OREP Investor Project Review 2024 by Outlaw Partners

YEAR END 2023

Current Deals 1-

Urban + Farm [105 Acres, $22.8m Land & Building, $43.8m Equity, $52.9m Total Deal Size]

Wildlands [.75 Acres, $3.4m Land & Building, $7.15m Equity, $24.2m Total Deal Size]

Fallon - Millhouse, The Grange, Lot 1, and Mayfly [8.3 Acres, $9.0m Land & Building, $15.8m Equity, $28m Total Deal Size]

Six Range Condos [8 Acres, $3.75m Land, $33.3m Equity, $84.8m Total Deal Size]

5FRANK RD

Sandhill [160 Acres, $7.7m Land & Building, $9.2m Equity, $15.5m Total Deal Size]

Bronkens Cloverleaf [2.1 Acres, $10m Land & Building, $16.8m Equity, $42.6m Total Deal Size]

Frank Road [21.36 Acres, $10m Land, 16.8m Equity, $37.2m Total Deal Size]

Dear Outlaw Real Estate Partners, Seasons Greetings! Last year at this time we wrote to you about how 2023 would test our business and the local market. We were partially correct. The housing market, both for sale and multifamily remained resilient as pricing and sales exceeded 2022 levels. Furthermore, Bozeman continued to be a special place for people to visit and relocate, with unparalleled access to good jobs and the great outdoors. However, the headwinds caused by higher interest rates and construction costs are finally starting to negatively impact the market and development community as we come to the close of the year. These headwinds are likely to cause a correction in 2024, as we expect home and apartment rent prices to finally move downwards. We think this is a positive outcome, as we need Bozeman to remain an affordable place to live to attract new businesses and talent. How will these headwinds impact our development projects and your investment dollars? The good news is that we delivered projects like Millhouse Apartments, the Grange Homes, and Wildlands while the demand is still high; and our distinctive projects are filling a gap in the market. The majority of our remaining projects will spend 2024 focused on entitlements and infrastructure installation, and not vertical development. While other developers are focusing on “staying alive until 2025”, Outlaw is well-positioned to thrive in 2024 and be in a strong position in the following years to take advantage of what we expect will be a shortage of shovel-ready projects and new unique residential and commercial real estate that will be highly attractive to the market. As far as the Outlaw operating business, we continue to strengthen our team with internal and external resources. We are so proud of the team we have built. It is no coincidence that we have become a beacon for the industry as thought leaders, community builders, and exceptional developers. As always, we are grateful for your support and look forward to spending time with you in the year ahead. All the best to you and your families,

Eric Ladd

Mike Magrans

Wildlands, our flagship development in Bozeman, serves as a testament to innovation and revitalization in the Northeast Neighborhood—a community cherished for its rich history and vibrant diversity. Get ready to be drawn into this mixed-use redevelopment jewel, masterfully brought to life by the General Contractor Langlas & Associates, designed by the talented architects at 45 Architecture, and crafted by the visionary team at Gallatin Valley Design Group. This project breathes new life into the existing structure at the iconic crossroads of Peach Street and Wallace Avenue—a corner already celebrated as the home of the acclaimed Wild Crumb Bakery. The countdown to completion in January 2024 has begun, and our enthusiasm knows no bounds! We’re eagerly anticipating the grand unveiling of this remarkable mixed-use community, including 12 bespoke residences and over 12,500 SF of commercial use, that promises to reshape the landscape of this historic neighborhood.

Urban + Farm sets the new standard for Bozeman master-planned mixed-use communities that seamlessly blends urban connectivity with the cherished Montana lifestyle. Nestled in the rapidly growing West Bozeman submarket, this ambitious development will encompass a diverse array of housing options, including condominiums, townhomes, and apartments. Beyond housing, it will have a vibrant community hub and bustling commercial core. This all-encompassing community dedicates a generous 15% of its area to parks and open spaces, ensuring a green, refreshing environment. In 2023, we began horizontal infrastructure on Phase 1 of Urban + Farm, with the remainder of infrastructure across Phase 2 to be completed by early 2025.

In 2022, Outlaw Real Estate Partners achieved a significant milestone by completing the Millhouse apartments, the inaugural residential offering within the vibrant Urban + Farm mixed-use community. These 36 two-bedroom garden-style apartments boast expansive living spaces, picturesque mountain vistas, convenient access to Ferguson Farm’s dining and shopping options, and the added bonus of communal green areas. Fast forward to 2023, and we’ve not only successfully filled these residences but have also refinanced the property. In a strategic move, we’ve decided to maintain long-term ownership of the apartments, aligning with our vision to cultivate enduring value throughout the entire Urban + Farm master-planned community.

The Grange Residences mark the second vertical development venture undertaken by Outlaw Real Estate Partners within the expansive Urban + Farm community. Situated on a sprawling 2.1± acre site, this development represents Bozeman’s pioneering Single Family Rental community, a direct response to the growing influx of young families making Bozeman their home. Currently, we are actively leasing the completed units, with final construction slated for completion in early 2024. Looking ahead, we have strategic plans to refinance the homes and intend to maintain long-term ownership, further solidifying our commitment to shaping the future of the Urban + Farm community.

M AY F LY C O N C E P T LOT 1 CONCEPT The Mayfly and Lot 1 locations are integral components of the expansive Urban + Farm community. The Mayfly development has successfully secured Preliminary Plat approval, with scheduled infrastructure construction slated for the first quarter of 2024. Lot 1 is fully platted and primed for development, currently available on the market.

Sandhill is an expansive 160± acre residential community poised to offer 34 generously sized single-family lots, providing residents with exclusive access to world-class hiking and biking trails while treating them to breathtaking vistas of the Bridge Range. This remarkable property boasts a storied history, originally owned by the legendary Nelson Story Sr., renowned for his iconic cattle drive from Texas to Montana—a journey that would, a century later, inspire Larry McMurtry’s Pulitzer Prize-winning novel, “Lonesome Dove.” Committed to preserving the property’s intrinsic charm, Outlaw Real Estate Partners, in collaboration with our co-developer Bridger Development, are dedicated to maintaining the natural flow of the land. This includes the preservation and enhancement of its riparian areas, the safeguarding of existing bird habitats, and a cutting-edge approach to sustainability through water conservation. In 2023, we diligently submitted all site planning and approval requests to the Gallatin County planning department. We have been working closely with the County to meet their requirements on water usage and wastewater management. We anticipate that the property will receive full entitlement by early 2024. Once approval is granted, we’ll kickstart the horizontal infrastructure development, preparing these spacious 2± to 3± acre lots for sale by the close of 2024.

Nestled in the heart of West Bozeman, just north of the bustling Ferguson Farm neighborhood, you’ll find the exclusive mixed-use residential haven known as Six Range. Crafted through the collaborative efforts of Outlaw Real Estate Partners and our co-developer, The Paine Group, this visionary community boasts a total of 192 residences, each showcasing the elegance of Scandinavian architecture, thoughtfully efficient floor plans, and convenient access to a wealth of both on-site and off-site amenities. These include the brand-new Town & Country grocery store, The Market, and a variety of delectable dining options. In 2023, we secured all entitlements and approvals; moreover we completed the majority of all horizontal infrastructure readying the site for vertical construction in 2024.

4270 W Babcock Street, Bozeman MT

Six Range Condominiums Paine Group

DRC Site Plan Resubmittal 2021.12.08

PO box 1001 Bozeman, MT 59771

Graphics - BLDG A

19 SCALE: DRAWN:

12/8/2021 5:31:06 PM DATE: 20001 PROJECT NO:

BRONKENS CLOVERLEAF 707 East Peach Street, recognized as the Bronken’s Distribution site, occupies a generous 2.1± acre site, strategically positioned next to our Wildlands project in the heart of the Northeast Neighborhood in vibrant downtown Bozeman. The Bronken’s Cloverleaf project stands out as one of the most sought-after parcels in the neighborhood, boasting an expansive size and unparalleled unobstructed views of the majestic Bridger Range.

Outlaw is poised to transform this site into a dynamic mixed-use residential community that seamlessly harmonizes with the artistic and culturally rich surroundings of the neighborhood. At present, our vision encompasses the creation of two to three distinct parcels, encompassing a total of 61,000 square feet of buildable area. Having closed on the property in October, we are planning to commence construction in 2024 with a completion target of 2026.

FRANK ROAD Frank Road represents our flagship industrial development, a collaborative effort with Stream Realty Partners headquartered in Dallas, Texas. Nestled in Belgrade, Montana, this development occupies a prime position along the primary commercial and industrial thoroughfare, catering to the broader Bozeman Valley. Encompassing 21.36± acres, this site is primed to accommodate approximately 200,000 square feet of new industrial space. Strategically positioned for seamless accessibility, Frank Road enjoys easy connections to Bozeman’s major highways, notably Highway 191 and Interstate 90, and is conveniently located a mere 3 miles from Bozeman Yellowstone International Airport. The project finds itself surrounded by a diverse array of commercial and light industrial properties, and shares its location with prominent neighbors, including a state-of-the-art FedEx facility. Its primary mission is to cater to tenants with distinct needs in material storage, logistics, and distribution solutions. Upon securing a build-to-suit tenant we anticipate starting entitlements and construction in 2024 / 2025.