This morning was a first for me. I woke up at the normal time, went through my typical morning routine, and then got on video to speak before the entire Cadre team. From my living room.

Aside from a few (well-deserved) comments about my apartment décor, our first work-from-home all-hands went off smoothly. While none of us know how long this current situation will last, what we do know is that we’re well-prepared to make the most of it and continue serving our investors and building an enduring company.

After already sharing details of our temporary work-from-home policies last week, there were no urgent new messages to share with the team this morning. Instead, I wanted to thank them for handling the uncertainty so far with incredible professionalism, grace, and focus. I told them that in good times, bad times, and just plain odd times, there’s no group of people I’d rather be in the trenches with.

I also wanted to share my thinking on Cadre in light of coronavirus and market volatility. The short version is I know that we’re incredibly well-positioned. Cadre was purpose-built to reward patient investing. We’re building a real estate platform that provides access to quality commercial real estate assets, coupled with the opportunity to achieve liquidity and generate yield. And we believe our investors will be well-rewarded in the long run. On top of that, our model allows us to be extremely flexible and access capital to take advantage of opportunities that the market may present. As a result, we believe we’re built to perform in up and down markets.

That’s not to say the days ahead will be smooth sailing, and I told my team this morning that unforeseen moments like this call on each of us to step up and be leaders. I’m reminded again of a quote that a mentor and legendary leader former CEO of American Express, Kenneth Chenault (now Managing Director of General Catalyst) shared at a recent Cadre Chat just a couple of weeks ago – from Napoleon Bonaparte: “The role of the leader is to define reality and give hope.”

That’s what we’re going to do at Cadre. We’re going to take good care of each other, stay focused, and lean in to move forward. Together.


Educational Communication

The views expressed above are presented only for educational and informational purposes and are subject to change in the future. No specific securities or services are being promoted or offered herein.

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.

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 securities 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.

Opportunity Zones Disclosure

Any discussion regarding “Opportunity Zones” ⁠— including the viability of recycling proceeds from a sale or buyout ⁠— is based on advice received regarding the interpretation of provisions of the Tax Cut and Jobs Act of 2017 (the “Jobs Act”) and relevant guidances, including, among other things, two sets of proposed regulations and the final regulations issued by the IRS and Treasury Department in December of 2019. A number of unanswered questions still exist and various uncertainties remain as to the interpretation of the Jobs Act and the rules related to Opportunity Zones investments. We cannot predict what impact, if any, additional guidance, including future legislation, administrative rulings, or court decisions will have and there is risk that any investment marketed as an Opportunity Zone investment will not qualify for, and investors will not realize the benefits they expect from, an Opportunity Zone investment. We also cannot guarantee any specific benefit or outcome of any investment made in reliance upon the above.

Cadre makes no representations, express or implied, regarding the accuracy or completeness of this information, and the reader accepts all risks in relying on the above information for any purpose whatsoever. Any actual transactions described herein are for illustrative purposes only and, unless otherwise stated in the presentation, are presented as of underwriting and may not be indicative of actual performance. Transactions presented may have been selected based on a number of factors such as asset type, geography, or transaction date, among others. Certain information presented or relied upon in this presentation may have been obtained from third-party sources believed to be reliable, however, we do not guarantee the accuracy, completeness or fairness of the information presented.