Morgantown Investment Offering

TAILWIND GROUP MORGANTOWN W E S T V I R G I N I A

SENIOR LEADERSHIP BRANDON SMITH

MICHAEL SATHER

President & Chief Executive Officer bsmith@thetailwindgroup.com

Principal & Chief Investment Officer msather@thetailwindgroup.com

JACOB OURADNIK

Chief Financial Officer jouradnik@thetailwindgroup.com

CASEY PETERSEN

Chief Operating Officer cpetersen@thetailwindgroup.com

KRYSTAL PIERCE

Chief Relationship Officer & General Counsel kpierce@thetailwindgroup.com

LANE GRAVLEY

Chief People Officer lgravley@thetailwindgroup.com

INVESTOR RELATIONS

JON FAHNING

VP, Investor Relations jfahning@thetailwindgroup.com

BRYCE ANDREWS

Investor Relations Manager bandrews@thetailwindgroup.com

BETSY THEIL

Investor Communications Manager btheil@thetailwindgroup.com

ALYSSA KOSTA

Investor Relations Administrator akosta@thetailwindgroup.com

THE VERTICAL INTEGRATION ADVANTAGE DEAL ORIGINATION

Extensive industry network that understands our investment profile and provides access to multiple off-market opportunities and capital partners.

INVESTOR ALIGNMENT

Tailwind Group principals and senior leadership invest significant personal capital into each transaction, aligning interests with partners and investors.

TRACK RECORD

Tailwind Group has a proven track record of executing successful projects ranging from ground up development to value-add opportunities that has provided strong returns through cash flow and long-term appreciation.

EXTENSIVE EXPERIENCE

Tailwind Group’s team includes real estate management, development, finance, and investment professionals with decades of combined transaction experience.

PROPERTY MANAGEMENT & ENHANCEMENT

Tailwind Group manages every property it owns to quickly respond to market uncertainty or allocate internal resources across all markets.

IN-HOUSE DEDICATED ASSET MANAGEMENT

Strong team of corporate resources that are engaged from acquisition to disposition.

IN-HOUSE CAPITAL MARKETS TEAM

Focuses on monitoring capital markets and executing debt and equity strategies to maximize valuation and flexibility for the investment.

OUR INVESTOR CARE COMMITMENT INVESTOR PORTAL

• Access investment documentation • Upcoming investment opportunities​ • Review periodic performance updates​​

ANNUAL TAX RETURNS

• Our goal is to electronically deliver tax reporting by March 15th • All tax documents remain archived in your investor portal​

REGULAR UPDATES

• Quarterly asset and leasing updates during implementation of value-add strategy • Quarterly market and financial updates

INVESTOR REQUIREMENTS • Minimum investment: $100,000 • Must be an accredited investor

INVESTOR RELATIONS • Proactive communication

• Service orientated & focused • Individual, personalized team accessibility 24/7

DISTRIBUTIONS

• Distributions available by electronic ACH on a monthly basis

PROJECT LIFE CYCLE TRACK RECORD (Five Most Recent Transactions) PROPERTY

UNIVERSITY

HOLD PERIOD

PURCHASE PRICE

EXIT PRICE

IRR

EQUITY MULTIPLE

Quarters Stillwater

Oklahoma State University

5.5 Yrs

$28.0M

$45.0M

13.2%

1.7x

Quarters Lawrence

University of Kansas

2.3 Yrs

$26.0M

$43.5M

24.8%

1.6x

Quarters Cedar Falls

University of Northern Iowa

8.5 Yrs

$16.4M

$21.2M

9.3%

1.7x

Quarters Oxford

University of Mississippi

2.1 Yrs

$12.0M

$52.0M

23.6%

1.3x

Quarters Columbia

University of Missouri

2.5 Yrs

$35.5M

$41.5M

22.4%

1.7x

1.5X EQUITY MULTIPLE | AVERAGE INTERNAL RATE OF RETURN (IRR) OF 17%

EXECUTIVE SUMMARY The Lofts Morgantown is a 218-unit / 648-bed garden-style student housing community located just 2 miles north of West Virginia University (WVU), a Tier 1, flagship university with new leadership focused on growing enrollment. The property benefits from strong in-place cash flows and a well recognized, respected brand in the market. Students are familiar with the location and product, and the community offers a mix of two, three, and four-bedroom floor plans with abundant parking and amenity space. Although the property is two miles from campus, the area’s topography, the university’s three city-based locations, and its extensive shuttle service make the distance virtually unnoticeable.

The property presents clear upside potential through implementing our hands-on, resident-focused management style and strategic capital investments focused on upgrades to amenities and technology in units. Tailwind’s approach to pricing, utilities, and occupancy optimization is designed to unlock value while keeping rents attractive and below the high end of the local market, providing broad price point appeal to students. Additionally, rents in the Morgantown market are below the national average, thus insulating this market from new supply.

Tailwind Group acquired The Lofts from a motivated seller, enabling a transaction at an attractive basis below replacement cost. This opportunistic acquisition positions investors to capture value through a combination of operational improvements, strategic renovations, and a proven management platform in a strong university housing market.

Lofts The

THEQUARTERS

INVESTMENT OFFERING INVESTMENT OFFERINGS

CLASS B Common Member Class

Total Class B Equity

$4,500,000

Levered IRR Target

16%-20%

Equity Multiple

1.5x

Initial Pay

8%

Supplemental Return

7%

Profit Participation Priority Return

CLASS A Preferred Class

FILLED

MANAGER EQUITY CLASS

CAPITAL STACK $26,630,000 $500,000

$24,000,000

$4,500,000

Up to 98% of Total Project Costs 64% of Capital

$21,000,000

$2,000,000

Up to 81% of Total Project Costs 29% of Capital

$19,630,000

Up to 74% of Total Project Costs

Yes - 25% No

Total Class A Equity

$2,000,000 (Income Fund)

Levered IRR Target

12%

Equity Multiple

1.4x

Initial Pay

12%

Supplemental Return

4%

Profit Participation

No

Priority Return

Yes

Total Manager Equity

$27,000,000

$500,000

Preferred Return

8%

Supplemental Return

7%

Profit Participation

Yes

Up to 100% of Total Project Costs 7% of Capital

$18,000,000 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $0 Capital Stack

Manager Equity

Class B

Class A

West Bank* *For debt terms, see page 9

INVESTMENT HIGHLIGHTS IMMEDIATE CASH-ON-CASH DISTRIBUTIONS

The Lofts Morgantown offers investors an opportunity to invest in the Class B, Common Member Class.

• Class A: 12% Preferred Return, 4% Supplemental Return (NOT AVAILABLE FOR SUBSCRIPTION) • Class B: 8% Preferred Return, 7% Supplemental Return & 25% Profit Split (8% annualized return is paid on a monthly basis)

LOW-COST BASIS ENTRY POINT

The acquisition entry price of $40,000/bed is 60% less than the average transaction cost per bed according to the 2024 Berkadia U.S. Student Housing Market Report.

The projected exit value and time frame equates to $52,000/bed in Summer 2028.

VALUE-ADD OPPORTUNITY

The construction plan will focus on upgrades that do not disrupt occupied units.

Renovations will include the clubhouse, fitness center, and exterior improvements to enhance curb appeal.

STRONG ON-SITE OPERATIONS

Prior to Covid, the property averaged occupancy between 95-100% and velocity is tracking towards our budgeted occupancy for 26/27 AY.

NEW UNIVERSITY PRESIDENT WITH A PROVEN TRACK RECORD OF ENROLLMENT INCREASE

Michael T Benson was recently hired as the next president of West Virginia University.

He comes with a track record of increasing enrollment. During his 2021-2025 tenure at Coastal Carolina, enrollment increased 16%. President Benson joined the University just before Fall 2025 semester.

PROJECT OVERVIEW Property Name City, State Address Product Type

COMMUNITY

The Lofts Morgantown

AMENITIES

Morgantown, West Virginia 5000 Station Street

2 4 - HOU R F I TN E SS C E N TE R

Student Housing

RE S O RT SW I MMI N G PO O L No. Beds

648

No. Units

218

Year Built

2010

Avg. Unit Size (sf) Avg. Market Rent / Bed University Total Enrollment

1,294 SF

DO G PARK

CO F F E E BAR

$656 University of West Virginia 21,000+

Distance to Campus

2 Mi

Current Occupancy

88%

ABU N DAN T PARKI N G

T WO S HU TT LE S

2 MI LE S F RO M CAMPUS

INVESTMENT OVERVIEW VALUATION HIGHLIGHTS

SOURCES & USES

In-Place NOI

$1,389,000

Going-In Cap Rate

6.8%

Stabilized NOI

$2,295,000

Amount

$/Bed

Acquisition Price

$20,350,000

$31,404

CapEx

$3,350,000

$5,170

Transaction Cost

$1,248,000

$1,926

Uses

Stable YOC

8.6%

Working & Capital Reserves

$1,682,000

$2,596

Projected Cap Rate

7.0%

TOTAL USES

$26,630,000

$41,096

Exp. (Comp) Stable YOC to Exit Cap Rate

1.6% Equity

$7,000,000

$10,803

Debt

$19,630,000

$30,293

TOTAL SOURCES

$26,630,000

$41,096

Stabilized Valuation

$32,800,000

$100K INVESTOR EXAMPLE Summary

Inception

Contributions

$100,000

Year 1

(8% Preferred Return)

Year 3

LEVERAGE SUMMARY Lender $8,000

Distributions

Year 2

$8,000

$146,000*

Total Funding Loan Term

Metrics Cash on Cash

Sources

Interest Only Period -

Target Annualized ROI

16% - 20%

Target Equity Multiple

1.3x - 1.7x

8%

8%

18%

*Year 3 returns example includes a return of capital, the 8% annual distribution, the 7% accrual from years 1-3, and the 25% share of a projected of profit split

Loan to Cost Senior Loan Proceeds

West Bank $19,630,000 4 Yrs 24 Months 74% $16,280,000

Senior Loan Interest Rate

7.0%

Renovation Loan Proceeds

$3,350,000

Renovation Loan Interest Rate

7.00%

BUSINESS PLAN

1 2

IMMEDIATE • Commence $3,350,000 clubhouse / unit renovations after closing. Clubhouse/ Common area upgrades include an extension of the fitness center and reconfiguration of clubhouse to create more open and inviting spaces. Unit upgrades complete by 2025, clubhouse/common area renovation to be completed March 2026.

• Unit upgrades include all new smart technology and implementation of Systainable water conservation project.

YEAR 1 (REPOSITION) • Increase NER by $17 to achieve $637/bed/mo (2.0% YoY), pre-leasing conservatively to 90% • Operating Expense Efficiencies: • Cancellation of cable contract • Restructure telephone services contract • Removal of electric allowance ($35-75 depending on unit type), offsetting with concessions to ease the transition • Realization of 30% Systainable water project savings

3

YEAR 2 & 3 (STABILIZATION) • Pre-lease to 93% occupancy with $672/bed NER (+$35) for AY 27/28, then 95% with $696/bed NER (+$24) for AY 28/29 commencing stabilization.

• Target $2.3M Economic NOI or 8.2% yield on cost for AY 28/29, which represents an exit cap rate assumption of 7.00%.

• Position for permanent financing / takeout of equity, stabilized cash-on-cash returns, or exit deal. - Depending upon business plan success and market variables.

www.theta i l wi nd g roup .com

UNIT MIX COMPOSITION, RENT, & OCCUPANCY DETAIL 3 YEAR RENT GROWTH STRATEGY

UNIT MIX COMPOSITION

3 BED

16% 2 BED

12%

4 BED

67%

1 BED

6%

AY 25/26

AY 26/27

AY 27/28

Market Rent

$656

$675

$689

Concessions/Bed/Mo ($)

($34)

($39)

($17)

Concessions/Bed/Mo (%)

(5.2%)

(5.7%)

(2.5%)

Net Effective Rent

$622

$637

$672

NER Growth ($)

$28

$15

$35

NER Growth (%)

5%

2%

6%

Strong market economics support the ability to significantly increase rental rates upon taking over leasing. Tailwind firmly believes the current rate discrepancy allows for steep rent increase.

3 BEDROOM NET EFFECTIVE RENTS & PRE-LEASE AY 25/26

4 BEDROOM NET EFFECTIVE RENTS & PRE-LEASE AY 25/26

$765 $765 $700 $700 $618 $618 $600 $600 $500 $500

$700 $700 $635 $635 $539 $539

$600 $600 $588 $588

$580 $580 $500 $500

$400 $400

$300 $300

$300 $300

$100

$200 $100

Northside The The The Domain at The LoftsDomain at CentreCanvasCanvas NorthsideHills Ridge Town Townhomes Hills Ridge Lofts Town Centre Townhomes

$200

West West Run Run

$580 $580

$500 $500

$400 $400

$200

$680 $680

$100

$415 $415

$440 $440

$325 $325

$200 $100

The Northside Domain at Canvas Northside The Lofts Domain at Centre Canvas Town Townhomes Hills Hills Lofts Town Centre Townhomes

The The Ridge Ridge

West West Run Run

WV UNIVERSITY West Virginia University, located in Morgantown, West Virginia, is the state’s flagship public research institution. Founded in 1867 as a land-grant university, WVU has grown into a comprehensive institution known for combining academic excellence with strong community engagement. It offers more than 350 academic programs across disciplines such as business, engineering, medicine, law, and the arts, serving a diverse student body of over 25,000. The university also maintains regional campuses and extension services throughout the state, reflecting its mission to make higher education accessible and impactful for all West Virginians.

In addition to its academic strength, WVU is recognized for its spirited campus life and athletic tradition. The Mountaineers compete in the Big 12 Conference, and football games at Milan Puskar Stadium draw tens of thousands of fans, contributing to a vibrant school spirit. Beyond athletics, WVU is committed to innovation and research, with nationally recognized programs in energy, health sciences, and forensics. Its strong ties to the community, emphasis on service, and motto, “Mountaineers go first,” highlight the university’s role as both an educational leader and a driver of economic and social progress in the region.

West Virginia University recently launched the WVU Guarantee Program, which provides free tuition and university fees for qualifying West Virginia residents. The program is designed for undergraduate students whose families have an adjusted gross income of $65,000 or less and who complete the FAFSA by the annual deadline.

As a last-dollar-in scholarship, the WVU Guarantee covers remaining tuition and fee costs after all other grants and scholarships are applied, helping make higher education more accessible for West Virginia families.

21,000+ STUDENTS #1 BEST UNIVERSITY IN WEST VIRGINIA

West Virginia University ranks #1 in West Virginia due to its comprehensive academic offerings, robust research initiatives, and significant community impact.

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WV ATHLETICS West Virginia University’s athletic program, known as the Mountaineers, is a central part of the school’s identity and spirit. Competing in the Big 12 Conference, WVU sponsors 18 varsity sports, including football, basketball, soccer, baseball, and rifle, where the program has won multiple national championships. Mountaineer football, played at Milan Puskar Stadium, is particularly celebrated, drawing passionate crowds and uniting alumni and fans across the country. The men’s and women’s basketball teams also have strong traditions, with multiple NCAA Tournament appearances and a history of producing standout athletes. Beyond competition, WVU athletics emphasizes academic success, leadership development, and community engagement, making it both a source of pride for the university and a driving force in school spirit statewide.

DISCLOSURES NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY SECURITIES PLEASE CAREFULLY READ THE FOLLOWING TERMS BEFORE REVIEWING THIS INVESTMENT SUMMARY (“Summary”). All persons reviewing the Summary expressly agree to the foregoing disclaimer as a pre-condition to reviewing this Summary for any purpose whatsoever.

The information on this Summary is for informational purposes only and is not an offering of or a solicitation to purchase securities or otherwise make an investment. Securities may only be offered or sold pursuant to registration of securities or an exemption therefrom using offering documents and sales of securities will be limited strictly to those persons who are qualified as “accredited investors” as defined in Regulation D promulgated under the United States Securities Act of 1933. Material information is detailed in the offering documents, including, but not limited to, risk factors.

Everything communicated by Tailwind Group, Inc. and its affiliates and agents, regardless of whether it is written, spoken, recorded audio or video, is intended for education and informational purposes only. All comments are solely the opinion of the presenter. Regardless of whether spoken or written, nothing shall be considered as giving investment advice, an offer, or solicitation, to buy and/or sell any type of investments products or securities. Prior to making any investment you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.

All information contained herein is provided “as is,” and Tailwind Group, Inc. and its affiliates each expressly disclaim making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. In no event shall Tailwind Group, Inc. or its affiliates be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. The information in this Summary has not been independently verified. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the presentation and the information contained herein and no reliance should be placed on it.

Information in this Summary (including market data and statistical information) has been obtained from various sources (including third party sources) and Tailwind Group, Inc. and its affiliates do not guarantee the accuracy or completeness of such information. All projections, valuations and statistical analyses are provided for information purposes only. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent they are based on historical information, any they should not be relied upon as an accurate prediction of future performance.

No action has been or will be taken to permit an offering of securities in any state where action would be required for that purpose. In considering any prior performance information presented on this Summary, bear in mind that past performance does not indicate future results, and that there can be no assurance that comparable results will be achieved by Tailwind Group, Inc. or its affiliates. Moreover, any such past performance information is subject to, and should be reviewed in light of the assumptions accompanying that information. The use of terms such as higher, above average, safe or successful, express the opinion of Tailwind Group, Inc. and are not a promise or guarantee for any possible investment performance or safety of principal.

The sketches, renderings, graphics materials, plans, specifications, terms, conditions and statements contained in this Summary are proposed only, and Tailwind Group, Inc. reserves the right to modify, revise or withdraw any or all of the same in its sole discretion and without prior notice.

Tailwind Group, Inc. as well as the logos and marks included on the Summary that identify services and products, are proprietary materials. The use of such terms and logos and marks without the express written consent of Tailwind Group, Inc. is strictly prohibited. Copyright in the pages of the Summary, and in the information and material therein, is proprietary material owned by Tailwind Group, Inc. unless otherwise indicated. The unauthorized use of any material on the Summary may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, or trade secret laws.