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1. Represents the average annual risk-adjusted return over the previous 25-year period from 1998 to 2023. Past performance is not a guarantee of future results. Source: NCREIF, Bloomberg, and Bureau of Labor Statistics as of 12/31/23. Bubble sizes represent the Sharpe Ratio for each property type—a measure of excess return, above the risk-free rate, per unit of risk for a given property type.
2. Past performance is not a guarantee of future results. Source: NCREIF and Bureau of Labor Statistics as of 3/31/24.
3. Any information provided on this website is based on our understanding of current tax law. You are strongly urged to consult your tax advisors prior to investing in the Calvera Income and Growth Fund as to, among other things, the advisability of investing in the Calvera Income and Growth Fund, the tax consequences of any such investment, and the tax treatment of the Calvera Income and Growth Fund's investment strategy. Calvera disclaims all responsibility for any tax treatment or tax consequences. Calvera is not responsible for updating any information contained herein based on changes in law or interpretation after the date hereof. Additional information necessary to better understand the risks and limitations with the projections, including with respect to any assumptions, may be obtained from Calvera upon request.
4. An investor's liquidity rights will be subject to certain lock-up and liquidity restrictions, as set forth in the limited partnership agreement of CIGF, LP (the "Calvera Income and Growth Fund").
5. The open-end fund performance assumes an annual 10% total return. Any information provided on this website is based on our understanding of current tax law. You are strongly urged to consult your tax advisors prior to investing in an open-end fund as to, among other things, the advisability of investing in an open-end fund, the tax consequences of any such investment, and the tax treatment of an open-end fund’s investment strategy. Calvera disclaims all responsibility for any tax treatment or tax consequences. Calvera is not responsible for updating any information contained herein based on changes in law or interpretation after the date hereof.
6. The Calvera Income and Growth Fund will target additional markets on an opportunistic basis.
7. Average returns include sold properties as of 3/31/24. Average IRR and MOIC are the weighted average of each individual property return. The weighted average net IRR refers to the aggregate, annual, compound internal rate of return on investments, calculated after payment of management fees by applicable investors on a blended basis, carried interest, general fund expenses, and other expenses borne by investors. The weighted average Net MOIC is measured as net asset value, divided by total capital contributions, calculated after payment of applicable management fees, carried interest, general fund expenses, and other expenses borne by investors. Additional information necessary to better understand past performance may be obtained from Calvera upon request. Past performance is not a guarantee of future results.
8. Includes the purchase price of sold and unsold properties as of 6/6/24.

Performance data listed in this website or is otherwise provided by Calvera Partners, LLC, or its affiliates (“Calvera”) with respect to a particular property or project represents past performance calculated for the relevant project and does not purport to reflect the overall performance of any private funds managed by Calvera, which may include other projects, as well as charge additional fees or carried interest, or have additional expenses, which would reduce the overall performance of the project from the perspective of a fund investor. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data presented. Calvera is not required by law to follow any standard methodology when calculating and representing performance data; the performance of any of Calvera’s projects may not be directly comparable to the performance of other investment vehicles or funds; and qualified potential investors can contact Calvera Partners for more current performance data of any private funds managed by Calvera.

This website is provided for informational purposes only. Nothing contained in this material is an offer or solicitation to buy or sell any security. In addition, (i) any securities offered to investors that respond to any general solicitation or general advertisement made by Calvera, may be sold only to accredited investors; (ii) such securities will be offered in reliance on an exemption from the registration requirements of the Securities Act and such securities offered are not subject to the protections of the Investment Company Act or required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) Neither the SEC, nor any state securities regulator, has passed upon the merits of or given its approval to any securities offered by Calvera, the terms of the offering, or the accuracy or completeness of any offering materials or the accuracy or completeness of any of the information or material provided by or through this website; (iv) the securities will be subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their securities; and (v) investing in securities involves significant risks, and investors should be able to bear the loss of their investment. Please click here for additional important disclosures.