MIP Capital Partners BTR Fund III – Leasing update

Dear Investors,

So far, we have closed on the purchase of 18 houses for MIP Capital Partners BTR Fund III, and wanted to share an update regarding our leasing activity. The average lease duration is 22 months, and we have exceeded our forecast in terms of lease-up velocity.

For tranche 1, which closed on September 30th, 12 of 13 houses are leased or pre-leased, all at or above target rents.

For tranche 2, which closed on November 11th, 2 of 5 houses are pre-leased, both at or above target rents.

We are closing on the purchase of 10 houses this week. We will close on the purchase of the remaining 8 houses in January.

Best regards,

Matt Sinclair

Founder, Chief Executive Officer

MIP Capital Partners