Hello Friends and Investors, 

Hope you're having a great start to the summer and you have some exciting plans to make the most of this fun part of the year. As we all take some time to enjoy the warmer weather and longer days, I want to take a moment to share some updates and insights into our company's journey and the opportunities that lie ahead. 

Company Updates 

Firstly, I’m thrilled to report that this quarter has been one of significant achievement for the CF Capital team and our partners. We successfully completed due diligence on our current acquisition for our Indianapolis Multifamily Investment at Island Club, onboarded an Investor Relations Associate (along with continued onboarding and integration with our Senior Real Estate Analyst and Regional Property Manager), and conducted a thorough recruitment leading to a narrowed final set of candidates for our open Director of Asset Management leadership role. These developments are not only a testament to our team's hard work and dedication but also signals our commitment to continued growth and expansion in the face of a changing market cycle. We're positioning our team and underlying systems for enduring growth for the coming decades of opportunity. 

On the operational front, we have wrapped up renovations at one ~250 unit asset that began 3 years ago, and are currently wrapping up another renovation project on another ~130 unit project by the end of this month. Seeing these projects through while remaining on budget and transforming the physical aspects of two value-add investments is rewarding, financially and otherwise for our partners and our team. Furthermore, on the site level throughout the portfolio, we've been navigating the changing market conditions by acquiring talented leadership on site and replacing less than optimal performers. These efforts lead to lagging results which we expect to capture throughout peak leasing season where we find ourselves now.  

Looking Ahead 

Looking forward, the roadmap for wrapping up Q2 and for the next quarter is focused on a few core areas, including the following: 

• Navigating Refinances: Over the next 90 days, we are pursuing a couple of refinances and extensions on assets in the current portfolio as their current debt matures. Our focus remains on protecting equity and optimizing positioning for capital growth for a future time frame when market conditions are more favorable for a sale. 

• Closing Island Club - Indianapolis Acquisition: We are set to close in mid to late July and roll out our value add business plan immediately thereafter. We're currently 90% committed on the equity side of things, but if you have interest in partnering with us on this opportunity in the meantime don't hesitate to reach out while the opportunity is still open. Invest Now

• Onboarding Director of Asset Management: Plans are underway to onboard an extremely talented, dynamic and experienced team member to lead our asset management division with a focus on protecting the interests of our investors via optimized asset performance, risk management, and leadership of the property management operations. 

We are immensely grateful for your continued support and belief in our vision. While the market is changing rapidly, with the current challenges, opportunities are abound. We look forward to capturing them together with you. 

Closing Thoughts 

As we continue on this exciting journey, your insights and feedback are invaluable to us. We invite you to engage with us anytime. Together, we are not just growing an investment platform and enduring company; we are leading the way in Elevating Communities Together - with a focus on doing what's best for our residents, staff, and partners. Thank you for your trust and partnership. 

Enjoy your June, stay safe, and we look forward to our continued success together. 

Warm regards, 

Tyler & Bryan