1. We view the increase in pension allocations to alternatives and strengthening correlations between multifamily cap rates and lagged 10-year Treasury yields from the 1980s onwards as markers of increasing financialization and institutional activity within the sector.
2. Claims regarding competitive terms are based on comparisons with Preqin’s 2023 edition of the Private Capital Fund Terms Advisor.
3. Target equity check size is based on internal underwriting criteria. Deal size landscape based on Humphreys Capital’s review and analysis of real estate transactions in MSAs where the Humphreys Closed-End funds have transacted in residential and industrial properties. Deal size metrics are based on a 63% loan-to-value ratio, calculated as purchase price divided by total loan amount. Equity check size is calculated as the residual value of purchase price minus total loan amount. Performance information and certain projected or forecasted amounts contained in this report include assumptions that the Manager believes are reasonable under the circumstances. There is no guarantee that the conditions on which such assumptions are based will materialize as anticipated and will be applicable to these investments. Actual transaction conditions may differ from the assumptions, and such differences could be material. Historic results are not reliable indicators of actual future performance of any particular investment or the Fund.
4. Pending outstanding subscription documents totaling $15 million.
5. Achieved by participation in first close or being a client of a consultant previously satisfying the requirements of this tier.
6. Target allocation is based on Humphreys Capital’s assessment of the commercial real estate market and property types that have secular tailwinds and value propositions. There is no guarantee that these target allocations may be met and cannot be considered investment advice. Based on internal underwriting as of 12/31/2024.
7. In Humphreys Capital’s opinion, the mounting commercial real estate needing to be refinanced will lead to opportunities to acquire properties below replacement cost. The current interest rate environment, coupled with the lack of an equity risk premium for development, could create chances to acquire properties early in the Fund’s investment period and develop later in the investment period.

There are a number of risks associated with real estate investing. In addition, there are a number of risks associated with investing in the Fund, and those risks are outlined in the Fund’s offering documents which should be read carefully and used as the offering document for any consideration of an investment in the Fund.

Past performance does not predict future returns. Performance information and certain projected or forecasted amounts contained in this report include assumptions that Humphreys Capital believes are reasonable under the circumstances. There is no guarantee that the conditions on which such assumptions are based will materialize as anticipated and will be applicable to these investments. Actual transaction conditions may differ from the assumptions and such differences could be material. Among other assumptions, calculating projected or forecasted returns involves applying current market conditions and investment strategy with comparable historical results. Historic results are not reliable indicators of actual future performance of any particular investment or the Fund. Investors should be aware that: (1) projected or forecasted returns are hypothetical and do not reflect the impact that future material economic and market factors might have on the decision-making process, and (2) there is no guarantee that the projected or forecasted returns will be achieved.

The information in this presentation is provided for informational purposes only and should not be considered investment advice or a recommendation or solicitation of an offer to invest in any fund or security, including, but not limited to, Humphreys Fund V (the “Fund,” or “Fund V”). This information is confidential and is for the use of Humphreys Capital, LLC (“Humphreys Capital”) only. The information contained herein has been obtained from reliable sources, but it is not guaranteed for accuracy or completeness and has not been independently verified.

This presentation includes a series of ratios as multiples on invested capital labeled by the following acronyms: distributions to paid-in (DPI), residual value to paid-in (RVPI), and total value to paid-in (TVPI). The net return to Limited Partners is presented as internal rate of return (IRR) and multiples on invested capital that are net of management compensation, fees, and expenses. Net returns from joint ventures are calculated as follows: Fund-level expenses are allocated pro rata to each asset based on equity investment as a year-end expense or at the date of realization in the applicable year during the life of the investment. The general partner’s carried interest is applied pro rata to each asset based on profit as an expense as of the date of realization or the date of calculation for unrealized properties. Gross returns from joint ventures present IRR and multiples on a gross basis and do not reflect management compensation through shared partnership distributions, fees, taxes, transaction costs and other expenses to be borne by investors in the Fund, which reduce the actual returns experienced by an investor. IRRs are calculated based on the timing of actual cash flows, including final proceeds for realized assets. Fair values are determined by Humphreys Capital, based on a good-faith analysis of relevant factors, including periodic appraisals in accordance with the Fund’s valuation policy. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein.

Any portfolio investments contained herein were selected based on objective, non-performance based criteria and are not meant to be indicative or reflective of the portfolio or any fund managed by Humphreys Capital. Such cases are meant to exemplify the firm’s investment strategy and should be viewed as examples of the types of successful investing Humphreys Capital strives for. Not all investments are successful and profitable, and there is no guarantee that similar investments will be included in any fund managed by Humphreys Capital. Data on all properties can be provided upon request.

The selected images of certain properties in this presentation are provided for illustrative purposes only, are not representative of all Fund V’s investments of a given property type, and are not representative of Fund V’s entire portfolio. It should not be assumed that Fund V’s investment in the properties identified and discussed herein were or will be profitable.

Humphreys Capital has established underwriting criteria that defines best-in-class partner, institutional-quality real estate, and high-quality real estate and is available upon request.