All data as of 9/30/2025 unless otherwise noted.

1. The Distribution rate is calculated as the annualized distribution approved by the Board of Directors for the forward quarter divided by the current offering price. Monthly distributions are not guaranteed and may be funded from sources other than net operating income.
2. Total Asset Value (TAV) is measured as the balance sheet assets of each fund (based on fair value) in addition to the pro rata share of debt based on the fund’s contractual interest in joint ventures in accordance with the NCREIF PREA Reporting Standards (4/2023) calculation of Gross Asset Value.
3. Redemptions are not guaranteed and are subject to a Redemption Policy as stated in the current Operating Agreement, which was amended and restated effective 12/31/2022. Prospective investors should read the policy in its entirety before making an investment decision. Series One Unit (S1) investments are subject to a one-year lock-up following their initial investment in the Fund. Series Two Unit (S2) investments cannot be redeemed before June 30, 2030.
4. Past returns are not indicative of future results. Performance is not guaranteed. Net Asset Value Per Unit and Net Annualized Distribution are as of month-end for their respective time periods.
5. Portfolio data, including market, sector, and strategy allocation includes all properties in Humphreys Real Estate Income Fund.

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 on this page 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 Real Estate Income Fund (the “Fund,” or “HREIF”). 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.

All values referenced on this page are informed by a third-party valuation, unless otherwise noted. Net returns include the deduction of all management fees, incentive fees and expenses paid during the time period reflected. Fair value, in accordance with the firm’s valuation policy, is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

This page 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 discussed on this page 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 on this page are provided for illustrative purposes only, are not representative of all HREIF investments of a given property type and are not representative of HREIF’s entire portfolio. It should not be assumed that HREIF’s investment in the properties identified and discussed herein were or will be profitable, and the properties were not selected based on performance. Please refer to HREIF’s Property Book for a complete list of HREIF’s current real estate investments, including HREIF’s ownership interest in such investments at the time of investment.