Value

“Driven by integrity, we cultivate growth by forging enduring relationships, promoting collaboration and creativity, and exercising sound risk management. As a cohesive team, we consistently uphold and embody our core values in every aspect of our work.”

Will Stephens

Acquisitions Project Manager

wstephens@altusequity.com

Will brings a distinguished background in construction project management to Altus Equity Group, underpinned by a depth of knowledge and experience that consistently drives excellence in project delivery. His PMP and LEED AP certifications further attest to his proficiency, making him an invaluable asset to our operations.

Before joining Altus, Will held pivotal roles in overseeing high-profile commercial projects across multiple sectors within the United States. His career is defined by a strategic approach to managing project timelines, budgets, and quality assurance, ensuring the successful completion of complex initiatives. Will’s profound understanding of construction methodologies and regulatory frameworks enables him to adeptly navigate intricate challenges, while his exceptional communication and leadership capabilities foster seamless collaboration across multidisciplinary teams.

Core Value

“My core values are integrity, trust, courage, authenticity, and decisiveness.”

Ray Phillips

Senior Accountant

rphillips@altusequity.com

Ray joined the Altus Equity team in October 2021 as a Senior Accountant. He is a licensed CPA in South Carolina and North Carolina. Prior to joining Altus, he spent his career in accounting at PricewaterhouseCoopers, Duke Energy, and Peay & Associates. Ray graduated from Clemson University with a bachelor’s degree in Financial Management and the University of Alabama with a master’s degree in Accountancy.

Ray lives on Fripp Island, SC with his wife, Jessica, and their five children. He greatly enjoys working with real estate, and plays tennis, watches Clemson football, and spends time with his family on the beach in his spare time.

Core Value

“I have a strong desire to engage with organizations that are results oriented, moral, and that embrace a win-win culture for all of their stakeholders. I believe Altus Equity strives to embrace these goals.”

Michael Adler

Board Member

madler@altusequity.com

Raised, educated and having spent the majority of his career in the State of Ohio, Michael relocated to Sonoma County in 2005. Michael has held countless roles, from entrepreneur, businessman, investor, philanthropist, to political activist. As a businessman and entrepreneur, Michael served as a primary shareholder and Chief Executive Officer of two public companies and half a dozen private enterprises, including CEO of the largest franchising photo retailer in North America (450 locations). Michael’s keen sense of strategy, coupled with creative problem solving skills and strong listening ability, has led many to coin him a “resourceful deal maker” and “financial engineer”. He loves people and win-win relationships. Since moving to Sonoma County, Michael has been an active investor including multiple Altus investments and a mentor to early stage companies.

Michael received his B.S. and J.D. degrees from The Ohio State University.

Core Value

“Contracts are only to use when time has passed and the terms of the handshake have been forgotten. Our handshake to all of our stakeholders is that we will act in integrity and honesty. We will make mistakes, but they should never be ones of trust.”

Forrest Jinks

Chief Executive Officer

fjinks@altusequity.com

Forrest Jinks is Founder and Chief Executive Officer of Altus Equity Group, Inc., where he also serves as the Chief Investment Officer and is a member of the Board of Directors. He has over 20 years of real estate investment and general business experience; and has successfully guided Altus as a sponsor on multifamily, industrial, BFR, and retail properties as well as starting or investing in businesses across other industries. Forrest is best known for his creative deal making collaborating across stakeholders to maximize alignment through the investment life cycle. Mr. Jinks prides himself on applying entrepreneurial experience to all elements of the business in a commitment to provide optimized returns to investors and shareholders.

He is active in his community, having served on several non-profit boards and is active in coaching youth sports. He is a graduate of Cal Poly San Luis Obispo where he graduated cum laude with BA in finance and economics. Forrest is a competitive water skier who loves basketball, traveling and spending time with family and friends. He currently resides in Morgan, Utah with his wife Melissa and three children.

Core Value

“Contracts are only to use when time has passed and the terms of the handshake have been forgotten. Our handshake to all of our stakeholders is that we will act in integrity and honesty. We will make mistakes, but they should never be ones of trust.”

Forrest Jinks

Chief Executive Officer

fjinks@altusequity.com

Core Value

“Being profitable can be, and should be, challenging, creative, fun and beneficial to everyone involved. Risk isn’t something to be afraid of, it is something to be evaluated, and used to one’s advantage.”

Peter Simon

Board Member

psimon@altusequity.com

Peter Simon is an accomplished litigator and trial lawyer who handles all types of general and business litigation, with an emphasis on real estate and complex business disputes. He has successfully tried numerous cases in both federal and state courts and has substantial appellate experience with extraordinary writs and state court appeals. He has both defended and prosecuted class and collective actions involving a variety of topics, including ERISA, construction defects, the Fair Labor Standards Act, California wage and hour laws, and unfair competition laws. Peter solves problems by seeking answers where other lawyers wouldn’t even think to look. Naturally positive and upbeat, he’s nonetheless a competitive person who believes in fighting for a win each and every time.

Peter primarily handles high-value cases for clients with complex business issues. Peter’s ideal client values an open, communicative client-lawyer relationship and appreciates the need for creative solutions. Peter is an easygoing guy and gravitates toward clients with a sense of humor. He primarily serves clients in northern California. He enjoys taking cases on contingency, because he loves to gamble, and it ensures everyone is on the same page.

On evenings and weekends, you’ll find Peter coaching his kids on the soccer field. He’s an avid outdoorsman who loves to fly fish, hike, and camp. He was raised in the Alexander Valley and now lives in Santa Rosa with his wife and three children.

Core Value

“Finding capable partners has been essential to a gratifying career. The best partners are not only flexible, creative, collaborative and hardworking, but they share my values, and desire to pay it forward.”

Kathleen Kusiak

Altus Board Member

Kathleen Joyce Kusiak has worked in the real estate industry since 1988. In addition to managing the real estate development process, Kathleen has been responsible for procuring investments, asset management, business development, capital markets, and strategic planning.

Prior to launching Alta Properties LLC in 2007, Kathleen started a consulting company offering strategic planning and business development services to real estate related companies and worked as a third-party development manager–developing such projects as Cisco Systems’ New England campus.

Alta Properties is an opportunistic real estate investor/developer that acquires properties throughout New England, the Mid-Atlantic and select other states– across all major asset classes, focusing on opportunities for capital appreciation.

Alta Properties typically partners with experienced operators and developers who have expertise with specific property types. Alta’s portfolio includes hotels, office buildings, medical office, assisted living, industrial, mixed-use, high-rise, and apartment buildings. Its portfolio is nearly 3 million square feet of space with a total market value of a half billion.

Kathleen earned a BA in Economics and Psychology from Dartmouth College and an MBA from Boston College. She lives in Massachusetts and Florida, is a wellness enthusiast (and has run more than a dozen marathons), and has two “adult” children.

Core Value

“Contracts are only to use when time has passed and the terms of the handshake have been forgotten. Our handshake to all of our stakeholders is that we will act in integrity and honesty. We will make mistakes, but they should never be ones of trust.”

Forrest Jinks

Chief Executive Officer

fjinks@altusequity.com