02 · Portfolio management

Investment &
Portfolio Systems

A multi-asset operating platform spanning underwriting, portfolio management, capital, financial reporting, sales, leasing and development cost control.

01

One platform across the business

One workspace across the business.

Connected workspace

Applications & Dashboards

One access point for investment, development, operating and reporting workflows.

INVESTMENTS & CAPITAL

Acquisitions GIS Parcel, ownership and physical diligence

Market Intelligence Demand, supply and comparable context

Acquisitions & Underwriting Pipeline, diligence and scenario analysis

Portfolio Performance Project status, returns and watch items

Capital & Investors Commitments, allocations and distributions

Loans & Debt Capacity, rates, maturity and runway

FINANCE, OPERATIONS & ADMINISTRATION

Accounting Statements Sage entity and period reporting

Project Returns Investment-level cash flow and economics

Sales & Inventory Closings, availability and pricing

Leasing & Operations Occupancy, NOI and physical status

Budget vs Actuals Cost control through phase and task

Reporting Administration Subscriptions, access and recurring delivery

Investment, accounting, operations and reporting in one workspace. Project information and figures are illustrative.

02

Capital & investor visibility

Portfolio capital and investor economics.

CAPITAL WORKSPACE

Portfolio Capital

Active Pipeline Returns Commitments Investors

ACTIVE PROJECTS 8 4 asset strategies

INVESTED EQUITY $86.4M through current period

REMAINING COMMITMENTS $22.8M available to allocate

WEIGHTED FORECAST IRR 14.6% current forecasts

ACTIVE INVESTMENTS

Performance and capital position

Updated Sep 2026

Project	Strategy	Equity	Forecast IRR	Multiple	Remaining	Status
Harbor Point	Mixed use	$18.2M	16.8%	1.92x	$3.4M	On plan
Meridian East	Residential	$14.6M	13.9%	1.71x	$5.2M	Watch
Cedar Ridge	Land	$11.4M	12.7%	1.58x	$2.8M	On plan
Northline	Vertical	$16.8M	15.4%	1.84x	$4.1M	Review
Stonebridge	Commercial	$13.7M	14.2%	1.76x	$3.6M	On plan
Portfolio	5 shown	$74.7M	14.8%	1.77x	$19.1M

CAPITAL RECYCLING

Contributions and distributions

2023–2030

Year	Active contributions	Pipeline contributions	Realized distributions	Forecast distributions
2023	$6.2M	$1.4M	$0.8M	—
2024	$9.1M	$2.3M	$1.9M	—
2025	$4.8M	$1.7M	$3.2M	—
2026	$2.6M	$1.1M	$1.2M	$4.8M
2027	$1.4M	$0.9M	—	$5.6M
2028	$0.8M	$0.6M	—	$6.7M
2029	$0.4M	$0.3M	—	$3.9M
2030	—	—	—	$2.5M

INVESTOR PORTFOLIOS

Commitment, allocation and cash-flow visibility

Representative entities

Investor	Committed	Allocated	Contributed	Distributions	Net cash flow	Portfolio IRR
Ridgeway Partners	$8.0M	$7.4M	$5.4M	$2.1M	($3.3M)	14.9%
Foundry Holdings	$6.5M	$6.1M	$4.7M	$1.8M	($2.9M)	13.7%
Lakeview Capital	$5.0M	$4.6M	$3.6M	$1.5M	($2.1M)	15.2%

INVESTOR GROUP ALLOCATION

Commitment by investment strategy

Representative entities · $ in millions

Investor group	Master planned	Vertical residential	Commercial	Land	Total committed	Unallocated
Ridgeway Partners	$3.2	$2.4	$1.0	$0.8	$8.0	$0.6
Foundry Holdings	$2.6	$1.8	$1.2	$0.5	$6.5	$0.4
Lakeview Capital	$1.7	$1.4	$0.9	$0.6	$5.0	$0.4

Active investments, capital timing and investor commitments. Names and values are fictionalized.

Pipeline, commitment allocation & distribution detail

PIPELINE

Opportunity underwriting and capacity

4 active opportunities

Opportunity	Stage	Strategy	Land cost	Equity need	IRR	Multiple	Timing
Westfield North	LOI	Residential	$18.6M	$7.2M	15.8%	1.88x	Q1 2027
Riverbend	Diligence	Mixed use	$24.3M	$9.8M	17.1%	2.04x	Q2 2027
Northgate	Pricing	Land	$11.9M	$4.6M	13.4%	1.62x	Q3 2027
Oak Crossing	Screening	Commercial	$8.7M	$3.1M	14.2%	1.71x	Q4 2027

COMMITMENT CAPACITY

Allocation by investment strategy

$109.2M committed

Strategy	Committed	Allocated	Contributed	Unfunded	Available
Master planned communities	$42.0M	$37.4M	$29.1M	$8.3M	$4.6M
Vertical residential	$31.5M	$28.7M	$22.6M	$6.1M	$2.8M
Commercial	$19.7M	$17.1M	$13.8M	$3.3M	$2.6M
Land	$16.0M	$14.6M	$12.1M	$2.5M	$1.4M
Total	$109.2M	$97.8M	$77.6M	$20.2M	$11.4M

CAPITAL RECYCLING

Project distributions by year

$ in millions

Project	2025 A	2026 F	2027 F	2028 F	2029 F	Total
Harbor Point	$0.8	$1.2	$3.4	$2.1	$1.6	$9.1
Meridian East	—	$0.5	$1.8	$2.7	$1.4	$6.4
Cedar Ridge	$0.4	$0.8	$1.1	$0.9	$0.7	$3.9
Northline	—	—	$0.6	$1.9	$2.8	$5.3

INVESTOR ECONOMICS

Vehicle and project exposure

Representative investor

Vehicle / project	Committed	Contributed	Forecast distributions	Forecast profit	EM
Ridgeway Partners I	$8.0M	$5.4M	$8.8M	$3.4M	1.63x
Harbor Point	$3.2M	$2.4M	$4.1M	$1.7M	1.71x
Meridian East	$2.8M	$1.9M	$2.9M	$1.0M	1.53x
Northline	$2.0M	$1.1M	$1.8M	$0.7M	1.64x

03

Debt & financial reporting

Debt facilities and financial statements.

LOANS & DEBT

Facility Monitoring

As of September 2026

OUTSTANDING $118.3M of $204.0M capacity

REMAINING CAPACITY $85.7M across all facilities

WTD AVG RATE 7.18% on outstanding balance

MONTHLY BURN $0.57M interest reserves

TERM < 12 MO 1 requires attention

IR RUNWAY < 50% 1 below threshold

Harbor Point $31.8M of $66.0M capacity

Rate: 7.65%
Term: 19 mo
IR runway: 28.4 mo
Burn: $244K

Meridian East $42.6M of $52.0M capacity

Rate: 6.90%
Term: 38 mo
IR runway: 14.7 mo
Burn: $196K

Northline $25.4M of $44.0M capacity

Rate: 7.35%
Term: 9 mo
IR runway: 11.2 mo
Burn: $87K

Stonebridge $18.5M of $42.0M capacity

Rate: 6.82%
Term: 27 mo
IR runway: 31.8 mo
Burn: $43K

Class / community / lender	Originated	Capacity	Drawn	Balance	Util.	Remaining	Forecast thru term	Rem. IR	Rate	Term ends	Extension / risk
LAND FACILITIES	2 active · $74.4M outstanding / $118.0M capacity
Harbor Point / Lender A	Feb 25	$66.0M	$46.7M	$31.8M	48.2%	$34.2M	$8.4M	$9.2M	7.65%	Apr 28	1 × 12 mo / monitored
Meridian East / Lender B	Nov 24	$52.0M	$48.1M	$42.6M	81.9%	$9.4M	$39.8M	$2.9M	6.90%	Nov 29	2 × 12 mo / within plan
VERTICAL CONSTRUCTION	2 active · $43.9M outstanding / $86.0M capacity
Northline / Lender C	Aug 24	$44.0M	$29.3M	$25.4M	57.7%	$18.6M	$21.7M	$1.2M	7.35%	Jun 27	1 × 6 mo / maturity watch
Stonebridge / Lender D	May 25	$42.0M	$22.9M	$18.5M	44.0%	$23.5M	$11.2M	$6.4M	6.82%	Dec 28	1 × 12 mo / within plan

Facility-level debt monitoring across capacity, utilization, burn, rate, interest-reserve runway and maturity.

Financial reporting

Balance Sheet · Income Statement · Statement of Cash Flows

FINANCE · SAGE INTACCT

Financial Statements

Statement view

Harbor Point Holdings, LLC · Sage entity HP-101 Balance Sheet Month ended August 31, 2026

Assets
Cash and cash equivalents	6,248,900
Restricted cash	3,186,400
Accounts and other current assets	1,942,700
Total current assets	11,378,000
Land and development costs	48,615,200
Construction in progress	26,904,600
Other non-current assets	2,183,900
Total assets	89,081,700
Liabilities and equity
Accounts payable	3,214,300
Accrued development costs	1,600,000
Accrued interest payable	850,000
Other current liabilities	1,500,000
Total current liabilities	7,164,300
Non-current liabilities
Construction loan payable	31,822,500
Total non-current liabilities	31,822,500
Total liabilities	38,986,800
Members' equity
Member contributions	55,400,000
Distributions	(6,800,000)
Retained earnings	1,494,900
Total members' equity	50,094,900
Total liabilities and equity	89,081,700
Footing check · assets less liabilities and equity	0

Entity and period reporting from Sage Intacct, with trial-balance refresh, FRP calibration and export. Balance Sheet detail shown.

04

Investment performance

Project returns and cash-flow timing.

PROJECT · CURRENT FORECAST

Harbor Point

15-year view · $ in 000s

LP IRR 18.6%

EQUITY MULTIPLE 2.14x

TOTAL PROFIT 9,480

DISTRIBUTIONS 17,770

CUMULATIVE NET CASH FLOW · $000s

$10M $0 ($10M)

2024 2026 2028 2030 2032

ANNUAL NET CASH FLOW · $000s

$6M$0($6M)

25 26 27 28 29 30 31 32

Positive cash flow Contribution

CASH-FLOW DETAIL

LP contribution and distribution schedule

2025–2032 shown

Metric	Total	2025	2026	2027	2028	2029	2030	2031	2032
Preferred return	2,140	—	—	420	310	335	355	360	360
Return of capital	8,290	—	—	3,200	—	—	2,090	—	3,000
Excess cash flow	7,340	—	—	1,260	440	715	1,580	1,095	2,250
Total LP distributions	17,770	—	—	4,880	750	1,050	4,025	1,455	5,610
Total LP contributions	(8,290)	(5,000)	(3,290)	—	—	—	—	—	—
Net cash flow	9,480	(5,000)	(3,290)	4,880	750	1,050	4,025	1,455	5,610
Cumulative net cash flow	9,480	(5,000)	(8,290)	(3,410)	(2,660)	(1,610)	2,415	3,870	9,480
Sponsor promote · reference	1,280	—	—	120	60	100	350	180	470

LP returns, cash-flow timing and forecast distributions.

05

Sales & vertical operations

Sales, leasing and operating performance.

SALES & INVENTORY

Community Sales

Report as of September 2026

TOTAL UNITS 72 $174.8M volume

CLOSED 58 $131.2M volume

AVAILABLE 9 $22.4M volume

UNDER CONTRACT 5 $21.2M volume

YTD CLOSINGS 11 $25.7M volume

STACKING PLAN

Unit-level sales status

44-unit sample · 72-unit portfolio

1701 1702 1703 1601 1602 1603 1501 1502 1503 1401 1402 1403 1404 1405 1301 1302 1303 1304 1305 1306 1201 1202 1203 1204 1205 1206 1101 1102 1103 1104 1105 1106 1001 1002 1003 1004 1005 1006 901 902 903 904 905 906

Closed Under contract Available

SALES PACE

Closings by month

Units · 2024–2026

JanFebMarAprMayJunJulAugSepOctNovDec

2024 2025 2026

FLOORPLAN ROLLUP

Pro forma vs budget vs actual

Plan	Units	SF / unit	Closed	Available	Under contract	Pro forma revenue	Budget revenue	Actual + unsold	Vs budget
Atlas	12	1,705	10	1	1	$27.6M	$28.4M	$29.1M	+$0.7M
Beacon	10	2,155	8	1	1	$23.8M	$24.2M	$24.6M	+$0.4M
Crest	14	2,218	12	1	1	$31.0M	$31.8M	$32.6M	+$0.8M
Dune	11	2,295	9	1	1	$25.2M	$25.8M	$26.1M	+$0.3M
Elm	13	2,386	10	2	1	$30.9M	$31.5M	$31.2M	($0.3M)
Foundry	12	2,748	9	3	0	$29.8M	$30.4M	$31.2M	+$0.8M
Total	72	—	58	9	5	$168.3M	$172.1M	$174.8M	+$2.7M

Sales and inventory reporting across closings, availability, stacking plans, pacing and floorplan economics.

LEASING & OPERATIONS

Lease-Up Performance

Report as of September 2026

TOTAL UNITS 126

LEASED 91 72.2%

OCCUPIED 84 66.7%

AVAILABLE 35

AVG EFFECTIVE RENT $2,365

NET ABSORPTION +8

OCCUPANCY

Budget vs actual

Units

JanFebMarAprMayJunJulAugSepOctNovDec

Budget ending occupancy Actual ending occupancy

CONVERSION

Leasing funnel

Current month

Leads 246

Prospects 128 · 52.0% / 60% target

Tours 61 · 47.7% / 40% target

Applications 22 · 36.1% / 35% target

Net leases 13 · 59.1% / 55% target

FLOORPLAN PERFORMANCE

Leasing and occupancy by plan

Plan	Units	Leased	% leased	Occupied	% occupied	Available	Effective rent
Alder	32	21	65.6%	19	59.4%	11	$2,240
Birch	20	16	80.0%	15	75.0%	4	$2,420
Cypress	25	23	92.0%	22	88.0%	2	$2,780
Dogwood	24	17	70.8%	16	66.7%	7	$2,845
Elm	18	9	50.0%	8	44.4%	9	$2,965
Fir	7	5	71.4%	4	57.1%	2	$3,120

SITE STATUS

Physical unit inventory

36-unit sample · 6 phases · 126-unit community

Occupied Leased Notice Turned / available

Phase 1

A101A102A103A104A105A106

Phase 2

B201B202B203B204B205B206

Phase 3

C301C302C303C304C305C306

Phase 4

D401D402D403D404D405D406

Phase 5

E501E502E503E504E505E506

Phase 6

F601F602F603F604F605F606

Lease-up performance, conversion, floorplan economics and unit status.

Leasing incentives, renewals & marketing detail

CURRENT INCENTIVES

Concessions by plan

Leasing policy

Plan	Offer	Effective through
Alder	6 weeks free on 13–18 month lease	Sep 30
Birch	4 weeks free + reduced deposit	Oct 15
Cypress	2 weeks free on select inventory	Oct 31

RENEWALS & PHASES

Expiration and phase performance

Next 90 days

Period / phase	Count / units	Renewals / leased	Notices / occupied	Status
October expirations	4	2 renewals	1 notice	1 pending
November expirations	6	4 renewals	1 notice	1 pending
Phase 1	21	20	19	Stabilized
Phase 2	21	18	17	On plan
Phase 3	21	16	15	Lease-up

MARKETING SOURCE MIX

Lead acquisition and conversion

Year to date

Source	Leads	Share	Tours	Applications	Net leases	Lead-to-lease
Paid search	318	31.8%	82	29	16	5.0%
Property website	246	24.6%	71	25	14	5.7%
Business listing	198	19.8%	48	17	9	4.5%
Listing services	121	12.1%	31	12	7	5.8%
Drive-by / referral	117	11.7%	28	10	6	5.1%
Total	1,000	100.0%	260	93	52	5.2%

OPERATING PERFORMANCE

NOI, Forecast & Rent Detail

Actual + forecast through year-end

BUDGET NOI $1.34M

FORECAST NOI $0.96M

LENDER NOI $1.22M

FORECAST – BUDGET ($0.38M)

FORECAST

Actuals through August + forecast

$ in 000s

Line item	Jan A	Feb A	Mar A	Apr A	May A	Jun A	Jul A	Aug A	Sep F	Oct F	Nov F	Dec F	Total
Net rental income	92	84	101	116	124	138	151	164	181	198	216	236	1,801
Utility & other income	11	10	13	14	13	17	19	20	21	23	25	26	212
Total income	103	94	114	130	137	155	170	184	202	221	241	262	2,013
Operating expenses	(58)	(61)	(53)	(56)	(62)	(65)	(68)	(71)	(73)	(75)	(78)	(80)	(800)
Fixed expenses	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(21)	(252)
Forecast NOI / cash flow	24	12	40	53	54	69	81	92	108	125	142	161	961

MONTH IN REVIEW

August actual vs budget

$ in 000s

Line item	Actual	Budget	Variance	Comment
Net rental income	$164	$190	($26)	Occupancy below budget; pricing held to support renewals.
Utility & other income	$20	$18	+$2	Reimbursements and administrative fees above plan.
Operating expenses	($71)	($66)	($5)	Water and turn costs above the monthly budget.
Fixed expenses	($21)	($21)	—	On budget.
NOI / cash flow	$92	$121	($29)	Leasing pace remains the primary driver.

Monthly NOI, annual forecast and budget variance.

Rent comparison & operating discussion items

RENTS

Current effective rent by plan

Plan	Market	Effective	Budget	Variance
Alder	$2,410	$2,240	$2,300	($60)
Birch	$2,585	$2,420	$2,460	($40)
Cypress	$2,960	$2,780	$2,770	$10

DISCUSSION ITEMS

Operating follow-up

Water reimbursement Reconcile current billing lag and confirm catch-up schedule. Owner review
Interest reserve Update funding schedule against current absorption forecast. In progress
Renewal exposure Review upcoming expirations and concession strategy. Next meeting

06

Development budget control

Cost control from portfolio summary to phase and task detail.

DEVELOPMENT COST CONTROL

Budget vs Actuals

All projects All phases Budget / commitment / actual

BUDGET $392.8M

COMMITTED $174.6M

ACTUALS $149.2M

BUDGET − COMMITTED $218.2M

COMMITTED − ACTUALS $25.4M

BUDGET − ACTUALS $243.6M

Portfolio cost summary

Budget Committed Actuals

Cost category	Budget	Committed	Actuals	Budget − committed	Committed − actuals	Budget − actuals
Land	$54.4M	$47.3M	$46.9M	$7.1M	$0.4M	$7.5M
Sections & Pods	$29.3M	$15.5M	$12.4M	$13.8M	$3.1M	$16.9M
Amenities	$39.8M	$19.8M	$15.9M	$20.0M	$3.9M	$23.9M
Collector Roads	$28.3M	$12.7M	$10.7M	$15.6M	$2.0M	$17.6M
Drainage	$24.8M	$10.4M	$8.7M	$14.4M	$1.7M	$16.1M
Plant Facilities	$21.9M	$8.7M	$7.3M	$13.2M	$1.4M	$14.6M
Professional Services	$10.5M	$3.7M	$3.0M	$6.8M	$0.7M	$7.5M
Dry Utilities	$18.7M	$6.5M	$5.1M	$12.2M	$1.4M	$13.6M
Site Work	$23.3M	$9.9M	$8.0M	$13.4M	$1.9M	$15.3M
Operations	$17.7M	$5.3M	$3.8M	$12.4M	$1.5M	$13.9M
Marketing & Advertising	$18.5M	$7.0M	$5.9M	$11.5M	$1.1M	$12.6M
Data Center Pod	$7.0M	$1.8M	$1.5M	$5.2M	$0.3M	$5.5M
Commercial Sites	$8.5M	$2.9M	$2.3M	$5.6M	$0.6M	$6.2M
Contingency Group	$14.9M	$3.4M	$2.7M	$11.5M	$0.7M	$12.2M
Financing	$45.6M	$8.6M	$7.8M	$37.0M	$0.8M	$37.8M
Taxes	$19.8M	$8.7M	$7.2M	$11.1M	$1.5M	$12.6M
Soft Costs	$9.8M	$2.4M	$0.0M	$7.4M	$2.4M	$9.8M
Portfolio total	$392.8M	$174.6M	$149.2M	$218.2M	$25.4M	$243.6M

HORIZONTAL DEVELOPMENT / ROADS

Meridian East · phase and subtask detail

Expanded cost hierarchy

Section / subtask	Task	Phase	Budget	Committed	Actuals	Budget − committed	Committed − actuals	Budget − actuals	Status
Section 12	Multiple	Phase 2	$3.240M	$1.860M	$1.340M	$1.380M	$0.520M	$1.900M	In progress
Roadway engineering	Engineering	Phase 2	$218K	$226K	$184K	($8K)	$42K	$34K	In progress
Paving construction	Construction	Phase 2	$1,420K	$1,120K	$860K	$300K	$260K	$560K	In progress
Materials testing	Testing	Phase 2	$46K	$31K	$24K	$15K	$7K	$22K	In progress
Water-district construction	Infrastructure	Phase 2	$1,310K	$480K	$270K	$830K	$210K	$1,040K	In progress
SWPPP	Compliance	Phase 2	$88K	$3K	$2K	$85K	$1K	$86K	In progress
Mailboxes	Site work	Phase 2	$158K	—	—	$158K	—	$158K	Future
Section 13	Multiple	Phase 3	$2.680M	$0.740M	$0.510M	$1.940M	$0.230M	$2.170M	In progress
Paving construction	Construction	Phase 3	$1,180K	$370K	$240K	$810K	$130K	$940K	In progress
Roadway engineering	Engineering	Phase 3	$194K	$205K	$144K	($11K)	$61K	$50K	In progress
Water-district construction	Infrastructure	Phase 3	$1,160K	$130K	$100K	$1,030K	$30K	$1,060K	In progress
Materials testing	Testing	Phase 3	$46K	$5K	$4K	$41K	$1K	$42K	In progress
Mailboxes	Site work	Phase 3	$100K	$30K	$22K	$70K	$8K	$78K	In progress
Section 14	Multiple	Phase 4	$2.300M	$0.350M	$0.280M	$1.950M	$0.070M	$2.020M	Future
Paving construction	Construction	Phase 4	$1,050K	$200K	$160K	$850K	$40K	$890K	Future
Roadway engineering	Engineering	Phase 4	$180K	$100K	$80K	$80K	$20K	$100K	Future
Water-district construction	Infrastructure	Phase 4	$880K	$50K	$40K	$830K	$10K	$840K	Future
Materials testing	Testing	Phase 4	$40K	—	—	$40K	—	$40K	Future
Mailboxes	Site work	Phase 4	$150K	—	—	$150K	—	$150K	Future

Development budget control across budget, commitments, actual cost and three explicit variances—down to category, section, phase and subtask. Figures are illustrative and internally reconciled.