IMH — Boise Residential Portfolio

CIMARRON RIDGE 240-LOT SUBDIVISION

HERITAGE

99-LOT SUBDIVISION

ATHLETA

57-UNIT TOWNHOME PROJECT

BOISE RESIDENTIAL PORTFOLIO

INVESTMENT SUMMARY

RESIDENTIAL PORTFOLIO INVESTMENT SUMMARY

INVESTMENT $100,000

PRIORITY RETURN 9%*

EQUITY MULTIPLE 1.9X

PROFIT SHARE 0.25% IRR 21%

IMH’s Residential Portfolio opportunity consists of Cimarron Ridge, a 240-lot residential subdivision; Heritage, a 99-lot residential subdivision; and Athleta, a 57-towhome development in Boise, Idaho.

IMH is offering investors the opportunity for a multi-asset, diversified investment into three excellent projects. Athleta is expected to be completed in 2 years, Heritage in 4 years, and Cimarron in 5 years.

Investors will begin receiving back their original investment upon the sell-out of Athleta.

Each $100,000 investment will earn a 9% priority return on its outstanding investment balance, paid quarterly, along with a 0.25% share of IMH’s profit at the time of sale. The investor’s projected multiple on investment capital (MOIC) is 1.9x with a 21% IRR.

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INVESTOR PROFIT & RETURN METRICS

INVESTMENT ASSUMPTIONS – $100K

PROJECTED PROFIT CALCULATION Sales of 396 Homes Less: Sales Costs Net Sales Proceeds Less: Total Project Cost Net Project Profits

$ 258,900,000 $ (12,945,000) $ 245,955,000 $ (217,110,000) $ 28,845,000

Investor Capital (adjust to actual investment) $ Investor Priority Return (.25%) Investor Share of IMH Profit (per $100,000) Investor Share of Projected IMH Profits ($) $

PROJECTED RETURN OF CAPITAL*

PROJECTED INVESTOR CASH FLOW & RETURN METRICS – $100K INVESTMENT Year 1 – Priority Return on $100,000 Year 2 – Projected Completion of Athleta: Return of Capital Priority Return (9% on $100,000) Projected Athleta Profit (.25% of $3,420,000) Year 2 Profits – Priority Return + Projected Athleta Profits Year 3 – Priority Return on $88,000 Year 4 – Projected Completion of Heritage Return of Capital Priority Return (9% on $88,000) Projected Heritage Profit (.25% of $7,425,000) Year 4 Profits – Priority Return + Heritage Profits Year 5 – Projected Completion of Cimarron Return of Capital Priority Return (9% on $62,000) Projected Cimarron Profit (.25% of $18,000,000) Year 5 Profits – Priority Return + Projected Cimarron Profits Total Investor Return of Capital + Projected Profits Investor IRR Investor (MOIC) Equity Multiple

$

$

$

$

100,000 9%* 1.25% 72,113

PROJECTED PROFITS $

9,000

$ $ $ $

9,000 8,550 17,550 7,9200

$ $ $

7,920 18,563 26,483

$ $ $ $

5,580 45,000 50,580 111,533 21% 1.9x

12,000

26,000

62,000

100,000

*Invested Capital to be returned as quickly as available from project sales.

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CIMARRON RIDGE OVERVIEW

Cimarron Ridge is a 240-lot residential subdivision on 239 acres on the south side of Lake Lowell, a major recreation destination in Southwest Idaho.

The new community will consist of homes ranging from 1,554 – 3,400 square feet on ½ to ¾ acre lots, targeted to homebuyers attracted to Boise’s outdoor and family-friendly lifestyle.

Cimarron Ridge has an approved development agreement and is expected to receive plat map approval by Q1 2024.

SITE PLAN & AREA MAP

CIMARRON RIDGE

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HERITAGE OVERVIEW

Heritage is a 99-lot residential subdivision on 207 acres minutes away from Lake Lowell, a major recreation destination in Southwest Idaho.

The new community will consist of homes ranging from 2,534 – 3,191 square feet on minimum lot sizes of 1.5 acres targeted to homebuyers attracted to Boise’s outdoor and family-friendly lifestyle.

Heritage has an approved development agreement and is expected to receive plat map approval by Q1 2024.

SITE PLAN & AREA MAP

HERITAGE

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ATHLETA OVERVIEW

Athleta is a 57-unit townhome project set on a 3.5-acre site in the growing city of Kuna, roughly 25 minutes from downtown Boise and 30 minutes to the popular Lake Lowell.

The new community will consist of all 3-bedroom, 3-bathroom townhomes averaging 1,984 square feet with 2-car side-by-side garages on the first floor.

The project is fully entitled, the construction financing is in place, and IMH began construction in December 2022.

SITE PLAN & AREA MAP

ATHLETA

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BOISE MARKET – EMPLOYMENT GROWTH

Boise’s employment insights indicate continued growth, and the total nonfarm payroll gains since 2020 are approaching 50,000 additional jobs.

The largest employers in the market are in healthcare and technology employing over 18,000 people across St Luke’s, Saint Alphonsus, and Micron alone.

TOTAL EMPLOYMENT FOR BOISE CITY, IDAHO

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CONFIDENTIALITY & DISCLAIMER This confidential investment memorandum (“memorandum”), including the attached exhibits contains confidential, non-public and proprietary information. The company provides the memorandum solely for confidential use by prospective investors. Without prior written permission from the company, prospective investors shall not release, copy, discuss or use the memorandum for any purpose other than evaluating whether to invest in the company. Each recipient agrees to return the memorandum and any other documents or information furnished by the company if the recipient declines to invest. The memorandum was prepared from information provided by the company. The company’s professional advisors did not independently verify any information contained in the memorandum or otherwise made available by the company, and therefore they do not represent or warrant the accuracy or completeness of such information.

The company has not authorized any offering literature or advertising other than the memorandum. No one is authorized to provide any other information or to make any representation except those contained in the memorandum. Do not rely on any information or representation that does not appear in the memorandum. Prospective investors must rely on their own examination of the company, its proposed business and this offering, including the merits and risks involved. Prospective investors should carefully evaluate the “risk factors” described in this memorandum or in the subscription agreement. The memorandum does not offer investment, tax or legal advice to prospective investors. Prospective investors should consult their own counsel, accountant or investment advisor about the legal, tax and related implications of investing in the company. Prospective investors may ask questions and receive answers about the offering, the company or any other relevant matters. The company will provide other information requested by prospective investors if the company possesses such information or can acquire it without unreasonable effort or expense.

The company offers interests only to accredited investors (as defined in rule 501(a) under the securities act of 1933, as amended, including the rules and regulations promulgated thereunder) and without registration under federal and state securities laws. This memorandum does not offer to sell or solicit an offer to buy securities in any jurisdiction where, or to any person to whom, it is unlawful to make such offer or solicitation. The company may withdraw this offering at any time and reserves the right to reject any subscription, in whole or in part, for any reason. The company will hold a subscriber’s subscription funds until the company accepts or rejects that subscription; rejected subscription funds will be promptly returned to the subscriber without interest. Investments in the company will be illiquid. The transferability and resale of the interests are severely limited by the limited liability company agreement, the federal securities act and applicable state securities laws. There will be no public market for the interests and none is expected to develop. Prospective investors should be aware that they must bear the financial risk of this investment indefinitely and may risk loss of their entire investment.

In making an investment decision, investors must rely on their own examination of the person or entity creating the securities and the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense. No person has been authorized to give any information or make any representations other than those contained in this memorandum, and, if given or made, such information or representations must not be relied upon as having been given by the offerors. Statements contained herein as to the content of any agreement or other document are summaries and, therefore, are necessarily selective and incomplete and are qualified in their entirety by the actual agreements or other documents. The company will make available to any prospective investor prior to the consummation of the sale the opportunity to ask questions of and receive answers from the company or persons acting on behalf of the company concerning the terms and conditions of this offering, the company or any other relevant matters and any additional reasonable information to the extent the company possesses such information or can acquire it without unreasonable effort or expense. The company does not expect to update or otherwise revise this memorandum or other materials supplied herewith unless there is a material change in the information set forth herein prior to the closing or termination of the offering hereunder. The delivery of this memorandum at any time does not imply that the information contained herein is correct as of any time subsequent to the date of this summary. This summary is submitted in connection with the offering described herein and may not be reproduced or used for any other purpose. We reserve the right to reject the subscription of any prospective investor even if such investor satisfies all suitability standards discussed in this memorandum. If the prospective investor receiving this memorandum does not submit an offer to purchase, or if such offer is submitted but not accepted by us, the prospective investor agrees to promptly return this memorandum and all attached documents.

This memorandum does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized, or in which the person making such an offer is not qualified to do so, or to any person to whom it is unlawful to make an offer or solicitation. Neither the information contained herein, nor any prior, contemporaneous or subsequent communication should be construed by the prospective investor as legal or tax advice. Each prospective investor should consult his own legal and tax advisors to ascertain the merits and risks of the transactions described herein prior to subscribing to securities.

In making an investment decision investors must rely on their own examination of the company and the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense. These securities are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the securities act of 1933, as amended, and the applicable state securities laws, pursuant to registration or exemption therefrom. Investors should be aware that they will be required to bear the financial risks of this investment for an indefinite period of time.

Securities Disclaimer This memorandum is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the company or any related or associated company. Any such offer or solicitation will be made only by means of the company’s confidential memorandum and/or subscription agreement and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this memorandum does not constitute investment advice or counsel or solicitation for investment in any security. This memorandum does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. The company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the memorandum, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.

Notice About Forward-looking Statements This memorandum contains forward looking statements and forecasts concerning the plans, intentions, strategies, expectations, predictions and financial forecasts concerning the future activities and results of operations for the company, as well as other future events or conditions. For this purpose, any statements contained herein that are not statements of historical fact are deemed forward looking statements. Without limiting the generality of the foregoing sentence, words such as “believe,” “may,” “will,” “could,” “intends,” “estimate,” “might,” “continue”, their negatives or comparable terminology indicate forward looking statements. Please understand that the company’s actual results or activities or actual events or conditions could differ materially from those estimated or forecasted in such forward-looking statements due to a variety of factors, some of which may be beyond the control of the company. The potential opportunities (pipeline) shown in this memorandum may not be available at the time the fund is deploying capital. The pipeline represents a sample of specific opportunities that were available at the time the memorandum was published.

Although the company believes that the underlying assumptions and the expectations reflected in such forward-looking statements are reasonable, no assurances can be given that such assumptions and expectations are correct because actual results are uncertain and unpredictable. All assumptions, projections and expectations merely represent the company’s considered opinion. To the extent that actual events differ materially from the company’s assumptions and estimates, actual results will vary from the forward-looking statements. Additional factors could cause actual results to differ materially from the expectations disclosed in this memorandum. See “risk factors” for a discussion of some factors that could cause the company’s actual results, actual activities, actual events or actual conditions to differ from those anticipated. This memorandum reflects the company’s knowledge and information on the date of this memorandum. The delivery of this memorandum or the sale of LLC interests shall not imply that the company’s affairs or prospects have not subsequently changed. All written and oral forward-looking statements attributable to the company or its agents are expressly qualified in their entirety by this discussion.

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