¹ Data as of December 1st, 2022. IRR calculation represents an equity-weighted average annualized internal rate of return (IRR) for realized real estate investments of offerings by Cadre since the formation of our Investment Committee through to the date of calculation, after deduction of fees and expenses. Equity multiple represents the investment multiple on equity, which is calculated by dividing the aggregate realized proceeds for the applicable investment after deduction of fees and expenses. Realized and updated target returns are inclusive of all of Cadre’s completed dispositions. Realized returns are subject to change following final distributions on sold assets. Calculations are generally made as of the date of the sale of the applicable asset and may include targeted proceeds that are to be distributed to the vehicles managed by Cadre (but which have not been realized by the vehicle as of the date of calculation). The calculation of net return figures for each investment pertains to single-asset investment vehicles only. The calculation of net return figures for each investment in a multi-investment fund vehicle is difficult, if not impossible, to prepare with accuracy due to the estimation of fund-wide expenses and other variable fees applicable to each investment that are necessary for such calculations. Returns reflect net performance and are not audited. View our full track record and important disclosures at cadre.com/track-record.

² Total transaction value represents the underwritten peak all-in cost of real estate investments included in offerings by Cadre since the formation of our Investment Committee (including realized investments).

³ Gross distributions to investors refers to the sum of any income distributions, sale gains, and return of capital without deduction for any investor specific withholding or preferred equity payments. Distributions are not guaranteed. A portion of the gross distributions reflect a return of principal.

⁴ Seth is an investor in the Cadre Direct Access Fund. Seth was not compensated for this testimonial. One client’s experience may not be indicative of another client’s experiences or the future performance or success of Cadre investments. Clients should pay particular attention to the risks of investing in any offering and determine whether it is appropriate given their financial circumstances and risk tolerance, Investments with Cadre are subject to many investment risks including the potential to lose your entire investment.

⁵ Matt is an investor in the Cadre Direct Access Fund and Cadre Horizon Fund. Matt was not compensated for this testimonial. One client’s experience may not be indicative of another client’s experiences or the future performance or success of Cadre investments. Clients should pay particular attention to the risks of investing in this offering and determine whether it is appropriate given their financial circumstances and risk tolerance. Investments with Cadre are subject to many investment risks including the potential to lose your entire investment.

⁶ Adam is an investor in the Cadre Direct Access Fund and other Cadre deal offerings. Adam was not compensated for this testimonial. One client’s experience may not be indicative of another client’s experiences or the future performance or success of Cadre investments. Clients should pay particular attention to the risks of investing in any offering and determine whether it is appropriate given their financial circumstances and risk tolerance. Investments with Cadre are subject to many investment risks including the potential to lose your entire investment.

⁷ Liquidity Not Guaranteed: Investments offered by Cadre are illiquid and there is never any guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved.

Private Securities
Investments in private offerings are speculative and involve a high degree of risk. Investments in private offerings are not bank deposits and therefore are not insured by the FDIC or guaranteed by any other party. Investors must be qualified as an accredited investor to participate in private offerings and you may be required to verify your status as an accredited investor. No securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through us.

Not Advice
This communication is not to be construed as investment, tax, or legal advice in relation to the relevant subject matter; investors must seek their own legal or other professional advice before making any investment to determine whether an investment is suitable for them.

Performance Not Guaranteed
Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are not guaranteed and may not reflect actual future performance.

Risk of Loss
All investments involve a high degree of risk and may result in partial or total loss of your investment.

Liquidity Not Guaranteed
Investments offered by Cadre are illiquid and there is never any guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved.

Not a Public Exchange
The Cadre Secondary Market is NOT a stock exchange or public securities exchange, there is no guarantee of liquidity and no guarantee that the Cadre Secondary Market will continue to operate or remain available to investors.

No securities commission or regulatory authority has recommended or approved any investment or the accuracy or completeness of any of the information or materials provided by or through us.

More complete disclosures and the terms and conditions relating to an investment in a particular private placement is contained in the investment memorandum.