Program workspace

“LUMENT.COM FANNIE MAE DUS ® Student Housing BENEFITS • Customized solutions. • Competitive pricing. ELIGIBILITY • Existing, stabilized properties that cater to a student tenant base because of design, tenancy, or location. • Strong operators with proven records of accomplishment in student housing. • Properties can be rented on a per-unit or per-bed basis. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV 75%. MINIMUM DSCR 1.30x for fixed rate Mortgage Loans; and 1.05x for variable rate Mortgage Loans, subject to a Fixed Rate ”

“LUMENT.COM FANNIE MAE DUS ® Supplemental Loans BENEFITS • Lower cost than refinancing. • Access to additional capital. • Flexible loan terms. ELIGIBILITY • Stabilized Conventional properties, Multifamily Affordable Housing Properties, Seniors Housing Properties, Student Housing Properties, and Manufactured Housing Communities. • Subordinate to existing Fannie Mae fixed rate or variable rate Mortgage Loans. • Bond Credit Enhancement Mortgage Loans are eligible for Supplemental Mortgage Loans with prior approval of Fannie Mae. • Lender must be the servicer of the existing Fannie Mae Mortgage Loa”

“LUMENT.COM FANNIE MAE DUS ® Tax-Exempt Bond Credit Enhancement BENEFITS • Low borrowing cost, “AA+” rating keeps the interest rates on bonds low. • Supports affordable rental housing stock. • Flexible structures. • Certainty and speed of execution. ELIGIBILITY • Multifamily Affordable Housing (MAH) properties with 4% Low-Income Housing Tax Credit (LIHTC) rent restrictions. • New money issues, refundings, or credit substitutions. TERM 10 - 30 years (minimum 15 years for new construction and substantial rehabilitation). AMORTIZATION Up to 35 years. INTEREST RATE Fixed-rate. MAXIMUM LTV 90% for 4”

“LUMENT.COM FANNIE MAE DUS ® Unfunded Forward Commitment for 9% LIHTC Properties For important disclosures about Lument and the information found in this term sheet click here . 6.22.26 BENEFITS • Ability to lock the interest rate and other key deal terms prior to construction. • Single asset security allows for customized loan structures. • Certainty and speed of execution. ELIGIBILITY • LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactions. • Lenders approved to deliver forward commitments under Fannie Mae’s Multifamily Affo”

“LUMENT.COM FANNIE MAE DUS ® Unfunded Forward Commitment for 4% LIHTC Properties For important disclosures about Lument and the information found in this term sheet click here . 6.22.26 BENEFITS • Ability to lock the interest rate and other key deal terms prior to construction. • Single asset security allows for customized loan structures. • Certainty and speed of execution. • MTEB execution offers optional reimbursement of certain costs of issuance up to 75bps. ELIGIBILITY • LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactio”

“Freddie Mac”

“LUMENT.COM FREDDIE MAC OPTIGO ® 9% LIHTC Cash Loan Forward Commitment Immediate Funding Preservation Rehabilitation ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid-rise or high-rise multifamily properties with 9% LIHTC. Garden, mid-rise, or high-rise multifamily properties with 9% LIHTC with 90% occupancy for 90 days. Garden, mid-rise or high-rise multifamily properties with 9% LIHTC that are undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: Lesser of 15 years or the remaining LIHTC compliance period; 15 years with HUD Risk Sharing. Ma”

“LUMENT.COM FREDDIE MAC OPTIGO ® Bond Credit Enhancement with 4% LIHTC FORWARD COMMITMENT IMMEDIATE FUNDING PRESERVATION REHABILITATION ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid- rise, or high-rise multifamily properties with 4% LIHTC. Garden, mid-rise, or high-rise multifamily properties with 4% LIHTC that maintain 90% occupancy for 90 days. Garden, mid-rise, or high-rise multifamily properties with 4% LIHTC undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: Remaining LIHTC compliance period or 15 years, whichever is less. Maximum”

“LUMENT.COM FREDDIE MAC OPTIGO ® Bond Credit Enhancement with Other Affordability Components ELIGIBLE PROPERTY TYPES Garden, mid-rise and high-rise multifamily properties with minimum occupancies of 90% for 90 days. TERMS 10 to 30 years. ELIGIBLE TRANSACTIONS New credit enhancement facility or replacement of existing credit enhancement facility for tax- exempt bonds for refundings, substitutions and acquisitions. MAXIMUM AMORTIZATION 30 years. MINIMUM DEBT COVERAGE RATIO 1 (DCR) • Variable-rate with cap hedge: 1.25x. • Fixed-rate: 1.25x. MAXIMUM LOAN-TO-VALUE (LTV) RATIO 1 • Variable rate with ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Cash Loan for Affordable Housing Preservation ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties that meet affordability criteria and with 90% occupancy for 90 days. TERMS Maximum term of 15 years. PRODUCT DESCRIPTION Financing for the acquisition or refinance of stabilized affordable multifamily properties with fixed-rate or floating-rate cash loans; see the Fixed-Rate Loan or Floating-Rate Loan term sheet for more information. TYPE OF FUNDING Permanent, immediate financing. MINIMUM DEBT COVERAGE RATIO 1 (DCR) 1.25x. MAXIMUM LOAN-TO-V”

“LUMENT.COM FREDDIE MAC OPTIGO ® Conventional Small ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, limited liability company or a tenancy in common (TIC) with 5 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must be a Single Purpose Entity (see the Single Purpose Entity Borrower Rider to Loan Agreement (Loans $20,000,000 and Under) for basic SPE requirements). ELIGIBLE PROPERTIES St”

“LUMENT.COM FREDDIE MAC OPTIGO ® Early Rate-Lock WHAT IS AN EARLY RATE-LOCK? • Borrowers can lock the interest rate for a fixed-rate mortgage or the spread for a floating-rate mortgage, establish the mortgage amount and set other key provisions of a proposed mortgage within two to five days after Freddie Mac’s preliminary underwriting review and long before the Optigo ® lender submits the full underwriting package. ELIGIBLE PRODUCTS • Conventional, Targeted Affordable Housing and Seniors Housing. HOW EARLY RATE-LOCK WORKS: QUOTE • Optigo lender submits the Loan Submission Template (LST) and Nar”

“LUMENT.COM FREDDIE MAC OPTIGO ® Fixed-Rate Loan ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must usually be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); on loans less than $7.5 million, upon borrower’s request, a bor”

“LUMENT.COM FREDDIE MAC OPTIGO ® Float-to-Fixed-Rate Loan (Two-Plus-Seven) ELIGIBLE BORROWERS Must be well-qualified. FLOATING-RATE PERIOD • 2 years. • Interest only (IO), no cap required, locked-out/no prepayments. • No supplemental loans during floating-rate period. FIXED-RATE PERIOD • 7 years. • IO subject to 7-year fixed-rate IO credit parameters with defeasance. • Amortizing loan with defeasance. • Securitization-ready. UNDERWRITING • Compliant with current credit parameters. • Sized based on fixed-rate. • Must pass Refinance Test using aggregated term (2 years floating plus 7 years fixed)”

“LUMENT.COM FREDDIE MAC OPTIGO ® Floating-Rate Loan ELIGIBLE BORROWERS • Borrower may generally be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must generally be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); however, on loans less than $7.5 million, upon b”

“LUMENT.COM FREDDIE MAC OPTIGO ® HUD Section 8 Financing CASH LOANS ELIGIBLE BORROWERS Must have demonstrated experience in owning and managing similar Section 8 properties. ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties with Section 8 project-based contracts or vouchers. LOAN TERMS 5-year minimum, 15-year maximum. PRODUCT DESCRIPTION Financing for multifamily properties supported by Section 8 project-based contracts or tenant- based vouchers through credit enhancements and/or cash loan purchases. TYPE OF SECTION 8 • Project-based subsidy: This form of subsidy ref”

“LUMENT.COM FREDDIE MAC OPTIGO ® Impact Gap Financing PRODUCT DESCRIPTION Impact Gap Financing provides the infrastructure to enable Impact Investors to invest directly in NOAH properties and close capital gaps between Sponsor-provided equity and the Freddie Mac NOAH Preservation Loan. Impact Investors may work with Borrowers directly, with a Freddie Mac Multifamily Optigo lender, or with Freddie Mac, who can help match them to potential properties and Borrowers. Nonprofits will work with an Optigo lender who will make both the Freddie Mac NOAH Preservation Loan and the Impact Gap Loan simultan”

“LUMENT.COM Index Lock Early Rate-Lock (ERL) Standard Delivery ELIGIBLE LOANS • Loans to be securitized. • Acquisition or refinance loans. • Fixed-rate loans. • Loans to be securitized or held in portfolio. • Acquisition or refinance loans. • Fixed- or floating-rate loans. • Loans to be securitized or held in portfolio. • Acquisition or refinance loans. • Fixed- or floating-rate loans. WHICH LOAN TERMS ARE DETERMINED PRIOR TO LOCK? Term of the loan, loan structure (interest-only period, prepayment structure, etc.), and loan amount (loan amount is subject to change). Most material loan terms (lo”

“LUMENT.COM FREDDIE MAC OPTIGO ® Lease-Up Loan LOCK IN LOW INTEREST RATES BEFORE STABILIZATION REFINANCE LEASE-UP ACQUISITION LEASE-UP PRODUCT DESCRIPTION Refinancing for newly constructed properties. Acquisition financing for newly constructed properties. ELIGIBLE BORROWERS Borrowers must have experience with new construction and/or lease-up properties, and generally have strong financial capacity and real estate management expertise with good performance and credit history. • For Targeted Affordable Lease-Ups, borrowers must have experience in the development and/ or ownership of multifamily ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Manufactured Housing Community Loan ELIGIBLE PROPERTY TYPES Existing, stabilized, high-quality, and professionally managed manufactured housing communities (MHCs), with or without age restrictions. ELIGIBLE BORROWERS • The sponsor should have two or more years of experience in operating MHCs and should own one other MHC property. • The borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. General partnerships, limited liability partnerships, real estate investment trusts (R”

“LUMENT.COM FREDDIE MAC OPTIGO ® Manufactured Housing Resident Owned Community Loan (MHROC) ELIGIBLE PROPERTY TYPES Existing, stabilized, high-quality, professionally managed MHROCs, with or without age restrictions. ELIGIBLE TRANSACTION TYPES • Acquisition/Conversion: An Acquisition Mortgage on a Manufactured Housing Community which is in the process of converting from a rental property to an MHROC. The MHROC Borrower must be formed prior to rate lock. • Seasoned Refinance: A Refinance Mortgage on an existing MHROC with most shares already sold to resident shareholders. ELIGIBLE BORROWERS Not-”

“LUMENT.COM FREDDIE MAC OPTIGO ® Moderate Rehab Loan ELIGIBLE OPTIGO LENDERS Freddie Mac Multifamily Optigo Conventional Lenders. ELIGIBLE BORROWERS Experienced and well-capitalized borrowers who have successfully completed rehabilitation projects of similar scope and who are familiar with the Freddie Mac loan process. ELIGIBLE PROPERTY TYPES • $25,000-$60,000 in renovations per unit with a minimum of $7,500 per unit designated for interior work. • Minimum occupancy: Rehabilitation plan may not take debt coverage ratio (DCR) below 1.0x on an interest-only basis. • Not eligible — Seniors housing”

“LUMENT.COM FREDDIE MAC OPTIGO ® NOAH Preservation Loan ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily NOAH properties. ELIGIBLE OPTIGO LENDERS TAH lenders. ELIGIBLE BORROWERS 501(c)(3) nonprofit organizations with affordable housing preservation as a stated part of its mission and a demonstrated history of successful property ownership. MINIMUM AFFORDABILITY At least 50% of the units must have affordable rents at 60% / 80% / 100% / 120% area median income (AMI) based on market at the time of origination. MINIMUM EQUITY REQUIREMENTS Nonprofit must meet at least one of the fo”

“LUMENT.COM FREDDIE MAC OPTIGO ® Conventional Forwards PRODUCT DESCRIPTION Unfunded forward commitments for new construction or major rehabilitation. ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, or limited liability company. • General partnerships, limited liability partnerships, real estate investment trusts (REITs), and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must be a Single Purpose Entity (SPE). ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid-rise, high-rise, or ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Preservation Rehabilitation Financing Tax-Exempt Financing with 4% LIHTC 9% LIHTC Cash Loan Non-LIHTC Cash Loan ELIGIBLE BORROWERS Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs). Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs). Borrowers looking to renovate an affordable multifamily propert”