The internal rate of return (“IRR”) target is calculated based on the timing of investors’ projected capital contributions and projected distributions, through the life of the strategy, which are estimated by Buchanan in good faith pursuant to its internal valuation practices, policies, and experience.

To the extent the strategy has cash flow (which can generally be defined as all revenues, inclusive of collected rents and other incomes, less operating expenses, including debt service and fees), such cash flow will generally be distributed to the investors per the Private Placement Memorandum.

Buchanan feels the net IRR is achievable given Buchanan’s reasonable underwriting assumptions of each asset that are supported by nearby comparables and historical data sourced from independent third parties.

A projected return should be regarded as an investment goal or objective and is not intended to suggest that such investment performance is likely or assured. There can be no assurances that a projected return can be achieved despite any past success in achieving that return for any particular period. There are many risks that could prevent achievement of that projected return or any positive return, and an investment could instead result in substantial losses.

FOR INFORMATIONAL PURPOSES ONLY

This material is for informational purposes only and not to be relied on in any manner as legal, business, financial, tax or investment advice. Nothing on this website is an offer to sell or the solicitation of an offer to buy securities. Securities are not being offered by means of this preliminary material. No investment decision should be made until the prospective investor has read the applicable offering documents.