3rd Quarter 2019 Performance Report
Message from John Lloyd, President & CEO
On behalf of the General Partner of Fidelis Private Fund, LP, I would like to thank the limited partners for theircommitment and loyalty. Our name, Fidelis, means trust, which is the foundation of our fund.
We are excited to share with you our first Quarterly Performance Report.
This quarterly report includes an overview of financial performance, outlook for the future, and further
information regarding our Fund and our strategy. Included is a performance dashboard that will be updated
quarterly to provide specifics on Fidelis financial performance.
Thank you to the many who came to our two investor events in September. They were a huge success.

Fidelis Private Fund - Q3 2019 Financial PerformanceQ3 2019 Investor Annualized Return
Fidelis Private Fund generated an annualized return of approximately 8.29% for those limited partners
invested in the Fund before the last month of the quarter.

oThe yield achieved as Fidelis established a Provision for Doubtful Accounts (Loan/LossReserve) of 1.50% of total loan commitments, protection for limited partners against
unforeseen pitfalls in the economy (note the reserve expense ratio only applies to newloan commitments that exceed the previous quarter’s total balance).

Limited Partner Capital
In less than a full calendar quarter, Fidelis' Limited Partner capital is over $3,000,000 from a
combination of earnings and new capital. For the first quarter, we have achieved 40% of our annual
capital goal, with several other limited partners in the queue to invest in October.
Loan Commitments/Performance/LTV
We have closed over $4.8M in loan commitments as of 9/30/2019, surpassing 50% of our annualprojection. We have zero loan delinquency with an average loan portfolio LTV ratio of less than 60%.
Business Plan Trajectory
We are ahead of our projected budget for both investor capital and loan growth. With increased growthcomes improved economies of scale resulting in a more efficient and profitable Fund.
Further performance detail is provided in the ensuing pages with our Fidelis Financial Performance
Dashboard.
Fidelis Private Fund, LP | 704 J Street, Ste 210, San Diego, CA 92101 | 760-258-4486 | www.FidelisPF.com

Fidelis Private Fund Quarterly Performance Report – Q3 2019

Fidelis Business Outlook
We are actively expanding our base of brokers and borrowers
and continue to capitalize on loan opportunities where timing is
critical and where there is added value potential upside forproperties financed. The general metrics of the economy remain
fairly healthy. The global slowdown will keep interest rates low.
With employment strong, real estate inventories low, andmodest real estate price appreciation, there should be littlechange in the 4th quarter going into 2020.

Our Model: Growing Value with Purpose
The Fidelis Fund is a new fund, but there is nothing new about the model or potential. John
Lloyd has been fortunate to establish long-term relationships with investors, borrowers, andbrokers over many years resulting in a solid foundation from which to scale our fund.
The combination of a familiar business model, a loyal client base, and general partners who
have a long-term investment approach, has allowed Fidelis to come out of the gate with an exceptional return toour investors while establishing a loan/loss reserve of 1.50% of total loan commitments.

Investor Insights
As a reminder, existing limited partners can add to their capital account anytime with no minimum amountrequired. If you have any questions about your investment, do not hesitate 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.