# EDGAR Filing Document

**Accession Number:** 0001812526
**File Stem:** 0001214659-26-005317
**Filing Date:** 2026-4
**Character Count:** 137469
**Document Hash:** 4654ad802aed642d17751ad70cbb87d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-005317.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001214659-26-005317

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** East Bay Permanent Real Estate Cooperative, Inc.
- **CENTRAL INDEX KEY:** 0001812526
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 821240282
- **STATE OF INCORPORATION:** CA

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00397
- **FILM NUMBER:** 26920956

**BUSINESS ADDRESS:**
- **STREET 1:** 1726 7TH ST.
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94607
- **BUSINESS PHONE:** 6507436974

**MAIL ADDRESS:**
- **STREET 1:** 1726 7TH ST.
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** East Bay Permanent Real Estate Cooperative
- **DATE OF NAME CHANGE:** 20200519

## Part

PART II: ANNUAL REPORT PURSUANT TO REGULATION A

East Bay Permanent Real Estate Cooperative, Inc.

**This document contains forward-looking statements and financial projections, and they could be totally wrong.**

Financial projections provided in this document and elsewhere are based upon assumptions that the management of the Cooperative believes to be reasonable. However, given all of the risks summarized in this document and in our Offering Circular (described below), and other unpredictable factors impacting the Cooperative, the projections should be viewed merely as financial possibilities and not as a prediction or guarantee of future performance.

Specifically, this document contains forward-looking statements (a term defined in Section 27A of the Securities Act), which tend to include words like "believe," "may," "will," "could," "would," "plan," "expect," "intend," "anticipate," "estimate," "project," "hope," or the negative or plural of these words or similar expressions. With these statements, we aim to project our revenues, income or loss, capital expenditures, business relationships, financing, property acquisitions, and plans for future operations. Such statements are based upon management's current expectations, beliefs, and assumptions about future events, and therefore involve a number of risks and uncertainties.

**You should not rely upon forward-looking statements as predictions of future events.** Except as required by law, neither the Cooperative nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The Cooperative undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this Annual Report to conform these statements to actual results or to changes in its expectations.

Details of "Risk Factors" identified by management that can and will affect the accuracy of these forward-looking statements are included in the Cooperative's Offering Circular dated August 22, 2022, as amended, filed in connection with the Cooperative's Offering Statement on SEC Form 1-A POS, most recently qualified by the SEC on September 27, 2022, accessible on the SEC's website at www.sec.gov. You should read this Annual Report, as well as the Offering Circular and all related documents with the understanding that the Cooperative's actual future results, performance, events, and circumstances may be very different from what the Cooperative expects.

**Item 1: DESCRIPTION OF BUSINESS AND ACTIVITIES**

East Bay Permanent Real Estate Cooperative, Inc. is a California Cooperative Corporation. In this document, we also refer to it as "East Bay Permanent Real Estate Cooperative" or "EB PREC" and the terms "we," "us," "our," "Cooperative," "management," or similar terms.

**Mission and Background**

**East Bay Permanent Real Estate Cooperative's mission** is to facilitate Black, Indigenous, People of Color, and allied communities to cooperatively organize, finance, purchase, occupy, and steward properties, taking them permanently off the speculative market, creating community controlled assets, and empowering our communities to cooperatively lead a just transition from an extractive capitalist system into one where communities are ecologically, emotionally, spiritually, culturally, and economically restorative and regenerative.

**We were formed in recognition that the Bay Area's vibrant, diverse communities are rapidly being displaced.** In 1980, Black people were by far the largest ethnic group in Oakland, accounting for 46% of Oakland's population<sup>1</sup>. By 2015, the Black population had fallen to 25.4%, and is now the 3rd largest demographic, following White (26.9%) and Hispanic (26.1%).<sup>2</sup> Similar stories are unfolding across the country. We believe the only way to disrupt this pattern is to center communities of color in leading a just transition that conserves cultural assets and permanently protects land from speculative markets.

**Approach**

**We've created an approach to stabilizing and preserving the heritage of our community through a participatory model of real estate acquisition and neighborhood development.** Our model of real estate development is grassroots-led, rather than top-down. EB PREC engages everyday people in organizing, financing, acquiring, and stewarding land and housing.

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<sup>1</sup> https://www.sfgate.com/bayarea/article/25-drop-in-African-American-population-in-Oakland-2471925.php

<sup>2</sup> http://www2.oaklandnet.com/oakca1/groups/ceda/documents/agenda/oak069022.pdf

EB PREC's staff supports and provides technical and financial assistance to groups of community members who coalesce around the acquisition of properties, including homes, multi-unit buildings, land, cultural spaces, and commercial properties. The group (referred to by EB PREC as an "owner group" or "organizing group") then organizes neighbors and other community members to support the project by becoming Owners of EB PREC. Financing from the sale of Investor Owner Shares will often be combined with other forms of financing like loans from community banks or credit unions, to enable EB PREC to purchase the property.

EB PREC then acquires title, **permanently protecting the property from the speculative market**, while over time delegating the governance of the property to small democratic groups of residents. EB PREC collaborates with residents to set rents – not for the purpose of generating profit – but with the goal of **keeping real estate affordable by operating at-cost and returning surplus to residents**. The rents are calculated with the goal of covering the financing, acquisition, and operational costs of each project. These residents also become Resident Owners of the Cooperative, giving them the right to vote and other matters on a one member, one vote basis. One Director is elected exclusively by Resident Owners to ensure representation on our Board of Directors.

**Primary Activity**

EB PREC's primary business activity is to buy, rehabilitate, steward, and manage real estate, while sustaining EB PREC's operations with rental income from the properties. EB PREC's unique model of development engages community members and local organizations in the visioning and planning process for each property, meaning that each property has a group of people personally "invested" in the success of the project.

While the real estate market is cyclical and can be unpredictable, EB PREC is uniquely situated to reduce risk in our portfolio over time for various reasons.

● By co-managing our properties with EB PREC's Resident Owners, we are likely to have lower turnover, better property upkeep, and be able to better anticipate and proactively address problems through active communication and relationship building with residents.

● The Cooperative is building strong relationships with local community land trusts, affordable housing developers, attorneys, and housing rights organizations. These partnerships will help us access skills, professional expertise, financing, and economies of scale.

**Secondary Activities**

EB PREC has taken on secondary business activities, most emerging from the deep connections EB PREC has built with local government, community members, and organizations, in order to carry out its mission. EB PREC's secondary activities include:

EDUCATION

EB PREC has contracted with and been paid by both the Sustainable Economies Law Center (the "Law Center") and Northern California Land Trust (NCLT) to develop educational curriculum, classes, and events related to community stewardship of land and housing. For example, NCLT hired EB PREC to develop and host a resident training program for the Co-op 789 real estate project described elsewhere in this document. The City of Oakland has also hired EB PREC to design and implement the anti-displacement outreach, education, and organizing portion of the $28,000,000 Transformative Climate Communities (TCC) "Better Neighborhoods, Same Neighbors" grant they received from the Strategic Growth Council.

COMMUNITY EVENTS

EB PREC hosts many community gatherings, discussions, book clubs, and other events. These community events create a small income stream to the Cooperative, because they grow the number of EB PREC's Community Owners, who, upon joining, make regular financial contributions to EB PREC.

PUBLIC SPEAKING

EB PREC has received a small stream of earned income in the form of fees and honorariums for public speaking events and presentations.

TECHNICAL ASSISTANCE AND CONSULTING

Staff of EB PREC are providing or have provided in-depth technical assistance to local organizations with similar or overlapping goals, including the East Oakland Grocery Cooperative, Oakland's Black Cultural Zone, BlacSpace Cooperative, Justice Funders, and Alena Museum. In addition, EB PREC staff have done paid consultations with groups throughout the continent, such as a real estate project in Montreal seeking to model itself off EB PREC, a consultation in Jackson Mississippi with New West Jackson Cooperative, and a consultant role with the Local Initiatives Support Corporation (LISC), a Community Development Financial Institution to organize a West Oakland equitable development advisory committee for the 7th Street Corridor. EB PREC also consulted with the City of Oakland as the City developed a program to support low income homeowners to obtain loans and navigate the permit and construction process in order to create more affordable housing stock in Oakland.

In 2022 EB PREC created an official "Owner Group" process where members of the Cooperative can create affinity groups within the Cooperative to work toward certain goals, like acquiring a property, or supporting an initiative. These groups have increased access to staff for technical assistance, and help us differentiate and prioritize assistance to Cooperative members and their projects.

COALITION-BUILDING

EB PREC staff is active in many local and regional housing justice organizations and coalitions, including the Black Cultural Zone Collaborative, the People's Land and Housing Alliance, the Regional Tenant Organizing Network, and the Oakland Property Acquisition Collaborative. To date, much of this work has been unpaid, and although this requires the time and capacity of our staff and organizers, we continue to believe that it is an important use of these resources. In 2022 and 2023 EB PREC applied for and participated in two training programs: CalCORE, hosted by Community Vision and Genesis LA; and Preservation Academy, hosted by Enterprise community partners, both of which included coalition building and training, as well as stipends for our participation. Additionally the consulting work with LISC (mentioned above) centers around coalition building through an advisory committee of local stakeholders to the 7th St. Corridor.

**Staffing and Support**

CURRENT STAFFING AND SUPPORT

As of April 2026, 16 individuals worked full time on projects for the Cooperative, and an additional 4 worked part time on EB PREC initiatives. The Cooperative directly employs 14 full-time employees, and one part-time employee. In addition, the Law Center employs 1 person who works part-time to support with EB PREC's development and legal needs, and Noni Session, our full-time Executive Director. Noni supports the work of EB PREC and related education and organizing as an employee under a project fiscally sponsored by the Law Center, called Collective Action and Land Liberation Institute (CALLI).

Aside from EB PREC and Law Center employees, EB PREC meets regularly with Impact Matters Law LLP for support with securities law compliance.

The Cooperative has also contracted with Studio KDA to provide architectural services for Esther's Orbit Room.

HIRING PLANS

We do not currently have plans to hire more staff in 2026.

**What is Unique About EB PREC's Corporate Structure?**

EB PREC is a California Cooperative Corporation, which is described in the California Corporations Code sections 12200-12704. According to section 12201 of the Code, "such corporations are democratically controlled and are not organized to make a profit for themselves, as such, or for their members, as such, but primarily for their members as patrons." As such, Investor Owners should not view the purchase of Investor Owner Shares as an opportunity to profit in the way that investors in conventional stock corporations might. Rather, Investor Owners are providing low-cost capital to support the work EB PREC does for the community, staff, and residents.

**Structure and Governance**

Unlike a conventional housing cooperative, which is formed to provide housing to a defined group of residents, EB PREC could be described as a "movement cooperative," because it is designed not only to provide housing and affordable real estate, but also to build a large membership base and serve members' collective goal to transform our neighborhoods and our systems for land ownership.

To this end, EB PREC has 4 categories (or "classes") of Owners (or "members"), each with different rights, qualifications, responsibilities, and ways of participating in EB PREC:

&nbsp;&nbsp;&nbsp;&nbsp;1. Community Owners

&nbsp;&nbsp;&nbsp;&nbsp;2. Investor Owners

&nbsp;&nbsp;&nbsp;&nbsp;3. Resident Owners

&nbsp;&nbsp;&nbsp;&nbsp;4. Staff Owners

The securities being sold through this Offering enable people to become Investor Owners. Our three other classes of members and their rights and liabilities are detailed in our Bylaws and described briefly below:

**Community Owners** have voting rights. Like all of our Owners, Community Owners each get one vote at our member meetings and on any items otherwise brought to a cooperative-wide vote. As a group, Community Owners have the exclusive right to select one member of our board, the "Community Director", and share voting power with all other owner types in electing our Treasurer and President. Community Owners pay non-refundable dues, which can be as little as $10 per year. Community Owners have no financial interest in the cooperative. In other words, they have no right to receive dividends nor return of their dues, and their memberships are not eligible for conversion or redemption. Community Owners must be rooted in the East Bay, and must review our Bylaws and agree to our Points of Unity, as stated therein on pages 5 and 6.

**Resident Owners** also have voting rights, with one vote each at our member meetings and on any items otherwise brought to a cooperative-wide vote. As a group, Resident Owners have the exclusive right to select one member of our board, the "Resident Director", and share voting power with all other owner types in electing our Treasurer and President. Resident Owners also have rights regarding occupancy of property owned by the cooperative, and may or may not have financial rights and responsibilities. Resident Owners who do not make financial contributions for their right to occupy (for example dependents whose caregivers pay for the space) do not have any financial rights or responsibilities particular to the Cooperative. Resident Owners who do make financial contributions may benefit from patronage refunds, in which surplus may be rebated to those residents based on the income and expenses related to their residence. We call this refund "limited equity", although it differs from the conventional use of the term "equity." When a Resident Owner terminates their ownership, they will receive any patronage refunds not yet distributed to them, in accordance with the slide 47 of our Bylaws "Paying Owners When they Leave". Resident Owners must be residents of our properties in the East Bay, and must review our Bylaws and agree to our Points of Unity, as stated therein on pages 5 and 6.

**Staff Owners** also have voting rights, with one vote each at our member meetings and on any items otherwise brought to a cooperative-wide vote. As a group, Staff Owners have the exclusive right to select a member of our board, the Secretory (also called the "Staff Director"), and share voting power with all other owner types in electing our Treasurer and President. Staff owners are paid for their labor, but do not have any profit-sharing or patronage rights. Staff Owners take on a high level of responsibility and accountability at the Cooperative. Except as otherwise provided, the Board delegates management of the Cooperative to Staff Owners. Staff Owners are responsible for facilitating democratic decision-making and moving the Cooperative toward our mission and vision, for hiring and removing staff, for maintaining clear and transparent communication, and to otherwise manage the organization. Staff Owners must review our Bylaws and agree to our Points of Unity, as stated therein on pages 5 and 6.

**Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION**

You should **read this section in conjunction with EB PREC financial statements**. See EB PREC Audit Reports for 2024 and 2025 at the end of this document.

**The discussion contains forward-looking statements that involve risks, uncertainties, and assumptions**. EB PREC's actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set forth under "Risk Factors" and elsewhere in this Offering Circular.

**Grant Funding of EB PREC Operations**

Grants have been EB PREC's primary source of funding for its operations to date. Since its inception, in deep partnership with the Cooperative's incubating organization, the Law Center, **EB PREC has raised over $10,000,000 in received and pledged grant funding for our work.**

Not all of this funding appears in EB PREC's financial statements, because many grants are held and administered by the Law Center for the purpose of furthering the mission of both EB PREC and the Law Center. The Law Center receives grants on behalf of EB PREC with an agreement that they pay EB PREC to carry out future work that advances the missions of both organizations.

The Law Center distributed $1,000,000 to EB PREC in 2024, $450,000 in 2025, and has already distributed $1,230,000 to EB PREC in 2026. As of April 2026, is holding an additional $5,400,000 in grant funding (income) for the purposes of developing EB PREC, which may be disbursed upon request by EB PREC. These funds support the development of EB PREC in alignment with the charitable mission of the Law Center, including community building, organizing, legal and organizational infrastructure, education, and real estate projects.

**4-Year TCC Grant For Anti-Displacement Work**

In addition to general operating grant support, EB PREC was awarded, in partnership with the City of Oakland and many other co-applicants, the Thriving Climate Communities (TCC) Grant from the Strategic Growth Council, for a total of over $28 million, for work to take place between 2021 and 2024 under TCC. Of this total, EB PREC was allocated up to $786,000 total between 2021 and 2024 to carry out anti-displacement organizing and education throughout deep East Oakland, in partnership with the City of Oakland and the Black Cultural Zone. Due to delays in many of the partner's projects, the partners and the Strategic Growth Council agreed to extend the grant period through the end of 2025, however EB PREC was on track and completed its grant deliverables, and spent down its budget, by the end of 2024. Thus as of the end of 2024 we have ended our participation in the grant activities. This is reflected on our income statement as a reduction in consulting income between 2024 and 2025.

**2023-2024 Property Purchases**

THE BARN: In September of 2023, we purchased "the Barn", our 5th property. The Barn is located right next to Esther's Orbit Room and is part of our larger mission to revive and activate the 7th St. Corridor in West Oakland. The building, totaling 2,300 sq ft with a mezzanine, new roof, new plumbing and ADA bathrooms, was a warm shell ready for a tenant to design and build out of the interior. Over the course of 2025 we built out the interior of the space as EB PREC's new headquarters, with offices and kitchen, a virtual conferencing system, sound mitigation, and storage. While we plan to continue improving the interior of the space, this has already enabled us to begin activating 7th St. on a day to day basis while we work towards reopening Esther's Orbit Room next door. We are also working on a new project that we hope to host in the Barn called the 7th Street Living Archive - a dynamic museum that reflects the voices and stories of 7th St.

PIPPIN STREET: We completed the Pippin Street property purchase in October 2023–our highly mission-aligned and deeply impactful 6th acquisition. Pippin Street is our second multi-unit residential property - our largest to date, with 10 2-bedroom 1-bathroom units. Ownership of the building, which houses BIPOC residents who have lived there for 10+ years, had been passed from one absentee investor to another for years and left it in a state of disrepair. We have been busy welcoming Pippin St.'s residents into our cooperative and working together to co-create a dignified standard of living for all of our new Resident Owners, including a new roof that doesn't leak, mold remediation in multiple units, new electrical sub-panels in all units, and many smaller repairs and updates across all ten units.

The final page of our audited financials shows schedules related to the Pippin Street property. These schedules disaggregate the Balance Sheet and Income Statement information from the rest of the organization, to give you a better understanding of this property given its size as a portion of our portfolio as a whole. As of December 31, 2025 this property makes up approximately 14% of our Total Assets, and 30% of our Property and Equipment. The Pippin Street property was 90% occupied when we acquired it, and we took over all of the existing leases, which were all originally 1-year leases, and converted automatically to month-to-month after one year of residency. The property had an average vacancy of 15% over the course of 2025, contributing to the lower revenue from this property in 2025 compared to 2024. Two units were remodeled in 2025 and are now occupied. Two additional units became vacant in the past few months, and are currently being remodeled and we expect will be occupied soon. Two of the existing residents have Section 8 vouchers, so the Oakland Housing Authority pays a portion of their rent directly to EB PREC, reducing the rent burden on the residents.

Both of these properties are highly mission-aligned and move forward our mission pillars of Land Without Landlords, Restorative Economics, and Heal People Power–providing affordable commercial tenancy, housing, cultural & arts activation, and healing to BIPOC and legacy Oakland residents through permanence, affordability and collective community control.

**CALLI and The Omni:** In 2024, EB PREC launched a non-profit organization, Collective Action and Land Liberation Institute (CALLI). In 2024, we transferred approximately $1,200,000 to CALLI in order for CALLI to acquire the community arts and organizing hub formerly known as the Omni Commons<sup>3</sup> in North Oakland's Temescal neighborhood (specifically, 4799 Shattuck Ave, Oakland CA). The Omni has been a catalyst for countless mutual aid and community organizing projects over the last decade. CALLI's purchase of this vital community resource has placed the Omni under permanent community ownership and furthers not just our mission to transform extractive capitalist systems into regenerative economies, but also the mission of every group that organizes and will organize at Omni. No similar transfer of funds took place in 2025, resulting in a significant decrease in our operating expenses from 2024 to 2025.

EB PREC could not purchase Omni directly because it was previously owned by a different non-profit that could only sell the property at a below market rate to another non-profit organization. EB PREC pays for property management at Omni. We do not receive rent payments from Omni or its tenants, but keeping this neighborhood asset in our community is an important strategy to further our mission.

**Co-op 789**

One of EB PREC's first projects was a partnership with Northern California Land Trust (NCLT), where EB PREC raised $200,000 to help them acquire Co-op 789, for which they also received funding from the City of Oakland. That acquisition happened in 2019, and our balance sheet reflects the $185,000 loan we made to them for the project. EB PREC has an option to acquire the property from NCLT which expires in June 2026. The planned rehabilitation of the property has been delayed many times, and is expected to start in May 2026, and the project (via NCLT) just applied for another round of City funding which could help complete much needed repairs. However, that means our option is set to expire before construction is completed, and for various reasons we can not purchase the property before construction is completed. Therefore we are in the process of amending the purchase option with NCLT, and still hope to acquire the property later this year or in 2027, depending on how long construction takes.

**The Lot Next Door:** In November 2025 EB PREC signed an 18 month lease with option to purchase a 26,000 square foot piece of land directly adjacent to our headquarters (The Barn, and Eshter's Orbit Room) in West Oakland. The contract (attached in exhibit 6.c) requires monthly payments starting at $6,000 per month, growing to $7,000 per month by the end of the contract, with a purchase price which starts at $1.9MM, increasing to $1.95MM on May 15th 2026 and $2MM on November 15, 2026. The lease and option expire on May 30, 2027. The total rental payments over the course of the lease come to $117,000, but if we exercise the option before the end of the contract term, the rest of the rental payments are not owed. Additionally, if we need more time to raise the necessary funds to exercise the option, we can exercise two, 3-month renewals to push the option expiration date to November 30 2027, at a purchase price of $2.1MM.

During the course of the lease period we plan to make use of the lot for community events, and construction-related activities during the course of construction at Esther's Orbit Room, including parking for our general contractor and subcontractors, and material laydown and storage. This will save on construction costs at Esther's, which construction timeline should overlap with the lease timeline. We also plan to use this time to conduct our due diligence on the lot, ensuring we understand the challenges and opportunities it provides, and to raise the necessary capital to acquire and maintain the property. We don't expect to close on the property before May 15th 2026, but we think it is feasible for us to close on it by November 15, 2026, in order to purchase at $2MM, though it may take longer than that.

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<sup>3</sup> See our press release at https://storage.googleapis.com/wzukusers/user-22872016/documents/069607ff8a15430e889c631dd6e99d88/Omni%20Press%20Release.pdf

We plan to acquire and hold this lot while we work with the community to plan and entitle a project that reflects the community's needs and opportunities, and complements the work we are doing on the corridor, including the Barn and Esther's next door. We expect this acquisition and planning period to take a total of 5 years. During the 5 planning years we plan to do interim activations with community serving events, greening, and other low-infrastructure projects, in addition to the construction-related activities described above. The Lot may continue to be an activated outdoor greenspace rather than building a new building on it. While this would result in lower development fees, it also means we would likely have less revenue from the space, as it may not have multiple monthly tenants.

**Revenue**

Rental income dropped by 15% between 2024 and 2025, due to vacancies during remodels, and concessions provided to some tenants for financial hardship. Consulting income dropped substantially because our TCC contract with the City of Oakland was completed at the end of 2024, as described above.

**Investor Owners' Equity**

As of December 31, 2025, EB PREC has raised approximately $5,779,228 total through the sale of Investor Owner Shares. We did not sell any new Shares in 2024, so the balance did not change from December 2023 to December 2024. We sold 1,427,945 in new Investor Owner shares in 2025, and redeemed $17,000 of Investor Owner shares, for a net increase in Investor Owner Equity of $1,410,945.

**Low Interest Loans**

In addition to our Investor Owner Shares, the increase in Cash on our balance sheet is largely due to new low interest loans we received in 2025, including a $2,250,000, zero-interest loan we received from the Just Transition Integrated Capital Fund, and a $1,000,000, 2% interest loan from the California Wellness Foundation. These loans can be allocated to our various investments over the coming months and years, including for the construction starting soon at Esther's Orbit Room.

**Dividends**

In November 2024, the board passed a proposal to declare and distribute dividends at our target rate of 1.5% for shares held in the year 2023. As of the end of 2023, approximately 52% of our Investor Owner shares have waived their right to receive dividends. The total dividend payment declared and distributed in 2024 for shares held in the year 2023 was $27,146.20.

On September 25, 2025, the Board passed a proposal to declare and distribute dividends at our target rate of 1.5% for shares held in the year 2024. As of the end of 2024, approximately 52% of our Investor Owner shares have waived their right to receive dividends.The total dividend payment for 2024 Investor Owners came to a total of $30,900. By December 2025 all dividends were disbursed either by check via mail, or ACH payment to Investor Owners.

The Board has not yet determined whether to pay dividends for 2025.

**Staffing**

Salaries and wages increased from $707,777 in 2024 to $1,182,362 in 2025, a 67% increase. The Cooperative staffing budget continues to expand as our team grows, now with 15 full time employees on payroll. 2025 and Q1 2026 held the most staffing changes our organization has ever seen within such a timeframe, with four departures and eight new hires over the course of the 15 months. The Law Center employs Noni Session full-time to support the work of EB PREC, so although she is a core member of our team, her salary does not appear on our financial reports.

Supporting the capacity and wellbeing of all staff members has been a priority even while we experience skyrocketing inflation and increasingly high cost of living in the Bay Area. Integral to our ethic of non-extractive cooperative labor, we increased wages towards our "living wage" target and began providing health insurance to our employees at the start of 2022. We decided to increase salaries for all staff by 10% in January 2024, in order to keep up with the cost of inflation, as well as a cost of living adjustment pegged to inflation of 2.4% for January 2025. A significant drop in real wages for our employees because of inflation is a problem we can't ignore. Finally, we have been able to improve our benefits package to all staff over the last several years, now offering healthcare, generous vacation/PTO, and 10 weeks of parental leave to all staff.

**Professional Services and Contractors**

These two expenses came down in 2025 compared to 2024 because we were able to bring on full time staff to do work that was otherwise performed by independent contractors, like property management, and because 2024 held some big ticket repairs at Pippin st like the roof repair which cost $80,000 in of itself.

**Liquidity**

In December 2025, the Cooperative's assets were over 50% liquid, with over $8MM in cash and certificates of deposit. The increase in liquid assets over the past year is due to the sale of new Investor Owner Shares, and the receipt of new long-term low-interest loans, including one for $2.25MM from the Just Transition Integrated Capital Fund, LLC (JTIC). We do expect to spend down the majority of these funds on the construction of Eshter's Orbit Room over the coming 12-16 months. However, we are also at the beginning of a two-year capital campaign to raise another $10MM by the end of 2027, so we expect our liquidity to remain relatively high as we bring in new capital for our capital campaign through grants, loans, and the sale of Investor Owner Shares. The investment capital we received in 2025 makes up the vast majority of the 33% increase in our total assets from 10,989,474 to $14,605,875 between December 2025 and December 2026.

Our cash comes from a combination of grant funding, loans, contracts, rental income, and proceeds from the sale of Investor Owner Shares. The Cooperative does not intend to use proceeds from the sale of Investor Owner Shares for operating expenses like salaries, but is using and reserving these funds for property acquisitions and rehabilitation.

In 2023, EB PREC invested $1,000,000 into 3- and 6-month, interest-earning CDs, and has continued to re-invest them in staggered, 6-month CDs as they mature, increasing the total over time to over $3,000,000 invested in CDs as of December 2025. We do not plan to spend these funds until Esther's Orbit Room breaks ground. In this way, we generate a return on those funds that can be used for other purposes with low risk, until the principal funds can be deployed into the project.

Over time, EB PREC expects its core operations to become financially self-sustaining from revenue generated from properties, community owner dues, contracts, consulting, events, and programs. Until then, we are continuing to raise grants and donations to cover our core operational expenses. In the long run, we expect grants and donations to continue to expand our capacity to organize, educate, and build a housing justice movement in the East Bay and beyond.

**Looking Forward**

We have expanded our team significantly over the past two years, and are hoping that this year we can stabilize our operations. That means completing or making significant progress on the projects we already have in process, and only taking on new projects if they are mission-aligned, community-led/serving, and financially feasible, and we have the capacity. For instance, in 2026 we are hoping to finish permitting and break ground at Esther's, open and start activating the Barn, and complete major rehab at our property on Pippin st.

While our mission stays true, the Bay Area real estate market in which we operate continues to be turbulent and high cost. The California Association of Realtors' Current Sales and Price Statistics report for March 2026<sup>4</sup> shows that in the Bay Area, home prices have now compared to the same time last year have changed by 0%. While that might sound like the opposite of turbulent, this is not at all typical for the Bay Area, and reflects a complex dynamic throughout the region. Rents in certain areas of Oakland have come down. While a slowdown in real estate prices is a benefit for our community at large, and might support our acquisition process, it also has slowed down our attempts to lease up vacant units. Many affordable housing providers are finding that units they provide at 80% of Area Median Income (AMI), or even at 60% AMI, are not as attractive as they once were, since market rents in those areas have dropped. This reflects a mismatch in the use of Area Median Income as a measure of affordability. AMI is measured and published by HUD by county. This means that the Area Median Income as measured for affordable housing purposes is the same in the most expensive areas of the Berkeley Hills, as it is in the most affordable areas of Deep East Oakland. We are working to find ways to bring resident contributions down at our properties so that they can remain affordable at deeper levels of AMI, and to residents who are experiencing financial hardship.

With construction costs (both material and labor) being one of the biggest factors in the construction of affordable housing, the current trade wars and deportation push by the federal government bodes very poorly for our ability to build more housing at affordable rates. We believe that our most conservative strategy for growing our residential portfolio is to acquire and rehab existing multifamily property, and only venture into new construction very carefully, knowing that it may take longer than expected, and cost more than expected. This is why we negotiated an 18 month contract on the parking lot acquisition described above, giving us time to plan and consider carefully.

_____________________________

<sup>4</sup> https://www.car.org/marketdata/data/countysalesactivity

Despite continued uncertainty in global capital markets and a relatively high interest rate environment, we have continued to see growing interest in investment in EB PREC. While this increase is generally aligned with our age as an organization, 2021 brought us our first investments directed to us from investment advisors. The demand we are seeing from investment advisors has the potential to unleash significantly more capital into our work. These investment advisors take the time to perform due diligence on our work in much more detail than most individual investors do, sending us questionnaires and asking for reports, but once they complete their due diligence, they can recommend EB PREC as an investment to their clients who are looking for social impact investing. Investments from these sources continue to reach EB PREC, and more investors are reaching out to us directly, who seem to be learning about EB PREC through word of mouth. These investors are reaching out both to make equity investments, and also to discuss potential low-interest loans that would support our work. While we did not sell any shares in 2024, we decided to begin selling shares again in 2025 through a Regulation D, 506(c) offering to accredited investors across the U.S., and through the California Cooperative exemption provided by Cal. Corp. Code § 25100(r) to accredited and non-accredited investors in California. Through the sale of shares as described above, and by bringing in low interest loans like the $2,250,000 zero-interest loan we received from the Just Transition Integrated Capital Fund in 2025, we have begun a two-year campaign, aiming to bring in another $10,000,000 in investment and grant capital over the course of 2026 and 2027 for property acquisitions and construction. We expect to re-qualify for Regulation A+ in 2026 in order to continue selling shares more broadly to accredited and non-accredited investors. **The scope of our upcoming acquisitions depends heavily on how much funding we are able to raise through the sale of Investor Owner shares. Thank you for investing in community.**

**Item 3: DIRECTORS AND OFFICERS AND SIGNIFICANT EMPLOYEES**

EB PREC is governed by a Board of Directors, and managed by a Staff Collective. The Board is structured to have eight Directors (a.k.a. Board members). Board members serve staggered two-year terms. Investor Owners only have the right to participate in elections for two Board members. And when Investor Owners do have a right to participate in elections, they do so alongside the other three Owner types (Community, Staff, and Resident), with each Owner voting on a one-member, one-vote basis. The majority of our Directors are elected by non-Investor Owners or appointed by Specified Designators, and are intended to represent the stakeholders and values that are integral to EB PREC, as follows:

Five of the Directors (named the Governance, Financial, Staff, Resident, and Community Directors) are elected, with voting done on a one-member, one-vote basis. All EB PREC Owners (including Staff, Resident, Community, and Investor Owners) are able to vote on just two of these seats: the Governance and Financial Directors. The Staff, Resident, and Community Directors are elected exclusively by the Staff Owners, Resident Owners, and Community Owners, respectively.

Three of the Directors (named the POC Housing Justice, Indigenous, and Black East Bay Directors) are designated Board seats appointed by certain Specified Designators, namely, (1) the People of Color Sustainable Housing Network (or, if unavailable, Urban Habitat), (2) Sogorea Te Land Trust, and (3) the East Oakland Collective (or, if unavailable, Mandela Grocery Cooperative). These Specified Designators and their respective Board seats anchor EB PREC to its mission and ensure BIPOC community representation on the Board.

Notwithstanding by whom they are appointed or elected, each Director owes fiduciary duties to the Cooperative as a whole under the terms of California law and our charter documents. Taken together, we believe this structure creates important harmony between the various stakeholders in our Cooperative.

For more information about the Board and how it operates, please refer to our Bylaws.

Our current Directors and Staff are listed below, with biographies following this table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Position | Age | Start of employment <br> or term of office | Approximate hours per week <br> for part-time employees |
| **Staff Owners** | **Staff Owners** | **Staff Owners** | **Staff Owners** | **Staff Owners** |
| Noni Session | Executive Director | 51 | 3/2018 |  |
| Ojan Mobedshahi | Finance Director | 36 | 6/2018 |  |
| Shira Shaham | New Projects Director | 45 | 6/2018 |  |
| Annie McShiras | Investment and Fundraising Director | 39 | 9/2020 |  |
| Susan Park | Operations Manager | 50 | 9/2021 |  |
| George Syrop | Communications Manager | 32 | 5/2023 | 15 |
| Oraya Hunter (1) | Development & Grant Writing Associate | 33 | 5/2024 |  |
| **Non-Owner Employees** | **Non-Owner Employees** | **Non-Owner Employees** | **Non-Owner Employees** | **Non-Owner Employees** |
| Valerie Jameson | Property Manager |  | 9/2024 |  |
| Jose Luis Garcia | Maintenance Technician |  | 12/2024 |  |
| Chris Wakefield | Cooperative Education & Engagement Manager |  | 2/2025 |  |
| Christina Kenney | Esther's Culture & Community Co-Manager |  | 2/2025 |  |
| Sabine Dabady | 7th Street Thrives Corridor Manager |  | 2/2025 |  |
| Atif Kamran | Property Manager |  | 4/2025 |  |
| Joty Dhaliwal | Real Estate Analyst |  | 12/2025 |  |
| Philemon Abraham | Property Manager |  | 3/2026 |  |
| Lauren Kennedy | Administrative Assistant |  | 4/2026 |  |
| **Board of Directors (2)** | **Board of Directors (2)** | **Board of Directors (2)** | **Board of Directors (2)** | Appointed/Elected by: |
| Rakita O'Neal-Newt | Board President and Governance Director | 42 | 5/2024 | All Owners (3) |
| Kyndelle Johnson | POC Housing Justice Director | 27 | 3/2025 | Specified Designator |
| Shira Shaham (3) | Board Secretary and Staff Director | 45 | 2/2018 | Staff Owners |
| Annie Ledbury | Board Treasurer and Financial Director | 40 | 5/2024 | All Owners (3) |
| Annette Haugabook | Community Director | 65 | 5/2024 | Community Owners |
| Thelvin Williams | Resident Director | 59 | 11/2025 | Resident Owners |

---

(1) Oraya is Noni's niece.

(2) Shira is both a Director and a member of the EB PREC Staff. No more than two Directors can also be EB PREC staff members at any one time.

(3) Investor Owners, Staff Owners, Resident Owners, and Community Owners, each voting on a one-member, one-vote basis.

**Staff Owner: Noni Session, Executive Director**

Noni is a 3rd generation West Oaklander and cultural anthropologist. Noni carried out her doctoral studies in international humanitarian strategies in global development. After a 2016 run for Oakland city council where she garnered more than 43% of the District 3 vote, Noni saw a clear path to ameliorating resource disparities and slowing rapid racialized displacement in her West Oakland community through building cooperative networks and galvanizing collective economic action. In addition to co-founding EB PREC, Noni is also a founding board member of BlacSpace Cooperative, and a founding steward of New Emerald Earth, a Black-led rural intentional community, in the heart of Mendocino County.

Noni holds a B.A. in Cultural Anthropology and Black Studies from San Francisco State University, and an M.A. in Cultural Anthropology from Cornell University. As Executive Director, Noni implements bold strategies for building community power through education, outreach and engagement.

**Staff Owner: Ojan Mobedshahi, Finance Director**

Ojan is a 2nd generation Iranian American, born and raised in the Bay Area. He has experience in healthy land use spanning landscape design, restoration and education, real estate brokerage, construction and development, and political organizing. Ojan lives in a tiny house on wheels, and is also a landscape contractor and regenerative permaculture designer. In the past five years Ojan has worked as a Land Analyst at Polaris Pacific, a San Francisco brokerage, and a Development Associate at Ashbury General Contracting and Engineering. Before joining EB PREC, he founded his own business, Happy Planet Land Use Consulting. His previous work includes real estate financial modeling, project management and entitlement in the Bay Area, as well as landscape design, build, and project management.

**Staff Owner, Staff Director, and Board Secretary: Shira Shaham, New Projects Director**

Shira has over 10 years of experience leading teams and managing custom design projects and businesses. She played a key role in the growth of a food cooperative start-up in New York from the initial meeting of some 20-odd people to a successful business open 6 days/week. Returning to the Bay Area where she was raised, Shira works to give back to the communities that have nurtured her. Shira has worked at Arizmendi Construction Cooperative and Ashbury General Contracting and Engineering, leading teams and managing custom design and construction projects, and has a Bachelors of Architecture from Cal Poly, San Luis Obispo.

**Staff Owner: Annie McShiras, Investment & Fundraising Director**

With over 10 years of fundraising experience, Annie's unique skill set has catalyzed the redistribution of over $52 million in service of social and racial justice organizations. She has led capital campaigns large and small for a variety of organizations. She brings a depth of understanding and systemic analysis to the intersections of movements and money.

Annie works to actualize her bold vision of an economy where all people have enough to thrive through her work as a fundraiser, storyteller, and business development strategist. She has worked across fields including student organizing, worker cooperative development, popular education, impact investing, and transforming our financial system.

**Staff Owner: Susan Park, Operations Coordinator**

Susan Park is a long-time Oakland resident (Lisjan/Ohlone territory), and a social & environmental justice activist. She spent 10 years working as a project/program coordinator and community organizer for several justice-based grassroots organizations. She spent the prior decade as an office manager in the architecture industry. She once co-founded an anti-gentrification coalition, and has been part of numerous direct action, mutual aid and Indigenous solidarity projects. She has even dabbled in outdoor ecological education with young children. In her non-working life, you can find her entrenched in healing work, gardening and Earth-regenerating practices. Originally from South Korea, she grew up as a low-income immigrant in SoCal.

**Staff Owner: George Syrop, Communications Manager**

George (he/him) was born & raised in Hayward, and has lived most of his life throughout the East Bay on Ohlone Land. He brings a combination of design, communication, and project management experience from his early career in the tech industry. George began shifting his attention from startups to the solidarity economy when he realized that land trusts and cooperatives were more revolutionary than smartphones. He continues to contribute his skillset to progressive projects across the country.

In the wake of the George Floyd protests of 2020, George helped form the Hayward Community Coalition (HayCoCoa), which successfully organized to reform policing, prevent school closures, and improve tenant protections in his hometown. George was elected to Hayward City Council in 2022, where he is committed to fighting against displacement as the Council's only renter. He also serves as an advisor to the Friends of the Public Bank East Bay, which aims to democratize finance and unlock capital for underserved communities.

**Staff Owner: Oraya Hunter, Development & Grant Writing Associate**

Oak Center (West Oakland) native, Oraya Hunter, is an art director by training, and a creative at heart. In 2018, she launched her career at the multicultural, award-winning firm, Carol H. Williams Advertising, and helped build campaigns for clients like the 2020 United States Census, Kaiser Permanente, and US Bank, who were serving the Black community life-changing opportunities and resources. In 2022, she transitioned to working for the City of Oakland as the Communications Director for District 7's (Deep East Oakland) City Council Office. Oraya supported events like District 7's Fiscal Year '22-'23 Budget Town Hall the 2nd Annual Community Safety Task Force Day of Action.

Today, Oraya uses her love for organizing to help #HealPeoplePower and foster a more empowering relationship with Ohlone land among her generation. Oraya holds a B.A. in Advertising from San Francisco's Academy of Art University. In her spare time she enjoys binge watching historical documentaries, spending quality time with her family, and hiking Oakland's Bay Trail.

**Employee: Valerie Jameson, Property Manager**

Valerie is a homegrown leader who was politicized as a teenager growing up in Richmond, CA. Witnessing the material conditions of her family and neighbors ignited her passion for radical and decolonial community transformation that benefits residents at the intersections of oppression.

Valerie's commitment to social justice grew out of grassroots youth organizing and advocacy across multiple institutions, issue areas, and campaigns. She has a range of professional experiences across the education and non-profit sector. In her role at EB PREC, Valerie is driven to deepen movement building through the coordination of strategic place-keeping and stewardship efforts that foster belonging, sustains cultural legacy, enhances political rigor, and builds people power.

**Employee: Chris Wakefield, Cooperative Education & Engagement Manager**

Born and raised "from Oakland to Sac-town, the Bay Area and back down," Chris got an early education in taking care of both oneself and community from his single mom, older siblings, and extended family of artists, educators and entrepreneurs (shout-out to Oakland's late great Dorsey's Locker!) When he's not steering community engagement work at EB PREC, Chris is usually trying to finish a sci-fi/fantasy book, chasing the sun, or making herbal CBD products for his brand Brown Sugar Botanicals.

Chris holds a BA in Political Science from Yale University and an MBA from Mills College, and is currently working towards a financial advising certification. He strongly believes in the self-determination, knowledge, and cooperative power of indigenous people around the world to shape a sustainable future for all.

**Employee: Christina Kenney, Esther's Culture & Community Co-Manager**

Christina Kenney is a 4th-generation Real Richmond Native with a passion for creativity, re-defining economic development, and making good trouble (aka community advocacy). As a Creative Economic Development Strategist, she bridges the gap between entrepreneurship, community engagement, and economic growth.

As an Economic Development Commissioner and founder of Empower Souls Studios, Christina leverages storytelling, strategic marketing, and narrative change to support small businesses and local economies. With a passion for innovation and collaboration, Christina comes to EB PREC committed to supporting ecosystems where businesses thrive, communities are empowered, and economic development is both inclusive and impactful. Their mission? To bring #JoyToTheWorld.

**Employee: Sabine Dabady, 7th Street Thrives Corridor Manager**

Sabine Dabady (they/them), is a second-generation Haitian-American raised in the neighborhood of Flatbush in Brooklyn, NY. Growing up there seeded a core mission to center and uplift community health, belonging, and beauty in the everyday. Professionally their work has spanned, performing arts tour development, nutrition education and entrepreneurship development.

Nearly 10 years ago, a long cross-county train ride and a grad school brought them to the Bay Area. They are glad to call Oakland home.

**Employee: Atif Kamran**

Born in Bahrain, and raised in Fremont (Ohlone Territory), Atif brings not only years of property management expertise but also a passion for building bridges, inclusivity, and equity amongst all people. From working with congress to non-profits earlier in his career, Atif strives to give back to both local and global communities in offering whatever he can to help. You can currently find him jumping into a local CrossFit workout, hiking in the hills, or randomly baking loaves of bread to share with friends and family

**Employee: Joty Dhaliwal**

Joty is an organizer by nature, a philosopher by formal education, and a process designer by profession. She grew up in a working-class, union, immigrant household and from a young age was asking what role—individually and collectively—could she play in advancing revolutionary political and economic change within our lifetimes. This question led her to organize alongside public transit union workers, eventually becoming a union worker herself as a City of Oakland Councilmember staffer; from the intimate work of helping build an early-stage worker-owned cooperative to organizing and shaping municipal policies that support collective ownership at a larger scale.

Throughout this journey, her praxis has deepened and been informed by Black radical organizing, past and present, as well as Indigenous land and cultural stewardship practices that center responsibility to all relatives.She holds a Graduate Certificate in Collective Ownership and Workplace Democracy from the City University of New York (CUNY) and a double major in Philosophy and English from the University of Victoria.

**Employee: Jose Luis Garcia**

Jose Luis "Don Luis" is a remodeling expert with close to forty years of experience. He started as a laborer in the construction field in 1986 and has built knowledge on various building systems over the years with a focus on framing, drywalling, and painting. He worked at Imbelloni Construction Co. for years where he conducted unit turnovers of residential and commercial buildings across the Bay Area and honed his skills. He went on to do repairs and maintenance at Making Waves and UCSF before joining the EB PREC team. He has two kids ages 10 and 12 and lives in San Pablo, CA.

**Employee: Philemon Abraham**

Philemon Abraham is a business operator with experience in operations, fundraising, and public affairs. His background includes roles in political campaigns, nonprofit development, and brand building. He has led operational buildouts and managed day-to-day production and logistics. His work at East Bay PREC is focused on community-centered stewardship and commercial property management.

**Employee: Lauren Kennedy**

Lauren Kennedy brings to her work at EB PREC over a decade of experience in nonprofit leadership and operations in the affordable housing sector. Since 2014, she has been a licensed real estate agent and real estate educator with a special focus on the financing, purchasing, and governance of collectively-owned properties. Since the 2018 Camp Fire, much of her work has intersected with wildfire recovery, highlighting the necessity of Indigenous and decolonial frameworks to navigate the polycrises at the intersections of racial, economic, and environmental justice. In 2025, she earned her masters degree in Sustainable Lands and Cities from the University of Edinburgh's Futures Institute. Born in San Jose, with homes in many places and roots in Chico, CA, she is thrilled to be back in The Bay and settling into the special community of West Oakland. She is guided by a desire to understand our relationships to place and each other, and to live as a benefit to them.

**Board President: Rakita O'Neal-Newt, Governance Director**

Rakita O'Neal-Newt (she/her/they) is a native of Escondido, CA but a new native of San Francisco and Oakland, respectively, as she has been in the Bay since 2001. An SFSU Alumni, with a background in preschool, elementary education and afterschool program management, Rakita entered the housing and homelessness landscape in 2014, when she joined the City and County of SF. She is a fierce advocate for Black community empowerment, education, racial equity and equitable/compassionate policy making. "If we want our most marginalized community members to be made whole, then we must all make space at the table and make sure that the seats that we sit in come with decision-making power, technical assistance and intentional resource building." Rakita lives in Oakland with her wife and two pit-bull fur-babies and enjoys singing, baking, art projects, gardening and game/movie nights!

**Board Member: Annie Ledbury**, **Finance Director**

Annie is a third-generation East Bay resident and a licensed architect who brings community-engaged design, arts, culture, and health into affordable housing and place-based community development projects. Her work ranges in scale from grassroots to building to neighborhood planning; from temporary to permanent improvements to the built environment. In her day job at the East Bay Asian Local Development Corporation, Annie supports longtime and low-income Oakland residents to envision, plan, and construct creative action projects that strengthen neighborhood health, community love, and stewardship of place.

**Board Member: Thelvin Williams, Resident Director**

**Board Member: Kyndelle Johnson, POC Housing Justice Director**

Kyndelle's passion for community-led housing solutions comes directly from watching gentrification and displacement hit home. As a second-gen Black Bay Area resident, she's seen Berkeley, Richmond, and Oakland - places her family once called home - change right before her eyes due to land speculation, structural racism, and exclusionary housing and land policies that have enshrined the injustice that impacts our communities so painfully.

Kyndelle built her career in the world of community land trusts using history, arts, culture (and some good old-fashioned community organizing) to fire up Richmond residents to take back their land through the CLT model. The decolonial roots of community land stewardship inspired her to join the People of Color Sustainable Housing Network where Kyndelle promotes alternative and liberatory real estate development strategies like co-living, co-housing, and intentional communities.

Kyndelle is also the Founder and Lead Consultant at Kinfolks Consulting Services, providing strategic vision, community engagement, and public education to grassroots groups, collectives, and co-ops working towards a more just and human-centered world.

**Board Member: Annette Haugabook**, **Community Director**

Annette Haugabook is a California native, born and raised in Oakland where she currently resides. Her passion for social justice, educating the public in sustainable solutions, and embracing healthy people, environments, and profits are exhibited in her 40+ years as a community activist. From serving as a County peer counselor at local churches to organizing campaigns across the country with ACORN, Annette remains steadfast in her advocacy for affordable, fair housing, child & health care, a living wage and anything else that empowers communities & individuals to become self-sustaining, self-sufficient & prosperous.

**New Board Members:**

As of May 1st, the board will have three new directors: Al Ujimori as Finance Director/Treasurer, Natasha Stewart as Community Director, and Lisa "August" Evans as Resident Director. . Rakita O'Neal, Thelvin Williams, and Annette Haugabook will be leaving the board. Annie Ledbury will become Governance Director/President.

FINANCIAL INTERESTS AND COMPENSATION OF DIRECTORS, OFFICERS, AND OWNERS

**Compensation of Executive Officers**

Compensation paid to our top three executive officers for the year ending December 31, 2025 is listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Capacities in which <br> compensation was received** | **Cash <br> Compensation** | **Other <br> Compensation** | **Total <br> Compensation** |
| **Noni Session\*** | Executive Director | $95251 | $11562 | $106813 |
| **Annie McShiras** | Investment and Fundraising Director | $85015 | $11562 | $96577 |
| **Shira Shaham** | New Projects Director | $80508 | $11562 | $92070 |

---

\*Noni Session's position is fiscally sponsored and funded directly through the Law Center, and therefore is not reflected in East Bay Permanent Real Estate Cooperative's financial statements.

**Compensation of Board Members**

Board Members currently do not receive compensation for board service but may receive compensation for other work carried out for the Cooperative. The total compensation to the organization's directors for this other work (i.e., salaries and wages as officers, employees, or contractors of the Cooperative), in fiscal year 2024 was $86,671, and in fiscal year 2025 was $96,577, both of which only included the salary and benefits for Shira Shaham who serves as both a director and staff member.

**Proposed Future Compensation**

Future compensation for staff and Directors is not predetermined, proposed, nor contingent upon the success of this Offering. With the oversight of the Board of Directors, employees of the Cooperative collectively set their compensation, or at minimum adhere to the living wage for 1 adult and 1 child using the MIT Living Wage Index<sup>5</sup>. Furthermore, employee compensation is capped at 3 times the median per capita wage for all occupations in the Oakland-Hayward-Berkeley Metropolitan division.

**Item 4: Security Ownership of Management and Certain Owners**

The following table sets forth the beneficial ownership of Investor Owner Shares of the Cooperative's Executive Officers and Directors as a group, and individually any securityholders who beneficially own more than 10% of the voting power of any of our securities, as of December 31, 2025.

As of December 31, 2024, no person owns more than 10% of the voting power of any class of voting securities. Our voting is done on a one-member, one vote basis irrespective of the number of Investor Owner Shares held, and we have 390 Investor Owners as of 12/31/2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title of <br> class | Name and address of beneficial owner | Amount and nature of <br> beneficial ownership | Amount and nature of beneficial <br> ownership acquirable | Percent of <br> class |
| Investor <br> Owner | EB PREC Executive Officers and Directors as a group, 1428 Franklin St., Oakland, CA 94612 | 2(1) | 0 | 0.4% (2) |

---

(1) Two of our Directors own Investor Owner shares. However, one of these Directors is investing via a payment plan, and has paid $400 towards their $1,000 investment. If they do not complete their investment as required by our Bylaws, they may lose their right to vote as an Investor Owner.

(2) As our voting is done on a one-member, one vote basis irrespective of the number of Investor Owner Shares held, this percentage is based on shares owned by Directors and Officers as a group divided by the total number of Investor Owners as of December 31, 2025, not total outstanding Shares. If measured by Shares, this group would represent only 0.03% of this class.

**Item 5: Interest of Management and Others in Certain Transactions**

From 2021 through the present, EB PREC has contracted with the Law Center to fund Noni Session's salary (disclosed above) as EB PREC's executive director. The funds used for Noni's salary were raised collaboratively by EB PREC and the Law Center, but as EB PREC's fiscal sponsor, the funds were received directly by the Law Center, and paid to Noni as an employee of the Law Center, not passing through EB PREC's accounts.

No one involved with EB PREC or with the preparation of this Offering Circular and related documents was or is employed or contracted on a contingent basis, meaning that no one will be paid on the basis of how many Shares are sold through this offering.

_____________________________

<sup>5</sup> https://livingwage.mit.edu/counties/06001

![](ebprec_bwlogo.jpg)

FINANCIAL STATEMENTS

WITH SUPPLEMENTARY INFORMATION

December 31, 2025 and 2024

C O N T E N T S

---

| | |
|:---|:---|
| [Independent Auditor's Report](#fintoc_aureport) | F-1 |
| [Consolidated Balance Sheets](#fintoc_bs) | F-3 |
| [Consolidated Statements of Income](#fintoc_soi) | F-4 |
| [Consolidated Statements of Owners' Equity](#fintoc_se) | F-5 |
| [Consolidated Statements of Cash Flows](#fintoc_cf) | F-6 |
| [Notes to Financial Statements](#fintoc_notes) | F-7 |
| [Consolidating Balance Sheet](#fintoc_bs2) | F-13 |
| [Consolidating Schedule of Income](#fintoc_soi2) | F-14 |
| [Schedules Related to Pippin Street Property](#fintoc_pippin) | F-15 |

---

[**Table of Contents**](#fintoc)

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors

East Bay Permanent Real Estate Cooperative, Inc.

Oakland, California

***Opinion***

We have audited the financial statements of East Bay Permanent Real Estate Cooperative, Inc., which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of income, owners' equity, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of East Bay Permanent Real Estate Cooperative, Inc. as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of East Bay Permanent Real Estate Cooperative, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Correction of Errors***

As discussed in Note 10 to the financial statements, certain errors resulting in an overstatement of amounts previously reported for notes payable, interest income, and interest expense and understatement of deferred revenue and grant income as of and for the year ended December 31, 2024 were discovered during the current year. Accordingly, amounts reported for those items have been restated in the 2024 financial statements now presented, and an adjustment has been made to retained earnings as of December 31, 2024, to correct the error. Our opinion is not modified with respect to this matter.

 ****

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about East Bay Permanent Real Estate Cooperative, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

***Auditor's Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

[**Table of Contents**](#fintoc)

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of East Bay Permanent Real Estate Cooperative, Inc.'s
internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about
East Bay Permanent Real Estate Cooperative, Inc.'s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

***Supplementary Information***

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The consolidating balance sheet, consolidating schedule of income, and schedules related to Pippin Street property are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Wegner CPAs, LLP

Madison, Wisconsin

April 27, 2026

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATED BALANCE SHEETS |
| December 31, 2025 and 2024 (Restated) |

---

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **ASSETS** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $4627171 | $1131101 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 3227587 | 3114675 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 3278 | 295684 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 2805 |
| &nbsp;&nbsp;&nbsp;Current portion of note receivable | 185010 | - |
| &nbsp;&nbsp;&nbsp;Total current assets | 8043046 | 4544265 |
| NONCURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Note receivable, net of current portion |  | 185010 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 6542829 | 6256199 |
| &nbsp;&nbsp;&nbsp;Security deposit | 20000 |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | - | 4000 |
| **Total assets** | $14605875 | $10989474 |
| **LIABILITIES AND OWNERS' EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $72662 | $317357 |
| &nbsp;&nbsp;&nbsp;Accrued payroll and expenses | 82431 | 17009 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 63558 |  |
| &nbsp;&nbsp;&nbsp;Security deposits | 17286 | 17311 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 560768 | 1715000 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 10292 | 20284 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 806997 | 2086961 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of discounts and unamortized loan costs | 4697807 | 2028680 |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | 173000 | - |
| &nbsp;&nbsp;&nbsp;Total liabilities | 5677804 | 4115641 |
| OWNERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Investor owner shares | 5779228 | 4368283 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 1350000 | 1350000 |
| &nbsp;&nbsp;&nbsp;Retained patronage dividends | 11028 | 9350 |
| &nbsp;&nbsp;&nbsp;Retained earnings, as restated | 1787815 | 1146200 |
| &nbsp;&nbsp;&nbsp;Total owners' equity | 8928071 | 6873833 |
| **Total liabilities and owners' equity** | $14605875 | $10989474 |

---

See accompanying notes.

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATED STATEMENTS OF INCOME |
| Years Ended December 31, 2025 and 2024 (Restated) |

---

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $242335 | $282006 |
| &nbsp;&nbsp;&nbsp;Membership dues | 12325 | 12950 |
| &nbsp;&nbsp;&nbsp;Consulting income | 95197 | 339324 |
| &nbsp;&nbsp;&nbsp;Grant income | 2582976 | 2534663 |
| &nbsp;&nbsp;&nbsp;Donation income | 8893 | 12507 |
| &nbsp;&nbsp;&nbsp;Total revenues | 2941726 | 3181450 |
| OPERATING EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 1182362 | 707777 |
| &nbsp;&nbsp;&nbsp;Taxes and licenses | 138958 | 172574 |
| &nbsp;&nbsp;&nbsp;Professional services | 126757 | 212442 |
| &nbsp;&nbsp;&nbsp;Occupancy | 121448 | 152023 |
| &nbsp;&nbsp;&nbsp;Depreciation | 120587 | 119587 |
| &nbsp;&nbsp;&nbsp;Supplies | 80300 | 38665 |
| &nbsp;&nbsp;&nbsp;Marketing and promotions | 56456 | 16183 |
| &nbsp;&nbsp;&nbsp;Insurance | 53634 | 65422 |
| &nbsp;&nbsp;&nbsp;Event and conferences | 36762 | 13055 |
| &nbsp;&nbsp;&nbsp;Contractors | 25047 | 186890 |
| &nbsp;&nbsp;&nbsp;Credit losses | 3394 | 31388 |
| &nbsp;&nbsp;&nbsp;Bank fees | 2899 | 2570 |
| &nbsp;&nbsp;&nbsp;Donation expense | - | 1210000 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1948604 | 2928576 |
| Net income from operations | 993122 | 252874 |
| OTHER INCOME (EXPENSES) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 137943 | 33645 |
| &nbsp;&nbsp;&nbsp;Other income | 3079 | 217 |
| &nbsp;&nbsp;&nbsp;Interest expense | (206878) | (131497) |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | (10258) | (44901) |
| &nbsp;&nbsp;&nbsp;Total other income (expenses) | (76114) | (142536) |
| Net income before income taxes | 917008 | 110338 |
| Provision for income taxes | (243278) | (14800) |
| **Net income** | $673730 | $95538 |

---

See accompanying notes.

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATED STATEMENTS OF OWNERS' EQUITY |
| Years Ended December 31, 2025 and 2024 (Restated) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>Investor Owner<br>Stock | Additional<br>Paid In<br>Capital | Retained<br>Patronage<br>Dividends | Retained<br>Earnings,<br>as restated | Total<br>Owners'<br>Equity |
| **Balance December 31, 2023** | $4368283 | $1350000 | $4414 | $2092 | $5724789 |
| Restatement adjustments |  |  |  | 1099837 | 1099837 |
| Stock issued |  |  |  |  |  |
| Investor dividends declared |  |  |  | (45096) | (45096) |
| Patronage dividends declared |  |  | 6171 | (6171) |  |
| Patronage dividends payable |  |  | (1235) |  | (1235) |
| Net income | - | - | - | 95538 | 95538 |
| **Balance December 31, 2024** | 4368283 | 1350000 | 9350 | 1146200 | 6873833 |
| Stock issued | 1427945 |  |  |  | 1427945 |
| Redemptions of stock | (17000) |  |  |  | (17000) |
| Investor dividends declared |  |  |  | (30017) | (30017) |
| Patronage dividends declared |  |  | 2098 | (2098) |  |
| Patronage dividends payable |  |  | (420) |  | (420) |
| Net income | - | - | - | 673730 | 673730 |
| **Balance December 31, 2025** | $5779228 | $1350000 | $11028 | $1787815 | $8928071 |

---

See accompanying notes.

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| Years Ended December 31, 2025 and 2024 (Restated) |

---

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $673730 | $95538 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit losses | 3394 | 31388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 120587 | 119587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan costs | 1530 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change of discounts on long-term debt | (582403) | (61283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan forgiveness | (30000) | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes, net | 177000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 289012 | (233587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 2805 | (2805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposit | (20000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (244695) | (83168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and expenses | 65422 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 63558 | (1904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits | (25) | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (1124232) | 117499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | (420) | - |
| &nbsp;&nbsp;&nbsp;Net cash flows from operating activities | (604737) | (30404) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of and interest retained in certificates of deposit | (112912) | (2102986) |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (407217) | (185357) |
| &nbsp;&nbsp;&nbsp;Payments received on note receivable | - | 50000 |
| &nbsp;&nbsp;&nbsp;Net cash flows from investing activities | (520129) | (2238343) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 3250000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Payments on long-term debt |  | (77734) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of stock | 1427945 |  |
| &nbsp;&nbsp;&nbsp;Payments on redemptions of stock | (17000) |  |
| &nbsp;&nbsp;&nbsp;Payment of dividends | (40009) | (27150) |
| &nbsp;&nbsp;&nbsp;Net cash flows from financing activities | 4620936 | 895116 |
| **Net change in cash** | 3496070 | (1373631) |
| Cash at beginning of year | 1131101 | 2504732 |
| **Cash at end of year** | $4627171 | $1131101 |
| **SUPPLEMENTAL DISCLOSURES** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $33295 | $6641 |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | 800 | 5430 |

---

See accompanying notes.

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

**Nature of Business**

East Bay Permanent Real Estate Cooperative, Inc. ("the Cooperative") is a multi-stakeholder cooperative that creates pathways for residents of Oakland, California and surrounding communities to organize, finance, acquire, and co-steward land and housing. The Cooperative seeks to transform the housing system to build collective wealth amongst historically disenfranchised communities, while empowering residents through democratic governance.

**Basis of Consolidation**

The financial statements include the accounts of East Bay Permanent Real Estate Cooperative, Inc. ("EB PREC") and its wholly owned subsidiary, Orbit Properties, LLC. All material intra-entity transactions have been eliminated.

**Receivables**

The Cooperative uses historical loss information based on the aging of its receivables as well as its knowledge of its customers' economic conditions to determine expected credit losses. The Cooperative believes that the composition of accounts receivable and notes receivable at the end of the year is consistent with historical conditions; that accounts receivable are expected to be settled within a relatively short time frame based on current conditions; and that notes receivable will be fully paid by the maturity dates. As such, credit losses are expected to be insignificant, and no allowance for credit losses has been recorded in the financial statements.

**Property and Equipment**

Purchases of buildings and improvements are recorded at cost. Depreciation is provided using the straight-line over the estimated useful lives of the assets.

**Loan costs**

Loan costs of $15,300 at December 31, 2025 and 2024 are being amortized over the length of the underlying notes payable. Amortization of loan costs, recorded as interest expense in the consolidated statements of income, was $1,530 for 2025 and 2024. Accumulated amortization was $6,630 and $5,100 at December 31, 2025 and 2024, respectively.

**Revenue Recognition**

Rental revenue is recognized at the point in time when the promised housing services are delivered. Amounts assessed but not received are recorded as accounts receivable. Amounts received prior to assessments are recorded as deferred revenue.

Membership dues are recognized during the year in which the dues are received. Membership dues are primarily used to fund the operations of the Cooperative and provide little of tangible value to the donors. Consulting income is recognized over time as the relevant services are rendered by the Cooperative. Grant revenue is recognized in the year the performance obligations are fulfilled. Donation income is recognized in the year it is received. Amounts received prior to recognition are recorded as deferred revenue.

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

**Leases**

The Cooperative does not recognize short-term leases on the consolidated balance sheet. For these leases, the Cooperative recognizes the lease payments in the consolidated statement of income on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

**Income Taxes**

The Cooperative is taxed on non-patronage earnings and any patronage earnings not paid or allocated to the members. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due and deferred taxes. Deferred taxes are recognized for differences between basis of assets and liabilities for financial statement and income tax purposes.

**Estimates**

Management uses estimates and assumptions in preparing financial statements. Those estimate and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Actual results could differ from those estimates.

**Date of Management's Review**

Management has evaluated subsequent events through April 27, 2026, the date which the financial statements were available to be issued.

NOTE 2 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Land | $2101337 | $2101337 |
| Buildings and improvements | 4213087 | 4208087 |
| Construction in progress | 642838 | 240621 |
| Property and equipment | 6957262 | 6550045 |
| Less accumulated depreciation | (414433) | (293846) |
| Property and equipment, net | $6542829 | $6256199 |

---

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 3 – NOTE RECEIVABLE

The Cooperative has a 3.15% note receivable from Northern California Land Trust (NCLT) secured by real estate that matures June 30, 2026. No principal payments are due until maturity. The Cooperative has an option to purchase the property by June 30, 2026 for the total of the property costs incurred by NCLT, which have not yet been determined. The Cooperative has not exercised this option as of April 27, 2026.

NOTE 4 – LONG-TERM DEBT

Long-term debt consisted of the following:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| 1% unsecured note payable to Stupski Foundation. Matures in May 2027. Discounted at an imputed interest rate of 7%. No principal payments due until maturity. | $908093 | $848685 |
| 1% unsecured note payable to ImpactAssets, Inc. Matures in December 2028. Discounted at an imputed interest rate of 7.5%. No principal payments due until maturity. | 402480 | 374400 |
| Noninterest-bearing, unsecured note payable to Just Transition Integrated Capital Fund. Matures in September 2030. Discounted at an imputed interest rate of 7.25%. No principal payments due until maturity. | 1612866 |  |
| Noninterest-bearing, unsecured note payable to ImpactAssets, Inc. Matures in September 2033. Discounted at an imputed interest rate of 8.5%. No principal payments due until maturity. | 885138 | 815795 |
| 2% unsecured note payable to The California Wellness Foundation. Matures in January 2034. Discounted at an imputed interest rate of 5%. No principal payments are due until maturity. | 897900 | - |
| Long-term debt | 4706477 | 2038880 |
| Unamortized loan costs | (8670) | (10200) |
| Long-term debt net of current portion and unamortized loan costs | $4697807 | $2028680 |

---

The carrying value of the long-term debt listed above is shown net of total unamortized discounts of $1,234,343 and $1,168,000 at December 31, 2025 and 2024, respectively. Amortization of discounts is recorded as interest expense in the consolidated statements of income and was $189,269 and $123,326 for 2025 and 2024, respectively.

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 4 – LONG-TERM DEBT (continued)

In February 2026 the Cooperative incurred a new 2% unsecured note payable for $270,000. The note matures in 2033. No principal payments are due until maturity. The nominal amount of the total notes payable, including the additional amount borrowed in 2026, totals $6,720,000.

Future minimum principal payments are as follows:

---

| | |
|:---|:---|
| 2026 | $- |
| 2027 | 1000000 |
| 2028 | 500000 |
| 2029 |  |
| 2030 | 2250000 |
| Thereafter | 2970000 |
| Long-term debt | $6720000 |

---

NOTE 5 – OWNERS' EQUITY

The Cooperative offers a multi-tiered ownership structure. Each category of ownership entitles the owner to different rights and responsibilities. Owners may become owners through multiple categories of ownership and will bear the rights and responsibilities of each category of ownership. Multiple ownership categories do not entitle an owner to more than a single vote.

An individual who lives in or is rooted in the East Bay area may become a Community Owner. Community owners pay yearly membership dues which are used to fund the Cooperative's operations. Community Owners do not hold equity in the Cooperative.

Investor Owners purchase shares that consist of owners' investments in the Cooperative. Investors are required to purchase one share for $1,000. Shares can be purchased in a lump sum payment or with an initial payment of $100 and a good faith commitment to pay the remaining $900 within five years, with payments made at least annually. Investor Owners agree to hold their shares for a minimum of five years. Investors may purchase additional shares subject to securities law. Purchase of additional shares does not entitle an Investor Owner to additional votes. Shares are refundable should a member decide to leave the Cooperative, subject to approval by the directors. At December 31, 2025 and 2024, 5,779 and 4,368 shares were issued and outstanding. Dividends of $30,017 and $45,096 on investor owner shares were declared for 2025 and 2024, respectively.

Resident Owners are residents of properties which the Cooperative manages. Resident Owners earn equity and patronage dividends from their rental payments. Patronage dividends of $2,098 and $6,171 were declared for resident owners for 2025 and 2024, respectively.

Staff Owners are employees of the Cooperative. Staff Owners must work for the Cooperative for a minimum of 500 hours and for twelve months. Staff Ownership must be approved by a minimum of two-thirds vote by other Staff Owners.

At December 31, 2025 and 2024, all of the Cooperative's stock recorded on its balance sheet was comprised of Investor Owner shares.

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 6 – INCOME TAXES

Deferred taxes are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Deferred tax assets | $14000 | $19000 |
| Valuation allowance |  |  |
| Deferred tax liabilities | (187000) | (15000) |
| Deferred taxes, net | $(173000) | $4000 |

---

Deferred tax assets stem from net operating loss carryforwards and grant revenue currently taxable that has been deferred from recognition as revenue in the financial statements. At December 31, 2025 the Cooperative no longer had any net operating loss carryforwards available. Deferred tax liabilities stem from different depreciation methods for financial statement and income tax purposes.

The provision for income taxes consists of the following:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Current federal income tax expense | $(43629) | $- |
| Current state income tax expense | (22649) | (800) |
| Deferred tax expense | (177000) | (14000) |
| Provision for income taxes | $(243278) | $(14800) |

---

NOTE 7 – CONTINGENCY

In April 2020, the Cooperative applied for a Paycheck Protection Program (PPP) loan as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) implemented by the United States Small Business Administration (SBA) to help cover payroll costs, rent, and utilities during the COVID-19 outbreak. The Cooperative received a loan from this program in the amount of $14,027. The Cooperative received complete loan forgiveness in 2021.

The Cooperative must retain PPP documentation in its files for six years after the date the loan is forgiven or repaid in full and permit authorized representatives of SBA to access such files upon request. SBA may review any loan at any time at its discretion. Therefore, SBA may review the Cooperative's good-faith certification concerning the necessity of its loan request, whether the Cooperative calculated the loan amount correctly, whether the Cooperative used loan proceeds for the allowable uses specified in the CARES Act, and whether the Cooperative is entitled to loan forgiveness in the amount claimed on its application. If SBA determines the Cooperative was ineligible for the loan or for forgiveness in whole or in part, SBA will seek repayment of the award.

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| NOTES TO FINANCIAL STATEMENTS |
| December 31, 2025 and 2024 (Restated) |

---

NOTE 8 – CONCENTRATION OF CREDIT RISK

The Cooperative maintains cash balances at two financial institutions located in Oakland. The accounts at these institutions are insured by the National Credit Union Administration up to $250,000. At December 31, 2025 and 2024, the Cooperative's uninsured cash balances totaled approximately $4,329,000 and $336,000, respectively.

NOTE 9 – OPERATING LEASES

The Cooperative leases office space under a month-to-month arrangement requiring monthly payments of $600. The Cooperative also leases parking lot space on a lease that runs through May 2027 and requires total payments of $9,000. Total lease expense for 2024 and 2023 was $15,900 and $6,600.

NOTE 10 – PRIOR PERIOD ADJUSTMENTS

Certain errors of previously reported account balances were discovered during the current year. Accordingly, the following adjustments were made to amounts previously reported balances as of and for the year ended December 31, 2024.

The summary of changes is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 2024<br>Previously<br>reported |<br>Change | 2024<br>Restated<br>Total |
| **LIABILITIES** |  |  |  |
| Deferred revenue | $1187500 | $527500 | $1715000 |
| Notes payable, net of discounts and unamortized loan costs | 3717300 | (1688620) | 2028680 |
| Total adjustments to liabilities |  | (1161120) |  |
| **OWNERS' EQUITY** |  |  |  |
| Retained earnings | (14920) | 1161120 | 1146200 |
| Total adjustments to owners' equity |  | 1161120 |  |
| **STATEMENT OF INCOME** |  |  |  |
| Grant income | 2350053 | 184610 | 2534663 |
| Interest income | 163073 | (129428) | 33645 |
| Interest expense | 137598 | (6101) | 131497 |
| Total adjustments to statement of income |  | 49081 |  |

---

[**Table of Contents**](#fintoc)

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| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATING BALANCE SHEET |
| December 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Orbit | |
| **ASSETS** | EB PREC | Properties, LLC | Total |
| CURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $4580663 | $46508 | $4627171 |
| &nbsp;&nbsp;&nbsp;Certificate of deposit | 3227587 |  | 3227587 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 3278 | - | 3278 |
| &nbsp;&nbsp;&nbsp;Total current assets | 7811528 | 46508 | 7858036 |
| NONCURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 4508371 | 2034458 | 6542829 |
| &nbsp;&nbsp;&nbsp;Note receivable | 185010 |  | 185010 |
| &nbsp;&nbsp;&nbsp;Security deposit | 20000 | - | 20000 |
| **Total assets** | $12524909 | $2080966 | $14605875 |
| **LIABILITIES AND OWNERS' EQUITY** |  |  |  |
| CURRENT LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $72662 | $- | $72662 |
| &nbsp;&nbsp;&nbsp;Accrued payroll and expenses | 82431 |  | 82431 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 63558 |  | 63558 |
| &nbsp;&nbsp;&nbsp;Security deposits | 17286 |  | 17286 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 63268 | 497500 | 560768 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 10292 |  | 10292 |
| &nbsp;&nbsp;&nbsp;Due to general fund | (116414) | 116414 | - |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 193083 | 613914 | 806997 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of discounts and unamortized loan costs | 3812669 | 885138 | 4697807 |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net | 173000 | - | 173000 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4178752 | 1499052 | 5677804 |
| OWNERS' EQUITY |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor owner shares | 5779228 |  | 5779228 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 1350000 |  | 1350000 |
| &nbsp;&nbsp;&nbsp;Retained patronage dividends | 11028 |  | 11028 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 1205901 | 581914 | 1787815 |
| &nbsp;&nbsp;&nbsp;Total owners' equity | 8346157 | 581914 | 8928071 |
| **Total liabilities and owners' equity** | $12524909 | $2080966 | $14605875 |

---

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| CONSOLIDATING SCHEDULE OF INCOME |
| Year Ended December 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>EB PREC | Orbit<br>Properties, LLC |<br>Total |
| REVENUE |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $242335 | $- | $242335 |
| &nbsp;&nbsp;&nbsp;Membership dues | 12325 |  | 12325 |
| &nbsp;&nbsp;&nbsp;Consulting income | 95197 |  | 95197 |
| &nbsp;&nbsp;&nbsp;Grant income | 2552976 | 30000 | 2582976 |
| &nbsp;&nbsp;&nbsp;Donation income | 8893 | - | 8893 |
| &nbsp;&nbsp;&nbsp;Total revenue | 2911726 | 30000 | 2941726 |
| OPERATING EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and wages | 1182362 |  | 1182362 |
| &nbsp;&nbsp;&nbsp;Taxes and licenses | 67292 | 71666 | 138958 |
| &nbsp;&nbsp;&nbsp;Professional services | 62027 | 64730 | 126757 |
| &nbsp;&nbsp;&nbsp;Occupancy | 100109 | 21339 | 121448 |
| &nbsp;&nbsp;&nbsp;Depreciation | 84504 | 36083 | 120587 |
| &nbsp;&nbsp;&nbsp;Supplies | 78769 | 1531 | 80300 |
| &nbsp;&nbsp;&nbsp;Marketing and promotions | 56366 | 90 | 56456 |
| &nbsp;&nbsp;&nbsp;Insurance | 37265 | 16369 | 53634 |
| &nbsp;&nbsp;&nbsp;Event and conferences | 36762 |  | 36762 |
| &nbsp;&nbsp;&nbsp;Contractors | 25047 |  | 25047 |
| &nbsp;&nbsp;&nbsp;Bad debts | 3394 |  | 3394 |
| &nbsp;&nbsp;&nbsp;Credit losses | 2899 | - | 2899 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1736796 | 211808 | 1948604 |
| Net income (loss) from operations | 1174930 | (181808) | 993122 |
| OTHER INCOME (EXPENSES) |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 131849 | 6094 | 137943 |
| &nbsp;&nbsp;&nbsp;Other income | 3079 |  | 3079 |
| &nbsp;&nbsp;&nbsp;Interest expense | (151899) | (54979) | (206878) |
| &nbsp;&nbsp;&nbsp;Miscellaneous | (10258) | - | (10258) |
| &nbsp;&nbsp;&nbsp;Total other income (expenses) | (27229) | (48885) | (76114) |
| Net income (loss) before income taxes | 1147701 | (230693) | 917008 |
| Provision for income taxes | (243278) | - | (243278) |
| **Net income (loss)** | $904423 | $(230693) | $673730 |

---

[**Table of Contents**](#fintoc)

---

| |
|:---|
| **EAST BAY PERMANENT REAL ESTATE COOPERATIVE, INC.** |
| SCHEDULES RELATED TO PIPPIN STREET PROPERTY |
| Year Ended December 31, 2025 |

---

In October 2023 the Cooperative purchased a property on Pippin Street in Oakland. The balance sheets pertaining to this property at December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **ASSETS** |  |  |
| Property and equipment, net | $2043498 | $2039416 |
| Total assets | $2043498 | $2039416 |
| **LIABILITIES AND OWNERS' EQUITY** |  |  |
| Security deposits | $8825 | $11400 |
| Due to general fund | 85185 | 102224 |
| Total liabilities | 94010 | 113624 |
| **OWNERS' EQUITY** |  |  |
| Retained earnings | 1949488 | 1925792 |
| Total liabilities and owners' equity | $2043498 | $2039416 |

---

The statements of income pertaining to this property for 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| REVENUE |  |  |
| Rental income | $168127 | $209216 |
| OPERATING EXPENSES |  |  |
| Taxes and licenses | 30459 | 70601 |
| Professional services | 1647 |  |
| Occupancy | 53064 | 103820 |
| Depreciation | 37493 | 36574 |
| Supplies | 9987 | 15084 |
| Insurance | 12676 | 29597 |
| Event and conferences |  | 208 |
| Contractors |  | 160 |
| Bad debts | 1522 | 31388 |
| Total operating expenses | 146848 | 287432 |
| Net income (loss) from operations | 21279 | (78216) |
| Other income | 2417 | 54 |
| Miscellaneous expenses | - | (1146) |
| **Net income (loss)** | $23696 | $(79308) |

---

[**Table of Contents**](#fintoc)

PART III - EXHIBITS

**Index to Exhibits.**

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| 2.a\* | [Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1812526/000121465920007607/ex1a_2a.htm) (incorporated by reference to Exhibit 2.a to the Company's Offering Statement on Form 1-A/A filed September 2, 2020) |
| 2.b\* | [Bylaws](https://www.sec.gov/Archives/edgar/data/1812526/000121465924012912/ex1u-2b.htm) (incorporated by reference to Exhibit 2.b to the Company's Current Report on Form 1-U filed July 24, 2024) |
| 3.a\* | [Previously Used Investor Owner Agreement](https://www.sec.gov/Archives/edgar/data/1812526/000121465920007607/ex1a-3.htm) (incorporated by reference to Exhibit 3 to the Company's Offering Statement on Form 1-A/A filed September 2, 2020) |
| 3.b\* | [Previously Used Investor Owner Agreement](https://www.sec.gov/Archives/edgar/data/1812526/000121465920007607/ex1a-4.htm) (incorporated by reference to Exhibit 4 to the Company's Offering Statement on Form 1-A/A filed September 2, 2020) |
| 3.c\* | [EB PREC Investor Owner Redemption Policy](https://www.sec.gov/Archives/edgar/data/1812526/000121465924007524/ex1u-3b.htm) (incorporated by reference to Exhibit 3.b to the Company's Current Report on Form 1-U filed April 25, 2024) |
| 4\* | [Investor Owner Agreement](https://www.sec.gov/Archives/edgar/data/1812526/000121465920007607/ex1a-4.htm) (incorporated by reference to Exhibit 4 to the Company's Offering Statement on Form 1-A/A filed September 2, 2020) |
| 6.a\* | [2025 General Fiscal Sponsorship Agreement between the Law Center and EB PREC](https://www.sec.gov/Archives/edgar/data/1812526/000121465925006489/ex1k-6h.htm) (incorporated by reference to Exhibit 6.h to the Company's 2024 Annual Report on Form 1-K filed on April 28, 2026) |
| 6.b\* | [Development Agreement #6 between the Law Center and EB PREC](https://www.sec.gov/Archives/edgar/data/1812526/000121465925006489/ex1k-6i.htm) (incorporated by reference to Exhibit 6.i to the Company's 2024 Annual Report on Form 1-K filed on April 28, 2026) |
| 6.c \*\* | [Lease with Option to Purchase 1728 7th st.](ex1k-6c.htm) |

---

\* Filed previously

\*\* Filed concurrently herewith

SIGNATURES

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

East Bay Permanent Real Estate Cooperative, Inc.

By

/s/ Noni Session

Noni Session

Executive Director

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Signature: | /s/ Noni Session |
| Name: | Noni Session |
| Title: | Executive Director, Principal Executive Officer |
| Date: | 4/29/2026 |
| Signature: | /s/ Shira Shaham |
| Name: | Shira Shaham |
| Title: | Board Secretary & New Projects Director |
| Date: | 4/29/2026 |
| Signature: | /s/ Ojan Mobedshahi |
| Name: | Ojan Mobedshahi |
| Title: | Principal Financial Officer, & Principal Accounting Officer |
| Date: | 4/29/2026 |
| Signature: | /s/ Annie Ledbury |
| Name: | Annie Ledbury |
| Title: | Board Treasurer (Financial Director) |
| Date: | 4/29/2026 |
| Signature: | /s/ Rakita O'Neal |
| Name: | Rakita O'Neal |
| Title: | Board President (Governance Director) |
| Date: | 4/29/2026 |
| Signature: | /s/ Kyndelle Johnson |
| Name: | Kyndelle Johnson |
| Title: | Board Member |
| Date: | 4/29/2026 |

---

## Ex1K-6

**Exhibit 1K-6.c**

**COMMERCIAL LEASE AND DEPOSIT RECEIPT**

RECEIVED FROM East Bay Permanent Real Estate Cooperative, Inc.

hereinafter referred to as LESSEE or TENANT,

the sum of $29,000.00,

evidenced by cashier's check or wire transfer

as a deposit which shall belong to Alan Wofsy & Associates, a California corporation, and Myrtle Street Flats, LLC, a California limited liability company, hereinafter referred to as LESSOR and shall be applied as follows:

---

| | | |
|:---|:---|:---|
|  | Amount | Balance due |
| Rent for the period 11/15/2025-12/31/2025 | $9000.00 | $11/24/2025 |
| Security deposit | $20000.0 | $11/24/2025 |
| TOTAL | $29000.00 | $11/24/2025 |

---

In the event this Lease is not accepted by the Lessor **within** 2 **days,** the total deposit received will be refunded.

Lessee offers to lease from Lessor the premises situated in the City of Oakland, County of Alameda, State of California described as .61+- unimproved acres at 1728 7<sup>th</sup> Street, Oakland, CA 94607 (APN's 006 0019 027 02; 006 0019 028 02; 006 0019 008 00; 006 0019 010 01)

(*The 7th, Wood and Goss Properties*) upon the following terms and conditions

**1. TERM:** The term will commence on Nov. 15, 2025 and end on May 31, 2027, unless renewed as provided in Section 33 below.

2. RENT: The total rent for the initial Term will be $117,000.00, payable as follows: Payment of $9,000.00 from Nov. 15, 2025 to Dec. 31, 2025; Payment or $6,000.00 per month from Jan. 1, 2026 to May 31 , 2026; Payment of $6,500.00 per month from June 1, 2026 to Nov. 30, 2026; Payment of $7,000.00 per month from Dec. 1, 2026 to May 31, 2027; Monthly rent shall be due on the first of each month after the first payment.

All rents will be paid to Lessor or his/her authorized agent, at the following address: Sunrise Properties, PO Box 2210, San Francisco, CA, 94126. or at such other places as may be designated by Lessor from time to time by first class mail, US priority mail or by express mail, with waiver of signature. Payment by Zelle is preferred to sunrise.properties@jps.net. Payment can also be made by wire transfer as directed by Lessor. Tenant may not pay rent except as provided herein. If rent is paid by any other means, including any method that requires Lessor's signature as a condition for receiving the rent, then there will be a $50.00 charge to Tenant for each such instance.

In the event rent is not paid withi 5 days after due date, Lessee agrees to pay a late charge of $250 plus interest at 10% per annum on the delinquent amount. Lessee further agrees to pay $25 for each dishonored bank check.

The late charge period is not a grace period, and Lessor is entitled to make written demand for any rent if not paid when due.

**3. USE:** The premises are to be used for construction staging, parking, signage, and storage, for the development of the project at 1722-1724 7<sup>th</sup> St. which is on the same block as the subject property, as well as the operation of financial, legal, community, and physical feasibility studies for development of the subject property; and for insured and permitted community engagement and events, and for no other purpose, without the prior written consent of Lessor. Lessee will not commit any waste upon the premises, or any nuisance or any act, which may disturb the quiet enjoyment of any neighbors

The City also requires that businesses obtain a business license. Lessee with hold Lessor harmless from any land use disputes with private or public entities.

**4. USES PROHIBITED:** Lessee will not use any portion of the premises for purposes other than those specified. No use will be made or permitted to be made upon the premises, nor acts done, which will increase the existing rate of insurance upon the property, or cause cancellation of insurance policies covering the property. Lessee will not conduct or permit any sale by auction on the premises. Lessee will not make any physical changes to the property without the consent of Lessor.

**5. ASSIGNMENT AND SUBLETTING:** Lessee will not assign this Lease or sublet any portion of the premises without prior written consent of the Lessor, which will not be unreasonably withheld. Any such assignment or subletting without consent will be void and, at the option of the Lessor, will terminate this Lease. Notwithstanding the foregoing,

**6. ORDINANCES AND STATUTES:** Lessee will comply with all statutes, ordinances, and requirements of all municipal, state and federal authorities now in force, or which may later be in force, regarding the use of the premises. The commencement or pendency of any state or federal court abatement proceeding affecting the use of the premises will, at the option of the Lessor, is deemed a breach of this Lease.

**7. MAINTENANCE, REPAIRS, and ALTERATIONS:** Unless otherwise indicated, Lessee acknowledges that the premises are comprised of four parcels of unimproved real property. Where applicable, Lessee shall, at his/her own expense, maintain the premises in a good and safe condition, including plate glass, electrical wiring, plumbing and heating and air conditioning installations, and any other system or equipment. The premises will be surrendered, at termination of the Lease, in as good condition as received, normal wear and tear excepted. Where applicable, Lessee will be responsible for all repairs required.

Lessee will also maintain in good condition property adjacent to the premises, such as sidewalks, driveways, lawns, and shrubbery, which would otherwise be maintained by Lessor.

No improvement or alteration of the premises will be made without the prior written consent of the Lessor. Prior to the commencement of any substantial repair, improvement, or alteration, Lessee will give Lessor at least **two (2) days written notice** in order that Lessor may post appropriate notices to avoid any liability for liens.

**8. ENTRY AND INSPECTION:** Lessee will permit Lessor or Lessor's agents to enter the premises at reasonable times and upon reasonable notice for the purpose of inspecting the premises, and will permit Lessor, at any time **within sixty (60) days** prior to the expiration of this Lease, to place upon the premises any usual "For Lease" signs, and permit persons desiring to lease the premises to inspect the premises at reasonable times.

**9. INDEMNIFICATION OF LESSOR:** Lessor will not be liable for any damage or injury to Lessee, or any other person, or to any property, occurring on the premises during the Term of the Lease. Lessee agrees to hold Lessor harmless from any claims for damages arising out of Lessee's use of the premises, and to indemnify Lessor for any expense incurred by Lessor in defending any such claims.

**10. POSSESSION:** If Lessor is unable to deliver possession of the premises at the commencement date set forth above, Lessor will not be liable for any damage caused by the delay, nor will this Lease be void or voidable, but Lessee will not be liable for any rent until possession is delivered. Lessee may terminate this Lease if possession is not delivered **within 2 days** of the commencement term in Paragraph 1.

**11. LESSEE'S INSURANCE:** Lessee, at his/her expense, will maintain public liability, and property damage insurance insuring Lessee and Lessor with minimum coverage as follows: $2 million per occurrence. Lessee will provide Lessor with a certificate of insurance for the proposed uses naming Lessor as additional insured prior to occupying the property.

The policy will require **ten (10) day's written notice to Lessor prior to cancellation or material change of coverage.**

**12. LESSOR'S INSURANCE:** Lessor will maintain liability insurance throughout the Lease term. Lessor's insurance will not insure Lessee's personal property, leasehold improvements, or trade fixtures.

**13. SUBROGATION:** To the maximum extent permitted by insurance policies which may be owned by the parties, Lessor and Lessee waive any and all rights of subrogation which might otherwise exist.

**14. UTILITIES:** Lessee agrees that he/she will be responsible for the payment of all utilities, including water, gas, electricity, heat and other services delivered to the premises. Failure to pay applicable utility bills after notice and failure to cure is a default of Lessee's obligations under the terms of this Lease. There are no on-site utilities as of Nov. 10, 2025.

**15. SIGNS:** Lessee will not place, maintain, nor permit any sign on the premises without the express written consent of Lessor, which will not be unreasonably withheld.

**16. ABANDONMENT OF PREMISES:** Lessee shall not be required to occupy the premises at any time during the Term of this Lease. However, if Lessee is dispossessed of the premises by process of law, or otherwise, any personal property belonging to Lessee left on the premises will be deemed to be abandoned, at the option of Lessor. Any abandonment will terminate Lessee's option to purchase the property.

**17. CONDEMNATION:** If any part of the premises is condemned for public use, and a part remains which is susceptible of occupation by Lessee, this Lease will, as to the part taken, terminate as of the date the condemnor acquires possession. Lessee will be required to pay such proportion of the rent for the remaining term as the value of the premises remaining bears to the total value of the premises at the date of condemnation; provided, however, that Lessor may at his/her option, terminate this Lease as of the date the condemnor acquires possession. In the event that the premises are condemned in whole, or the remainder is not susceptible for use by the Lessee, this Lease will terminate upon the date which the condemnor acquires possession. All sums which may be payable on account of any condemnation will belong solely to the Lessor; except that Lessee will be entitled to retain any amount awarded to him/her for his/her trade fixtures or moving expenses.

**18. TRADE FIXTURES:** Any and all improvements made to the premises during the term will belong to the Lessor, except trade fixtures of the Lessee. Lessee may, upon termination, remove all his/her trade fixtures, but will pay for all costs necessary to repair any damage to the premise occasioned by the removal.

**19. DESTRUCTION OF PREMISES:** In the event of a partial destruction of the premises during the term, from any cause, Lessor will promptly repair the premises, provided that such repairs can be reasonably made **within sixty (60) days**. Such partial destruction will not terminate this Lease, except that Lessee will be entitled to a proportionate reduction of rent while such repairs are being made, based upon the extent to which the making of such repairs interferes with the business of Lessee on the premises. If the repairs cannot be made **within sixty (60) days,** this Lease may be terminated at the option of either party by giving written notice to the other party within the sixty (60) day period.

**20. HAZARDOUS MATERIALS:** Lessee will not use, store, or dispose of any hazardous substances upon the premises, except the use and storage of such substances that are customarily used in Lessee's business, and are in compliance with all environmental laws. A hazardous substance means any hazardous waste, substance, or toxic materials regulated under any environmental laws or regulations applicable to the property. Lessee will be responsible for the cost of removal of any toxic contamination caused by Lessee's use of the premises.

Lessee has received a copy of the PHASE I AND PHASE II ENVIRONMENTAL SITE ASSESSMENT by Enviro Assessment P.C. Project Numbers 2014-08-002 dated September 9, 2014. Lessee agrees to hold Lessor harmless from any future environmental mitigation requirements or projects or costs which Lessee or its successor in interest may incur in site preparation or operations.

Notwithstanding any other provision in this Lease, the parties agree that Lessee's mere investigation of the Premises, including but not limited to conducting a Ground Penetrating Radar test, Phase I, or Phase II Environmental Site Assessment, and the resulting discovery of any pre-existing environmental condition or hazardous material not caused by the Lessee, shall not in of itself obligate the Lessee to hold lessor harmless for any subsequent environmental mitigation requirements or projects or costs incurred due to pre-existing environmental condition or hazardous material.

**However, should Lessee/Optionee not hold Lessor/Optionor harmless from any costs for environmental remediation, then Lessee's option to purchase the property will terminate and Lessee will not be able to exercise the option to purchase. All other terms of this lease shall remain in force.** Furthermore, should Lessee or Lessee's successor in interest purchase the property, the said parties agree as a condition of the sale that Lessee/Optionee/Successor-in-interest will indemnify and hold harmless Lessor/Optionor/Owner from any environmental mitigation or other development costs.

**21. INSOLVENCY:** The appointment of a receiver, an assignment for the benefit of creditors, or the filing of a petition in bankruptcy by or against Lessee, will constitute a breach of this Lease by Lessee and terminate Lessee's option to purchase the property.

**22. DEFAULT:** In the event of any breach of this Lease by Lessee, Lessor may, at his option, terminate the Lease and recover from Lessee:

(a) the worth at the time of award of the unpaid rent which had been earned at the time of termination;

(b) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of the award exceeds the amount of such rental loss that the Lessee proves could have been reasonably avoided;

(c) the worth at time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that the Lessee proves could be reasonably avoided; and (d) any other amount necessary to compensate Lessor for all the detriment proximately caused by the Lessee's failure to perform his/her obligations under the Lease or which in the ordinary course of things would be likely to result therefrom.

Lessor may, in the alternative, continue this Lease in effect, as long as Lessor does not terminate Lessee's right to possession, and Lessor may enforce all of Lessor's rights and remedies under the lease, including the right to recover the rent as it becomes due under the Lease. If said breach of Lease continues, Lessor may, at any time thereafter, elect to terminate the Lease.

(d) Notice of Default and Opportunity to Cure (Except for Rent): Notwithstanding the foregoing, Lessor shall not exercise any remedy for default unless and until Lessor has given Lessee written or email notice specifying the nature of the breach. Except for the failure to pay rent or utility bills after notice as provided in Section 14, the Lessee shall have five (5) days from receipt of such notice to cure the specified breach. If the breach is of a nature that cannot reasonably be cured within five (5) days, the Lessee shall not be in default if the Lessee commences the cure within the five (5) day period and thereafter diligently pursues the cure to completion."

(e) In the event any default is not promptly cured, Lessor may terminate the lease and Lessee's option to purchase. These provisions will not limit any other rights or remedies which the Lessor may have.

**23. SECURITY:** The security deposit will secure the performance of the Lessee's obligations. Lessor may, but will not be obligated to, apply all or portions of the deposit on account of the Lessee's obligations. Any balance remaining upon termination will be returned to Lessee. Lessee will not have the right to apply the security deposit in payment of the last month's rent.

**24. DEPOSIT REFUNDS:** The balance of all deposits will be refunded within three weeks (or as otherwise required by law), from date possession is delivered to Lessor or his/her authorized agent, together with a statement showing any charges made against the deposits by Lessor.

**25. ATTORNEY FEES:** In any action or proceeding involving a dispute between Lessor and Lessee arising out of this lease, the prevailing party will be entitled to reasonable attorney fees.

**26 WAIVER:** No failure of Lessor to enforce any term of this lease will be deemed to be a waiver.

**27. NOTICES:** Any notice which either party may or is required to give, will be given by mailing the notice, postage prepaid and by email:

To Lessee:

East Bay Permanent Real Estate Cooperative

at email addresses: ojan@ebprec.org and info@ebprec.org

Fax addresses: n/a

Physical addresses: 1428 Franklin St, Oakland CA 94612

To Lessor :

at e-mail sunrise.properties@jps.net and editeur@earthlink.net.

Fax: 415-292-6594 and 510.251.1840

Physical address: 401 Terry Francois St. Suite 202, San Francisco, CA 94158

Notice will be effective five days after mailing, or on personal delivery, or when receipt is acknowledged in writing. or by USPS or courier tracking confirmation. or one day following a fax or email confirmation.

**28. HOLDING OVER:** Any holding over after the expiration of this Lease, with the consent of Lessor, will be a month-to-month tenancy at a monthly rent of $8,000.00, payable in advance and otherwise subject to the terms of this Lease, as applicable, until either party will terminate the tenancy by giving the other party **thirty (30) days written notice.**

**29. TIME:** Time is of the essence of this Lease.

**30. HEIRS, ASSIGNS, and SUCCESSORS:** This Lease is binding upon and inures to the benefit of the heirs, assigns, and successors of the parties.

**31.** **EXISTING LICENSE AGREEMENT FOR TRAILER STORAGE:** There is an existing license agreement with Abril Alcatentii for the storage of one trailer. Lessor will ask the licensee to remove the trailer by the end of 2025. If he does not, Lessee may have it towed at Licensee's expense.

**32. Existing Service Contract :** There is an existing verbal service contract with Nelson Quintanilla Landscaping for once a month weed and trash removal. This contract will terminate if Lessee does not want to pay the contractor.

**33. OPTION TO RENEW AND PURCHASE:** (a) Lessee shall have two (2) successive options to renew this Lease, for periods of three (3) months each with thirty days advance written notice to Landlord. Rent shall increase upon exercise of first option to $8,000 per month (June 1-Aug. 31, 2027) Rent shall increase upon exercise of second option to $8,500 per month (Sept. 1-Nov. 30, 2027). Lessee must notify Lessor 30 days' in advance of Lessee's intention to renew the lease.

(b) Provided Lessee has complied with the terms of this Lease and made timely rental payments, Lessee shall have the right to purchase the property during the initial Term of the Lease or any extensions under this Paragraph in accordance with Exhibit B.

**34. AMERICANS WITH DISABILITIES ACT:** The parties are alerted to the existence of the Americans with Disabilities Act, which may require costly structural modifications. The parties are advised to consult with a professional familiar with the requirements of the Act.

**35. LESSOR'S LIABILITY:** Subject to subsection (i) of Exhibit B, in the event of a transfer of Lessor's title or interest to the property during the term of this Lease, Lessee agrees that the grantee of such title or interest will be substituted as the Lessor under this Lease, and the original Lessor will be released of all further liability; provided, that all deposits will be transferred to the grantee.

36. ESTOPPEL CERTIFICATE:

(a) On **ten (10) days' prior written notice** from Lessor, Lessee will execute, acknowledge, and deliver to Lessor a statement in writing:

[1] certifying that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect), the amount of any security deposit, and the date to which the rent and other charges

are paid in advance, if any; and

[2] acknowledging that there are not, to Lessee's knowledge, any uncured defaults on the part of Lessor, or specifying such defaults if any are claimed. Any such statement may be conclusively relied upon by any prospective buyer or encumbrancer of the premises.

(b) At Lessor's option, Lessee's failure to deliver such statement within such time will be a material breach of this Lease or will be conclusive upon Lessee:

[1] that this Lease is in full force and effect, without modification except as may be represented by Lessor; [2] that there are no uncured defaults in Lessor's performance; and [3] that not more than one month's rent has been paid in advance.

(c) If Lessor desires to finance, refinance, or sell the premises, or any part thereof, Lessee agrees to deliver to any lender or buyer designated by Lessor such financial statements of Lessee as may be reasonably required by such lender or buyer. All financial statements will be received by the Lessor or the lender or buyer in confidence and will be used only for the purposes set forth.

**37. ENTIRE AGREEMENT:** The foregoing constitutes the entire agreement between the parties and may be modified only in writing signed by all parties. The following exhibits are a part of this Lease:

Exhibit A: Legal Description

Exhibit B: Option to Purchase

Exhibit C: Joint Escrow Instructions

The undersigned Lessee acknowledges that he/she has thoroughly read and approved each of the provisions contained in this Lease, and agrees to the terms and conditions specified.

Lessee

---

| | |
|:---|:---|
| By /s/ Noni Session | Date 11/25/25 |

---

Executive Director, Noni Session

East Bay Permanent Real Estate Cooperative

Accepted and agreed by Lessor:

Lessor

Alan Wofsy & Associates

---

| | |
|:---|:---|
| By /s/ Alan Wofsy | Date 11/25/25 |

---

Alan Wofsy, President

Myrtle Street Flats, LLC

---

| | |
|:---|:---|
| By /s/ Alan Wofsy | Date 11/25/25 |

---

Alan Wofsy, Principal

**Exhibit B**

**Option to Purchase under Lease**

*The 7th, Wood and Goss Properties*

In addition to all other rights and obligations that Lessee has under that certain Commercial Lease and Deposit Receipt between East Bay Permanent Real Estate Cooperative. Inc. as Lessee ("Optionee") and Alan Wofsy & Associates and Myrtle Street Flats, LLC as Lessor ("Optionor" or "Seller"), effective November 15, 2025 ("Lease"), Lessor/Optionor grants Lessee an exclusive option ("Option") to purchase the Leased Premises for the sum of *$1,900,000.00 to $2,100,00.00* ("Purchase Price") on the following terms and conditions:

**(a) Option Consideration:** As consideration for the Option, Lessee/Optionee shall make all payments of Monthly Rent required under this Lease and agrees to hold Lessor/Optionor harmless from any development costs, including but not limited to environmental clean-up or mitigation costs, which may be required to develop the four parcels constituting the subject leased premises.

**(b) Payment of Purchase Price:** The Purchase Price shall be payable as follows:

(i) The Purchase price shall be *$1,900,000.00 if closing takes place by May 15, 2026; $1,950,000.00 if closing takes place by Nov. 15, 2026; $2,000,00.00 if closing takes place by May 30, 2027.*

(ii) In the event Lessee extends the lease in accordance with Paragraph 33(a) in the Lease, the Purchase price shall be *$2,050,000.00 if closing takes place by Aug. 31, 2027 and $2,100,000.00 if closing takes place by Nov. 30, 2027.*

 

(iii) The amount of *$100,000.00* shall be deposited in the Escrow Account (defined below) concurrent with the delivery of the Exercise Notice (defined below) to be applied against the Purchase Price on the close of the purchase of the Leased Premises.

(iv) The balance of the Purchase Price ($1,800,000.00 or $1,850,000.00 or $1,900,000.00 or $1,950,000.00 or $2,050,000.00) shall be due on the close of the purchase of the Leased Premises and paid by cashier's check or by federal wire transfer within 30 days of the Exercise Notice.

**(c) Term of Option:** This Option may be exercised at any time during the Term of the Lease, including *any extensions of the initial Lease Term under Section 33 of the Lease* ("Option Term"). Upon expiration of the Option Term, Lessor/Optionor shall be released from all obligations under this Option, and all Lessee's rights under this Option, legal or equitable, shall cease.

**(d) Transferability of Option:** This Option may be assigned at Lessee's discretion, provided the assignment is made concurrently with the Exercise of the Option to purchase or subsequent to the exercise of the option pursuant to paragraph (e).

**(e) Exercise of Option:** The Option shall be exercised by written notice ("Exercise Notice") to Lessor/Optionor prior to the end of the Option Term and by deposit to the Escrow Account, prior to the end of the Option Term, on account of the Purchase Price, in the amount of *$100,000.00* per section b (i) above. It is a condition to the effectiveness of the Exercise of the Option that Lessee not then be in default under the Lease. If Lessee is in default under this Lease at the time Lessee gives the Exercise Notice, the Exercise Notice would then be null and void.

**(f) Notices:** The Exercise Notice, shall be sent by overnight carrier to Lessor/Optionor at 401 Terry Francisco, St., Suite 202, San Francisco, CA 94158; and/or by fax to 510-251-1840 and 415-292-6594 and/or by e-mail to sunrise.properties@jps.net and editeur@earthlink.net, and shall be deemed effective upon delivery, as evidenced by carrier tracking, fax or email confirmation or when receipt is acknowledged in writing.

**(g) Lessor/Optionor's Covenants, Representations, and Warranties:** Lessor/Optionor warrants that Lessor/Optionor is the owner of the Leased Premises and has marketable and insurable fee simple title to the Leased Premises free of restrictions, leases, liens, and other encumbrances, other than those of record. If this Option is exercised by Lessee, Lessor/Optionor will convey title to the Leased Premises to Lessee or his assignee by grant deed. Lessor/Optionor covenants that during the Option Term and until the Leased Premises are conveyed to Lessee (assuming this Option is exercised) Lessor/Optionor will not encumber the Leased Premises in any way nor grant any property or contract right relating to the Leased Premises without the prior written consent of Lessee.

**(h) Lessee/Optionee's Covenants, Representations, and Warranties:** Lessee recognizes that any new construction will involve securing permits, utilities and environmental clearances.

Lessee/Optionee has received a copy of PHASE II ENVIRONMENTAL SITE ASSESSMENT by Enviro Assessment P.C. Project Numbers 2014-08-002 dated September 9, 2014. Lessee has indicated that it will undertake additional environmental testing which may lead to requirements by lenders and public entities for environmental mitigation measures, which can be costly. As a condition of this option to purchase, Lessee agrees to hold Lessor/Optionor harmless from any future development or environmental mitigation requirements or projects or costs which Lessee/Optionee or its successor in interest may incur in the development of the site(s).

**(i) Quitclaim Deed**: Concurrent with the execution of the Lease, Lessee has executed, acknowledged, and delivered to Lessor/Optionor a quitclaim deed in favor of Lessor/Optionor. Lessor/Optionor will hold that quitclaim deed until the end of the Option Term and, if the Option has not been previously exercised, may record the quitclaim deed in the official records of *Alameda County.*

 

**(j) Escrow**: An escrow for the sale of the Leased Premises ("Escrow Account") shall be opened upon Exercise of the Option by delivery of a complete copy of the executed Lease, including Exhibit C ("Joint Escrow Instructions"), the deposit described in Section (b)(i), and such other documentation as the escrow agent may require. The escrow and title company will be Old Republic Title Co., 555 12<sup>th</sup> Street, Suite 2000, Oakland, CA 94607. Attn: Jennifer Hinkle, escrow officer. In the event the designated escrow office location is unavailable, the Escrow Account shall be established at the closest available Old Republic Title Co. office, and if the designated escrow officer is unavailable, another Old Republic Title Co. escrow officer may handle the Escrow Account. All closing costs shall be per County of Alameda custom; particularly; Optionee and Seller split escrow fees 50/50, Optionee pays 100% of title fees, Seller pays 100% of county transfer tax, and Optionee and Seller split 50/50 city transfer taxes.

At no cost to Lessee/Optionee, Lessee/Optionee will cooperate to with Lessor/Optionor in executing any documents relative to a tax deferred real estate exchange.

**(l) Brokerage:** Each party represents itself and there are no agents, brokers or commissions.

Lessee/Optionee

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| | |
|:---|:---|
| By /s/ Noni Session | Date 11/25/25 |

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Executive Director, Noni Session

East Bay Permanent Real Estate Cooperative

Lessor/Optionor

Alan Wofsy & Associates

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| | |
|:---|:---|
| By /s/ Alan Wofsy | Date 11/25/25 |

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Alan Wofsy, President

Myrtle Street Flats, LLC

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| | |
|:---|:---|
| By /s/ Alan Wofsy | Date 11/25/25 |

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Alan Wofsy, Principal

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001812526

**Issuer CCC:** XXXXXXXX

**Is filer a shell company?:** No

**Is this filing by a successor company?:** No

### Submission Contact Information

**Is this a LIVE or TEST Filing?:** LIVE

**Period:** 12-31-2025

### Item 1: Issuer Information (Tab 1 Notification)

**Type of Report:** Annual Report

**Fiscal Year End:** 12-31-2025

**Exact Name of Issuer:** East Bay Permanent Real Estate Cooperative

**CIK:** 0001812526

**Jurisdiction of Incorporation:** CA

**IRS Number:** 82-1240282

**Address:** 1726 7TH ST., OAKLAND, CA 94607

**Issuer Phone Number:** 650-743-6974

**Title of each class of securities issued pursuant to Regulation A:** Investor Owner Share

### Item 2: Ongoing Reporting Requirements

**Is the issuer relying on the relief provided by Rule 257(d) for this filing?** No