“BUELLER?...BUELLER?...BUELLER?" – Ferris Bueller's Day Off PERFORMANCE: Serenity Alternative Investments Fund I returned +0.06% net of fees in May vs the REIT index which returned -0.2%. Year to date (YTD) the fund has returned +11.5% vs +14.1% for the REIT index. BUELLER…BUELLER? Chinese Data Center company GDS Holdings (GDS) has flown under the radar amidst the Data Center craze. Investors might be sleeping on a new DC giant. ANYONE…ANYONE? Iron Mountain (IRM) is a compan

“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

“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

“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

“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

“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

“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.

“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

“Man is the most intelligent of the animals – and the most silly” – Diogenes PERFORMANCE: Serenity Alternative Investments Fund I...

“Grape-Nuts is a mysterious product. You open the box, pour it in the bowl, no grapes, no nuts. What’s the story?” – Jerry Seinfeld...

“Started from the bottom now we’re here” – Drake PERFORMANCE: Serenity Alternative Investments Fund I returned -1.6% net of fees in July...

“The monotony and solitude of a quiet life stimulates the creative mind” – Albert Einstein PERFORMANCE: Serenity Alternative Investments...

“Ya’ll know me, still the same OG, but I been low key” – Dr. Dre. "Forgot about Dre". (1999) PERFORMANCE: Serenity Alternative...

“Know yourself and you will win all battles” – Sun Tzu PERFORMANCE: Serenity Alternative Investments Fund I returned +0.67% net of fees...

“Boy, that escalated quickly…I mean, that really got out of hand fast” – Ron Burgundy (Anchorman) PERFORMANCE: Serenity Alternative...

“As I shuttled back and forth from New York to Tokyo on a monthly basis, it was inspiring over the years to watch a coordinated effort...

“Can you hear me now? ” - Verizon (2002) PERFORMANCE: Serenity Alternative Investments Fund I returned -2.62% net of fees in January vs...

“Viggo: They call him “Baba Yaga.” Iosef: The Boogeyman?” - John Wick (2014) PERFORMANCE: Serenity Alternative Investments Fund I...

“Two hundred fifty strands of lights, 100 individual bulbs per strand, for a grand total of 25,000 imported Italian twinkle lights!”...

“ARE YOU NOT ENTERTAINED?" – Maximus, Gladiator (2000) PERFORMANCE: Serenity Alternative Investments Fund I returned -0.55% net of fees...

“Rockets are cool. There’s no getting around that" – Elon Musk PERFORMANCE: Serenity Alternative Investments Fund I returned +2.94% net...

“I found the crown of France in the gutter. I picked it up with the tip of my sword and cleaned it, and placed it atop my own head." –...

“I HAVE THE POWER!!!" – He-Man PERFORMANCE: Serenity Alternative Investments Fund I returned +6.08% net of fees in July vs the REIT index...

“If you look good, you feel good. If you feel good, you play good. If you play good, they pay good.” – Deion Sanders PERFORMANCE:...