Purpose.

This policy establishes the framework for valuing portfolio investments in TetraHomes-managed funds in accordance with ASC 820 and industry best practice.

Valuation committee.

A Valuation Committee, composed of the CFO, Chief Investment Officer, and an independent member, oversees quarterly valuation of all portfolio assets.

Methodology.

Direct real estate assets are valued using a combination of income capitalization, discounted cash flow, and comparable transactions. Third-party appraisals are obtained at least annually for material assets.

Cadence.

Valuations are performed quarterly. Interim adjustments are made when material events (disposition, refinancing, entitlement, casualty) warrant.

Independent review.

The valuation process is subject to review by the firm's independent auditor as part of the annual audit.

Disclosure.

Valuation results are disclosed to LPs in quarterly financial statements and reports.

This policy is provided for informational and disclosure purposes. It may be amended from time to time. For the current version, contact [email protected].