Firth Wall Securities is a registered broker dealer and member of the Financial Industry Regulatory Authority (FINRA). None of Fifth Wall Securities’ associates, directors, members, shareholders, partners, officers, employees, advisers, agents or affiliates (together, its “Related Persons”) make any express or implied representation, warranty or undertaking with respect to this communication. Accordingly, and to the maximum extent permitted by law, none of Fifth Wall Securities or its Related Persons shall be liable (except in the case of fraud) for any loss (whether direct, indirect or consequential) or damage suffered by any person as a result of relying on any statement in, or omission from, this communication. It has not been filed with FINRA and may not be reproduced, shown, quoted to, or used with members of the public.

This communication is for informational purposes only and are not investment, professional, legal or other advice nor are they to be relied upon in making an investment or other decision. The communication is not an offer to sell, or a solicitation of an offer to buy and do not constitute an invitation or inducement of any sort to any person. Materials are not intended for reproduction or use with the public, and may not be reproduced or distributed in whole or in part, for any purpose, without the express consent of Firth Wall. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice.

Except where otherwise indicated, any information on the website or provided herein is based on matters as they exist as of the date of preparation and not as of any future date, is subject to change, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof.

Certain information contained on this website may constitute “forward-looking statements” as defined in applicable securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, and include statements regarding Fifth Wall Securities and its affiliates competitive strengths, goals, expansion, growth, future success, operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, and outlook. Words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan” and “believe” are intended to identify forward-looking statements. No reliance should be placed on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Fifth Wall Securities and its affiliates to differ materially. Except as required by law, Fifth Wall Securities and its affiliates undertake no obligation to update or revise statements or information on this website.

Any target returns contained on the website are for illustrative and informational purposes only. Target gross returns are based on historical performance for similar investment strategies and Fifth Wall Securities’ expectations regarding the returns that it will underwrite for the types of investment opportunities that it expects to be available for the applicable fund or investment pool discussed in this communication.  There can be no assurance that Fifth Wall Securities will be able to source investment opportunities that it can underwrite in line with the target gross returns, or that the underwritten returns for any of such investment will be achieved. Target gross returns do not reflect expenses, management fees or carried interest (or equivalent fees), which reduce an investor’s returns. Target net returns are prepared based on an illustrative model that takes into account these items, which includes assumptions regarding applicable management fees and carried interest (which reflect the highest management fee and carried interest rates expected to be charged to investors in the fund), fund expenses (which are estimated by the manager based on its experience in the fund and/or similar funds), the expected hold period of the fund’s investments, and other factors. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances), the actual performance of the applicable fund or investment pool could differ materially from the target returns set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns. No assurance, representation or warranty is made by any person that the target returns will be achieved, and undue reliance should not be put on them. Additional information about the assumptions used in determining the target returns and the factors that could cause actual results to differ materially from the target returns are available to qualified investors upon request.

Any transactions described on this website as having been engaged in by Fifth Wall Securities and its affiliates are included as representative transactions for illustrative purposes only. Past performance is not indicative of future results. No assurance or representation is made, that comparable results or any target returns disclosed in this communication will be achieved. Any securities mentioned are for illustrative purposes only and are not intended to be an investment recommendation.

In considering investment performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that comparable results will be achieved, that an investment will be similar to the historic investments presented herein (because of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved. Any information regarding prior investment activities and returns contained herein has not been calculated using generally accepted accounting principles and has not been audited or verified by an auditor or any independent party.

This website may include Fifth Wall Securities’ estimates of the projected performance of certain unrealized investments currently held by funds managed by Fifth Wall Securities’ affiliates, including any predecessor funds, and investment programs. Although this information is forward-looking by its nature and actual results are likely to differ, perhaps materially, from these estimates, Fifth Wall Securities believes that the estimates have a reasonable basis.

Any changes to assumptions could have a material impact on projections and actual returns. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. Fifth Wall Securities will provide more detailed information on the material factors or assumptions that were applied in making the projections and the material factors that could cause actual results to differ materially from the projections to any qualified investor on request.

Certain of the information contained on the website is based on or derived from information provided by independent third-party sources. While Firth Wall Securities believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Fifth Wall does not guarantee the accuracy or completeness of such information, and has not independently verified such information or the assumptions on which such information is based.  This document is subject to the assumptions (if any) and notes contained herein. 

Rankings are provided for informational purposes only and should not be used as the sole basis for engaging Fifth Wall Securities for services. Please refer to the more thorough disclosure and additional information about the criteria used in making these rankings via the website of the publication and/or organization granting such recognition.