

!"#$⾄%&⽉'()*+,-⾏./01⾼2+3⾕42022 556'789 &⼟):⽬#;<=>?@ABC0DE(FGH#IJ'K⽽L2022 5MN5
OP=>QKRS14TU 5VW1UX⾓ Y20235Z [\]^'78
_L`9#(Fabcd ⼾ + ⼟ )efg h1 i)jk4 l m # nop ⽰ '
2023 5q[i([r#(FGHst⽉uvwx'(Fyz{K|}~ 478
ÄBCÅÇ(Fabc#ÉÑÖÜ'2023 5á(à<âäãå'OÄçé#èê
ÖÜabcëíY2022510⽉#3ìEî ï4
ñó20235Z⼆[\'78òô"5#ö.=>'õ78ú5ùM1ûü#†°4
2022 5'78õ¢£§•¶)ßd®©™#´¨;< ⽅ ÆØ? ⼟ ),-. ± (Exit-focused Pre-development Land Investment, “EFPDL”)) Ö@ 478¥µ ,- W1ª&U#ºk æø¿'O£¬ ƒ>78#abc⼟) - (Builder Land Financing, “BLF”) + a(F (Build-to-Rent, “BTR”) . µ20235+«W»5#Ø?4…• f
,-ÀÃÕBC'Œ fÃÕ•¶4
+œ#ÆØ?⼟),-. + ,-À–Ø#—“µ0DE”‘1Q’÷ ?4"5ÿ5'78µÆØ?⼟),-#Ÿ⁄¤
‹›L13.14 fiBfl4ÿ‡·:-*‚„#,-À‰£ ‰Â‘Ê!2 fiBfl#—“–Ø42022 56 ⽉'78µ¢ÁËÈÍ
#ÎÏ⾕ÌParadise ValleyÓ—i1+œ⾸&BC EB-5 (Ô.†° ÒÚÛ) -*'ÚÛÙa fıˆ˜¯4
⾃202356˘W'78 ˙µ˚⼒ƒAU#. ±¸ƒ @¬#ÚÛ4˘M˝20235Z [\# P˛ìˇ
202353⽉20⽇!"'ƒA1#$BC -%,-À'ÿU# DSTÌ&'()*Ÿ⁄Ó,-+,4
202353⽉27⽇!"'ƒA1abc⼟) -†⾦ 2 ( BLF Fund 2)4
78# EB-5 ÚÛ-./õ0 12345'õ6278ß,-À9⼤ :4
+œZ & EB-5 ]Ø:⽬;”<Æ';µƒ ]Ø=<>?'@ABµú55CâDI4
202352⽉CDI1ÃÕEÍ Sherman àF3,000GBfl#;<Ÿ⁄4
ñó 2023 5Z ⼆ ['78 ; µãåÄ ⼟ )ef æ' H ⼿ IJ µ 2022 5ç KL & ⽉ M&'NO ⽌⽽ ˛UA@# ⼟ )Ÿ⁄4
Mõ‘Lef#˛UøP'78;Äef}QRSŸ⁄T*'¸ï⼒DIŸ⁄4⽽78ÅÇ#(Fabcd⼾;µ˘ÿU
#UVW\ X20235'+œ¥YZ|}UV'[\ûBü# 54
%&'⼟
BUILDER LAND FINANCING (BLF)
BLF{|EF67}bc~⼤I:;<=> Ä
^ÅÇz:;ÉQÑÖÜI $wI⼟0t
2022/iáà9 âäãR⽅åçé `1èb êIRSiëíéì_Nrsiî67éï_#
34^6,300ñbêI`⽬t
PRE-DEVELOPMENT LAND INVESTMENT
óQò⼟0KLôöõEFú⼼ù[t2022/i
áàåçé75_óQò⼟0`⽬Ixsûüi†
0°Y8,795¢£i126J°Y2.48èbêiî
§•¶!"⼟0ßH⼈®©#™´9,500ñbêI
6JtáਠÆéØ_?@xs⽅¶IóQò
⼟0`⽬t
/%0⽬ BUILD-TO-RENT (BTR) EB-5 1,02
2022!!"#$%&'()⼠*+ ,-./0 1234567/089:;<=>?89@A
(B CDB$%EFGHIJK3L⽬MN+ OPQRSTUVW+XY>
Z[#\*]^E_`(ab@⼟Icd+⼟I
ef"ghi⾦#?jSka15⾄20lK3L⽬ MN>
2021!#\*ef5'(mnopqrs⾕+ Smoke Tree tuv>?⼟ILwx⽤(3R\*
y l EB-5 L⽬# ,d+z{|}>$%E
~X\⼯ XY+ÄNÅÇ⽅⾯ÉÑ5BÖ#Ü
á]àâ5Fä⾼ã|}åçé#è%xTêë
íd|}+åç>
年6⽉2⽇ 2022年6⽉13⽇
和頓宣佈與堡壘投資集團設立1億美元
和頓與 Rockpoint 宣佈合資 3億美元組成 合資企業發展租建房屋 (BTR) 社區
⾦)34
ìî⼀!#$%ïñ(óòôöiõÄú\*ùûü+†°>$%&¢,<£+òô3456789<=# ⽀b$%B C§⼤3•é⼟I¶i (BLF) \K3VWL⽬ (BTR) XY+⽬ß>
5678%&' $%®©+ ⼟ I™,´¨ VW3•é>\*ÆØ& ì ±+G 20 ⼤ VW3•é#Jc¥µ è 3•éB⾏5Ç > E2022!#3•éf™5†°1.33 G +\*⼟I>
5 ⼟)ef
LÑÖ
\*^Eå⽤E2022!—ì3•é⼟I¶iXY\Ì«Ö⼟
Ò,º
` . Õ 2019 5ƒA' a µÕ—i ⼟
)âõ: ⽬ bcd ¨(Fabc'¸
bef[ #;< gh 4 ⾃ ƒA˘W'
78 i /—i1 31 & EFPDL : ⽬ '
…•éªjk Ì9&Ó#:⽬bÚµ
2023 5;<4 2023 5'+œÚÛ l !
0 . mn # ⼟ )'Ä@¬#(F
a o c pqrs æ' Yg µBC·
&à<ÄU#abcatø¿'˘9
⼤`. ±4
2023!⼟-Üá⽬à - 4.95âäã
u⽤BLFjk†°'õf[(F]Ø© ™9 v ,-* w '¸µÿ‡·)߃
A4 x ⾄ 2023 5Z [\'· v ,y #⼟):⽬i/Ê!2 fiBfl'¸ z{Quv•'…•|}
BLF Fund 2 (BC)
Global Fund (ÿ‡)
WLF Fund ( ¢£)
Custom Structures ( ÿ‡)
` 1031 Ÿ ~ jk˝ õBC ./ , -À ⽽ Ä #' a µÕ 3 ⾄ 5 5#}¬
[Å'*⽣ÇÉÑ DST û⾼#òè4
* w Õ 2023 5 3 ⽉ ƒA'£u g·
v⼟)+:4
20235Z [\'Ö9(Fabc+]Øc;µugie⼟)'MõÜ8beà<£áwà¨'z(Fyzug4+œ#
⽬⽵}¬⼟)#ß 9⼤,-ä '¸]ãBCåç#Uà<4
EB-5 ⺠ÚÛ
+œ# ⺠ÚÛéèÿ‡420235'78ÚÛµøêà<'|}ë
íìUgî+ï£ugñ)óò'˘ æôö+õú⼈©™dùû
4+œ#Z &EB-5]Ø:⽬£üµú5†è°+#˜¯u¢c' ¸zÚÛµ20235ugZ⼆&]Ø:⽬4
EB-5]Ø:⽬µ20235Z [\‘1123⾦ £§•¶ü#.
/'78;µãå9⼤`ÚÛ'˘ß®©z™´12345#,-À4