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Lofty offers fractional property ownership in the form of blockchain-based tokens that allow investors to earn rental yield and profit from value appreciation. Lofty is an online real estate investment platform that enables you to purchase a fraction of a property starting with as little as $50. At Lofty, fractional property ownership comes in the form of tradable, blockchain-based tokens that allow investors to earn rental yield and profit from a potential increase in the value of the property, thus opening up the real estate market to smaller investors who cannot afford a 20% down payment on a rental property.  OPEN AN ACCOUNT Pros & Cons  Pros Provides small investors access to real estate investments Pays out rental yield on a daily basis Allows investors to purchase fractional real estate using a credit card Cons Blockchain token aspect may be a hurdle for non-crypto native investors A secondary market for Lofty tokens only exists on Lofty’s marketplace No mobile app Regulatory uncertainty around tokenized real estate investments Pros Explained Provides small investors access to real estate investments: Starting with as little as $50, Lofty users can invest in real estate properties and gain exposure to real estate as an asset class. Pays out rental yield on a daily basis: Rental yields are paid out daily to token holders. Allows investors to purchase fractional real estate using a credit card: Alleviating the need to fund a wallet with cryptocurrency to purchase real estate tokens on the Lofty platform, users can make purchases with credit or debit cards (albeit with a 2.9% to 3.9% transaction fee).  Cons Explained Blockchain token aspect may be a hurdle for non-crypto native investors: Lofty provides fractional asset ownership in the form of crypto tokens on the Algorand blockchain, potentially creating knowledge hurdles among users without crypto investing experience.  A secondary market for Lofty tokens only exists on Lofty’s marketplace: Lofty real estate tokens are not traded on major digital asset exchanges, limiting the secondary market liquidity of these tokens to Lofty’s own marketplace.  No mobile app: Lofty can only be accessed using a web browser; there is no mobile app version of the platform. Regulatory uncertainty around tokenized real estate investments: There is no clear regulatory framework covering tokenized fractional real estate investing, creating a certain degree of regulatory risk for investors.    Company Overview Founded in 2018 by Jerry Chu, Mark Keane, and Max Ball, Lofty’s mission is to make investing in real estate as easy as investing in stocks or crypto.  The Miami-based real estate tokenization startup has raised over $6 million from venture capital firms, such as Y Combinator, Rebel Fund, Jason Calacanis, and Hustle Fund, to build a marketplace on the Algorand blockchain that enables investors to purchase crypto tokens that represent a fractional share in a tokenized rental property.   Investors from across the globe benefit from gaining access to the illiquid real estate market with as little as $50, while property owners in the U.S. can submit their rental properties to be tokenized and sold on the Lofty marketplace.  Lofty At a Glance Open to Non-Accredited Investors?  Yes Fees 2.5% Account Minimum $50 Investment Selection Limited to U.S. residential rental properties Rental Yield Frequency  Daily  Transparency High Available Customer Support Email, Chatbot How Does Lofty Work? Lofty is a marketplace offering fractional ownership in tokenized rental properties. Users can buy (and sell) fractional ownership in the form of digital tokens operating on the Algorand blockchain.  The company’s investment team vets each property on Lofty’s marketplace before it’s under contract by a newly formed DAO LLC. Individual tokens are tokenized on the Algorand blockchain and are worth $50 each.  After a professional property inspection company has inspected the property and provided a report to ensure the quality of each listed property, the house will be listed on Lofty’s marketplace. Once the real estate property is fully funded, the DAO LLC will purchase the property, and transfer the deed to the new DAO LLC, providing fractional ownership of the property to each token holder.  The token holders of that property start to immediately earn rental yield, paid out daily. Additionally, token holders may benefit from an increase in the property’s value. What’s more, tokens of each fully funded property can be freely traded on the Lofty marketplace.  OPEN AN ACCOUNT Key Features Lofty provides a unique offering, enabling investors to purchase fractional ownership in U.S. residential properties by buying tradable digital tokens representing a fraction of a specific property.  Lofty’s tokenized real estate marketplace is open to both accredited and non-accredited investors, allowing retail investors to start investing in real estate with as little as $50.  A simple sign-up process that only takes five minutes opens up the U.S. real estate market to a global audience.  Available to non-accredited investors: Lofty enables non-accredited investors to gain access to the real estate market without requiring them to make a 20% down payment on a property, thus opening up the real estate market to a much broader investor base.   Investment minimum: Investors can start by purchasing as little as one token worth $50 to start their real estate investing journey.  Ease of use: The sign-up process is incredibly straightforward, with a seamless Know Your Client (KYC) check that only takes minutes to complete. However, for non-crypto-savvy investors, dealing in tokens using the platform’s native digital wallet may be a new experience.  Accredited investment minimums: Accredited investors can start investing in rental properties starting at $25,000.  Non-accredited investment minimums: Non-accredited investors can start investing in rental properties starting at $50.  Curated portfolios: Investors can choose from a range of curated properties to invest in to build a diversified portfolio of U.S. rental properties, but there are no pre-defined real estate portfolios you can invest in.  Customizable portfolios: Each user chooses which rental properties to invest in by purchasing each property’s individual tokens representing fractional ownership. Portfolio customization is, therefore, entirely up to the user.  Reinvestment opportunities: Investors can reinvest their daily rental income by purchasing more tokens in the same or other properties listed on the marketplace.  Countries: Lofty can be used by investors from across

Streitwise offers all investors access to a professionally managed, tax-advantaged portfolio of real estate assets, but only via one REIT. Streitwise is a real estate investing firm that allows investors the opportunity to purchase commercial real estate via one private equity-based REIT. The company’s single REIT is geographically focused so that its team of experienced managers can execute on their subject area of expertise. While only high-net-worth individuals and large institutional investors traditionally had access to this type of investment in the past, Streitwise now offers all investors access to a professionally managed, tax-advantaged portfolio of real estate assets.   OPEN AN ACCOUNT Pros & Cons  Pros Open to all investors Dividend reinvestment opportunities 2% annual fee taken out of dividend No hidden fees Cons Low liquidity Portfolio is not customizable No investment research or analysis Limited investment selection  Pros Explained Open to all investors: Both accredited and non-accredited investors are able to invest. Accredited investors are those who have over $1 million in net worth or more than $200,000 in earned income in the past two years.  Dividend reinvestment opportunities: Investors have the ability to either take dividends as income or automatically reinvest into the REIT. 2% annual fee taken out of dividend: The 2% annual fee does not have to be paid separately, nor does it come out of the investment amount; it is taken out of the dividend payout. No hidden fees: Fees are straightforward and easy to understand, and there are no surprises. Cons Explained Low liquidity: Investors do not have access to their money for a minimum of the first year. After that, redemption must be requested and approved. Portfolio is not customizable: This REIT is composed of a small grouping of investment properties that are chosen by management; investors have no option to select investments within the REIT. No investment research or analysis: Educational materials currently provided are quite limited in scope. Limited investment selection: Investors only have the option of one REIT to invest in currently.  Company Overview Founded in 2017, Streitwise is sponsored and managed by Tryperion Holdings. Tryperion implements value-added initiatives through direct and joint venture investments in underserved U.S. markets. Tryperion creates wealth via proactive management and leasing, innovative capital upgrades, and sensible financing plans, using its broad real estate experience and industry ties.1 Streitwise currently provides just one REIT offering, which is open to all investors. This REIT offers a diverse portfolio of institutional-quality commercial properties and is moderately leveraged, with the three founders personally holding $5 million in assets in this REIT.2 Streitwise At a Glance  Open to Non-Accredited Investors? Yes Fees 2% annual3 Account Minimum $3,505 (500 shares)4 Investment Selection Not customizable Dividend Frequency Quarterly5 Website Transparency Good for fees and reporting details, lacking investment liquidity Available Customer Support Yes, via phone, email, contact form How Does Streitwise Work? Streitwise is unique within the industry. The company originated as a way to integrate the benefits of both traded and non-traded REITs while circumventing the deficiencies.  The company’s website describes it this way: “By structuring Streitwise as a Non-Traded REIT that avoids financial advisors and sells shares directly to investors on our website, we provide direct access to a diversified portfolio of institutional-quality real estate with an ultra-low cost structure. No middlemen. No hidden or excessive fees.”6 As of December 2023, Streitwise currently offers only one REIT comprised of institutional-quality commercial buildings. This offering is available to both accredited and non-accredited investors, requiring a minimum investment of $3,505, or 500 shares. The current dividend target of this REIT is 5% to 6%. The company has generated dividend income for investors since its inception, even exceeding its dividend target and providing investors with a 7.2% dividend in 2022.7  OPEN AN ACCOUNT Key Features Investors looking for a variety of investments or customization may have to look elsewhere. The Streitwise REIT is not customizable by investors. However, the company does intend to add future properties to this REIT over time.8 The Streitwise offering is also not a curated portfolio, as investors are not consulted on whether to buy or sell within the portfolio; those changes are automatically made by management. While there are no caps for accredited investors, non-accredited investors are limited in how much they can invest overall. Investment by non-accredited investors includes the following restrictions:9 Must not exceed 10% of an individual’s net worth or joint net worth with a spouse (excluding the value of a primary residence) Must not exceed 10% of an individual’s income, or joint income with a spouse, in the current year or for a two-year lookback period Investing in this REIT is intended for U.S. investors; however, it is possible for non-U.S.residents or non-U.S.citizens to invest (subject to certain limitations and restrictions). U.S. investors can invest directly with a domestic banking institution, while non-U.S. investors must complete a wire payment. Streitwise REIT investors can choose to reinvest dividends or receive their dividend disbursement via check, or it can be transferred directly to the investor’s bank account.10 Fees Streitwise has a very streamlined and transparent fee structure: a 2% annual fee for both accredited and non-accredited investors. This 2% fee is typically taken out of the dividend payment each year so that the investor does not lose 2% of their investment each year.3 Investors who hold their shares for five years or longer will reap the full net asset (NAV) value of their investment if they decide to sell. Penalties are involved if an investor chooses to redeem their stock before the five-year mark.  The penalty schedule is as follows:11 Less than 1 year: No redemption allowed 1 year until 2 years: 90.0% of NAV 2 years until 3 years: 92.5% of NAV 3 years until 4 years: 95.0% of NAV 4 years until 5 years: 97.5% of NAV 5 years or more: 100% of NAV Stockholder’s death or complete disability: 100% of NAV Transparency Streitwise does a very good job with transparency on how the company works and what investors can expect when they invest in the Streitwise REIT. Fees are structured in a very straightforward way, with a 2% annual

Groundfloor is an online crowdfunding platform open to both accredited and non-accredited investors and specializing in residential debt investments. Groundfloor runs a crowdfunding platform allowing you to invest in real estate loans. As an investor, you pay no fees, returns average 10% a year, and you get your money back within six to 18 months on most projects. You cannot invest in actual real estate properties with Groundfloor. Therefore, sophisticated investors may prefer platforms that invest directly in real estate projects, as the returns could be higher. But for those looking for short-term and less risky real estate crowdfunding investments, Groundfloor could be a good fit. OPEN AN ACCOUNT Pros & Cons Pros 10% annual return on average  No fees for investors Available to non-accredited investors $100 minimum opening deposit; $1 minimum per loan Automatic tool for managing your portfolio and loans Cons No investments besides real estate loans No early redemption option Borrowers could default on loans Weak educational offerings No live chat Pros Explained 10% annual return on average: Groundfloor says that investors on its platform have consistent historical returns averaging 10% a year. While past returns are no guarantee of future performance, this is an impressive track record. No fees for investors: As an investor funding loans, you don’t owe account fees, investment management fees, withdrawal fees, or anything else. Instead, Groundfloor makes money charging fees off borrowers. Available to non-accredited investors: Some real estate crowdfunding platforms only accept accredited investors who meet minimum income or wealth requirements. Groundfloor accepts all investors. $100 minimum opening deposit; $1 minimum per loan: You can open a Groundfloor account for just $100. From there, you can invest in real estate loans for as little as $1 each. Automatic tool for managing your portfolio and loans: Groundfloor provides a free tool that picks loans for you and automatically reinvests your earnings. That way, you don’t have to set up or track the real estate loans yourself. Cons Explained No investments besides real estate loans: You cannot invest in actual real estate properties with Groundfloor. It doesn’t offer other options for real estate crowdfunding like REITs, pooled funds, or real estate IPOs. No early redemption option: If you invest in a Groundfloor real estate loan, you must wait until it matures to get your money back. This takes between six to 18 months. There’s no way to cancel and cash out early. Borrowers could default on loans: If borrowers run into financial trouble, they might not be able to repay the real estate loan. You could lose part or all of your lended money in this situation. Weak educational offerings: Groundfloor provides a blog and an FAQ, but the materials are basic and not well-organized. It does not provide courses, live training, or videos like other crowdfunding platforms. No live chat: Groundfloor does not offer this common customer service option. It provides support by phone, email, and an online submission form. Company Overview Groundfloor is an investment technology platform focused on real estate debt investments. The platform connects investors with borrowers needing short-term real estate loans. Investors fund the loans and then get their money back plus interest.1 Groundfloor was founded in 2013. Since then, it has grown to over 230,000 registered users who have received more than $500 million in loan repayments. Groundfloor has made more than $1 billion in investments and more than 4,100 loans to developers and other construction projects. As a relatively new, smaller company, Groundfloor has not faced serious regulatory actions or been in the news for issues. Groundfloor At a Glance  Open to Non-Accredited Investors? Yes Fees None for investors Account Minimum $1002 Investment Selection Real estate debt Dividend Frequency Monthly, depending on loan terms3 Website Transparency Good in terms of fees and reporting on investments, poor in terms of liquidity Available Customer Support Phone, email, customer service form How Does Groundfloor Work? Groundfloor connects individuals looking to invest in real estate loans to people and companies wanting to borrow for real estate projects. Groundfloor raises money from many individual investors to fund these loans. It then creates and manages the loans. As an investor, you pick between the different projects. You lend the funds and then collect repayment of your money plus interest.4 You aren’t investing in the real estate properties themselves or taking part ownership of a project. You’re only making a short-term secured loan backed up by the property. If the borrower defaults, Groundfloor tries to get your money back from the borrower. If that doesn’t work, it will foreclose on the property. However, repayment is not guaranteed.5  Groundfloor offers three main investment options: Limited Recourse Obligations (LROs) allow you to lend directly to real estate borrowers. You see the creditworthiness of each possible loan, the interest rate, and the expected repayment schedule. Someone with a higher credit score is more likely to repay the loan. In exchange, borrowers with a worse credit rating pay the investors a higher interest rate and return. Groundfloor says that, on average, its investors earn 10% a year funding real estate loans.6 Some loans pay interest monthly. Others wait until the end to pay you your money back plus interest as a lump sum. Once again, this is listed on the loan terms before you sign up.3 Auto Investing is a feature on the Groundfloor app. This function can automatically pick your real estate loan investments, taking the work out of your hands. That way, you don’t have to constantly track the loans and find new opportunities for your money.7 Groundfloor Notes earn interest and are secured by a pool of real estate loans. Groundfloor Notes typically have a shorter holding period and less risk than LROs because they are backed by multiple borrowers rather than just one. However, the return is usually lower too.89 You can access these investments through your individual retirement account (IRA). Groundfloor can set up a self-directed IRA for real estate investing if you don’t have one.10 OPEN AN ACCOUNT Key Features Groundfloor’s well-designed platform makes investing in real estate debt easy. By understanding the key features, you can

An online crowdfunding platform providing accredited investors a way to receive quarterly cash flow through grocery-anchored commercial real estate properties. First National Realty Partners (FNRP) offers institutional-quality real estate investments to a select market of accredited investors only. The company does offer some multi-family properties and office buildings as investment opportunities, but the primary focus of FNRP is unique within the industry: grocery-anchored retail and other essential needs-type properties. While the company’s website offers a good amount of information regarding real estate investing and deal-specific information, the lack of transparency regarding fees, liquidity, and high investment minimums may deter some investors.  OPEN AN ACCOUNT Pros & Cons Pros Unique Investing opportunities Informational live webinars for each offering Uses Dragnet Acquisitions Model Cons Only open to accredited investors High investment minimums Poor website transparency Pros Explained Unique investing opportunities: First National Realty Partners focuses on commercial real estate investments designed for retail operations. Accredited investors who want to invest in necessity-based properties such as grocery and pharmacy stores may find FNRP a good fit for their portfolio.     Informational live webinars for each offering: FNRP stands out within the industry when it comes to offering webinars for each investment property. Investors can learn the details and ask questions of the investment committee during this session.1 Uses Dragnet Acquisitions Model: FNRP uses this proprietary screening system to pool a large group of potential investments and then meticulously screen the deals, only considering the few that meet the company’s criteria.2 Cons Explained Only open to accredited investors: There are no investment options at FNRP for non-accredited investors at this time. High investment minimums: The minimum investment is $50,000, which may tie up more money in one investment than even high-net-worth accredited investors are looking to do.  Poor transparency: Information regarding fees, liquidity, and investment holding periods is not readily available to investors via the website.  Company Overview First National Realty Partners was founded in 2015 with the goal of offering institutional-quality real estate investments to accredited investors.3 Since the company’s inception, it’s been able to offer a 15.0% net internal rate of return (IRR) to investors.4 First National Realty Partners focuses on necessity-based, value-added investing. The heart of the company’s investing philosophy is straightforward: Food and shelter are consistent consumer expenditures, regardless of the economic environment. This makes the places where people live, work, and shop the type of investment properties that meet FNRP’s investing criteria.5 First National Realty Partners At a Glance Open to Non-Accredited Investors? No6 Fees Not disclosed Account Minimum $50,000 Investment Selection Limited Dividend Frequency Quarterly7 Website Transparency Not transparent regarding fees and liquidity Available Customer Support Phone, email, online form, social media How Does First National Realty Partners Work? FNRP created FNRP360, an in-house management and operating platform.8 This is unique within the industry because it combines functions that are ordinarily outsourced, such as accounting, property management, asset management, acquisitions, legal, and leasing, and brings them in-house. This has facilitated the rapid sharing of information and created a systematic process that guarantees that each deal receives the same measure of review and is compliant with the company’s risk management principles.2 FNRP has a four-step process for people who want to invest in real estate:9 Schedule a call. Find a property to invest in. Attend a deal webinar. Collect profits. While this may seem a bit simplistic, it truly is that easy. Potential investors can schedule a call with someone on the investor relations teams to help you decide if this is the right option. Investors can browse deals online to see location, property type, site plan, demographic information for the surrounding area, and more. If a specific deal piques an investor’s interest, they can then attend a webinar to obtain the precise details of the deal and even ask questions of the investment committee. After deciding to invest, dividends are distributed quarterly, starting in Q1.9 OPEN AN ACCOUNT Key Features First National Realty Partners only offers investment opportunities to accredited investors who can fund a minimum investment of $50,000. Currently, it does not offer curated portfolios or funds. However, investors can customize their portfolio by choosing which properties they’d like to invest in. FNRP offers multi-family, office, and retail properties for investment.10  Each property offering has a site plan and specific information about the anchor stores and other tenants in the property, location, and demographic data for the surrounding population—including growth and income.10 One key way that First National Realty Partners stands out within the industry is that for each offering, there is a webinar that potential investors can attend to hear about the property, as well as have the opportunity to ask questions directly of the investment committee.1 Investors with FNRP get quarterly dividend payouts. Starting the first quarter after closing, investors will receive dividends from the positive net cash flow generated by the asset.7 The company calculates a targeted average annual cash distribution of 6% to 9%, which is not eligible for automatic reinvestment. Fees First National Partners does not operate with a set fee schedule since fees vary from project to project. Fees can often include annual asset management fees, acquisition fees, disposition fees, and ongoing property management fees. Transparency FNRP does not have standard fees across the board for every investment opportunity, and fees vary from project to project. In addition, investing with FNRP does not provide liquidity, as no redemption options exist, leaving investors to hold the investment for the duration of the investment. Therefore, when it comes to fee and liquidity-related transparency, our research team found it difficult to find this information on the company’s website. When it comes to reporting, however, investors can obtain asset performance reports, lease revisions, and other asset-specific data.7 Liquidity Investors with First National Realty Partners must be accredited investors. They must provide documentation showing assets in excess of $1 million and a two-year history of income over $200,000 ($300,000 combined income with a spouse).6   FNRP currently has 60-plus assets held, adding up to over $2 billion of assets under management, and over 2,600 investors.11 There are no redemption options. All