The founding year of a real estate income fund.

Securities Regulatory Notice (Regulation A)

The Company's membership interests are offered under an exemption from registration pursuant to Regulation A under the Securities Act of 1933. The U.S. Securities and Exchange Commission does not pass upon the merits of or give its approval to any securities offered or the terms of any offering, nor does it pass upon the accuracy or completeness of any offering circular or other selling literature; the Commission has not made an independent determination that these securities are exempt from registration. These securities have not been approved or disapproved by the SEC or any state securities regulator, and no such authority has passed upon the accuracy or adequacy of this report. Any representation to the contrary is a criminal offense.

No Offer; No Advice

This report is provided for informational purposes to the Company's existing investors and does not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction, nor investment, legal, or tax advice. Any offer of the Company's interests is made only by means of the Company's qualified Regulation A offering circular, as supplemented and amended, which should be read in its entirety, including the “Risk Factors” section.

High Degree of Risk

An investment in the Company's interests involves a high degree of risk and is suitable only for persons who can bear the economic risk for an indefinite period and who can afford to lose their entire investment. You should carefully consider the risks described under “Risk Factors” in the offering circular, together with the information in this report, before making or maintaining an investment decision.

No Public Market; Illiquidity

There is no public trading market for the Company's interests, and none is expected to develop. The interests are also subject to substantial restrictions on transfer. Accordingly, an investment is highly illiquid; you may be required to hold your interests indefinitely and may be unable to sell, liquidate, or otherwise dispose of them.

Related-Party Transactions & Conflicts of Interest

The Company is managed by Pioneer Realty Capital, LLC and its affiliates (the “Manager”), which provide services to, and pay costs on behalf of, the Company. The Company's sole investment to date is a delayed-draw note receivable from Gates at PV Apt I, LLC, an entity under common control with the Manager. Because the principals of the Manager are also affiliated with the borrower, the loan was approved by the Manager in its discretion and was not negotiated at arm's length or subject to independent third-party assessment, and the Manager may face divided loyalties in enforcing the loan, pursuing remedies upon default, or agreeing to any modification or extension. The Manager and its affiliates may manage other vehicles with similar objectives and may make competing investments. Related-party arrangements in 2025 included a 10%-of-contributions asset management fee ($296,200), reimbursed payroll ($424,513), rent and occupancy ($84,000), and the Gates note ($1,090,394) and related interest income ($114,717). See Notes C, E and I to the audited financial statements and the “Conflicts of Interest” and “Risk Factors” sections of the offering circular, incorporated herein by reference.

Manager Fees

The Manager and its affiliates receive substantial fees in connection with managing the Company — including the asset management fee and any acquisition, servicing, or disposition fees — regardless of the quality or performance of the Company's investments and whether or not the Company is profitable. These fees were not the result of arm's-length negotiation.

Distributions

Distributions are not guaranteed. The declaration, timing, and amount of any distribution are at the discretion of the Manager. The Company may fund distributions from sources other than cash flow from operations, including offering proceeds, borrowings, or the return of capital, without limit on the amounts it may pay from such sources. Distributions that exceed the Company's current and accumulated earnings and profits generally constitute a return of capital for U.S. federal income tax purposes and reduce a member's tax basis. The 10% preferred return is a contractual priority of distributions, not a guarantee of return, and is subject to available cash flow; amounts earned but unpaid accrue but may be reduced, deferred, or remain unpaid. Past distributions do not guarantee future distributions.

Preferred Return & Pipeline Figures Are Not Projections

The preferred return and any pipeline, target, or estimated values in this report are not projections, forecasts, or guarantees of investment performance. Pipeline figures — including gross and probability-weighted values and unit counts — are management's estimates of opportunities at various stages, are not appraisals or commitments, and remain subject to due diligence, financing, negotiation of definitive agreements, and customary closing conditions. No pipeline acquisition had closed as of July 8, 2026, and there is no assurance that any will close or achieve the values shown.

Liquidity; Reliance on Capital Formation; Going Concern

The Company depends on the net proceeds of its ongoing offering, together with any financing and undistributed cash from operations, to fund operations and additional investments. If the Company is unable to raise substantial capital, it will make fewer investments and be less diversified, and the value of an investment will fluctuate with the performance of the specific assets acquired. Because the Company's sole investment is currently a single loan to a related party, its liquidity and ability to pay distributions depend substantially on that borrower's performance. The Company's ability to execute its plan and close pipeline transactions depends on its ability to raise sufficient investor capital; there is no assurance it will do so on the timeline described.

Restatement of 2024 Financial Statements

The December 31, 2024 financial statements were restated to record additional affiliate-paid formation and offering costs ($339,552 capitalized as deferred offering costs; $14,166 to accumulated deficit) and $140,000 of escrowed subscriptions recorded as units to be issued. The restatement increased the 2024 net loss from $95,870 to $110,036. The auditor's report includes an emphasis-of-matter paragraph regarding the restatement; the opinion is not modified with respect to the matter.

Use of Estimates

In preparing the financial statements, management makes estimates and assumptions — including as to the collectability of the note receivable from the related party and the related accrued interest — that affect the reported amounts. Actual results could differ, and it is at least reasonably possible that these estimates will change materially in the near term.

Ongoing Reporting (Regulation A)

As a Tier 2 Regulation A issuer, the Company files ongoing reports with the SEC, including an annual report on Form 1-K, a semiannual report on Form 1-SA, and current reports on Form 1-U. These filings are available on the SEC's EDGAR system at www.sec.gov. This report should be read together with, and is qualified in its entirety by, the Company's offering circular (as supplemented and amended) and the audited financial statements and related notes, which govern in the event of any inconsistency.

Status of This Report

This document is an investor report prepared by management. It is a summary and is not the Company's Form 1-K, and it does not replace the Company's SEC filings or its offering circular. Any version of this report distributed in connection with the offering is subject to review and approval by the Company's securities counsel and by the registered principal of the Company's broker-dealer of record, and to applicable FINRA rules governing communications with the public.