Fidelis Private Fund, LP – 2nd Quarter 2020 Performance Report
Message from John Lloyd, Co-Founder, President & CEO
On behalf of the General Partner of Fidelis Private Fund, LP, I would like to thank the limited partners for theirinvestment and commitment to Fidelis.
It has been four months since the COVID-19 pandemic, which has changed the way we work, live, and interact withpeople. Besides the obvious health dangers from this pandemic, this crisis has impacted every aspect of oureconomy.
I am happy to share with you that Fidelis Private Fund continues to thrive and grow evidenced by theseperformance indicators:•••••

8%+ annualized investor yield consistently since inception
Increased new limited partner capital by $2.4M in the 2 nd quarter 2020
Zero loan delinquencies (30 loans)
Funded $4.4M in loan comittments in the 2nd quarter 2020
Maintained an allocation for loan/loss reserves of 1.72% of total assets

As I said in last quarter’s report, this crisis would clarify our values and make us better both personally andprofessionally. I know it has for Fidelis and me.
What I have gleaned during this crisis is there is no certainty, change is inevitable, opportunities exist, andrelationships are key to a successful business.
We are actively arranging financing for borrowers with liquidity and foresight to take advantage of the investment
opportunities as a result of the inefficiencies in the market.
Our success is predicated on our limited partners’ participation and quality borrower relationships we haveestablished over the years, along with an experienced Fidelis General Partner who knows how to choose the rightinvestment opportunities while navigating the Fund through uncertain times.
We are excited to deliver an annualized 2nd quarter yield to our Limited Partners of 8.15%.
In conclusion, I believe the below information is worth repeating from last quarter since we have several new
limited partners this quarter, and it’s important to emphasize our ability to preserve capital at the same time
funding wise investment opportunities during these uncertain times.
Besides strong leadership, we have three valuable attributes that will help us navigate successfully through theseuncertain times:
1. Flexibility and Patience – We have the flexibility to make common-sense decisions. When appropriate,
we can help our borrowers with temporary loan modifications for those borrowers who may be
experiencing a disruption in their cash flow as a result of the crisis. To date, we have not had to modify
any loans, but based on experience, if this crisis continues, we most likely will have to make suchmodifications.
2. Strong Borrower Relationships – Most of our borrowers are repeat clients with whom we havedeveloped strong relationships with a personal commitment to their obligations that goes far deeper
than just contractual arrangements. This attribute is unquantifiable and invaluable in alender/borrower relationship when it comes to keeping loans current, especially during difficult times.

Fidelis Private Fund Quarterly Performance Report – Q1 2020
3. Our Capital is Secured by Diversified, Quality Real Estate Assets – Most of the assets are in San Diego
County, and they are not going anywhere.
Should you have any questions, please reach out to me by email or call me at 760-258-4486. I value therelationships with our investors, and thank you for our partnership and your trust in us.
Fidelis Private Fund – Q2 2020 Financial PerformanceThis quarterly report includes an overview of financial performance, outlook for the future, and further
information regarding our Fund and our strategy. Included is a financial performance dashboard.
Fidelis Private Fund is a one-stop-shop for commercial real estate financing needs, which is unique to mostmortgage funds. Not every borrower needs a short-term bridge loan from Fidelis, nor do we have the capacity toservice all the loan requests we receive. Therefore, as a service to our client, we broker loans that we could nototherwise do, and it’s a win/win for our clients and our investors.
Q2 2020 Investor Annualized ReturnFidelis Private Fund generated for the 2nd Quarter an annualized return of 8.15% for those limited partners
invested in the Fund before the last month of the quarter.
The annualized yield achieved includes a Loan/Loss Reserve currently at 1.72% of total loan commitments. This
reserve is protection for limited partners against unforeseen future pitfalls in the economy (note the reserve
expense in any one quarter only applies to new loan commitments that exceed the previous quarter's total).
Limited Partner Capital
Fidelis' Limited Partner capital as of 3/31/2020 was $5,366,799. The 6/30/2020 Limited Partner ending capitalbalance was $7,730,664 from a combination of earnings and new capital, a 44% increase over last quarter.
Loan Commitments/Performance/LTV/Loan-Loss Reserve
We closed $4,405,000 in new loan commitments in the 2nd quarter for total gross notes receivable of $11,158,757,
with existing loan balances outstanding of $10,593,450, resulting in $565,307 in undisbursed loan commitments.
Out of 30 loans in the portfolio, we had zero delinquencies. The average loan portfolio LTV ratio was 61%. Ourtarget Loan/Loss Reserve is 2.00% of Gross Notes Receivable. As of 6/30/2020, the Loan/Loss Reserve was$192,242 or 1.72%
Further performance detail is provided in the ensuing pages along with our Fidelis Financial Performance
Dashboard documents.
2nd Quarter 2020 Highlights:••••

Progress is being made with our new software system.
We rely primarily on repeat business and client referrals. A long time client gave us an excellent
testimonial via a video. Click to watch the borrower testimonial video.
Allan Paranada, who joined us last year, has been instrumental in helping primarily in our mortgage
brokerage side of the business due to Fidelis not having the capital capacity to fund all the loans wereceive.
Monica Johnston continues to provide excellent administrative support to our limited partners andborrowers as we grow the fund.

Fidelis Private Fund, LP | 845 15th Street, San Diego, CA 92101 | 760-258-4486 | www.FidelisPF.com

Fidelis Business Outlook•••••

Uncertain times generate inefficiencies in the market andcreate opportunities that Fidelis will selectively pursue.
With global interest rates low, and massive government
debt, the pressure will remain for a low-interest-rateenvironment well into the future, further stimulating theeconomy and supporting real estate investment
opportunities.
Residential housing will be a bright spot for investment
opportunities. For more information on where are the next real estate investment opportunities Click towatch a short video by John Lloyd
During this downturn, we will actively look for conservative loans and continue to capitalize on loan
opportunities where timing is critical and where there is added value potential. My experience has beenthat conservative loans made during a downturn can be some of the best loans on the books as youcome out of the cycle. These opportunities are a win/win for our borrowers and our investors.
Fidelis has a finite source of capital, and we cannot directly fund all the loan opportunities that comeacross our desk. We are actively arranging mortgage brokerage opportunities to help borrowers fundloans.

Fidelis 3rd Qtr. 2020 Outlook•••

We look to have our new software system fully functional for our investors by the end of the 4th Quarter2020. Our investors will be able to go online to view their capital investment and overall company
statistics in real-time.
Health conditions permitting we hope to schedule a Limited Partner seminar in Fall 2020 at The
University Club to demonstrate the new software technology and real-time transparency for the Limited
Partners capital accounts.
We want to raise more limited partner capital in the coming months. This benefits existing Fidelis
limited partners and our client borrowers. Because with more capital, we improve our efficiencies andabsorb our fixed cost through economies-of-scale, resulting in better investor yields, more productdiversification, and more satisfied clients.
Our Model: Growing Value with Purpose
The Fidelis business model is simple. We are a direct portfolio lender specializing in commercial
and residential investment real estate loans offering accredited investors the opportunity to invest
in a pool of real estate secured loans generating a competitive rate of return with moderate risk
and reasonable liquidity.
“We identify Real Estate Financing Solutions Borrowers Need for Timely and Profitable Execution.”Thanks to our limited partners, we are now over 10 million in total assets in less than a year and consistently
generate an annualized yield of over 8% to our limited partners. We have a proven business model and a FundManager who is experienced with prior success. John Lloyd has been fortunate to establish long-term
relationships with investors, borrowers, and brokers over the last 30 years resulting in a solid foundation fromwhich to scale our Fidelis.

Fidelis Private Fund Quarterly Performance Report – Q1 2020
The combination of an excellent business model, a loyal client base, and general partner’s who have a long-term
investment approach, has allowed Fidelis to generate an exceptional return to our limited partners’ while
establishing a loan/loss reserve over 1.72% of total loan commitments.
Investor Insights
If you want to escape the volatility of the stock market, existing limited partners can always add to your capital
account anytime with no minimum amount required. If you have any questions about your investment, do nothesitate to contact us.
If you know of an accredited investor who would benefit from an investment in Fidelis, please pass along thisinformation. They may contact John Lloyd at 760-258-4486. Visit our website at Fidelispf.com for more
information about Fidelis Private Fund.
Thank you for the opportunity to help make Fidelis a successful investment vehicle for fixed income investors.

Fidelis Private Fund, LP | 845 15th Street, San Diego, CA 92101 | 760-258-4486 | www.FidelisPF.com