Thank you for taking the time to share your thoughts. We understand how emotionally charged this market cycle has been for many investors, and we want to respectfully address each of your points with transparency and context. 1. “Inexperienced sponsor that had some luck flipping properties post-COVID BOOM” Rise48 has successfully acquired almost 60 properties in three unique markets with over 12,000 units and exited 11 full-cycle deals, with positive returns to investors on every one of those realized sales. Our strategy has always focused on acquiring value-add properties in strong markets like Phoenix, Dallas and Charlotte, backed by a fully integrated operations team and disciplined underwriting. While timing certainly played a role in market performance post-COVID, we’ve also executed on complex renovations and asset management initiatives that materially improved property performance and NOI. 2. “Expected rates to remain near ZERO and used very short-term floating rate debt” Like many operators in 2021–2022, we used bridge debt based on the best financing tools available at the time, with rate caps in place to hedge risk. These loans were paired with business plans that assumed either a refinance or sale within 5 years, timelines that historically aligned with value creation in prior market cycles. The pace and magnitude of interest rate hikes that followed were unprecedented, and impacted the entire industry, not just Rise48. 3. “Every single deal is underwater and will wipe out all investor capital” This is simply not accurate. While a subset of our assets acquired in 2021–2022 have experienced cash flow pressure due to rising rates and slower rent growth, we’ve already recapitalized many of these properties with new preferred equity structures and continue to proactively address shortfalls. Several assets are now cash-flowing again, and none have gone into foreclosure. In fact, as of mid-2025, Rise48 has not had a single lender take back a property and we do not anticipate this being an outcome on any property. 4. “Distributions stopped shortly after closing” In a few affected deals, yes, distributions were paused as a responsible response to market headwinds. Preserving investor capital became, and is always, the top priority. In stronger deals acquired from September 2022 until today, distributions have continued uninterrupted. We provide monthly reports and frequent updates so investors are fully informed on performance and our mitigation efforts. 5. “Taking in additional capital to collect management fees” To clarify: we have not been collecting management fees on properties that cannot support them. In several cases, Rise48 has loaned over $20 million of our own capital to keep properties operational and avoid a forced sale or foreclosure. Our vertically integrated model allows us to continue operating properties even when third-party managers would have walked away. We understand your concerns, and it’s important to get the facts right. If you’re an investor with questions about a specific deal, we encourage you to reach out directly, we’re happy to have a one-on-one conversation, provide current financials, and walk through our market-cycle recovery strategy. You can contact us at investors@rise48equity.com or schedule a call directly here: https://calendly.com/jeremy-rise48equity/30min We’re committed to transparency and to doing everything we can to protect and recover investor capital.