Thanks to everyone that was able to make it on our quarterly investor call. We had a great turnout! As mentioned on the call, the majority of our recent efforts have been focused on launching our new investment fund. The strategy of the fund is to take what we have already been successfully doing over the last several years with individual real estate projects and apply the same strategy to a fund model to produce above market returns for investors, albeit with the massive added benefit of being able to take advantage of distress opportunities we expect being available in the next 6 – 9 months. By blending debt opportunities with carefully selected real estate projects, we believe we can produce stable and growing cash flow while having enough equity available to capitalize on the upside of distressed opportunities that are on the near horizon. We will be offering the first spots in the fund raise to our Altus investing community. We have our eye on an early Q3 launch of the fund, so stay tuned for further details. Overall, new equity acquisition opportunities are few and far between as the markets sort themselves out, but we continue to actively look for investments that work, while simultaneously putting together the fund structure. Debt opportunities are more plentiful and have great risk reward profiles. Activity Abuzz: Altus Opportunity Fund I (Coming Soon): As mentioned above, further details about the fund will be forthcoming in the next few weeks. Murrieta, CA Mixed-Use Development: Permits are ready to pull and the capital stack construction (debt and equity) work continues. It is a difficult time to get such a project out of the ground, but we believe in the long-term viability and attractiveness of the project. The project consists of bottom floor restaurants and retail with three floors of class A+ apartments above the street level. Highfill Duplexes Phase I: Vertical construction of the first 100 units (out of a total of294) is underway. Financing is approved, loan docs signed, and the loan is expected to be recorded in the next few days. Oxford QOZ (Fully Raised Currently, with Potential Future Investment Opportunities): We have partnered on the ownership of QOZ land in Oxford, MS. Horizontal construction for the entire site is well underway and vertical construction of Site One within the development is scheduled to start later this spring. Additionally, we have agreed in concept with the same developer to partner with them on the construction of an apartment complex that abuts our existing QOZ project. The apartments are also within an opportunity zone but we have not yet determined if that project will be handled in a QOF structure or not. More information will be forthcoming in the coming months. New Industrial (Charleston, SC) Construction and Lease-up: Construction is ongoing at our Camp Hall industrial project with the cold shell delivery for the first building still anticipated to be sometime in Q3 or early Q4. Leasing efforts have just commenced for the three buildings totaling a little over 1.4 million square feet. Debt Liquidity Fund: The AE HGF Liquidity Fund continues to be a popular investment alternative for investors. The fund recently increased the investor yield to 4.93% per annum, paid monthly. Secured by a portfolio of low leverage performing position mortgages (less than 50% LTV on 1st DOTs in the fund), this is attractive for investors who may have funds sitting in a bank account not earning much interest. Investors are able to redeem their position with a 30-day redemption notice. We are currently accepting reservations on a first come, first served basis. ACG (Altus Capital Group): Private Money Lending: Loan activity continues to grow, due in part to the recent bank failures and tightening credit conditions, but also to narrowing spreads between conventional financing and private debt. We have especially seen increased volumes in high quality second position loans, often at quite conservative total loan to values with highly qualified borrowers. We believe this is due to existing first position loans having such great interest rates relative to what is currently available that borrowers are better off paying high interest rates on junior debt while keeping the low-rate senior loan in place. One recent example was a $1.2 Mil second behind an $8 Mil first on an apartment building in California. The cost of a private second note was 12.5%, while the marginal cost of refinancing the existing first loan to include the additional $1.2 Mil in proceeds worked out to 35%. As always, opportunities are first offered to our active investor interest list. 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. If you have interest in discussing equity or lending opportunities in greater detail, please reply to this email or call our office at (707) 932-5887. We will gladly add you to our distribution list and/or schedule an appointment to discuss your investing needs. Happy Investing, The Altus Investment Team 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.