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FULL SPEED AHEAD: +8.6% in April, +11.5% YTD

“Damn the torpedoes, full speed ahead” – Admiral David Farragut PERFORMANCE: Serenity Alternative Investments Fund I returned +8.6% net of fees in April vs the REIT index which returned +9.02%. Year to date (YTD) the fund has returned +11.5% vs +14.3% for the REIT index. SENIORS HOUSING: Full speed ahead. Q1 earnings showed that demand for Seniors Housing remains robust, and Seniors Housing REITs continue to capture it. DATA CENTERS: Full speed ahead. REIT Data Center pipeli

TIME TO PANIC? -4.64% in March, +2.7% YTD

“If you go to Minnesota in January, you should know that it’s gonna be cold. You don’t panic when the thermometer falls below zero.” – Peter Lynch PERFORMANCE: Serenity Alternative Investments Fund I returned -4.64% net of fees in March vs the REIT index which returned -5.74%. Year to date (YTD) the fund has returned +2.7% vs +4.85% for the REIT index. SECTOR BREAKDOWN: Data Centers continued to outperform in March, along with Lodging REITs, while Self-Storage and Cell Towe

REITS ARE BACK: +5.39% in February, +7.7% YTD

“Well, I’m back, Yes, I’m back” – Back in Black, ACDC PERFORMANCE: Serenity Alternative Investments Fund I returned +5.39% net of fees in February vs the REIT index at +7.92%. Year to date (YTD) the fund has returned +7.7% vs +11.2% for the REIT index. ATTRIBUTION: Data Centers were winners in February, while commercial real estate brokerage businesses got hit by the AI trade. PORTFOLIO: Serenity remains long primarily Healthcare and Industrial REITs, with Data Centers and

A Target Rich Environment: +2.16% in January, +12.4% TTM

“This is what I call a target rich environment” – Maverick, Top Gun PERFORMANCE: Serenity Alternative Investments Fund I returned +2.16% net of fees in January vs the REIT index at +3.07%. Over the trailing twelve months (TTM) the fund has returned +12.4% vs +5.0% for the REIT index. GROWTH ACCELERATING: January ISM data just hit a 4-year high. Can cyclical REITs accelerate along with the economy? INFLATION COOLING: Shelter should continue to pull the CPI lower. Deceleratin

Good Looking REITs: -0.96% in December, +7.2% in 2025

“I look good, I mean really good. Hey everyone, come and see how good I look!” – Ron Burgundy, Anchorman PERFORMANCE: Serenity Alternative Investments Fund I returned -0.96% net of fees in December vs the REIT index at -2.34%. In 2025, the fund returned +7.2% vs +2.95% for the REIT index. HOTEL VALUATIONS – With fundamentals set to improve, Hotel valuations look very good… APARTMENT FUNDAMENTALS – Multi-family REITs need a spark, but any positive momentum could make the e

REITs are BORING...right? +3.4% in November, +8.2% YTD

“I don’t know where I’m going from here, but I promise it won’t be boring” – David Bowie PERFORMANCE: Serenity Alternative Investments Fund I returned +3.4% net of fees in November vs the REIT index at +2.26%. Year to date (YTD), the fund has returned +8.2% vs +5.42% for the REIT index. WELL WELL WELL - Welltower's (WELL) transformation of the Seniors Housing industry is gaining steam. HO-HUM 10.9% NOI GROWTH – Warehouses may be boring…but Terreno’s (TRNO) results are not.

Perfectly Wretched REITs: -1.41% in October, +4.6% YTD

“Anita: How are you? Cruella De Vil: Miserable, darling, as usual, perfectly wretched.” – 101 Dalmatians PERFORMANCE: Serenity Alternative Investments Fund I returned -1.41% net of fees in October vs the REIT index at -1.56%. Year to date (YTD), the fund has returned +4.6% vs +3.09% for the REIT index. WRETCHED REITS - Continued negative headlines have driven REITs to steeply discounted valuations. A MISERABLE DECADE – Lodging REITs have been dogs for about 10 years…but 20