The information presented on this website is intended only for discussion purposes and does notconstitute, and should not be construed as, an offer to sell or solicitation ofan offer to buy any securities, and should not be relied upon in evaluating themerits of investing in any securities. Any offer of securities may be made only pursuant to definitive offeringand subscription documents for the vehicle offering any such securities. This informationis not intended for distribution to, or use by, any person or entity in anyjurisdiction or country where such distribution or use is contrary to local lawor regulation. No regulatory authority has passed upon or endorsed thispresentation or the merits of any information included herein.  Any representation to the contrary isunlawful.  As used herein, “we,”“us,” “our,” refers to Borel Hill and its principals and affiliates, in eachcase as the context requires. This website includes certain information regarding prior investmentsin which BH and its principals were involved in various capacities. Such datais provided for informational purposes only. In considering such information,prospective investors should keep in mind that (i) such performance ishistorical and relates to investment programs and vehicles that may differ materiallyfrom any future investment vehicles and which were subject to fees, expensesand regulations which may differ from those which any future investmentvehicles may be subject, (ii) the prior investments were made over the courseof various market and economic cycles and such circumstances may differ from currentor future market and economic circumstances, and (iii) past performance,including, without limitation, the performance of the prior investmentsincluded herein, is not indicative of the future results of any otherinvestment or investment vehicle.  Certain informationcontained herein constitutes forward-looking statements within the meaning ofthe U.S. securities laws. Forward-looking statements are those that predict ordescribe future events or trends and that do not relate solely to historicalmatters. Forward-looking statements can generally be identified as statementscontaining the words “will,” “believe,” ”expect,” “target,” “project,”“anticipate,” “intend,” “contemplate,” “estimate,” “assume” or other similarexpressions. Such forward-looking statements are inherently uncertain, becausethe matters they describe are subject to known (and unknown) risks,uncertainties and other unpredictable factors, many of which are beyond thecontrol of BH and its employees and representatives. Actual events or resultsmay differ materially from those reflected or contemplated in suchforward-looking statements. No representations or warranties are made as to theaccuracy of such forward-looking statements. Except as otherwiseindicated herein, the information contained herein  is based on matters as they currently existand not as of any future date and may not be updated or otherwise revised toreflect information that subsequently becomes available, or circumstancesexisting or changes occurring after the date hereof. The information containedherein is for general informational and discussion purposes only, is subject tochange at any time and should not be relied upon as a basis for an investmentdecision.  The information containedherein is unaudited.  BH makes norepresentation or warranty regarding the accuracy or completeness of theinformation contained herein or whether it will assist you in connection withyour due diligence.   The following informationqualifies, and should be read in conjunction with,  the statements made in the “What We Do”subheading of the website.  The statements regarding “$4.3 B Mult-Family,” “100+ Properties” and “21,000 Units”relate to multi-family property investments that Dan McDonough, managingpartner of BH, sourced during his tenure at FPA Multifamily. Mr. McDonough wasnot  responsible for asset managementwith respect to such investments. Further, such investments were made by funds,joint ventures and other investment structures sponsored or managed by FPAMultifamily, not by BH. The performance of such investments may not berepresentative of the performance of any other investment vehicles. The $4.3Billion figure is based upon total capitalization (i.e., cost plusrenovation budget) of the multi-family transactions sourced by Mr.McDonough.   The statementsregarding “+35% Commercial Averaged IRR” and “Average Multiple Exceeds 2.5X” relateto commercial real estate properties and does not include any multi-familyproperties. Therefore, such information should not be viewed as indicative ofthe performance of any investment vehicle targeting multi-family assets. Suchstatements are based upon investments in commercial real estate properties madeby Mike Maffia, founding partner of BH, together with various co-investors,since 2010. Certain of such investments are unrealized as of the date hereof. TheCommercial Averaged IRR figure is based upon the most recent internal valuationof such unrealized investments (as of June 30, 2025).