Risk Factors Update Summary

• The company may incur significant debt, increasing risk of loss, subjecting to $692 million of recourse debt outstanding as of December 31, 2023.
• The company may invest in 46 states and the District of Columbia, exposing to legal, administrative, regulatory, and other risks.
• Ownership limits in our charter may deter individuals, limiting ability to sell shares.
• The company's substantial indebtedness could limit access to additional financing, affecting working capital and general corporate purposes.
• Compliance with REIT requirements may force holding a significant portion of assets through TRS.
• Series A preferred stock, if issued, could have preference on liquidating distributions.
• Obligations as a public company require significant resources and attention from management.
• Section 404 of Sarbanes-Oxley Act requires annual evaluation of internal controls.
• Auditors now attest to evaluation and issue their opinion on internal control effectiveness.