Midwest Diversified X FULL FUND OVERVIEW 2026 PROVEN
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PREDICTABLE
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midwestequity.net
PRINCIPLED
Table of Contents i.
The Full Fund Opportunity
03
ii.
Progress to Date & Projected Returns
06
iii. Historical Performance
09
iv. Strategy & Investment Discipline
13
v.
Midwest Diversified Legacy Fund Portfolio
15
vi.
Midwest Diversified VIII, IX, X Porfolio
20
vii. Appendices
22
This document presents the full target scope of Midwest Diversified X as described in the Fund's prospectus, together with progress achieved to date. It is forward-looking in nature — see Disclosures for important information about projections and risk.
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SECTION I
the full-fund opportunity
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SECTION I
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OPPORTUNITY
a best-in-class real estate allocation Midwest Diversified X is structured to provide passive investors access to a fully stabilized, institutionally diversified portfolio of medical, industrial, and essential-retail real estate — without the burdens of direct ownership. At full buildout, the Fund reflects a $350M–$400M portfolio assembled to deliver consistent income and long-term growth.
FULL FUND TARGET · PROVEN. PREDICTABLE. PRINCIPLED.
$100-150M
$350-400M
TARGET EQUITY RAISE
TARGET ACQUISITION SIZING
dec 2025sept 2026
FULL FUNDING WINDOW
WHAT THIS ALLOCATION OFFERS Passive Ownership
Robust Cash Flow
Fully Stabilized
Tax Efficient
INVESTOR CONVERSATIONS THIS FUND IS BUILT TO ANSWER Replace Active Income
Mitigate Income Tax
1031 Exchange
Shift to Passive Ownership
Estate Planning
Diversify Holdings
Self-Directed IRA
Business Succession
For information, contact Investor Relations at InvestorRelations@MidwestEquity.net or 319.451.1452.
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SECTION I
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OPPORTUNITY
midwest diversified x — offering terms MINIMUM & MAXIMUM
$250,000 minimum for individuals; $1,000,000 minimum for family office, endowment, and publicly traded investors. $25,000,000 maximum per investor.
FULL FUNDING SCHEDULE
Period One: began Dec 15, 2025 · Period Two: began Feb 15, 2026 · Period Three: began May 15, 2026 · Period Four: began Aug 15, 2026. Funds are deployed into identified properties as they close.
DISTRIBUTIONS
Initial distribution rate: 7.1% annualized, paid quarterly (Mar, Jun, Sept, Dec). First distribution for Period One investors is expected before Jun 30, 2026.
HISTORICAL PERFORMANCE
100% of quarterly distributions paid on a timely basis since fund inception across 14 issued funds that roll into the Legacy Fund.
ANNUAL VALUATION
Independent third-party expert performs annual unit valuation.
PERFORMANCE FEES
None — no hurdles.
MANAGEMENT FEES
0.25% of NAV annually, paid to the Fund Manager.
ALIGNMENT
No classes; aligned incentives. Managers and employees co-invest on equal footing with investors. All investors share the same terms.
LIQUIDITY
45-day exit at NAV. Prior to 3 years: 5% exit fee plus $15,000 legal/accounting reimbursement. After 3 years: no exit fee, investor responsible for $15,000 reimbursement only. 1% of equity guardrail per quarter cap on repurchase.
LEGACY FUND
Expected to close into Legacy Fund on or about Jan 1, 2029.
Full original prospectus available upon request.
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SECTION II
progress to date & projected returns
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SECTION II
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PROGRESS
where the fund stands against its full target Midwest Diversified X is advancing toward its full target scope, with capital actively deployed across a growing, diversified portfolio. The Fund is structured for a $100M–$150M equity raise and $350M–$400M in acquisitions, providing context for the scale it is being built to achieve.
CAPITAL COMMITTED TO DATE VS. FULL TARGET
$66M+
$100-150M+
EQUITY COMMITTED TO DATE
FULL TARGET EQUITY RAISE
~$120M+
$350-400M+
CLOSINGS COMPLETED TO DATE
FULL TARGET ACQUISITION SIZE
ADDITIONAL PROGRESS METRICS (AS OF JULY 2026)
12
8
PROPERTIES CLOSED OR CLOSING
MSAs (3 NEW IN 2026)
18
SUCCESSFUL 1031 EXCHANGES
7.6 yrs
WEIGHTED AVG LEASE TERM
REMAINING FUNDING PERIODS · TWO WINDOWS LEFT
✓ CLOSED PERIOD ONE Dec 15, 2025 Funded · Distributed
MIDWEST DIVERSIFIED X
✓ CLOSED
✓ CLOSED
✓ CLOSED
PERIOD TWO Feb 15, 2026 Funded · Deployed
PERIOD THREE Jul 31, 2026 Funded · Deployed
PERIOD FOUR Aug 31 - Sept 30, 2026 Funded · Deployed
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SECTION II
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PROGRESS
full fund proforma — cash-on-cash element of return $357.1M
PROJECTED TOTAL ACQUISITION AMOUNT
Year
$125M
PROJECTED INVESTOR EQUITY PLUS RESERVE
$24.9M PROJECTED YEAR-1 NOI
NOI
Mortgage
NOI – Mortgage
Cash-on-Cash
Tax-Adjusted C-o-C
1
$24,892,857
$15,999,896
$8,892,961
7.11%
11.32%
2
$25,079,554
$15,999,896
$9,079,658
7.26%
11.56%
3
$25,831,940
$15,999,896
$9,832,044
7.87%
12.54%
4
$26,477,739
$15,999,896
$10,477,843
8.38%
13.34%
5
$26,874,905
$15,999,896
$10,875,009
8.70%
13.85%
6
$27,546,777
$14,958,852
$12,587,925
10.07%
16.03%
7
$28,097,713
$14,958,852
$13,138,861
10.51%
16.74%
8
$28,800,156
$14,958,852
$13,841,304
11.07%
17.63%
9
$29,764,961
$14,958,852
$14,806,109
11.84%
17.86%
10
$30,881,147
$14,958,852
$15,922,295
12.74%
18.29%
Based on a blended 7% cap on non-reserve equity with escalations. Assumes above-stated debt with 30-year amortization at 5.6% and 65% LTV, with debt refinance at similar terms after year 5. Assumes a 1x cash investor in the 29.6% federal bracket, 3.8% flat state tax, and 3.8% Medicare/Obamacare surcharge, with bonus depreciation available by law, trailing down in years 9–10. Total return will also include appreciation and principal paydown on debt, which are not modeled in this chart. Past performance does not guarantee future results; these are projections, not guarantees.
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SECTION III
historical performance
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SECTION III
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HISTORICAL PERFORMANCE
FOURTEEN FUNDS IN. ZERO MISSED DISTRIBUTIONS. 100%
14th
QUARTERLY DISTRIBUTIONS PAID SINCE 2017
FUND RELEASE — MIDWEST DIVERSIFIED X
96.24%
332
REPEAT INVESTOR RATIO
INVESTORS
100%
SUCCESS RATIO FOR 1031 INVESTORS
$350M+
$21m+
EQUITY RAISED TO DATE, ALL FUNDS
EQUITY RAISED FROM PRINCIPAL EMPLOYEES
5.8M
99.4%
ASSETS UNDER MANAGEMENT
$1B+
APPROXIMATE ASSET VALUE
121
PROPERTIES, 3 ASSET CLASSES
RENTABLE SQUARE FEET
BUILDING OCCUPANCY
GROWING INCOME. LONG-TERM LEASES. PROVEN CONSISTENCY. YEAR-OVER-YEAR RENT GROWTH · ALL FUNDS Sept 30, 2024
$39.4M
Sept 30, 2025
$50.9M
GROWTH
→$50.9M
$39.4
STABILITY
7.6 years
RELIABILITY
100%
YEAR-OVER-YEAR RENT GROWTH
AVERAGE LEASE TERM REMAINING
DISTRIBUTIONS PAID
+29% increase across all funds
54 early renewals in the last 24 months
No reductions
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SECTION III · HISTORICAL PERFORMANCE
CASH-ON-CASH RETURN — A TRACK RECORD VS. REITS 7.1%-16%
10.5%-19.63%
HISTORICAL CASH-ON-CASH, ANNUALIZED
TAX-ADJUSTED CASH-ON-CASH (BONUS DEPRECIATION EFFECT)
COMPANY
CURRENT DIVIDEND YIELD
TAX TREATMENT
Realty Income (O)
5.60%
Ordinary Income
National Retail Properties (NNN)
5.50%
Ordinary Income
Crown Castle (CCI)
5.30%
Ordinary Income
Public Storage (PSA)
4.30%
Ordinary Income
BlackRock BREIT (Class S/D/T)
3.9%–4.6%
Return of Capital/REIT
Midwest Equity (Private)
7.1%–16%
Bonus Depreciation
Tax-adjusted range reflects a top-bracket investor (29.6% federal, 3.8% state, 3.8% Medicare surcharge). Source documents show a range of approximately 10.5%–18.5% across reporting periods; figures will vary by investor tax position and timing.
Comparison chart as of October 2025. Past performance is not indicative of future results, and references to historical Midwest Equity returns describe prior funds, not a guarantee of similar performance in Midwest Diversified X. Company filings and publicly available investor materials.
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SECTION III · HISTORICAL PERFORMANCE
CASH-ON-CASH RETURN VS. TAX-ADJUSTED EQUIVALENT
HISTORICAL CASH-ON-CASH RETURN AVERAGE CURRENT CASH DISTRIBUTION AS A % OF INVESTED CAPITAL 14
12.37%
12
9.91%
10
7.28%
8 6 4 2 0
2022-2026
2019-2021
Average Current Cash Yield (0-4 Years Held)
Average Current Cash Yield (5-7 Years Held)
2016-2018
Average Current Cash Yield (8-10 Years Held)
Source: Fund performance data as of the most recent reporting period. Past performance is not indicative of future results.
CURRENT CASH-ON-CASH VS. TAX-ADJUSTED EQUIVALENT Current Cash-on-Cash
Tax-Adjusted Cash-on-Cash*
19.63%
20
15.73%
15 10
11.56% 7.28%
12.37% 9.91%
5 0
5 FUNDS
6 FUNDS
2022-2026
2019-2021
Average Current Cash Yield (0-4 Years Held)
Average Current Cash Yield (5-7 Years Held)
3 FUNDS
2016-2018
Average Current Cash Yield (8-10 Years Held)
*Illustrative only. This assumes an investor in the 37% federal income tax bracket whose cash distributions are fully sheltered from current federal income tax through depreciation and other tax attributes during the first nine years. Actual tax benefits vary based on each investor’s circumstances, state taxes, passive activity rules, depreciation allocations, and future recapture.
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SECTION IV
strategy & investment discipline
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SECTION IV
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STRATEGY
what we buy — three sectors, one underwriting filter Every property targeted for Midwest Diversified X clears the same underwriting filter that has guided fourteen prior Midwest Equity funds: stabilized, long-term NNN-leased assets in three sectors with durable, macro-driven rent growth.
MEDICAL
INDUSTRIAL
Aging population & increased healthcare spending
Rise of domestic manufacturing & reshoring
No competing speculative development
E-commerce & last-mile distribution demand
Cost-prohibitive relocation drives renewals Investment-grade tenants & long-term leases
Construction-cost resets push rents higher Supply chain abandoning "just in time"
ASSET ALLOCATION
ESSENTIAL RETAIL Affluent suburban migration, rising incomes Class-A tenant mix in necessity categories Low retail construction starts; vacancy near record lows
MEDICAL
INDUSTRIAL
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RETAIL
Long-term NNN leases with built-in escalations
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SECTION IV
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STRATEGY
disciplined underwriting — what we don’t buy Discipline is the moat. Midwest Diversified X applies the same exclusionary investment criteria that have defined fourteen prior Midwest Equity funds — prioritizing stabilized assets, long-term leases, and high-income markets while consistently avoiding speculative or execution-driven risk. The result is a portfolio built for durability, not dependent on future performance to create value.
OLD BUILDINGS
Unexpected CapEx erodes cash flow; functional obsolescence risk.
ABOVE-MARKET RENT
No rent growth runway; renewal risk.
DISTRESSED/DESTABILIZED
Avoid risk; secure cash flow from day one.
APARTMENTS/STORAGE
Vulnerable to new construction & downturn; expense exposure.
HIGHLY SPECULATIVE
Re-tenanting lag and execution uncertainty.
COASTAL/CRIME-ADJACENT
Insurability risk, tenant retention pressure.
URBAN CORE
Heavy office exposure with low post-COVID occupancy.
RURAL/OUTSIDE PATH OF GROWTH
Low tenant demand, limited rent growth potential.
STANDARD OFFICE
Build-out heavy; difficult to retain tenants.
MARKETS W/O STABLE EMPLOYER BASE
Vulnerable to economic downturn.
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SECTION V
midwest diversified legacy fund portfolio
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SECTION V
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LEGACY FUND PORTFOLIO
midwest diversified legacy fund portfolio properties — medical
4700 East 56th Street Davenport, IA
8505 West 183rd Street Tinley Park, IL
1195 Boyson Road Hiawatha, IA
777 76th Avenue Southwest Cedar Rapids, IA
7200-7220 West 129th Street Overland Park, KS
3530 West 4th Street Waterloo, IA
9080 University Avenue West Des Moines, IA
15074 Black Bob Road Olathe, KS
9421 Market Place Drive Norwalk, IA
12129 University Avenue Clive, IA
5207 Main Street Downers Grove, IL
405 West Golf Road Schaumburg, IL
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SECTION V
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LEGACY FUND PORTFOLIO
midwest diversified legacy fund portfolio properties — industrial
1165 Capital Drive Southwest Cedar Rapids, IA
2580 South 30th Street Lafayette, IN
4302 West 89th Street Davenport, IA
5775 Logistics Parkway Rockford, IL
7105 West Morris Street Indianapolis, IN
650 Capital Drive Southwest Cedar Rapids, IA
5100 Ute Avenue Waukee, IA
9150 East 33rd Street Indianapolis, IN
9920 Atlantic Drive Southwest Cedar Rapids, IA
3009 North Zuehike Drive Appleton, WI
2855 Heartland Drive Coralville, IA
400 49th Drive Southwest Cedar Rapids, IA
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SECTION V
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LEGACY FUND PORTFOLIO
midwest diversified legacy fund portfolio properties — retail
28341 Diehl Road Warrenville, IL
1555 Deerfield Parkway Buffalo Grove, IL
12831 Campus Parkway Noblesville, IN
740 Janes Avenue Bolingbrook, IL
4025 East 82nd Street Indianapolis, IN
1496 South Randall Road Algonquin, IL
8855 South Emerson Avenue Indianapolis, IN
4205 East 82nd Street Indianapolis, IN
6589 Artesian Run Delaware, OH
160 West Town Square Way Oak Creek, WI
1500 16th Street Oak Brook, IL
201-19 South 72nd Street Omaha, NE
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SECTION VI
midwest diversified VIII, IX, X portfolio
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SECTION VI
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VIII, IX, X PORTFOLIO
midwest diversified viii, ix, x properties MEDICAL
INDUSTRIAL
RETAIL
931 8th Avenue SE Cedar Rapids, IA
5635 NE 14th Street Des Moines, IA
1600 16th Street Oak Brook, IL
11210 Golf Links Drive Charlotte, NC
1350-1450 South Roberts Ferry Road Tiffin, IA
8807 & 8811 Shawnee Mission Parkway Merriam, KS
999 35th Street Marion, IA
8605 N Zenith Avenue Davenport, IA
2503-2535 North County Line Road Algonquin, IL
1890 Research Forest Drive The Woodlands, TX
5870 Chavenelle Road Dubuque, IA
15121 Ballancroft Parkway Charlotte, NC
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SECTION VII
appendices
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SECTION VII
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APPENDICES
leadership Tiffany Williams CO-FOUNDER · CEO
24+ years in commercial real estate. Closed over $1B in transactions before founding the firm. Top 10 Realtor in Iowa (2017-2024). Inducted into the Midwest CRE Hall of Fame (2022). University of Iowa College of Law; former corporate attorney.
Phil Williams CO-FOUNDER · CEO
12+ years in CRE brokerage and development. Oversees acquisition, disposition, and property management teams. Has guided hundreds of millions in distribution-warehouse, medical, and retail development across multiple states.
Travis Fell CHIEF FINANCIAL OFFICER
Joined Midwest Equity in 2022 after serving as Partner at RSM. A certified public accountant, he has played a significant role in establishing internal controls, systems, and processes. University of Northern Iowa graduate; maintains a strong professional relationship with RSM.
PLATFORM EXPERIENCE 1B+ THIRD-PARTY TRANSACTION EXPERIENCE
$100M+ COMPLETED DEVELOPMENT
20+ YEARS AVG SENIOR MANAGER EXPERIENCE
IN-HOUSE LEGAL, TAX, & ACCOUNTING
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SECTION VII
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APPENDICES
END NOTES & IMPORTANT INFORMATION FORWARD-LOOKING STATEMENTS
LEGACY FUND ROLL-IN DATE
This document presents the full target scope of Midwest Diversified X (the "Fund") alongside progress to date, and may contain forward-looking statements about operations, anticipated performance, and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. These statements are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected or projected. Words such as "expects," "anticipates," "intends," "plans," "believes," "continues," "seeks," "estimates," "predicts," "should," "could," "may," "will continue," "might," "hope," and "proforma," and variations of such words, are intended to identify forward-looking statements. These statements are not guarantees of future performance.
Source documents reviewed in preparing this brochure show differing dates for the Fund's roll-in to the Legacy Fund (one source cites Fund 12 rolling in January 1, 2026; another cites Midwest Diversified X, the 14th fund, rolling in on or about January 1, 2029). This document presents the January 1, 2029 date; this figure should be verified against the Fund's current governing documents before distribution to investors.
THIS IS NOT AN OFFER This document is not an offer to sell securities. An offer is made only by means of the Subscription Agreement and Offering Summary. Before investing, you are required to carefully review and consider the information in the Subscription Agreement and the Fund's private placement memorandum ("PPM"). A potential investment carries many risks, including risk of loss of the amount invested. You should only consider an investment if you have reviewed these risks, accept them, and are prepared to lose the entire amount invested.
TARGET RAISE & ACQUISITION FIGURES This document is not an offer to sell securities. An offer is made only by means of the Subscription Agreement and Offering Summary. Before investing, you are required to carefully review and consider the information in the Subscription Agreement and the Fund's private placement memorandum ("PPM"). A potential investment carries many risks, including risk of loss of the amount invested. You should only consider an investment if you have reviewed these risks, accept them, and are prepared to lose the entire amount invested.
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RISK & SUITABILITY Investing in the Fund involves significant risks, including possible loss of the entire investment. Interests are illiquid, with no secondary market expected. Prospective investors should review the PPM and conduct independent analysis. This document does not constitute investment, tax, legal, or accounting advice; investors should consult their own professional advisors. Interests are offered under exemptions from registration under U.S. and applicable foreign securities laws and have not been approved or disapproved by the SEC or any other authority. The Fund will not be registered under the Investment Company Act, and investors will not receive its protections
HISTORICAL PERFORMANCE Past performance does not guarantee future results. References to historical distribution rates, cash-oncash returns, and 1031 placement success refer to prior Midwest Equity funds and are not a guarantee of similar results in Midwest Diversified X. Projected equity deployed, target raise amounts, target acquisition amounts, and pro forma NOI figures are estimates based on current pipeline and underwriting assumptions; actual results will vary.
Photography Credit: Photography of representative and acquired properties may be sourced from third-party brokers and listing services, including JLL, Berkeley Capital Advisors, CBRE, MPV Properties, SHOP Investment Sales, and WSG / Skogman Commercial. Use herein is for illustrative purposes only and does not imply endorsement.
UPDATED SEPTEMBER 17, 2026
PAGE 24
RESERVE YOUR ALLOCATION InvestorRelations@MidwestEquity.net 319.451.1452 Full original prospectus and PPM available upon request.
PROVEN
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PREDICTABLE
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midwestequity.net
PRINCIPLED