Past performance is not a guarantee of future results. Net returns are reflective of cash flows distributed to limited partners after deductions for investment management fees, fund-level expenses and carried interest. The net returns portrayed herein are indicative of the dollar-weighted average returns to all limited partners including affiliated limited partners. Annualized returns for SEF, NCREIF, S&P 500, and iShares AGG is calculated as the geometric mean of the quarterly returns for the period of October 1, 2021, through June 30, 2025. The annual returns for SEF have been audited each year from October 1, 2021, through December 31st, 2024. 2025 results are unaudited. Any estimated returns for current unaudited periods are based on management`s assumptions and are not a guarantee of performance. LandFund believes these assumptions to be reasonable and sound under the current circumstances, but there can be no assurance that they will be achieved.