# EDGAR Filing Document

**Accession Number:** 0002056463
**File Stem:** 0001096906-26-000310
**Filing Date:** 2026-3
**Character Count:** 550144
**Document Hash:** 260f7a8b4429357abc13690dae760b9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-26-000310.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001096906-26-000310

**CONFORMED SUBMISSION TYPE**: 1-A POS

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hartley Opportunity Fund LLC
- **CENTRAL INDEX KEY:** 0002056463
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 332364939
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12576
- **FILM NUMBER:** 26753604

**BUSINESS ADDRESS:**
- **STREET 1:** 6501 N CEDAR RD
- **STREET 2:** BUILDING 4, SUITE C
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99208
- **BUSINESS PHONE:** 509-359-1034

**MAIL ADDRESS:**
- **STREET 1:** 6501 N CEDAR RD
- **STREET 2:** BUILDING 4, SUITE C
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99208

## Part

AN OFFERING CIRCULAR PURSUANT TO THE REQUIREMENTS OF REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH STATE. WE ELECT TO SATISFY OUR OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING INVESTORS A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF OUR SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.

**As filed with the Securities & Exchange Commission on March 13<sup>th</sup>, 2026**

**OFFERING CIRCULAR**

**FOR**

**THE HARTLEY OPPORTUNITY FUND, LLC, A DELAWARE LIMITED LIABILITY COMPANY**

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|:---|:---|
| &nbsp;&nbsp;**SECURITIES OFFERED:** | &nbsp;&nbsp;500,000 Share Class Units of Membership Interest |
| &nbsp;&nbsp;**MAXIMUM AMOUNT OFFERED:** | &nbsp;&nbsp;$50000000.00 |
| &nbsp;&nbsp;**MINIMUM INVESTMENT AMOUNT:** | &nbsp;&nbsp;$10000.00  |
| &nbsp;&nbsp;**CONTACT INFORMATION:** | &nbsp;&nbsp;6501 N Cedar St., Building 4, Suite C<br>Spokane, WA 99208<br>Email: invest@hartleyfunds.com<br>Phone: (509) 210-7188 |

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The Hartley Opportunity Fund, LLC (the "**Company**", "**we**", "**us**" or "**our**") is a Delaware limited liability company. The Company will be managed by The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company (the "**Manager**"). As further described in this Offering Circular (the "**Offering Circular**"), this is a blind pool offering ("**offering**" or "**Offering**").

The Company is offering by means of this Offering Circular share class units of limited liability company membership interests (each a "**Share Class Unit**" and collectively, the "**Share Class Units**") on a "best-efforts" and ongoing basis to investors who meet the Investor Suitability standards as set forth herein. (See "INVESTOR SUITABILITY" below.) Share Class Units will be offered and sold directly by the Company, the Manager and the Company's and Manager's respective officers and employees. No commissions for selling Share Class Units will be paid to the Company, the Manager or the Company's or Manager's respective officers or employees. While most Share Class Units are expected to be offered and sold directly by the Company, the Manager and their respective officers and employees, the Company or Manager may also, in limited instances, offer and sell Share Class Units through the services of independent

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broker/dealers who are member firms of the Financial Industry Regulatory Authority. The Company will be responsible for the payment of any commissions to independent broker/dealers who are member firms of the Financial Industry Regulatory Authority who are engaged by the Company in the sale of Share Class Units.

The minimum investment amount per investor (each an "**Investor**" and collectively, the "**Investors**") is Ten Thousand and No/100 Dollars ($10,000) for a total of one hundred (100) Share Class Units. Investors cannot purchase fractional Share Class Units. Investors whose purchase of Share Class Units is accepted shall be referred to herein individually as a "**Share Class Member**" or collectively as the "**Share Class Members**" and with the "**Class B Member**", Columbia Advisory Group, LLC, a Washington limited liability company, an affiliate of the Manager, each a "**Member**" and collectively, the "**Members**" of the Company).

The Share Class Units will not be listed for trading on a stock exchange or other trading market, and the Share Class Units are subject to certain transfer restrictions as detailed in Article 9 of our limited liability company operating agreement (the "**Operating Agreement**").

As further described in the Offering Circular, the Fund will strategically invest in multi-family assets and self-storage developments (each a "**Project**").

Investing in our Share Class Units is speculative and involves substantial risks. You should purchase these securities only if you can afford a complete loss of your investment. See "RISK FACTORS" to read about the more significant risks you should consider before buying our Share Class Units. These risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We depend on our Manager to select our investments and conduct our operations. We will pay fees and expenses to our Manager and its affiliates that are not determined on an arm's length basis, and therefore we will not have the benefit of arm's length negotiations of the type normally conducted between unrelated parties. These fees increase your risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·We have no operating history, and as of the date of this Offering Circular. Therefore, there is no assurance that we will achieve our investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Our Manager does not have an exclusive management arrangement with us. Our Manager or its principals may manage other companies that compete with us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·This offering is being made pursuant to recently adopted rules and regulations under Regulation A of the Securities Act of 1933, as amended. The legal and compliance requirements of these rules and regulations, including ongoing reporting requirements related thereto, are relatively untested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·If we raise substantially less than the maximum offering amount, we may not be able to acquire a diverse portfolio of investments and the value of your Share Class Units may vary more widely with the performance of specific assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·If we internalize our management functions, your interest in us could be diluted and we could incur other significant costs associated with being self-managed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Company will not make any periodic distributions of net cash flow. Rather all distributions will be made upon the sale of a Project. The lack of periodic distribution of net cash flow, may result in a Member having phantom income in which the Member has allocated income to it (and thus required to pay taxes on) without receiving any distributions to pay such tax obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Our Operating Agreement does not require our Manager to seek Member approval to liquidate our assets by a specified date. No public market currently exists for the Share Class Units. Because the Share Class Units will not be listed on an exchange and because they are subject to certain transfer restrictions, you may not sell your Share Class Units. If you are able to sell your Share Class Units, you may have to sell them at a substantial loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Real estate investments are subject to general downturns in the industry as well as downturns in specific geographic areas. Accordingly, we cannot guarantee that you will receive cash distributions or appreciation of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Our intended investments in real estate will be subject to risks relating to the volatility in the value of the underlying real estate, default on underlying income streams, fluctuations in interest rates, and other risks associated real estate investments generally. These investments are only suitable for sophisticated investors with a high-risk investment profile.

The Company is conducting a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering is continuous, active sales of Share Class Units may take place sporadically over the term of the Offering. The term of the Offering will commence within two calendar days after the qualification date of the Offering Circular of which this Offering Circular is a part and end no later than the second anniversary of the qualification date of the Offering Circular. The Company does not intend to conduct its business or any closings in such a manner that would cause the Offering to constitute a delayed offering.

Closings are conducted on a share-class-by-share-class basis and are tied to the property acquisition timeline for each share class. For each property share class, the Manager may conduct up to two closings prior to the applicable property purchase closing, generally approximately two weeks and one week before the property purchase date. After the property purchase closing has occurred, the Manager may conduct closings on a weekly basis at its discretion until the share class raise is fully subscribed. The Manager reserves discretion to conduct additional closings outside this schedule as circumstances require. Because the Company offers multiple share classes corresponding to different properties, multiple share classes may be in different closing phases simultaneously. We will make a decision to accept or reject an investor's subscription as soon as is reasonably possible, but in no event more than ten (10) calendar days after receipt of an investor's executed Subscription Agreement.

If no closing has occurred with respect to a share class, the offering of that share class will be terminated upon the earliest to occur of (i) the date on which the Manager determines that sufficient capital cannot be raised to acquire the applicable property; (ii) the termination or expiration of the applicable purchase and sale agreement for the property; or (iii) any date on which the Company elects to terminate the share class offering as a result of circumstances beyond its control.

If the Offering is terminated without a closing, including after we accept an investor's subscription, or if a prospective investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with a terminated Offering will be borne by our Manager.

The closing process involves the administrative burden of verifying the investor's subscription documents, confirming the valid transfer of funds, and conducting AML/KYC screening. After each closing, funds tendered by investors will be available to the Company and the Company will issue the interests to investors. An investor will become a Member of the Company, including for tax purposes, and the Interests will be issued, as of the date of settlement. Settlement will not occur until an investor's funds have cleared and the Company accepts the investor as a Member. Not all investors will receive their interests on the same date.

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No securities are being offered by existing security-holders.

At least every 12 months after this Offering has been qualified by the U.S. Securities and Exchange Commission ("**SEC**" or "**Commission**"), the Company will file a post-qualification amendment to include the Company's recent financial statements.

Each Offering is being conducted on a "best efforts" basis pursuant to Regulation A under Section 3(b) of the Securities Act of 1933, as amended, or the Securities Act, for Tier 2 offerings. The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with an escrow agent selected by the manager ("**Escrow Agent**"). See "PLAN OF DISTRIBUTION" and "DESCRIPTION OF SHARE CLASS UNITS AND SUMMARY OF OPERATING AGREEMENT" for additional information.

**The use of projections or forecasts in this offering is prohibited. No one is permitted to make any oral or written predictions about the cash benefits or tax consequences you will receive from your investment in our** Share Class Units.

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| | | |
|:---|:---|:---|
| **From the Sale of Share Class Units** | **Per Share Class Unit** | **Proceeds to Us** |
| Public Share Class Unit offering Price (1) | $100.00 | $50000000.00 |
| Commissions (2) | $3.00 | $1500000.00 |
| Proceeds to Us Before Expenses (3) | $97.00 | $33500000.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The price per Share Class Unit shown was arbitrarily determined by our Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Share Class Units will be offered and sold directly by the Company, the Manager and the Company's and Manager's respective officers and employees. No commissions for selling Share Class Units will be paid to the Company, the Manager or the Company's or Manager's respective officers or employees. While most Share Class Units are expected to be offered and sold directly by the Company, the Manager and their respective officers and employees, the Company or Manager has reserved the right to offer and sell Share Class Units through the services of independent broker/dealers who are member firms of the Financial Industry Regulatory Authority ("**FINRA**"). The Company has engaged Columbia Private Markets, LLC ("**CPM**"), an affiliate of the Manager and Class B Member, as a non-exclusive placement agent for this Offering. CPM will receive a placement fee equal to three percent (3%) of the gross proceeds from the sale of Share Class Units placed through its efforts. CPM is wholly owned by Columbia Advisory Group, LLC, which also serves as the Class B Member of the Company. CPM is not a managing broker-dealer. It is anticipated that the customary and standard commissions of a licensed broker-dealer may be up to three percent (3%) of the proceeds received for the sale of Share Class Units. Notwithstanding the foregoing, the amount and nature of commissions payable to broker/dealers is expected to vary in specific instances and may be lower than the one listed herein. The Investor who is admitted to the Company through such broker/dealer (and not the Company nor the Manager) will be responsible for all such commissions payable to broker/dealers (and such payments may reduce the Investor's invested capital).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)We will reimburse our Manager for organization, offering, accounting and legal costs in connection with this offering, including the organization and formation of each SPV (as defined below), which are expected to be approximately $100,000.

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**Generally, no sale may be made to you in this offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to** **www.investor.gov** **.**

This Offering Circular is following the Offering Circular format described in Part II (a)(1)(i) of Form 1-A.

The date of this Offering Circular is March 9, 2026.

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**IMPORTANT INFORMATION ABOUT THIS OFFERING CIRCULAR**

Please carefully read the information in this Offering Circular and any supplements to this Offering Circular, which we refer to collectively as the Offering Circular. You should rely only on the information contained in this Offering Circular. We have not authorized anyone to provide you with different information. This Offering Circular may only be used where it is legal to sell these securities. You should not assume that the information contained in this Offering Circular is accurate as of any date later than the date hereof or such other dates as are stated herein or as of the respective dates of any documents or other information incorporated herein by reference.

This Offering Circular is part of an offering statement that we filed with the SEC, using a continuous offering process. Periodically, as we make material investments or have other material developments, we will provide an Offering Circular supplement that may add, update or change information contained in this Offering Circular. Any statement that we make in this Offering Circular will be modified or superseded by any inconsistent statement made by us in a subsequent Offering Circular supplement. The offering statement we filed with the SEC includes exhibits that provide more detailed descriptions of the matters discussed in this Offering Circular. You should read this Offering Circular and the related exhibits filed with the SEC and the Offering Circular supplement, together with additional information contained in our annual reports, semi-annual reports and other reports and information statements that we will file periodically with the SEC. See the section entitled "ADDITIONAL INFORMATION" below for more details.

The offering statement and all supplements and reports that we have filed or will file in the future can be read at the SEC website, www.sec.gov, or on our website, [www.hartleyfunds.com]. The contents of our website (other this Offering Circular and the appendices and exhibits thereto) are not incorporated by reference in or otherwise a part of this Offering Circular.

Our Manager and those selling Share Class Units on our behalf in this offering will be permitted to decide that the purchasers of Share Class Units in this offering are "qualified purchasers" in reliance on the information and representations provided by the purchaser regarding the purchaser's financial situation. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to **www.investor.gov**.

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****TABLE OF CONTENTS**<sup>[<sup>1</sup>](#_ftnf1)</sup>**

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| | |
|:---|:---|
| [STATE LAW EXEMPTION AND PURCHASE RESTRICTIONS](#sle) | 8 |
| [STATEMENTS REGARDING FORWARD-LOOKING INFORMATION](#srf) | 8 |
| [OFFERING SUMMARY](#os) | 10 |
| [DILUTION](#dil) | 18 |
| [RISK FACTORS](#rf) | 18 |
| [PLAN OF DISTRIBUTION](#pd) | 44 |
| [ESTIMATED USE OF PROCEEDS](#eup) | 47 |
| [EXECUTIVE SUMMARY](#es) | 48 |
| [MANAGEMENT](#man) | 50 |
| [MANAGEMENT COMPENSATION](#mc) | 54 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION](#mda)[AND RESULTS OF OPERATIONS](#mda) | 56 |
| [CONFLICTS OF INTEREST](#ci) | 58 |
| [PRINCIPAL MEMBERS](#pm) | 61 |
| DESCRIPTION OF SHARE CLASS UNITS AND SUMMARY OF OPERATING AGREEMENT | 61 |
| [PRIOR PERFORMANCE HISTORY](#pph) | 66 |
| [LEGAL MATTERS](#lm) | 67 |
| [EXPERTS](#exp) | 67 |
| [INCOME TAX CONSIDERATIONS](#itc) | 67 |
| [PRIVACY POLICY](#pp) | 73 |
| [REPORTS](#rep) | 74 |
| [HOW TO SUBSCRIBE](#hs) | 75 |
| [ADDITIONAL INFORMATION](#ai) | 75 |

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<sup>[<sup>1</sup>](#_ftnb1)</sup> **Note to Draft**: To be finalized once Offering Circular is in final form.

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**STATE LAW EXEMPTION AND PURCHASE RESTRICTIONS**

Our Share Class Units will be offered and sold only to "qualified purchasers" (as defined in Regulation A). As a Tier 2 offering pursuant to Regulation A, this offering will be exempt from state law "Blue Sky" review, subject to meeting certain state filing requirements and complying with certain anti-fraud provisions, to the extent that our Share Class Units offered hereby are offered and sold only to "qualified purchasers" or at a time when our Share Class Units are listed on a national securities exchange. "**Qualified purchasers**" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1."accredited investors" under Rule 501(a) of Regulation D; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.(ii) all other investors so long as their investment in our Share Class Units does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons).

However, our Share Class Units will be offered and sold only to those investors that are within the latter category (i.e., investors whose investment in our Share Class Units does not represent more than 10% of the applicable amount), regardless of an investor's status as an "accredited investor". Accordingly, we reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

To determine whether a potential investor is an "accredited investor" for purposes of satisfying one of the tests in the "qualified purchaser" definition, the investor must be a natural person who has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details.

For purposes of determining whether a potential investor is a "qualified purchaser", annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated excluding the value of an investor's home, home furnishings and automobiles.

**STATEMENTS REGARDING FORWARD-LOOKING INFORMATION**

There are a number of statements in this Offering Circular which address activities, events, or developments which we expect or anticipate will or may occur in the future. These statements are based on certain assumptions and analyses we made in light of its perception of historical trends, current business and economic conditions, and expected future developments, as well as other factors we believe are reasonable or appropriate. There can be no assurance that the actual results or developments we anticipate will be realized or, even if substantially realized, that they will have the expected consequences to or effects on our business or operations. ANY ESTIMATES OF LIKELY CASH FLOW ARE JUST THAT – ESTIMATES. CASH FLOW, IF ACHIEVED, WILL BE ERRATIC.

Potential investors can identify forward-looking statements by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans,"

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"expects," "future," "intends," and similar expressions that are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties and other factors, some of which are beyond our control and are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In evaluating these forward-looking statements each investor should carefully consider the risks and uncertainties described in this Offering Circular.

Factors, many of which are beyond our control, which could have a material adverse effect on our operations and future prospects include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any of the risk factors identified above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our ability to effectively deploy the proceeds raised in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our ability to attract investors to purchase Share Class Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in economic conditions across the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·expected rates of return provided to investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the ability of our Manager to manage our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the quality and performance of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·legislative or regulatory changes impacting our business or our assets (including SEC guidance related to Regulation A or the JOBS Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our compliance with applicable local, state and federal laws, including the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), the Investment Company Act of 1940, as amended ("**Investment Company Act**") and other laws.

Any of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this Offering Circular. All forward-looking statements are made as of the date of this Offering Circular and the risk that actual results will differ materially from the expectations expressed in this Offering Circular will increase with the passage of time. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this Offering Circular, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Offering Circular, including, without limitation, the risks described under "Risk Factors," the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Offering Circular will be achieved.

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**OFFERING SUMMARY**

The following information is only a brief summary of, and is qualified in its entirety by, the detailed information appearing elsewhere in this Offering Circular. This Offering Circular, together with the exhibits attached including, but not limited to, the Certificate of Formation filed on November 18, 2024 (collectively, the "**Certificate**"), a copy of which are attached hereto as Exhibit 2.1 and the Company's Limited Liability Company Agreement ("**Operating Agreement**"), a copy of which is attached hereto as Exhibit 2.2, should be carefully read in its entirety before any investment decision is made. If there is a conflict between the terms contained in this Offering Circular and the Operating Agreement, the Operating Agreement shall prevail, and control and no Investor should rely on any reference herein to the Operating Agreement without consulting the actual underlying documents.

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| &nbsp;&nbsp;**Company and Its Business:** | &nbsp;&nbsp;The Hartley Opportunity Fund, LLC is a Delaware limited liability company. The Company is offering by means of this Offering Circular Share Class Units on a "best efforts" basis to qualified Investors who meet the Investor Suitability standards as set forth herein. <br> As further described in the Offering Circular, the Fund will strategically invest in multi-family assets and self-storage developments (each a "**Project**"). The Company will acquire indirectly through a wholly owned special purpose vehicle ("**SPV**").<br> Each SPV and its associated Project are designated as a separate share class within the Company (e.g., Share Class Monroe, Share Class Frederick, Share Class Waretown). Additional share classes may be created as new Projects are acquired. Capital contributed by investors is segregated by share class and allocated solely to the Project associated with that share class. The economic terms applicable to each share class, including management fees, preferred return, and distribution waterfall, are identical across all share classes.<br> In connection with formation of each SPV and the Company or SPV entering into a purchase and sale agreement for the acquisition of a Project by each SPV, the Company shall complete and distribute to prospective Members a Property and SPV Designation in such form as attached hereto as Exhibit 3.1 and thereafter distribute the same to prospective investors. <br> In connection with an investor completing its Subscription Agreement, the investor will select the Project or Project(s) into which investor desires to invest its funds. If the investor selects more than one Project, investor will also indicate the percentage of capital to be invested into each Project selected. |

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| &nbsp;&nbsp;**Management:** | &nbsp;&nbsp;The Company will be managed by The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, whose office is located at 6501 N Cedar St., Building 4, Suite C, Spokane, WA 99208.  |
| &nbsp;&nbsp;**Entity Structure:** | &nbsp;&nbsp;Columbia Advisory Group, LLC ("CAG") is the parent entity and Class B Member. CAG wholly owns or controls: (i) The Hartley Fund Group, LLC (the Sponsor), (ii) Hartley Opportunity Fund Management, LLC (the Manager), and (iii) Columbia Private Markets, LLC (the placement agent). The Company is managed by the Manager and conducts its investment activities through wholly owned SPVs. Investors have no recourse to CAG or any parent or affiliated entity. See "MANAGEMENT — Entity Structure and Corporate Hierarchy." |
| &nbsp;&nbsp;**The Offering:** | &nbsp;&nbsp;The Company is hereby offering Share Class Units in the maximum aggregate amount of Fifty Million Dollars ($50000000) (the "**Maximum Offering Amount**"). Notwithstanding the foregoing, the Company reserves the right to increase the Maximum Offering Amount in its sole and absolute discretion, subject to qualification by the SEC of a post-qualification amendment.<br> The minimum investment amount per Investor is Ten Thousand Dollars ($10000), or one hundred (100) Share Class Unit. The Company will accept contributions in the form of cash or contribution or property in exchange for Share Class Units. The acceptance of project in exchange for Share Class Units may allow investors to participate in a 721 exchange. <br> The Company's Operating Agreement allows the Company to issue Share Class Units on an ongoing basis. As of the date of this Offering Circular the Company has issued Class B Units to an affiliate of the Manager, Columbia Advisory Group, LLC, a Washington limited liability company ("**Class B Member**"). |

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| &nbsp;&nbsp;**Subscription Period:** | &nbsp;&nbsp;The Company is conducting a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of Share Class Units is continuous, active sales of Share Class Units may take place sporadically over the term of the Offering. The term offering will commence within two calendar days after the qualification date of the Offering Circular, of which this Offering Circular is a part and ends no later than the second anniversary of the qualification date of the Offering Circular. The Company does not intend to conduct its business or any closings in such a manner that would cause the Offering to constitute a delayed offering.<br> Closings are conducted on a share-class-by-share-class basis. For each property share class, the Manager may conduct up to two closings prior to the property purchase closing (generally approximately two weeks and one week before the property purchase date). After the property purchase closing, the Manager may conduct closings on a weekly basis until the share class raise is fully subscribed. The Manager reserves discretion to conduct additional closings outside this schedule. Multiple share classes may be in different closing phases simultaneously. We will make a decision to accept or reject an investor's subscription as soon as is reasonably possible, but in no event more than ten (10) calendar days after receipt of an investor's executed Subscription Agreement. |

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|  | &nbsp;&nbsp;If the Offering is terminated without a closing, including after we accept an investor's subscription, or if a prospective investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with a terminated Offering will be borne by our Manager.<br> The closing process involves the administrative burden of verifying the investor's subscription documents, confirming the valid transfer of funds, and conducting AML/KYC screening. After each closing, funds tendered by investors will be available to the Company and the Company will issue the Share Class Units to investors. An investor will become a Member of the Company, including for tax purposes, and the Share Class Units will be issued, as of the date of settlement. Settlement will not occur until an investor's funds have cleared and the Company accepts the investor as a Member. Not all investors will receive their interests on the same date.<br> No securities are being offered by existing security-holders.<br> At least every 12 months after this Offering has been qualified by the SEC, the Company will file a post-qualification amendment to include the Company's recent financial statements. In addition, the Company may periodically file a post-qualification amendment. |
| &nbsp;&nbsp;**Escrow Account:** | &nbsp;&nbsp;The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with an entity selected by the Manager ("**Escrow Agent**"), and will not be commingled.<br> When the Escrow Agent has received instructions from the Manager that a closing will occur and the investor's subscription is to be accepted (either in whole or part), the Escrow Agent will disburse such investor's subscription proceeds in its possession to the Company at each closing in accordance with the closing schedule described above.<br> If the Offering is terminated without a closing, or if a prospective investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with the terminated Offering will be borne by our Manager. |

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| &nbsp;&nbsp;**Voting Rights:** | &nbsp;&nbsp;Members will have substantially limited control, voting rights or involvement in the business, affairs or governance of the Company. (See "Exhibit B – Operating Agreement") |
| &nbsp;&nbsp;**Compensation to Manager:** | &nbsp;&nbsp;The Manager and its affiliates will receive certain fees for managing the Company. (See "MANAGER'S COMPENSATION" below.) |
| &nbsp;&nbsp;**Capitalization:** | &nbsp;&nbsp;The Company's Operating Agreement does not restrict the number of Units that the Company may issue. As of the date of this Offering Circular the Company has issued Share Class Units to the Class B Member. The Company may, at its sole and absolute discretion, at any time during the period of the Offering, increase or decrease the minimum investment amount and/or the Maximum Offering Amount. |
| &nbsp;&nbsp;**Investor Suitability:** | &nbsp;&nbsp;Share Class Units are offered to Qualified purchasers. "**Qualified purchasers**" include: (i) "accredited investors", as defined under Rule 501(a) of Regulation D and (ii) all other Investors who meet the investment limitations set forth in Rule 251(d)(2)(C) of Regulation A. Each Investor must execute a Subscription Agreement making certain representations and warranties to the Company, including, but not limited to, such purchaser's qualifications as an Accredited Investor, or as a non-accredited investor who meets the investment limitations set forth in Rule 251(d)(2)(i)(C) of Regulation A.  |
| &nbsp;&nbsp;**Limitations on Investment Amount:** | &nbsp;&nbsp;This Offering is open to all accredited and non-accredited investors. Generally, no sale may be made to any non-accredited investors in this Offering if the aggregate purchase price purchased by the Investor is more than ten percent (10%) of the greater of the Investor's, alone or together with a spouse, annual income or net worth. Different rules apply to accredited investors and non-natural persons. Each Investor should review to review Rule 251(d)(2)(i)(C) of Regulation A before purchasing the Share Class Units. |
| &nbsp;&nbsp;**Selection of Project:** | &nbsp;&nbsp;In connection with an investor completing its Subscription Agreement, the investor will select the Project or Project(s) into which investor desires to invest its funds. If the investor selects more than one Project, investor will also indicate the percentage of capital to be invested into each Project selected. |
| &nbsp;&nbsp;**Fund Administrator:** | &nbsp;&nbsp;Great Lakes Fund Solutions, Inc. ("**GLFSI**") serves as the fund administrator for the Company, providing fund accounting, investor services, and financial reporting services. |

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| &nbsp;&nbsp;**Share Class Structure:** | &nbsp;&nbsp;Each Project (and its corresponding SPV) is designated as a separate share class within the Company. The current share classes are Share Class Monroe, Share Class Frederick, and Share Class Waretown. Additional share classes may be created from time to time in connection with the acquisition of additional Projects. Investors subscribe into one or more specific share classes corresponding to the Project(s) into which the investor desires to invest. The economic terms of each share class, including management fees, preferred return, and distribution waterfall, are identical across all share classes. Capital contributed to a share class is segregated and allocated solely to the Project associated with that share class. |
| &nbsp;&nbsp;**Commissions for Selling** Share Class Units: | &nbsp;&nbsp;Share Class Units will be offered and sold directly by the Company, the Manager and the Company's and Manager's respective officers and employees. No commissions for selling Share Class Units will be paid to the Company, the Manager or the Company's or Manager's respective officers or employees. While most Share Class Units are expected to be offered and sold directly by the Company, the Manager and their respective officers and employees, the Company or Manager may also, in limited instances, offer and sell Share Class Units through the services of independent broker/dealers who are member firms of the Financial Industry Regulatory Authority ("**FINRA**").The Company has engaged Columbia Private Markets, LLC ("**CPM**") as a non-exclusive placement agent for this Offering. CPM will receive a placement fee equal to three percent (3%) of the gross proceeds from the sale of Share Class Units placed through its efforts. CPM is wholly owned by Columbia Advisory Group, LLC, which also serves as the Class B Member of the Company. CPM is not a managing broker-dealer. It is anticipated that the customary and standard commissions may be up to three percent (3.0%) to the selling group members of the gross proceeds received for the sale of Share Class Units. Notwithstanding the foregoing, the amount and nature of commissions payable to broker/dealers is expected to vary in specific instances and may be lower than the one listed herein. |

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| &nbsp;&nbsp;**No Liquidity:** | &nbsp;&nbsp;There is no public market for the Share Class Units, and none is expected to develop. Additionally, the Share Class Units will be non-transferable, except as may be required by law, and will not be listed for trading on any exchange or automated quotation system. (See "RISK FACTORS" below.) The Company will not facilitate or otherwise participate in the secondary transfer of any Share Class Units. However, Members will be allowed to withdraw their investments in accordance with the terms and conditions of the Operating Agreement. Prospective investors are urged to consult their own legal advisors with respect to secondary trading of the Share Class Units. (See "RISK FACTORS" below.) |
| &nbsp;&nbsp;**Preferred Return:** | &nbsp;&nbsp;The Share Class Units will carry a preferred return equal to the amount that would be required to be distributed so that the aggregate distributions to such Share Class Member provide a cumulative, non-compounded return equal to 10.0% (the "**Preferred Return**") on each Share Class Member's capital contribution to the Company. The Preferred Return will begin to accrue beginning on the date a Project is acquired.  |
| &nbsp;&nbsp;**Cash Distributions from a Project:** | &nbsp;&nbsp;The Company will not make any periodic distributions of net cash flow. Rather all distributions will be made upon the sale of a Project. The lack of periodic distribution of net cash flow, may result in a Member having phantom income in which the Member has allocated income to it (and thus required to pay taxes on) without receiving any distributions to pay such tax obligation.  |
| &nbsp;&nbsp;**Liquidating Distributions from a Project:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the sale of a Project, the net sales proceeds from the sale of such Project will be accounted for and distributed on a Project by Project basis among Members invested in such Project as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·First, to pay all of the Company's creditors associated with a Project; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Second, 100% pro rata to the Share Class Members until each Share Class Member has received its Preferred Return; and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Third, 100% pro rata to the Share Class Members until each Share Class Member has received a return of capital invested in such Project. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Fourth, 80% pro rata to the Share Class Members and 20% to the Class B Member.  |

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| &nbsp;&nbsp;**Risk Factors:** | &nbsp;&nbsp;There are a number of risks associated with the purchase of Share Class Units. The risk factors set forth in this Offering Circular, including those in the "Risk Factors" section below, identify important factors that an Investor should consider before investing in the Company. A summary of the some of the risk factors is included below:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company depends on the Manager to select its investments and conduct its operations. The fees and expenses payable to the Manager were not determined on an arm's length basis, therefore, there is no benefit of arm's length transactions typically conducted between unrelated parties. <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Company does not have an operating history. The prior performance of the Manager or its affiliated entities does not predict future results for the Company. Therefore, no assurance can be given that the Company will achieve its investment objectives; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.National and local economic and business conditions that could affect the Company's business; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Industry developments affecting the Company's business, financial condition and results of operations; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Governmental approvals, actions and initiatives and changes in laws and regulations or the interpretation thereof, including without limitation tax laws, regulations and interpretations. <br> In making an investment decision Investors must rely on their own examination of the Company and the terms of the Offering, including the risks involved. The investment in Share Class Units involves a high degree of risk and Investors should purchase Share Class Units only if they can afford a complete loss of their investment. See the section "Risk Factors" below. |

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| &nbsp;&nbsp;**Company Expenses:** | &nbsp;&nbsp;The Company shall bear all costs and expenses associated with our formation and operations, including, but not limited to, the annual tax preparation of the Company's tax returns, any state and federal income tax due, legal fees, accounting fees, filing fees, any required independent audit reports required by agencies governing the business activities of the Company, management staffing and operational expenses, lease payments, contractors and capital expenses associated with our Projects. We will also pay for all due diligence costs and expenses associated with the acquisition of properties.<br>The Manager will pay for its own administrative and overhead expenses incurred in connection with providing services to the Company. These expenses include all expenses incurred by the Manager in providing for its normal operating overhead, including, but not limited to, the cost of providing relevant support and administrative services (e.g., employee compensation and benefits, rent, office equipment, insurance, utilities, telephone, secretarial and bookkeeping services, etc.), but not including, any Company operating expenses described above.<br>|
| &nbsp;&nbsp;**Legal Counsel:** | &nbsp;&nbsp;No independent counsel has been retained to represent the investors in the Company. Each investor should retain its own counsel and other appropriate advisers as to legal, regulatory and tax matters affecting investment in Share Class Units and its suitability for such investor. |

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**DILUTION**

Dilution means a reduction in value, control, or earnings of the Share Class Units the investor owns. Investors in this offering will be acquiring Share Class Units of the Company, the economic rights of each Share Class Unit will be based on the corresponding underlying properties owned indirectly by the Company through SPVs. As such, investors will not experience dilution except because of the sale of additional Share Class Units, which will occur until the offering has been terminated.

**RISK FACTORS**

**PROSPECTIVE INVESTORS SHOULD CONSIDER THE FOLLOWING RISKS BEFORE SUBSCRIBING FOR SHARE CLASS UNITS. THE RISK FACTORS BELOW ARE NOT INTENDED TO INCLUDE ALL POSSIBLE RISKS OF INVESTING IN THE COMPANY, NOR ARE THE SUMMARIES INTENDED TO PROVIDE COMPLETE DESCRIPTIONS OF THE RISKS THAT ARE INCLUDED. THERE IS A HIGH DEGREE OF RISK ASSOCIATED WITH A PURCHASE OF SHARE CLASS UNITS AND ANY SUCH PURCHASE SHOULD BE MADE ONLY AFTER CONSULTATION WITH INDEPENDENT QUALIFIED SOURCES OF INVESTMENT, LEGAL AND TAX ADVICE. NO PERSON SHOULD CONSIDER SUBSCRIBING FOR MORE THAN HE CAN COMFORTABLY AFFORD TO LOSE.**

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**AN INVESTMENT IN THE COMPANY CARRIES A HIGH DEGREE OF RISK. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S REAL ESTATE ASSETS WILL BE SUCCESSFUL OR THAT ITS OBJECTIVES WILL BE ATTAINED. ACCORDINGLY, INVESTMENT IN THE COMPANY IS SPECULATIVE IN NATURE AND SUITABLE ONLY FOR SOPHISTICATED INVESTORS WHO ARE AWARE OF THE RISKS INVOLVED. PROSPECTIVE INVESTORS WHO WOULD LIKE MORE DETAILS ABOUT ANY RISK FACTOR SHOULD CONTACT THE MANAGER DIRECTLY.**

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**Company Related Risks**

***The Company is recently organized and has no operating history.***

We are a recently formed company and have no operating history. We have no assets, no operating revenues and our prospects of future profitable operations may be delayed or never realized. We may encounter difficulties that prevent us from operating our anticipated business as intended or that will prevent us from doing so in a profitable manner. We, and the investment in Share Class Units described in this Offering Circular, must be evaluated in view of possible delays, additional expenses and other unforeseen complications that are often encountered by new business ventures. Our financial condition, results of operations, and ability to make or sustain distributions to our members will depend on many factors.

***The Offer is being conducted as a best effort offering.***

This offering is being conducted on a "best reasonable efforts" basis. No guarantee can be given that all or any of the Share Class Units will be sold, or that sufficient proceeds will be available to conduct successful operations. Receipt of a relatively small amount of capital from the sale of Share Class Units may reduce our ability to spread investment risks through diversification of our portfolio of real estate assets.

***An investment in our Share Class Units involves a high degree of risk.***

Investors could lose their entire investment. Prospective investors should carefully consider the following factors, along with the other information set forth in this Offering Circular, in evaluating the Company, its business and prospects before purchasing the Share Class Units. The following risk factors, individually or occurring together, would likely have a substantially negative effect on our Company's business and could cause it to fail.

***The Company does not have a set term.***

An investment in the Company requires a long-term commitment, with no certainty of return. The Company does not have a stated term by which it must liquidate and distribute its assets to the Members, and as such, the ultimate disposition and liquidation of Company assets shall remain subject to the Manager's sole discretion. There may be little or no near-term cash flow available to the Members. The Company's investment in the real estate assets described in this Offering Circular may involve a high degree of risk, poor performance by the Company's assets could severely affect the total returns to the Members. Additionally, despite their experience in the securities industry, the past performance of the Manager's principals is not a guarantee of future results.

***As a Member you have not selected our Manager and you have no ability to influence our operating decisions.***

The Operating Agreement provides that the affairs and business of the Company will be managed under the direction of our Manager. As the sole manager, our Manager will hold virtually complete control over all material decisions affecting the business and affairs of the Company and can take almost any action without the consent of the Members. Members do not elect or vote on our Manager and have limited ability to influence our business and operational and capital decisions.

***There is not a current trading market for our*** Share Class Units and a trading market is unlikely to develop.

There is currently no established trading market for our Share Class Units and an active trading market in our Share Class Units is not likely to develop or, if such a market were to develop, may not be sustained. If

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for any reason a trading market does not develop, purchasers of the Share Class Units may have difficulty selling their Share Class Units should they desire to do so.

***If we are unable to find suitable real estate assets, we may not be able to achieve our investment objectives or pay distributions.***

Our ability to achieve our investment objectives and to pay distributions depend upon the performance of our Manager to locate, acquire, manage and operate real estate assets. You will have no opportunity to evaluate the economic merits or the terms of the real estate prior to making a decision to purchase our Units. You must rely entirely on our Manager and its principals. We cannot assure you that our Manager will be successful in sourcing suitable real estate assets, and that, if suitable real estate assets are located, our objectives will be achieved. If we, through our Manager and its principals, are unable to find suitable real estate assets promptly, we will hold the proceeds from this offering in an interest-bearing account. If we would continue to be unsuccessful in locating suitable real estate assets, we may ultimately decide to liquidate. In the event we are unable to timely locate suitable real estate assets, we may be unable or limited in our ability to pay distributions to Members and we may not be able to meet our investment objectives.

***We could experience delays in locating suitable real estate assets, which could in turn limit our ability to make distributions and lower the overall return on an investment***.

We rely upon our Manager's team of professionals to locate suitable real estate assets. To the extent that our Manager's professionals face competing demands upon their time in instances when we have capital ready for the acquisition of real estate assets, we may face delays in execution. Further, because we are raising a "blind pool" without any pre-selected real estate assets, it may be difficult for us to invest the net offering proceeds promptly and on attractive terms. Our financial results in the fiscal periods immediately following completion of this offering may not be representative of our future potential. Prior to the full deployment of the net proceeds from this offering, we may invest the undeployed net proceeds in money market accounts. We expect that these initial investments will provide a lower net return than we expect to receive from the investments described in this Memorandum, however, delays we encounter would likely limit our ability to pay distributions and potentially lower our Member's overall returns.

***An investment in us is more speculative because this is a "blind pool" and you will not have the opportunity to evaluate any real estate assets before we acquire them.***

We have not yet acquired any real estate assets and we are not able to provide you with any information to assist you in evaluating the merits of any specific real estate asset. We will seek to invest substantially all of the offering proceeds available for investment, after the payment of fees and expenses, in real estate assets as described in this Memorandum. However, because you will be unable to evaluate the economic merit of those real estate assets before we acquire them, you will have to rely entirely on the ability of our Manager to select suitable real estate assets. Furthermore, our Manager will have broad discretion in implementing and modifying policies regarding the real estate assets and you will not have the opportunity to evaluate them.

There may be a period of time before our Manager fully invests the proceeds of this offering. We will attempt to invest the proceeds as quickly as prudence and circumstances permit; however, no assurance can be given as to how quickly the proceeds will be invested. Consequently, the distributions you receive on your investment may be reduced pending the investment of the offering proceeds in real estate assets. These factors increase the risk that your investment may not generate returns comparable to our competitors.

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***We may be unable to pay distributions on our*** Share Class Units and our Members may not be able to receive a return on their Share Class Units unless they sell them.

We are not able to assure our Members of net income in the future. As such, our Members may not be able to receive a return on their Share Class Units, The Company may consider the payment of cash distributions from time to time. However, any declaration and payment of distributions will be (i) dependent upon the Company's results of operations, financial condition, cash requirements, capital improvements and other relevant factors; (ii) subject to the discretion of the Manager of the Company; and (iii) payable out of the Company's surplus or current net profits. No assurance can be given that the Company will make distributions at any time in the future.

***If our Manager fails to retain its key personnel, we may not be able to achieve our anticipated level of growth and our business could suffer.***

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Our future depends, in part, on our Manager's ability to attract and retain key personnel. Our future also depends on the continued contributions of the executive officers and other key personnel of our Manager, each of whom would be difficult to replace. In particular, the individual principals of our Manager named herein are critical to the management of our business and operations and the development of our strategic direction. The loss of the services of any one of the Manager's principals and the process to replace any of our Manager's principals would involve significant time and expense and may significantly delay or prevent the achievement of our business objectives.

***The price at which we are offering the*** Share Class Units is arbitrary.

The Manager established the Offering Price of our Share Class Units on an arbitrary basis. The Share Class Unit selling price bears no relationship to our book or asset values or to any other established criteria for valuing Share Class Units. Because the Offering Price is not based upon any independent valuation, the Offering Price may not be indicative of the proceeds that you would receive upon liquidation. Such Offering Price is not an indication of the value of a Share Class Unit or the pro rata portion of the Company or the securities we may acquire in the future, and no assurance is given that any of the Share Class Units could be resold for the Offering Price or for any other amount.

***The Share Class Units are not a liquid investment.***

The Share Class Units have not been registered under any federal or state securities laws and therefore cannot be resold or otherwise transferred unless they are subsequently registered under such laws, or unless an exemption from such registration is available. We do not intend to register the Share Class Units with the SEC or any state securities agencies, and you will have no right to require the Company or the Manager to register the Share Class Units. There is presently no public or other market for the Share Class Units, and it is highly unlikely that such a market will develop in the future. In addition, certain restrictions on transfer of the Share Class Units are contained in the Operating Agreement. Under the circumstances, you should consider the purchase of Share Class Units to be an investment lacking liquidity and involving substantial risk.

***We have not authorized any other party to provide you with information concerning us or this Offering.***

Investors should carefully evaluate all of the information in this Offering Circular. We may receive media coverage, including coverage that is not directly attributable to statements made by our officers and employees, that incorrectly reports on statements made by our officers or employees or that is misleading as a result of omitting information provided by us, our officers or employees. We have not authorized any other party to provide you with information concerning us or this Offering.

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***Risk of projections and opinions.***

Statements contained in this Offering Circular that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No assurance can be given that returns from the Company will be equal or similar to those achieved or expected to be achieved by any past results, and no assurances can be given that actual results will achieve the Company's stated objectives.

***Risk associated with management.***

The success of the Company will depend significantly upon the skill and expertise of the Manager and the success of the portfolio of models developed, tested and implemented over time by the Manager. The Manager will make all decisions with respect to the commodity interests traded and the development of the trading methodology and the application of this methodology to the investment of the assets of the Company. The profitability of the Company depends upon the Manager's ability to identify suitable models, evaluate risk and assess the future robustness and viability of current and new models, and the methodology itself, over a wide range of markets and market conditions. There can be no assurance that Manager will be able to identify such opportunities, always evaluate risk properly or accurately capture price movements.

***Lack of Member control over Company policies.***

The management, financing, leasing and disposition policies of the Company and its policies with respect to certain other activities, including its distributions and operating policies, are determined by the Manager. To the extent permitted by the Operating Agreement, these policies may be changed from time to time at the discretion of the Manager without a vote of the Members of the Company, although the Manager has no present intention to make any such changes. Any such changes could be detrimental to the Members' Share Class Units in the Company.

***Power of Attorney.***

Upon being admitted as a Member of our Company you will be bound by the provisions of, and deemed to be a party to, our Operating Agreement. Pursuant to Operating Agreement, each Member and each person who acquires a Share Class Unit, grant to our Manager a power of attorney. The presence of a power of attorney increases your reliance on our Manager and its principals. In addition to the fact that Members do not elect or vote on our Manager and have only very limited voting rights on matters affecting our business, and therefore limited ability to influence our business and operational decisions, the power of attorney places additional trust and reliance on the Manager and its principals in carrying out the terms of the power of attorney, which include the ability to make certain amendments to our Operating Agreement.

***Absence of recourse to Manager; Indemnification.***

The Operating Agreement of the Company includes exculpation and indemnification provisions that will limit the circumstances under which the Manager can be held liable to the Company. As a result, Members may have a more limited right of action in certain cases than they would in the absence of such limitations.

Our Subscription Agreement also includes certain indemnification of the Manager in connection with the following: (i) any inaccuracy in, or breach of, any of the potential subscriber's declarations, representations, warranties or covenants set forth in the Subscription Agreement or any other document or writing delivered to the Company; (ii) any disposition by a Member of any Share Class Units in violation of the Member's Subscription Agreement, the Operating Agreement or any applicable law; or (iii) any action, suit, proceeding or arbitration, whether threatened, pending or actual, alleging any of the foregoing.

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Notwithstanding the indemnification provisions of the Subscription Agreement, it is the position of the U.S. Securities and Exchange Commission that indemnification for liabilities arising from, or out of, a violation of federal securities law is void as contrary to public policy. However, indemnification will be available for settlements and related expenses of lawsuits alleging securities law violations if a court approves the settlement and indemnification, and also for expenses incurred in successfully defending such lawsuits if a court approves such indemnification.

***Recourse to Company assets.***

Assets of the Company, including any capital held by the Company, are available to satisfy the obligations and liabilities of the Company. If the Company itself becomes subject to a liability, parties seeking satisfaction of such liability may have recourse to the Company's assets generally rather than being limited to a particular asset (such as the one giving rise to the liability).

***Absence of SEC regulatory oversight.***

The Company is not registered as an investment company or in any other capacity with the SEC, and this offering has not been registered with the SEC. Moreover, the Manager is not registered as an investment adviser under the Investment Advisers Act of 1940.

***Investment and due diligence process risk.***

Before making investments, the Manager will conduct due diligence that it deems reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, the Manager may be required to evaluate important and complex business, financial, tax, accounting and legal issues. When conducting due diligence and making an assessment regarding an investment, the Manager will rely on the resources reasonably available to it, which in some circumstances, whether or not known to the Manager at the time, may not be sufficient, accurate, complete or reliable. Due diligence may not reveal or highlight matters that could have a material adverse effect on the value of an investment.

***Increased regulatory oversight.***

Increased regulation and regulatory oversight of private investment funds and their managers may impose administrative burdens on the Manager, including, without limitation, responding to examinations and other regulatory inquiries and implementing policies and procedures. Recently, regulators in the United States and other countries have shown particular interest in funds engaging in systematic, quantitative and so-called "high-frequency" trading, which could increase the risk of administrative burdens being placed on the Manager. Such administrative burdens may divert the Manager's time, attention and resources from portfolio management activities to responding to inquiries, examinations and enforcement actions (or threats thereof). Regulatory inquiries often are confidential in nature, may involve a review of an individual's or a firm's activities or may involve studies of the industry or industry practices, as well as the practices of a particular institution.

***Effect of substantial losses or withdrawals.***

If, due to extraordinary market conditions or other reasons, the Company and other private investment funds managed by the Manager were to incur substantial losses or were subject to an unusually high level of withdrawals, the revenues of the Manager may decline substantially. Such losses and/or withdrawals may hamper the Manager's ability to (i) retain employees; (ii) provide the same level of service to the Company as it has in the past; and (iii) continue operations.

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***Delayed schedules K-1.***

The Company will provide final Schedules K-1 to the Members for any given fiscal year within 90 days after the end of each fiscal year of the Company or as soon as reasonably practicable thereafter. Members may be required to obtain extensions of the filing date for their income tax returns at the U.S. federal, state and local levels.

***Competition; availability of investments***

Certain markets in which the Company may invest are extremely competitive for attractive investment opportunities. As a result, there can be no assurance that the Manager will be able to identify or successfully pursue attractive investment opportunities in such environments.

***Risk of Loss***

No guarantee or representation is made that the Company's investment in the real estate assets will be successful. Investment in real estate assets results may vary substantially over time. No assurance can be made that profits will be achieved or that substantial or complete losses will not be incurred.

***The implementation of our investment strategy is highly dependent on our Manager and the Manager's key personnel in successfully conducting this offering.***

Our Manager and its key personnel will conduct this offering. Our Manager is in the early stages of its development and has no operating history. The success of this offering, and our ability to implement our business strategy, is dependent upon the ability of our Manager and its personnel to sell our Share Class Units. If this strategy is not successful in selling our Share Class Units, our ability to raise proceeds through this offering will be limited and we may not have adequate capital to implement our business plan. If we are unsuccessful in implementing our business plan, you could lose all or a part of your investment.

***Our Manager's key personnel are not required to devote their full-time attention to our business.***

Our Manager's principals and key personnel are not required to devote their respective individual capacities full-time to our business and affairs, but only such time as may reasonably be required.

***Uncertain economic conditions, including as a result of COVID-19.***

The recent outbreak of COVID-19 and the responses of governmental authorities, companies and the self-imposed restrictions by many individuals across the world to stem the spread of the virus have significantly reduced global economic activity in a wide range of business sectors, including real estate related markets. Concerns over the negative effects of COVID-19 on economic and business prospects across the world have contributed to increased market volatility and have diminished expectations for the global economy. These factors coupled with the emergence of decreasing business confidence and increasing unemployment resulting from the COVID-19 outbreak may precipitate a prolonged economic slowdown and recession. Any such prolonged period of economic slowdown or recession could have significant adverse consequences for the Company's financial condition.

In addition, other weaknesses in local economies and/or the national or international economies, including any credit market weakness and/or volatility, could materially and adversely impact the investments made by the Company's real estate assets In addition, softness in a regional or state economy could materially and adversely impact the actual or projected rental rates and operations of properties acquired, if any, by

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any Company assets in such area and therefore, the ability to sell such properties on favorable terms (when sold). Further, recent world events evolving out of increased terrorist activities and the political and military responses of the targeted countries have created an air of uncertainty concerning the security and stability of world and United States economies. Historically, successful terrorist attacks have resulted in decreased travel and tourism to the affected areas, increased security measures and disturbances in financial markets. It is impossible to determine the likelihood of any future terrorist attacks on United States targets, the nature of any United States response to such attacks or the social and economic results of such events. However, any negative change in the general economic conditions in the United States could adversely affect the financial condition and operating results of our real estate assets and, thus, the Company.

The Company is unable to predict the likely impact of current economic conditions including the impact of COVID-19 on the real estate industry. As a result, there can be no assurance that our assets will achieve anticipated results.

**Risks Related to Share Class Units**

***The Company cannot guarantee that investors will receive any return on their investment.***

There is no guarantee that the Company will be able to make any distributions or, if there are any, when they will be made, or for that matter, that investors will not lose all of their investment. Available cash for distribution, if any, shall at all times be subject to the required payment of Company expenses and the maintenance of reserves deemed appropriate by the Company, restrictions under the Company's loan documents.

***Because no public trading market for a purchaser's Share Class Units currently exists, it will be difficult for you to sell your Share Class Units and, if you are able to sell your Share Class Units, you will likely sell them at a discount to your purchase price.***

Our Operating Agreement does not require our Manager to seek Member approval to liquidate our assets by a specified date, nor is there a public market for our Share Class Units. Additionally, the transfer or sale of Share Class Units will be further restricted as set forth in our Operating Agreement, the provisions of the Securities Act of 1933, as amended, and Rule 144 thereunder. Because of the illiquid nature of our Share Class Units, you should purchase our Share Class Units only as a long-term investment and be prepared to hold them for an indefinite period of time. We describe the transfer restrictions set forth in the Operating Agreement in more detail under the section titled "Description of Our Share Class Units".

***The price at which our Share Class Units are being offered was arbitrarily determined; the actual value of your Share Class Units may be substantially less than what you pay.***

We established the offering price of our Share Class Units on an arbitrary basis. The Share Class Unit selling price bears no relationship to our book or asset values or to any other established criteria for valuing Share Class Units. Because the offering price is not based upon any independent valuation, the offering price may not be indicative of the proceeds that you would receive upon liquidation.

***Your interest in us may be diluted if we issue additional units of membership interest, including additional Share Class Units.***

Investor's purchasing Share Class Units in this Offering will be protected from further dilution by the Company, such that following the conclusion of this Offering, if the Company were to issue additional Units (regardless of the class or series of such Units), each investor would have a right to purchase his, her or its pro rata share of such Units such that the investor's percentage interest in the Company remains the

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same both prior to and after the issuance of such additional Units. If an investor were to decline to purchase such additional Units, such investor will be diluted.

***As a Member you have not selected our Manager and you have limited ability to influence the operating decisions.***

The Operating Agreement provides that the affairs and business of the Company will be managed under the direction of our Manager. Subject to certain approval rights of a majority of the Class B Members with respect to certain matters, our Manager will hold complete control over all material decisions affecting the business and affairs of the Company and can take most actions without the consent of the Members. Members do not elect or vote on our Manager and have only very limited voting rights on matters affecting our business, and therefore limited ability to influence our business and operational decisions.

***Members are subject to the risk that distributions may not equal the tax burden to Members.***

So long as we are a limited liability company, we will be taxed as a partnership. Members will therefore be allocated their share of our income, deduction, gain and loss each year. Normally, an investment in the Company will cause the taxable income of Members who are subject to state and federal income tax to increase. Consequently, an increase in a Member's taxable income will subject that Member to an increased income tax liability. Members must obtain cash to satisfy that liability. That cash can come from a wide variety of sources. Members need to be aware that any distributions of cash from operations paid to a Member may not be sufficient to satisfy the income tax liability attributed to the Member's allocable share of the Company income and gain. Hence, the Member may be forced to either borrow or use cash from another source to satisfy their income tax liabilities associated with an investment in the Company.

***Members may experience a loss on dissolution and termination of the Company.***

In the event of a dissolution or termination of the Company, the proceeds realized from the liquidation of our assets, if any, will be distributed to the Members, but only after the satisfaction of claims of creditors. Accordingly, the ability of a Member to recover all or any portion of its investment in the Company under such circumstances will depend on the amount of funds so realized and claims to be satisfied therefrom. There is no guarantee of a return of the Member's invested capital.

***Under certain circumstances, Members could lose the limited liability protection typically afforded Members of a limited liability company.***

In general, holders of membership interests in a limited liability company are not liable for the debts and obligations of a limited liability company beyond the amount of the capital contributions they have made or are required to make under their Subscription Agreement. Under the Delaware Limited Liability Company Act, members of a limited liability company would be held personally liable for any act, debt, obligation or liability of a limited liability company to the extent that Members of a business corporation would be liable in similar circumstances. In this regard, the court may consider the factors and policies set forth in established case law with regard to piercing the entity veil, except that the failure to hold meetings may not be considered a factor tending to establish that the Members have personal liability for any act, debt, obligation or liability of the limited liability company if the articles of organization and Operating agreement do not expressly require the holding of meetings of Members and Manager. The Manager intends to act in a manner reasonably designed to avoid personal liability on the Members by complying with the Operating Agreement and applicable state-imposed formalities.

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***The merits of this offering have not been approved by any broker/dealer.***

The Company will not market and sell the Share Class Units through any broker/dealers. Broker/dealers have a duty to a prospective purchaser to ensure that an investment is suitable for that purchaser, that the broker/dealer has conducted adequate due diligence with respect to an offering and that the offering complies with federal and state securities laws. Although the Company has a duty under applicable securities laws to make sure this Offering Circular is accurate and complete, this Offering Circular has not been reviewed by an independent third party, including broker/dealers.

***An investment in the Share Class Units is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.***

Our business is speculative, and consequently there can be no assurance that we will satisfy any of our business goals. An investment in the Share Class Units involves a high degree of risk, and no assurance can be given that our cash flow, profits, and capital will be sufficient to make current or liquidating distributions as planned. Investors may not realize any return on their investment and could lose their entire investment altogether.

***By purchasing Share Class Units in this offering, Members are bound by the arbitration provisions contained in the Subscription Agreement limit a Member's ability to bring class action lawsuits or seek remedy on a class basis, including with respect to securities law claims.***

By purchasing Share Class Units in this offering, Members agree to be bound by the arbitration provisions contained in our Subscription Agreement (the "**Arbitration Provision**"). Such Arbitration Provision applies to claims under the U.S. federal securities laws and to all claims that are related to the Company, including with respect to this offering, the Company's holdings, its Share Class Units, ongoing operations and the management of the Company's investments, among other matters and limit the ability of Members to bring class action lawsuits or similarly seek remedy on a class basis. Furthermore, because the Arbitration Provision is contained in the Operating Agreement, such Arbitration Provision will also apply to any purchasers of shares in a secondary transaction.

By agreeing to be subject to the Arbitration Provision, Members are severely limiting their rights to seek redress against the Company in court. For example, a Member may not be able to pursue litigation for any claim in state or federal courts against the Company, the Board members, Officers and employees including with respect to securities law claims, and any awards or remedies determined by the arbitrators may not be appealed. In addition, arbitration rules generally limit discovery, which could impede a Member's ability to bring or sustain claims, and the ability to collect attorneys' fees or other damages may be limited in the arbitration, which may discourage attorneys from agreeing to represent parties wishing to commence such a proceeding.

Specifically, the Arbitration Provision provides that either party may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a claim be final and binding arbitration. The Company has not determined whether it will exercise its right to demand arbitration but reserve the right to make that determination on a case-by-case basis as claims arise. In this regard, the Arbitration Provision is similar to a binding arbitration provision as the Company is likely to invoke the Arbitration Provision to the fullest extent permissible.

Any arbitration brought pursuant to the Arbitration Provisions must be conducted in the State of Washington, in The United States of America. The term "**Claim**" as used in the Arbitration Provisions is very broad and includes any past, present, or future claim, dispute, or controversy involving a Member (or persons claiming through or connected with the Member), on the one hand, and the Company (or persons

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claiming through or connected with the Company), on the other hand, relating to or arising out of the Member's subscription agreement, the Company and/or the activities or relationships that involve, lead to, or result from any of the foregoing, including (except an individual Claim that Member may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court) the validity or enforceability of the Arbitration Provisions, any part thereof, or the entire subscription agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include (without limitation) matters arising as initial claims, counterclaims, crossclaims, third-party claims, or otherwise. The scope of the Arbitration Provisions is to be given the broadest possible interpretation that will permit it to be enforceable. Based on discussions with and research performed by the Company's counsel, the Company believes that the Arbitration Provisions are enforceable under federal law, the laws of the State of Delaware, or under any other applicable laws or regulations. However, the issue of enforceability is not free from doubt and to the extent that one or more of the provisions in the Subscription Agreement with respect to the Arbitration Provisions or otherwise requiring Members to waive certain rights were to be found by a court to be unenforceable, the Company would abide by such decision.

Further, potential Members should consider that Subscription Agreement restricts the ability of the Members to bring class action lawsuits or to similarly seek remedy on a class basis, unless otherwise consented to by the Company or its Board members and Officers. These restrictions on the ability to bring a class action lawsuit are likely to result in increased costs, both in terms of time and money, to individual Members who wish to pursue claims against the Company.

BY AGREEING TO BE SUBJECT TO THE ARBITRATION PROVISIONS, MEMBERS WILL NOT BE DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

**Risks Related to Investing in Real Estate**

***We will be subject to general real estate risk.***

We will be subject to the risks that generally relate to investing in real estate. Real estate historically has experienced significant fluctuations and cycles in performance that may result in reductions in the value of our real estate related investments. The performance and value of its investments once acquired depends upon many factors beyond our control. The ultimate performance and value of our assets are subject to the varying degrees of risk generally incident to the ownership and operation of the properties which support our investments.

The ultimate performance and value of our real estate assets will depend upon, in large part, our ability to recover our investment. Revenues and cash flows may be adversely affected by: changes in national or local economic conditions; changes in local real estate market conditions due to changes in national or local economic conditions or changes in local property market characteristics, including, but not limited to, changes in the supply of and demand for competing properties within a particular local property market; competition from other properties offering the same or similar services; changes in interest rates and the credit markets which may affect the ability to finance, and the value of, investments; the ongoing need for capital improvements, particularly in older building structures; changes in real estate tax rates and other operating expenses; changes in governmental rules and fiscal policies, civil unrest, acts of God, including earthquakes, hurricanes, and other natural disasters, acts of war or terrorism, which may decrease the availability of or increase the cost of insurance or result in uninsured losses; changes in governmental rules and fiscal policies which may result in adverse tax consequences, unforeseen increases in operating expenses generally or increases in the cost of borrowing; decreases in consumer confidence; government taking investments by eminent domain; various uninsured or uninsurable risks; the bankruptcy or

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liquidation of major tenants; adverse changes in zoning laws; the impact of present or future environmental legislation and compliance with environmental laws; the impact of lawsuits which could cause us to incur significant legal expenses and divert management's time and attention from the day-to-day operations of the Company; and other factors that are beyond our control.

Any of the foregoing factors as well as others could adversely impact the return on and cash flows and values of our real estate assets. In addition, property values can decline below their acquisition price or below their appraised, assessed or perceived values after the acquisition. Material declines in values could result in subsequent losses. Our real estate assets may be difficult to sell in an efficient and expeditious manner, and there can be no assurance that there will be a ready resale market if or when we find it necessary or otherwise elects to sell such investments.

***Our performance and value are subject to general economic conditions and risks associated with our real estate assets.***

The investment returns available from equity investments in real estate depend on the amount of income earned and capital appreciation generated by the properties, as well as the expenses incurred in connection with the properties. If the properties we acquire do not generate income sufficient to meet operating expenses, including any debt service and capital expenditures, then our ability to make distributions to our members could be adversely affected. In addition, there are significant expenditures associated with an investment in real estate (such as debt service (to the extent we borrow funds in the future), real estate taxes, HOA fees, insurance and maintenance costs) that generally do not decline when circumstances reduce the income from the property. Income from and the value of the properties we acquire may be adversely affected by the factors listed below, some of which are described in greater detail in the pages that follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·downturns in international, national, regional and local economic conditions (particularly increases in unemployment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the attractiveness of the properties we acquire to potential tenants and buyers and competition from other properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in supply of or demand for similar or competing properties in and around the markets we invest in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·bankruptcies, financial difficulties or lease defaults by our tenants or defaults by seller-financed buyers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·inability to collect rent from tenants or payments from seller-financed buyers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in interest rates, availability and terms of debt financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in operating costs and expenses and our ability to control rents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in, or increased costs of compliance with, governmental laws, rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws, and our potential liability thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·political, regulatory or other factors including terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·illiquidity of real estate investments generally;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·tenants' or buyers' perceptions of the safety, convenience and attractiveness of our properties and the neighborhoods in which our properties are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·ongoing needs for capital improvements, particularly in older properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·our ability to provide adequate maintenance and obtain adequate insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changes in the cost or availability of insurance, including coverage for mold or asbestos;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·environmental conditions or retained liabilities for such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·unanticipated changes in costs associated with known adverse environmental conditions or retained liabilities for such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·periods of high interest rates and tight money supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·tenant turnover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·general overbuilding or excess supply in and around the markets we invest in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·disruptions in the global supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the ability or unwillingness of tenants to pay rent increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·civil unrest, acts of God, including pandemics, epidemics, earthquakes, hurricanes, tornadoes, floods and other natural disasters, which may result in uninsured losses, and acts of war or terrorism, including the consequences of terrorist acts such as those that occurred on September 11, 2001;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·rent control or rent stabilization or other housing laws, which could prevent us from raising rents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·increases in property-level maintenance and operating expenses.

***Our properties may be unable to compete successfully for tenants.***

Our properties compete for tenants with other properties and multi-family housing options, such as apartments and condominiums. Some of these competitors may offer more attractive properties or lower rents than we do, and they may attract the high-quality tenants to whom we seek to lease our properties. Additionally, some competing housing options may qualify for governmental subsidies that may make such options more affordable and therefore more attractive than our properties. Competition for tenants could reduce our occupancy and rental rates and adversely affect us.

***Long-term leases may not result in fair market lease rates over time; therefore, our income and cash available for distribution to our Members could be lower than if we did not enter into long-term leases.***

We may enter into long-term leases with tenants. Our longer-term leases may provide for rent increases over time. If we do not accurately judge the potential for increases in market rental rates, the rent under our long-term leases with tenants may be significantly less than then-current market rental rates, even after contractual rental increases and applicable percentage rents. Further, we may have no ability to terminate

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those leases or to adjust the rent to then-current market rates. As a result, our revenues and cash available for distribution to our Members could be lower than if we did not enter into long-term leases.

***Short-term leases of residential property may expose us to the effects of declining market rents.***

Some of our leases to tenant-occupants may be for a term of one year. As these leases permit the tenants to leave at the end of the lease term without penalty, we anticipate our rental revenues may be affected by declines in market rents more quickly than if our leases were for longer terms. Short-term leases may result in high turnover, which involves costs such as restoring the properties, marketing costs and lower occupancy levels. Because we have a limited operating history, our tenant turnover rate and related cost estimates may be less accurate than if we had more operating data upon which to base these estimates.

***We rely on information supplied by prospective tenants in managing our business.***

We rely on information supplied to us by prospective tenants in their rental applications to make leasing decisions, and we cannot be certain that this information is accurate. In particular, we rely on information submitted by prospective tenants regarding household income, tenure at current job, number of children and size of household. Moreover, these applications are submitted to us at the time we evaluate a prospective tenant, and we do not require tenants to provide us with updated information during the terms of their leases, notwithstanding the fact that this information can, and frequently does, change over time. Even though this information is not updated, we use it to evaluate the overall average credit characteristics of our portfolio over time. If tenant-supplied information is inaccurate or our tenants' creditworthiness declines over time, we may make poor leasing or underwriting decisions and our portfolio may contain more credit risk than we believe. When we purchase properties that are subject to existing leases, we are not able to collect any information on tenant creditworthiness in connection with such purchases.

***We depend, in part, on our tenants for all of our revenues.***

We depend on tenants for all of our revenues. Our operating results and cash available for distribution would be adversely affected if a significant number of our tenants were unable to meet their lease obligations or failed to renew their leases with us. Widespread lay-offs and other adverse changes in the economic conditions in and around the select markets in which we invest could result in substantial tenant defaults or non-renewals. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as landlord at that property and may incur costs in protecting our investment and re-leasing the property. We may be unable to re-lease the property for the rent previously received.

***We may be unable to renew leases and our occupancy rate could decline.***

We cannot assure you that tenants will renew their leases with us. If the rental rates for our properties decrease or our tenants do not renew their leases, our financial condition, results of operations, cash flow, cash available for distribution and our ability to satisfy our debt service obligations could be materially adversely affected.

Some or all of our properties may become vacant either by a default of tenants under their leases or the expiration or termination of tenant leases. If vacancies continue for a long period of time, we may suffer reduced revenues resulting in less cash available for distribution. In addition, the resale value of the property could be reduced because the market value of a particular property may deteriorate if it remains unoccupied for an extended period of time.

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***Poor tenant selection and defaults by our tenants may negatively affect our financial performance.***

Our success will depend, in part, upon our ability to attract and retain qualified tenants for our properties. This will depend, in turn, upon our ability to screen applicants, identify good tenants and avoid tenants who may default. We will inevitably make mistakes in our selection of tenants, and we may rent to tenants whose default on our leases or failure to comply with the terms of the lease or HOA regulations negatively affect our financial performance, reputation and the quality and value of our properties. For example, tenants may default on payment of rent, make unreasonable and repeated demands for service or improvements, make unsupported or unjustified complaints to regulatory or political authorities, make use of our properties for illegal purposes, damage or make unauthorized structural changes to our properties which may not be fully covered by security deposits, refuse to leave the property when the lease is terminated, engage in domestic violence or similar disturbances, disturb nearby residents with noise, trash, odors or eyesores, fail to comply with HOA regulations, sub-let to less desirable individuals in violation of our leases or permit unauthorized persons to live with them. In addition, defaulting tenants will often be effectively judgment-proof. The process of evicting a defaulting tenant from a family residence can be adversarial, protracted and costly. Furthermore, some tenants facing eviction may damage or destroy the property. Damage to our properties may significantly delay re-leasing after eviction, necessitate expensive repairs or impair the rental revenue or value of the property, resulting in a lower than expected rate of return. In addition, we will incur turnover costs associated with re-leasing the properties, such as marketing expense and brokerage commissions, and will not collect revenue while the property is vacant. Although we will attempt to work with tenants to prevent such damage or destruction, there can be no assurance that we will be successful in all or most cases. Such tenants will not only cause us not to achieve our financial objectives for the properties in which they live, but may subject us to liability, and may damage our reputation with our other tenants and in the communities where we do business.

***Title defects and eminent domain could lead to material losses on our investments.***

Although we currently intend to acquire title insurance on the majority of our residential properties when it is available, we may, and likely will, also acquire a number of our homes on an "as is" basis without the benefit of title insurance prior to closing. Increased scrutiny of title matters, particularly in the case of foreclosures, could lead to legal challenges with respect to the validity of the sale. In the absence of title insurance, the sale may be rescinded, and we may be unable to recover our purchase price, resulting in a complete loss. Title insurance obtained subsequent to purchase offers little protection against discoverable defects as they are typically excluded from such policies. Although we endeavor to assess the state of title prior to purchase, there can be no assurance that our assessments will be completely effective, which could lead to a material if not complete loss on our investment in such properties. In addition, even if we are able to acquire title insurance on a property, the title insurance provider may assert that we are not entitled to coverage under the policy and deny any claims we have thereunder.

Our title to a property may be challenged for a variety of reasons, including allegations of defects in the foreclosure process. Title insurance, if any, may not prove adequate in these instances.

It is also possible that governmental authorities may exercise eminent domain to acquire land on which our properties are built in order to build roads or other infrastructure. Any such exercise of eminent domain would allow us to recover only the fair value of the affected properties. Our acquisition strategy is premised on the concept that this "fair value" will be less than the real value of the property for a number of years, and we could effectively have no profit potential from properties acquired by the government through eminent domain.

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***We may not be able to complete dispositions on advantageous terms.***

There is no guarantee that the Company will be able to dispose of our real estate assets, and any such disposition will remain dependent upon certain factors beyond the Company's control, including competition from other real estate owners that are attempting to dispose of similar properties, and the availability of financing on attractive terms for potential buyers of the property. The Company's inability to dispose of its real estate assets on favorable terms could have an adverse effect on the Company's financial condition, results of operations, cash flow, and ability to make distributions to Members.

***The Company may be unable to obtain debt financing for the acquisition and operation of the Company's real estate assets.***

The success of the Company's strategy depends on its access to capital through use of excess cash flow and the use of leverage (i.e., borrowings) by the Company that will acquire and operate its real estate assets. Financing the investment strategy will require significant capital. Volatility and uncertainty in the stock and credit markets may negatively impact the Company's ability to access debt financing on favorable terms, or at all, which may negatively affect the proposed investment.

***We are subject to risks associated with uninsured losses.***

There are certain types of losses, such as acts of war, terrorism, hurricanes, floods, or seismic activity, which now or in the future may be uninsurable or not economically insurable. Inflation, changes in building or zoning codes and ordinances, environmental considerations, and other factors may also make it infeasible to use insurance proceeds to replace an asset if it is damaged or destroyed. If an uninsured property loss or a property loss in excess of insured limits were to occur, the Company could lose its capital invested in the affected property, as well as the anticipated future revenues from such property.

***If the Company overestimates the value or income-producing ability or incorrectly price the risks of the Company's real estate assets, the Company may experience losses.***

Analysis of the value or income-producing ability of the Company's real estate assets is highly subjective and may be subject to error. The Manager will value the Company's potential investments in real estate assets based on yields and risks, considering estimated future losses on the real estate and the estimated impact of these losses on expected future cash flows and returns. In the event that the Company underestimates the risks relative to the price the Company paid for a particular investment, the Company may experience losses with respect to such investment.

***Risk associated with title insurance and eminent domain.***

The Company currently intends to acquire title insurance when the Company purchases real estate assets. Title insurance obtained subsequent to purchase offers little protection against discoverable defects as they are typically excluded from such policies. Although the Company endeavors to assess the state of title prior to purchase, there can be no assurance that the Company's assessments will be completely effective, which could lead to a material if not complete loss on the Company's purchase of the underlying real estate. In addition, even if the Company is able to acquire title insurance on the underlying property, the title insurance provider may assert that the Company is not entitled to coverage under the policy and deny any claims the Company thereunder.

It is also possible that governmental authorities may exercise eminent domain to acquire the underlying real estate on which one or the Company's real estate assets is located. Any such exercise of eminent domain

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would allow the Company to recover only the fair value of the property, which at such time could be less than the Company paid for the real estate and the improvements located thereon.

***Certain other real estate related risks.***

Our real estate related investments will be subject to the varying degrees of risk and significant fluctuations in their value. The value of the Company's real estate assets depends upon the Company's ability to operate the real estate assets in a manner sufficient to meet its commitments, including debt service, and/or maintain or increase revenues in excess of operating expenses or, the ability of the lessees to make rental payments. Revenues may be adversely affected by changes in national or international economic conditions; changes in local market conditions due to changes in general or local economic conditions and neighborhood characteristics; the financial condition of tenants, buyers, and sellers of properties; competition from other properties offering the same or similar services; changes in interest rates and in the availability, cost, and terms of mortgage funds; the impact of present or future environmental legislation and compliance with environmental laws; the ongoing need for capital improvements (particularly in older structures); changes in real estate tax rates and other operating expenses; adverse changes in governmental rules and fiscal policies; civil unrest; acts of God, including earthquakes, hurricanes, and other natural disasters; acts of war; acts of terrorism (any of which may result in uninsured losses); adverse changes in zoning laws; and other factors that are beyond the Company's control.

***The Company may be subject to liability under environmental laws, ordinances, and regulations.***

Under various federal, state, and local laws, ordinances and regulations, and to the extent the Company owns any interests in properties directly and not indirectly through a limited liability entity, the Company may be considered an owner or operator of real properties responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in the property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property). Such liability may be imposed on the Company whether or not it had knowledge of or responsibility for the presence of hazardous or toxic substances. The Company's efforts to identify and discover environmental liabilities with respect to properties it may acquire or to which it may provide lender financing may not be sufficient, notwithstanding its due diligence efforts including environmental audits designed to ensure that its portfolio will be in substantial compliance with federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances.

To the extent the Company is responsible for environmental liabilities, such could have a materially adverse effect on its results of operations and financial condition as well as jeopardize other investment assets in its portfolio, with negative implications for the value of an investment in the Company.

***Our operations could be harmed by a prolonged economic slowdown, a lengthy or severe recession or declining real estate values.***

Our properties may be susceptible to economic slowdowns or recessions, which could lead to financial losses in our investments and a decrease in revenues, net income and assets. An economic slowdown or recession could have a material negative impact on the values of commercial and residential real estate. Declining real estate values will likely reduce our level of purchases of investment properties. Further, declining real estate values significantly increase the likelihood that we will incur losses on our on the sale of any investment property, which in turn would force us to lease or rent investment properties for longer than we had originally intended to and for possible less than we would have otherwise originally been able to. Any sustained period of declining real estate values could adversely affect both our income from the lease, rental or sale of investment properties, which would significantly harm our revenues, results of operations, financial condition, business prospects and our ability to make distributions to you.

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**Risks Related to Financing**

***We may be unable to generate sufficient capital to meet our debt service obligations.***

The acquisition and operation of the Company's assets may be financed in part by Debt Financing (as defined below), which will increase the Company's exposure to loss. The use of leverage involves a high degree of financial risk and may increase the exposure of the Company and the Company's assets to factors such as rising interest rates, downturns in the economy or deterioration in the condition of the collateral underlying such investments. The use of leverage will increase the risk of loss.

We may incur substantial debt in the future. Incurring debt could subject the Company to many risks, including the risks that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·cash flows from operations will be insufficient to make required payments of principal and interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·debt may increase the Company's vulnerability to adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Company (or SPV) will be subject to restrictive covenants that require the Company (or SPV) to satisfy and remain in compliance with certain financial requirements or that impose certain limitations on the Company's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·we may be required to dedicate a substantial portion of our net cash from operations to payments on debt, thereby reducing any potential distribution of net cash from operations to the Members, including the Company, funds available for operations and capital expenditures, future improvements or operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the terms of any refinancing may not be as favorable as the terms of the debt being refinanced.

If we do not have sufficient funds to repay the Debt Financing, we incur when it matures, we may need to refinance the debt or the Company may need to raise additional equity. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates on refinancing, increases in interest expense could adversely affect our cash flows and, consequently, cash potentially available for distribution to the Members. To the extent the Company is required to raise additional equity to satisfy such debt, existing Members could see their interests diluted. If we are unable to refinance our debt or raise additional equity on acceptable terms, we may be forced to dispose of certain assets on disadvantageous terms, potentially resulting in losses. To the extent we cannot meet any future debt service obligations, we will risk losing some of all of our real estate assets, and you could lose some or all of your investment.

***Definitive documentation related to debt financing remains under negotiation.***

In order to engage in its planned business operations, we may obtain and enter into definitive loan documentation with a third-party lender financing (collectively, the "**Debt Financing**"). The definitive loan documentation will be subject to the approval of the respective lenders providing the Debt Financing. If the definitive Debt Financing documentation and the terms thereof differ materially from those anticipated to be obtained by the Company, then such events may adversely affect the Company and investors' investment in the Share Class Units.

***We expect that the Debt Financing will be secured by a first lien on certain of our real estate assets.***

We expect that the Company's Debt Financing will be secured by a first position lien(s) on certain of the Company's real estate assets. Therefore, if we default on any of its obligations under such Debt Financing it could result in lender foreclosing on some of our real estate assets securing the particular Debt Financing or otherwise being entitled to revenues generated by and through our real estate assets.

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***We expect that our agreements with its creditors will contain strict covenants and such covenants. There can be no assurance that Company's operations will support the expenses associated with its debt.***

We expect that our arrangements with our creditors will include certain covenants that, among other things, may restrict, (i) investments, loans and advances and the paying of distributions and other restricted payments; (ii) the incurrence of additional indebtedness; (iii) the granting of liens, other than liens created pursuant to the credit facility and certain permitted liens; (iv) transactions with affiliates; (v) the sale of assets; and (vi) capital expenditures. These credit arrangements may also likely require the Company (or SPV) to maintain certain financial ratios, such as leverage ratios. All of these restrictive covenants may restrict the Company's ability to expand or pursue its business strategies. The Company's ability to comply with these and other provisions of its credit arrangements may be impacted by changes in economic or business conditions, results of operations or events beyond the Company's control. The breach of any of these covenants could result in a default under the Company's credit arrangements, in which case, depending on the actions taken by the lenders thereunder, such lenders could elect to declare all amounts borrowed under our credit arrangements, together with any accrued interest, to be due and payable. If we were unable to repay any such borrowings or interest, the lenders could proceed against any collateral they may have claims to.

**Risks Related to Compliance and Government Regulation**

***The Offering is not registered with the SEC or any state securities authorities and those entities have not made any determination that this Offering Circular is adequate or accurate.***

The Offering of the Share Class Units will not be registered with the SEC under the Act or the securities agency of any state and the Share Class Units are being offered in reliance upon an exemption from the registration provisions of the Act and state securities laws applicable only to offers and sales to prospective investors meeting the suitability requirements set forth herein. Since this is a nonpublic offering and, as such, is not registered under federal or state securities laws, prospective investors will not have the benefit of review by the SEC or any state securities regulatory authority. The Share Class Units are being offered and will be sold, to prospective investors in reliance upon a private offering exemption from registration provided in the Act and state securities laws. If the Company fails to comply with the requirements of such exemption, the prospective investors may have the right, if they so desired, to rescind their purchase of the Share Class Units. It is possible that one or more prospective investors seeking rescission would succeed. This might also occur under the applicable state securities or "Blue Sky" laws and regulations in states where the Share Class Units will be offered without registration or qualification pursuant to a private offering or other exemption. If one or more Members were successful in seeking rescission, the Company would face significant financial demands that could adversely affect the Company as a whole and, thus, the investment in the Share Class Units by the remaining Members.

***Business and regulatory risks***.

The financial services industry generally, and the activities of hedge funds and their managers in particular, have been subject to intense regulatory scrutiny. Such scrutiny may increase the Company's and the Manager's exposure to potential liabilities and to legal, compliance and other related costs. Increased regulatory oversight may also impose additional administrative burdens on the Manager. In addition, securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The SEC, other regulators, self-regulatory organizations and exchanges are authorized to take extraordinary actions during market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial actions. The effects of any regulatory changes on the Company could be substantial and adverse.

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***The Company's income may be reduced if it is required to register as an investment company under the Investment Company Act; if we become an unregistered investment company, we could not continue our business.***

The Manager has decided to comply with the Section 3(c)(5)(C) exemption from registration as an Investment Company available under the Investment Company Act of 1940, as amended ("**Investment Company Act**"). Section 3(c)(5)(C) generally excludes from the definition of "Investment Company" any company that is engaged primarily in the business of "purchasing or otherwise acquiring mortgages and other liens on and interests in real estate." Congress has stated the intention behind the Section 3(c)(5)(C) exemption is that the exemption is for real estate, not securities (i.e., not investment contracts).

If we were obligated to register as investment companies, we would have to comply with a variety of substantive requirements under the Investment Company Act that impose, among other things: (i) limitations on capital structure; (ii) restrictions on specified investments; (iii) prohibitions on transactions with affiliates; and (iv) compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly increase our operating expenses. If we were required to register as an investment company but failed to do so, we would be prohibited from engaging in our business and criminal and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement and a court could appoint a receiver to take control of us and liquidate our business.

***We will be subject to ongoing public reporting requirements that are less rigorous than rules for more mature public companies, and our Members will receive less information.***

We will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. The ongoing reporting requirements under Regulation A are more relaxed than for public companies reporting under the Securities Exchange Act of 1934, as amended, or the Exchange Act. The differences include, but are not limited to, being required to file only annual and semiannual reports, rather than annual and quarterly reports. Annual reports are due within 120 calendar days after the end of the issuer's fiscal year, and semiannual reports are due within 90 calendar days after the end of the first six months of the issuer's fiscal year.

We may elect to become a public reporting company under the Exchange Act. If we elect to do so, we will be required to publicly report on an ongoing basis as an emerging growth company (as defined in the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·being exempt from the requirement to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. If we elect to take advantage of the benefits of this extended transition period, our financial

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statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We would expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion, (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

If we decide to apply for the quotation of our common stock on the OTCQB or OTCQX market, we will be subject to the OTC Market's Reporting Standards, which can be satisfied in a number of ways, including by remaining in compliance with (i) the SEC reporting requirements, if we elect to become a public reporting company under the Exchange Act, or (ii) Regulation A reporting requirements, if we elect not to become a reporting company under the Exchange Act.

In either case, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and our Members could receive less information than they might expect to receive from more mature public companies.

***Risks associated with investments by Benefit Plans.***

We reserve the right to refuse to issue Share Class Units to any entity that is subject to Employee Retirement Income Security Act ("**ERISA**"). Each prospective investor, however, that is a pension, profit sharing or other employee benefit plan or trust subject to ERISA should consider the matters described below when evaluating a potential investment in the Share Class Units of the Company.

In considering the acquisition of Share Class Units to be held as a portion of the assets of an "employee benefit plan" within the meaning of Section 3(3) of ERISA (a "**Benefit Plan**" or "**Plan**"), a Plan fiduciary, taking into account the facts and circumstances of such trust, should consider, among other things: (a) the effect of the "Plan Asset Regulations" (Labor Regulation Section 2510.3-101) including potential "prohibited transactions" under the Code and ERISA; (b) whether the investment satisfies the "exclusive purpose," "prudence," and "diversification" requirements of Sections 404(a)(l)(A),(B) and (C) of ERISA; (c) whether the investment is a permissible investment under the documents and instruments governing the plan as provided in Section 404 (a)(l)(D) of ERISA; (d) the Plan may not be able to distribute Share Class Units to participants or beneficiaries in pay status because the Manager may withhold its consent; and (e) the fact that no market will exist in which the fiduciary can sell or otherwise dispose of the Share Class Units and we has no history of operations. The prudence of a particular investment must be determined by the responsible fiduciary with respect to each employee benefit plan, considering the facts and circumstances of the investment.

If 25% or more of the Share Class Units are owned, directly or indirectly, by ERISA Plans, the assets of the Company will be deemed to be plan assets subject to ERISA, in which case the Manager and will be considered fiduciaries subject to ERISA, transactions involving the assets of the Company may be subject to the fiduciary responsibility provisions of ERISA and the prohibited transaction provisions of ERISA and Section 4975 of the Code, and under certain circumstances the fiduciary of an ERISA Plan responsible for the plan's investment in the Share Class Units could be liable for any ERISA violations by the Manager. The Company intends to limit investment by ERISA Plans so that less than 25% of the Share Class Units are beneficially owned by ERISA Plans.

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***REOC Qualification.***

The Company intends to qualify and operate as a "real estate operating company" ("**REOC**") as defined in 29 CFR §2510.3-101(e) for so long as any Member is a Benefit Plan Investor. The Manager will manage and operate the Company in a manner consistent with that intent. All provisions of the Operating Agreement and each Subscription Agreement shall be interpreted and applied in a manner consistent with maintaining the Company's qualification as a REOC.

On the initial valuation date and on any date within each annual valuation period (a preestablished annual period not exceeding ninety (90) days in duration), at least fifty percent (50%) of the Company's assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors), will be invested in real estate which is managed or developed and with respect to which the Company has the right to substantially participate directly in the management or development activities. The Company, at all relevant times in the ordinary course of its business, will be directly engaged in such real estate management or development activities.

Management and development activities include, without limitation, acquisition, development, construction, renovation, leasing, operation, maintenance, management, financing, sale, or disposition of real property, provided that such activities involve substantial direct participation by the Company, which may include engaging, supervising, and terminating independent contractors, as contemplated and authorized under 29 CFR §2510.3-101(j).

Neither the Company, the Manager, nor any of their affiliates, officers, directors, employees, or agents will be deemed a fiduciary with respect to any Benefit Plan Investor or its assets in connection with the offering, sale, or issuance of Share Class Units in the Company, operation or management of the Company, or any investment decisions made by or for the Company. The Company and the Manager do not provide legal, tax, or investment advice, recommendations, or discretionary investment management services to any Benefit Plan Investor and expressly disclaim any fiduciary duty or responsibility under ERISA, the Code, or any other law.

Each Benefit Plan Investor acknowledges and agrees that the decision to invest in the Company, including executing a Subscription Agreement, has been made solely by the plan administrator and plan's other fiduciaries. Without limitation, such fiduciaries are responsible to determine whether investment in the Company complies with the terms of the plan, constitutes a prudent and suitable plan investment, and complies with ERISA, the Code, and all other applicable law. Neither the Company, the Manager, nor any of their affiliates, officers, directors, employees, or agents is responsible for any such determinations or for any related acts or omissions of the plan's fiduciaries. To the fullest extent permitted by law, each Benefit Plan Investor, and the owners or sponsors of such Benefit Plan Investor, agree to indemnify, defend, and hold harmless the Company, the Manager, and all of their affiliates, officers, directors, employees, or agents from and against any and all claims, losses, damages, liabilities, expenses (including reasonable attorneys' fees), and penalties arising from or related to any actual or alleged fiduciary breach or any other failure to comply with any Code or ERISA provision in connection with the Benefit Plan Investor's investment in the Company.

***The Company may not be able to qualify or maintain its status as a REOC, which could subject the Company's assets to additional regulation under ERISA.***

The Company intends to operate in a manner that qualifies it as a REOC under the Plan Asset Regulations. However, there can be no assurance that the Company will be able to satisfy the requirements for REOC qualification on a continuous basis. REOC qualification requires, among other things, that at least fifty percent (50%) of the Company's assets (valued at cost) be invested in real estate with respect to which the

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Company has the right to substantially participate directly in management or development activities, and that the Company be engaged in such activities in the ordinary course of its business. If the Company fails to qualify or maintain its status as a REOC and 25% or more of the Share Class Units are held by Benefit Plan Investors, the Company's assets could be deemed "plan assets" under ERISA. In that event, the Manager and the Company could become subject to the fiduciary responsibility and prohibited transaction provisions of ERISA and Section 4975 of the Code, which could materially and adversely affect the operations of the Company and the returns to all Members.

PROSPECTIVE BENEFIT PLAN INVESTORS ARE URGED TO CONSULT THEIR ERISA ADVISORS WITH RESPECT TO ERISA AND RELATED TAX MATTERS, AS WELL AS OTHER MATTERS AFFECTING THE BENEFIT PLAN'S INVESTMENT IN THE COMPANY. MOREOVER, MANY OF THE TAX ASPECTS OF THE OFFERING DISCUSSED HEREIN ARE APPLICABLE TO BENEFIT PLAN INVESTORS WHICH SHOULD ALSO BE DISCUSSED WITH QUALIFIED TAX COUNSEL BEFORE INVESTING IN THE COMPANY.

ACCEPTANCE OF SUBSCRIPTIONS MADE BY OR ON BEHALF OF ERISA INVESTORS IS IN NO WAY A REPRESENTATION BY THE MANAGER OR THE FUND THAT ANY SUCH INVESTMENT MEETS ALL RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN OR THAT SUCH INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN.

**Risks Related to Conflicts of Interest**

***Allocation of distributions and the Manager's incentive.***

Since our Manager will receive a portion of the Company's profits, our Manager may have an incentive to take more risks than it would otherwise take in the absence of such performance-based compensation. In addition, the method of calculating the amount of participation in the Company's profits may result in conflicts of interest between our Manager on the one hand, and the Members on the other hand, with respect to the management and disposition of our portfolio of real estate assets.

***Management of the Company; Allocation of time.***

It is expected that the Manager will devote substantial time and effort to the Company and the Offering. However, the Manager and its principals may work on various projects not involving the Company, and conflicts of interest may arise in allocating time, services or functions of such parties. The Manager may form additional companies or ventures or serve as manager for other client accounts with investment objectives and strategies substantially similar to those of the Company. The principals of the Manager and its affiliates may have investments in certain of the entities which they manage which exceed their investments in the Company. Further, the Manager and its affiliates may engage in other business activities unrelated to the Company and the Offering. As a result of the foregoing, the Manager and its affiliates may have conflicts of interest in allocating their time and activity between the Company and other entities or activities and in allocating investments among the Company and other entities.

***The Company has not retained separate counsel for the Members.***

Separate counsel has not been engaged to act on behalf of investors in the Company. The Manager and Company have the same legal counsel with respect to the Offering.

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***Our Sponsor's financial obligations under affiliate credit facilities could adversely affect the Company.***

The Hartley Fund Group, LLC, the Company's sponsor (the "**Sponsor**"), serves as a limited guarantor under a revolving credit facility between Horizon Storage Group, LLC, an affiliate, and BC Partners, LLC. Although the Company is not a borrower or guarantor under this credit facility, the Sponsor's obligations as limited guarantor could, in the event of a default by the borrower, result in financial claims against the Sponsor that may divert the Sponsor's resources, attention, or capital away from the management and operations of the Company. Additionally, properties acquired using proceeds of this credit facility may be contributed or sold to the Company or its SPVs, and any liens, encumbrances, or disputes arising from the credit facility could affect the title, value, or availability of such properties. There can be no assurance that the Sponsor's financial obligations under the credit facility or any similar affiliate arrangements will not have a material adverse effect on the Sponsor's ability to fulfill its duties to the Company and its Members.

**Tax Related Risks**

***There may be tax risks to the Company and its Members.***

There are risks associated with the federal income tax aspects of an investment in the Company. The Internal Revenue Service ("**IRS**" or "**Service**") could potentially examine tax issues that could affect the Company. Moreover, the income tax consequences of an investment in the Company are complex, and tax legislation could be enacted and regulations adopted in the future to the detriment of Members. Certain paragraphs that follow summarize some of the tax risks to the Members who own the Share Class Units. A discussion of the tax aspects of the investment is set forth under "Tax Considerations." Because the tax aspects of this Offering are complex and may differ depending on individual tax circumstances, each prospective investor must consult with and rely on his/her own independent tax advisor concerning the tax aspects of the Offering and his/her individual situation. No representation or warranty of any kind whatsoever is made with respect to the acceptance by the IRS authorities of the treatment of any item by the Company or by any Member.

***An IRS or other audit of the Company's books and records could result in changes in our income tax returns.***

The Company's federal income tax returns could potentially be audited by the IRS or other authorities. Such an audit could result in the challenge and disallowance of some of the credits or deductions claimed in such returns. The Company does not assure or give a warranty of any kind with respect to the deductibility of any such items or the eligibility for tax credits in the event of either an audit or any litigation resulting from an audit.

***The IRS may challenge the allocation of net income and net losses.***

In order for the allocations of income, gains, deductions, losses and credits under the Operating Agreement to be recognized for tax purposes, such allocations must possess substantial economic effect. The Company cannot assure you that the IRS will not claim that such allocations lack substantial economic effect. If any such challenge to the allocation of losses to any Member were upheld, the tax treatment of the investment for such Member could be adversely affected.

***A Member may have taxable income that exceeds the amount of cash distributions received.***

A Member's taxable income resulting from his/her interest in the Company may exceed the cash distributions that such Member receives from the Company. This may occur because the Company's receipts may constitute taxable income but its expenditures may constitute nondeductible capital

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expenditures or loan repayments. Thus, a Member's tax liability may exceed his/her share of cash distributions from the Company. The same tax consequences may result from the sale or transfer of a Member's Share Class Units, whether voluntary or involuntary, and may produce ordinary income or capital gain or loss.

***If the IRS were to audit the Company, a Member could be liable for accuracy related penalties and interest.***

In the event of an audit in which Company deductions are disallowed, the IRS could assess significant penalties and interest on tax deficiencies. The Code provides for penalties relating to the accuracy of income tax returns equal to twenty percent (20%) of the portion of the underpayment to which the penalty applies. The penalty applies to any portion of any understatement, which is attributable to (1) negligence; (2) any substantial understatement of income tax; or (3) any substantial valuation misstatement. Additional interest may be imposed on underpayments relating to tax shelters. The Manager believes that the Company is not a "tax shelter," as defined, and that there is substantial support for the positions to be taken by the Company on its income tax returns. However, the Company cannot assure you that the IRS will agree with these positions.

***Holders of Units will receive partner information tax returns on Schedule K-1, which could increase the complexity of tax returns.***

As members of a limited liability company that will elect to be taxed as a partnership, the holders of Units will receive annual Schedule K-1s following the end of each taxable year. The partner information tax returns on Schedule K-1 will contain information regarding the income items and expense items of Company and will allocate a portion of those items to you based on your percentage ownership in the Company. The preparation of annual tax returns for owners of real estate involve a complex series of calculations, and as a result, your Schedule K-1 may be more complicated that others you may have received. Additionally, if you have not received Schedule K-1s from other investments, you may find that preparing your tax return may require additional time, or it may be necessary for you to retain an accountant or other tax preparer, at an additional expense to you, to assist you in the preparation of your return.

***Changes in U.S. federal income tax law could adversely affect an investment in the Company.***

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Congress enacts new tax laws on a regular basis which make significant changes to the federal tax law. Congress could make additional changes in the future to the income tax consequences with respect to an investment in the Company. In addition, Congress is currently analyzing and reviewing numerous proposals regarding changes to the federal income tax laws. The extent and effect of such changes, if any, is uncertain.

**THE DISCUSSION OF TAX CONSEQUENCES CONTAINED IN THIS OFFERING CIRCULAR IS A SUMMARY OF TAX CONSIDERATIONS BASED ON THE LAW, COURT RULINGS AND REGULATION PRESENTLY IN EFFECT AND TRUE. IT IS NOT TO BE CONSTRUED AS TAX ADVICE. FURTHER, PROSPECTIVE INVESTORS SHOULD BE AWARE THAT NEW ADMINISTRATIVE, LEGISLATIVE OR JUDICIAL ACTION COULD SIGNIFICANTLY CHANGE THE TAX ASPECTS OF THE COMPANY AT ANY TIME, WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON THE COMPANY AND THE MEMBERS. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX COUNSEL AND/OR ADVISOR AS TO THE POTENTIAL TAX IMPLICATIONS THAT AN INVESTMENT IN THE COMPANY WILL HAVE ON THEM*.***

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**PLAN OF DISTRIBUTION**

The Company is offering up to$50,000,000of our Share Class Units pursuant to this Offering Circular. Our Share Class Units will be offered primarily directly by the Company, the Manager and associated persons of the Company and Manager on an ongoing and continuous basis. The associated persons of the Company and Manager who will be offering the Share Class Units are not deemed to be brokers under Rule 3a4-1 of the Securities Exchange Act of 1934, as amended. In accordance with the provisions of Rule 3a4-1(a), officers who sell Share Class Units will not be compensated by commission, will not be associated with any broker or dealer and will limit their activities so that, among other things, they do not engage in oral solicitations of, and comply with certain specified limitations when responding to inquiries from, potential purchasers.

While most Share Class Units are expected to be offered and sold directly by the Company, the Manager and their respective officers and employees, the Company or Manager has reserved the right to offer and sell Share Class Units through the services of independent broker/dealers who are member firms of FINRA. The Company has engaged Columbia Private Markets, LLC ("**CPM**") as a placement agent for this Offering. CPM is not a managing broker-dealer and does not serve as an underwriter of the Share Class Units. CPM will receive a placement fee equal to three percent (3%) of the gross proceeds from the sale of Share Class Units placed through its efforts. CPM is wholly owned by Columbia Advisory Group, LLC, which also serves as the Class B Member of the Company. See "CONFLICTS OF INTEREST — Placement Agent" for additional information regarding this affiliation. It is anticipated that the customary and standard commissions of a licensed broker-dealer may be up to three percent (3%) of the proceeds received for the sale of Share Class Units. Notwithstanding the foregoing, the amount and nature of commissions payable to broker/dealers is expected to vary in specific instances and may be lower than the one listed herein. The investor who is admitted to the Company through such broker/dealer (and not the Company nor the Manager) will be responsible for all such commissions payable to broker/dealers (and such payments may reduce the investor's invested capital).

The offering will continue through the earliest of (1) the date upon which all $50,000,000 in Share Class Units have been sold; or (2) the date on which we terminate this offering. Following qualification of the offering statement of which this Offering Circular is a part, the Company will conduct closings of this offering on a share-class-by-share-class basis as described under "Plan of Distribution" above

Once the SEC qualifies this offering, we are permitted to generally solicit investors nationwide by use of various advertising mediums, such as print, radio, TV, and the Internet. We plan to primarily use the Internet through a variety of existing Internet advertising mechanisms, such as adwords and search engine optimization (e.g., placement on Yahoo and Google). As a result, it is anticipated that Internet traffic will arrive at a section of our website where prospective investors, can find additional information regarding this offering and may initiate a purchase of the Share Class Units in compliance with the Subscription Agreement.

**Compensation Payable to FINRA Members**

There will be no exclusive selling agent. The Share Class Units will be offered for sale by (i) associated persons of the Company and the Manager; and (ii) broker-dealers ("**Broker-Dealers**," collectively the "**Selling Group**") who are members of the Financial Industry Regulatory Authority, Inc. ("**FINRA**").

In conducting this offering, the associated persons of the Company, intend to rely on the exemption from registration contained in Exchange Act Rule 3a4-1.

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The Manager anticipates that some investments will result in the Company paying a selling commission (the "Selling Commission") of up to three percent (3%) of each investor's initial investment to a Selling Agent, although the actual percentage may be range between one percent (1%) to three percent (3%) on any new funds. The Company may also engage the services of a managing broker dealer for the sale of Share Class Units.

**Placement Agent**

The Company has engaged CPM an affiliate of the Manager and Class B Member, as a non-exclusive placement agent for this Offering. CPM's role is limited to introducing prospective investors to the Company and facilitating the subscription process. CPM does not serve as a managing broker-dealer, underwriter, or custodian of investor funds and has no authority to bind the Company or accept subscriptions on behalf of the Company. CPM is not a member of FINRA.

As compensation for its placement services, CPM will receive a placement fee equal to three percent (3%) of the gross proceeds from the sale of Share Class Units placed through CPM's efforts. This placement fee will be paid by the Company out of the gross proceeds of the Offering and will not increase the purchase price paid by investors. The placement fee is separate from and in addition to any Selling Commissions payable to Broker-Dealers who are members of FINRA.

CPM is wholly owned by Columbia Advisory Group, LLC, which also serves as the Class B Member of the Company. As a result, CPM is an affiliate of the Company. The engagement of CPM as placement agent was not the result of arm's length negotiations. See "CONFLICTS OF INTEREST — Placement Agent" for a description of this affiliation and the related conflicts of interest.

This Offering Circular will be furnished to prospective investors upon their request via electronic PDF format and will be available for viewing and download 24 hours per day, 7 days per week on the Company's website, as well as on the SEC's website at www.sec.gov.

In order to subscribe to purchase our Share Class Units, a prospective investor must electronically complete, sign and deliver to us an executed Subscription Agreement like the one attached to this Offering Circular as Exhibit 4.1, and wire funds for its subscription amount in accordance with the instructions provided therein.

An investor will become a Member, including for tax purposes, and the Share Class Units will be issued, as of the date of settlement. Settlement will not occur until an investor's funds have cleared and the Company accepts the investor as a Member.

We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Section 18(b)(4)(D)(ii) of the Securities Act. If the offering terminates or if any prospective investor's subscription is rejected, all funds received from such investors will be returned without interest or deduction.

**Commencement of Offering Period.**

The offering period will commence upon this Offering Circular being qualified by the SEC.

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**Qualified Purchasers and Blue Sky Laws**

Our Share Class Units are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). As a Tier 2 offering pursuant to Regulation A under the Securities Act, this offering will be exempt from state "Blue Sky" law review, subject to certain state filing requirements and anti-fraud provisions, to the extent that our Share Class Units offered hereby are offered and sold only to "qualified purchasers." "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in our Share Class Units does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). Accordingly, we reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

**Transferability of our Share Class Units.**

Our Share Class Units are generally not freely transferable by Members. Transfer of Share Class Units by Members is restricted by applicable securities laws or regulations as well as the Operating Agreement.

**Advertising, Sales and Promotional Materials.**

In addition to this Offering Circular, subject to limitations imposed by applicable securities laws, we expect to use additional advertising, sales and other promotional materials in connection with this offering. In addition, the sales material may contain certain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material. Although these materials will not contain information in conflict with the information provided by this Offering Circular and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to our Share Class Units, these materials will not give a complete understanding of this offering, us or our Share Class Units and are not to be considered part of this Offering Circular. This offering is made only by means of this Offering Circular and prospective investors must read and rely on the information provided in this Offering Circular in connection with their decision to invest in our Share Class Units.

These marking and promotional materials will contain only information that does not conflict with the information provided by this Offering Circular, the materials will not provide a prospective investor a complete understanding of this offering, the Company, the Share Class Units and will not be considered part of this Offering Circular. The offering is made only by means of this Offering Circular and prospective investors must read and rely on the information provided in this Offering Circular prior to deciding to purchase Share Class Units.

**Selling Security holders**

No securities are being sold for the account of security holders; all net proceeds of this offering will go to the Company.

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**Supplements and Post-Qualification Amendments to this Offering Circular.**

In compliance with Rule 253(e) of Regulation A, we shall revise this Offering Circular during the course of the offering whenever information herein has become false or misleading in light of existing circumstances, material developments have occurred or there has been a fundamental change in the information initially presented. Such updates will not only correct such misleading information but shall also provide update financial statements and shall be filed as an exhibit to the Offering Circular and be requalified under Rule 252.

**ESTIMATED USE OF PROCEEDS**

The below table sets forth our estimated use of proceeds from this offering. We will realize gross proceeds from the offering of up to $50,000,000.00 if we raise the maximum amount. We anticipate the proceeds will generally be used as detailed below. The estimates set forth below do not take into account the use of any financial leverage and are not intended to represent the order of priority in which the proceeds may be applied. We expect to use substantially all of the net proceeds from this offering (after paying or reimbursing organization and offering costs and expenses, which include legal and accounting costs) for investment purposes. We may not be able to promptly use the net proceeds of this offering to acquire assets. In the interim, we may invest in money market accounts. Such money market accounts will not earn as high of a return as we expect to earn on our business.

The offering scenario presented below is for illustrative purposes only and the actual amounts of proceeds, if any, may differ. Some of the numbers in the below table have been rounded.

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| | | |
|:---|:---|:---|
| Maximum Offering | Maximum Offering |  |
|  | <br>Amount | Percentage<br> of Gross<br> Proceeds |
| Gross Offering proceeds (1) | $50000000 | 100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling Commissions (2) | ($1500000) | (3.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization, offering, accounting and legal costs (3) | $(100000) | (0.20%) |
| Total Offering and Organization Expenses and Fees | $(1600000) | (3.20%) |
| Available for Investment | $48400000 | 96.8%) |
| Offering and Organization Expenses and Fees | $(1600000) | (3.20%) |
| Total Application | $50000000 | 100.00% |

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(1)The costs shown in this Estimated Use of Proceeds are based on the Company's' expectations for the total costs to subscribe and close the offering. Because actual costs may vary from the budgeted amount, the Company's may use excess funds in one category to cover a shortage in another category. If actual total costs exceed the amount budgeted, the Company's has agreed to use its Initial Management Fee to cover the excess costs. If actual total costs are less than budgeted, the excess funds will be retained as additional reserves, either by the Manager or the lender, as applicable.

(2)Selling Commissions will be paid to Selling Agents in an amount not to exceed 3% of the gross Offering proceeds.

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(3)The Manager will be entitled to reimbursement for expenses incurred in connection with the organization of the Company's and SPV's organizational and offering expenses. Actual organization and offering expenses may vary from the budgeted amount shown, but shall include, but not be limited to, legal and accounting expenses.

**EXECUTIVE SUMMARY**

**Business Description**

The Hartley Opportunity Fund, LLC, is a real estate investment fund capitalizing on high-growth opportunities in expanding urban areas. We specialize in developing self-storage facilities to address the increasing demand for storage solutions driven by urbanization and demographic changes.

Our business model involves identifying promising urban markets, developing properties tailored to meet market needs, leasing them to achieve optimal occupancy levels, and executing strategic property sales within approximately two to four years. This strategy enables us to maximize returns while remaining flexible enough to adapt to changing market conditions.

Although our primary focus is on self-storage solutions, we remain open to pursuing other attractive real estate opportunities that align with our investment criteria. The Hartley Opportunity Fund aims to deliver consistent and attractive returns to its investors by leveraging its property development and market analysis expertise.

**Competition**

The real estate development industry is highly competitive, with numerous developers and investment funds. Many competitors have greater financial, technical, and marketing resources than The Hartley Opportunity Fund, LLC. They often have established networks to secure prime development opportunities and favorable financing.

These competitors can pay more for desirable land, invest heavily in market research, and absorb regulatory compliance costs more easily. Their larger resources allow them to pursue more development opportunities than we can.

Additionally, larger firms are better positioned to withstand fluctuations in the real estate market and changes in laws, giving them a competitive advantage that could impact our market share and profitability.

Our ability to acquire attractive development opportunities will depend on our capacity to efficiently evaluate and select suitable properties. If better-financed companies choose to compete with us in targeted urban areas and succeed, it could adversely affect our business.

**The Market**

The market for real estate development in rapidly growing urban areas is influenced by various factors beyond our control, including economic conditions, population growth, interest rates, and government policies. The demand for multi-family residential properties is driven by urbanization trends, affordability concerns, and shifting lifestyle preferences that favor rental living over homeownership. Similarly, the need for mini-storage facilities is increasing due to higher urban density and the growing demand for convenient storage solutions.

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Our ability to develop, lease, and sell properties within our targeted approximately 2–4 year timeframe depends on the strength of these market drivers. Economic fluctuations, such as changes in employment rates or consumer confidence, can impact the demand for housing and storage facilities. Additionally, variations in interest rates affect not only our financing costs but also the purchasing power of potential property buyers, which can influence our exit strategies.

**Barriers to Entry**

Entering the real estate development industry, especially in fast-growing urban areas, presents significant barriers that protect experienced management teams like The Hartley Opportunity Fund, LLC, and limit new competitors. These barriers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**High Capital Requirements**: Real estate development demands substantial upfront investment for land acquisition, construction, and development costs. The significant financial commitment required can deter new entrants lacking sufficient capital or financing access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Access to Financing**: Securing funding for development projects often depends on established relationships with financial institutions and investors. New entrants without a proven track record may find it challenging to obtain favorable financing terms or attract investor interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Regulatory Compliance and Permitting**: Navigating complex zoning laws, building codes, environmental regulations, and lengthy permitting processes requires expertise and resources. The time-consuming nature of regulatory compliance can delay projects and increase costs, posing a barrier to those unfamiliar with these processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Market Expertise and Relationships**: Success in real estate development hinges on deep market knowledge and strong relationships with key stakeholders, including contractors, suppliers, local officials, and community leaders. Established developers have the advantage of existing networks that facilitate smoother project execution and access to off-market opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Land Scarcity in Urban Areas**: Desirable development sites in fast-growing urban locations are limited. Competition for prime land is intense, and established developers often have better access to available sites through long-standing relationships and superior market intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Economies of Scale**: Larger, established firms benefit from economies of scale in purchasing materials, hiring contractors, and operating efficiencies. These cost advantages enable them to offer more competitive pricing or achieve higher margins than smaller, newer entrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Experience and Track Record**: Demonstrated success in previous development projects builds credibility with investors, lenders, and partners. Without a proven track record, new entrants may face skepticism and increased scrutiny, making it harder to secure necessary support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Risk Management Expertise**: Real estate development involves various risks, including market fluctuations, construction delays, cost overruns, and legal challenges. Experienced developers have established risk management strategies to mitigate these issues, whereas newcomers may lack the necessary expertise to navigate these complexities effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Technological and Innovation Barriers**: Keeping pace with industry advancements, such as sustainable building practices, smart home technologies, and advanced project management software, requires ongoing investment. New entrants may find it challenging to adopt these technologies without significant upfront costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Competitive Market Dynamics**: Established developers often have strong brand recognition and reputations that attract tenants and buyers more readily. They may also have exclusive agreements with key service providers or anchor tenants, creating additional hurdles for new entrants.

By effectively overcoming these barriers through our established experience, financial strength, and extensive industry relationships, The Hartley Opportunity Fund, LLC is well-positioned to capitalize on development opportunities in fast-growing urban areas. Our ability to navigate these challenges enables us to deliver value to our investors while maintaining a competitive edge in the market.

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**Employees, Principals, Personnel**

We currently have three employees. Our Chief Executive Officer, Steve Larsen, and our Chief Administrative Officer, Kim Smith, are responsible for all material policy-making decisions. All employees have entered into written employment agreements. If real estate development projects continue to increase, we may hire additional technical or administrative personnel as appropriate.

We are using and will continue to use independent consultants and contractors to perform various professional services, particularly in land acquisition, development, and property management. Using third-party service providers enhances our ability to control general and administrative expenses.

**Office Locations**

Our executive offices are located at 6501 N Cedar St., Building 4, Suite C, Spokane, WA 99208. Our space consists of 4,800 square feet leased under a ten-year office lease agreement that commenced in February 2025. The office space will be sufficient to meet our needs for the foreseeable future.

**MANAGEMENT**

**Our Manager** 

We operate under the direction of our Manager, which is responsible for directing the management of our business and affairs, managing our day-to-day affairs. The Manager is a single purpose limited liability company established solely to serve as our Manager. The Manager's executives and key personnel manage our affairs and are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require.

We will follow investment guidelines adopted by our Manager and the guidelines and borrowing policies set forth in this Offering Circular unless they are modified by our Manager. Our Manager may establish further written policies on purchasing and renovating properties and borrowings and will monitor our administrative procedures, investment operations and performance to ensure that the policies are fulfilled. As noted earlier, our Manager may change our guidelines and objectives at any time without approval of our Members.

Our Manager performs its duties and responsibilities pursuant to our Operating Agreement. We have agreed to limit the liability of our Manager and to indemnify our Manager against certain liabilities.

**Entity Structure and Corporate Hierarchy**

The following describes the organizational structure and corporate hierarchy of the entities involved in the management and operation of the Company:

Columbia Advisory Group, LLC ("**CAG**") is the parent entity and serves as the Class B Member of the Company. CAG is the controlling entity within the organizational structure and wholly owns or controls the following affiliated entities:

• The Sponsor serves as the sponsor of the Company and its investment program. The Sponsor provides strategic oversight and facilitates the acquisition and management of self-storage properties through the Company's SPVs.

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• The Manager is a single-purpose Delaware limited liability company established solely to serve as the Manager of the Company. The Manager is responsible for directing the management of the Company's business and affairs, including selecting investments, managing day-to-day operations, and overseeing the Company's SPVs.

• CPM serves as the non-exclusive placement agent for the Offering. CPM is wholly owned by CAG. See "PLAN OF DISTRIBUTION" and "CONFLICTS OF INTEREST — Placement Agent" for additional information regarding CPM's role and compensation.

The Company is the issuer of the Share Class Units offered under this Offering Circular. The Company is a Delaware limited liability company managed by the Manager. The Company conducts its investment activities through wholly owned SPVs, each of which holds title to one or more self-storage properties. Each SPV corresponds to a separate share class within the Company (currently Share Class Monroe, Share Class Frederick, and Share Class Waretown).

Great Lakes Fund Solutions, Inc. ("**GLFSI**") serves as the independent, third-party fund administrator for the Company and is not affiliated with CAG, the Manager, or any of their affiliates.

**No Recourse to Parent Entities**

Investors in the Share Class Units have no recourse to CAG, the Sponsor, or any other parent or affiliated entity of the Company. The obligations of the Company are solely the obligations of the Company, and no affiliate of the Company, including CAG, the Manager, or the Sponsor, has guaranteed or is otherwise liable for any obligations of the Company or its SPVs. Investors should not rely on the financial condition or creditworthiness of CAG or any affiliated entity when making an investment decision.

**Executive Officers of our Manager** 

As of the date of this Offering Circular, the following individuals are considered key personnel and/or executive officers of our Manager.

**Steve Larsen – Managing Partner**

Steve Larsen, CPA, CFP®, is a seasoned finance professional with extensive expertise in private fund management, real estate development, and investment strategy. As the founder and CEO of The Hartley Opportunity Fund, LLC, Mr. Larsen has successfully launched and manages multiple private fund offerings, including two multi-family housing development projects collectively valued at over $30 million.

In addition to his real estate development ventures, Mr. Larsen oversees a private credit fund with approximately $15 million in assets under management. This fund provides financing for real estate development projects, offering diversification and generating consistent income through interest payments.

Previously, as the founder of Columbia Advisory Partners, Mr. Larsen managed $300 million in assets under management, serving in key leadership roles, including President, Chief Compliance Officer, Lead Financial Planner, and Chief Investment Officer.

Mr. Larsen is also dedicated to education and professional service. He is an adjunct professor of finance at Gonzaga University, where he shares his expertise with future finance professionals, and he serves as a FINRA arbitrator, resolving complex financial disputes. A former reserve police officer with the Spokane Police Department, Mr. Larsen holds a Master of Accountancy from Gonzaga University and a Bachelor of Arts in Management Information Systems from Eastern Washington University.

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**Kim Smith - Chief Administrative Officer**

Kim Smith is the Chief Financial and Administrative Officer of The Hartley Opportunity Fund, LLC, specializing in the financial and administrative management of the fund's private offerings. She ensures that all financial activities are conducted efficiently, transparently, and in full compliance with regulatory standards.

In her role, Kim manages two private fund offerings for developing multi-family housing projects totaling over $30 million. She also oversees the financial administration of a private credit fund with approximately $10 million in assets. Her meticulous attention to detail and deep understanding of financial operations contribute significantly to the fund's ability to achieve its financial objectives.

Kim also serves as the Chief Compliance Officer and Partner at Columbia Advisory Partners, LLC, where she oversees compliance and regulatory affairs for a firm managing $300 million in assets. Her dual roles highlight her expertise in both financial management and regulatory compliance, making her an invaluable asset to The Hartley Opportunity Fund.

A graduate of Eastern Washington University in 2006 with a degree in Accounting, Kim brings a solid educational foundation to her professional endeavors. Her leadership ensures that the fund's financial practices align with industry best practices, maintaining investor confidence and supporting operational efficiency.

**Ryan Berg – Director of Development**

Ryan Berg, PE, is an accomplished real estate developer with expertise in both residential and commercial projects. With 13 years of experience as a professional civil engineer, Mr. Berg brings a deep technical understanding to his real estate ventures, enabling efficient and innovative development solutions.

In 2019, Mr. Berg transitioned from engineering to focus on real estate development, founding the Berg Group. Since then, he has successfully delivered and managed numerous multifamily residential projects. To date, he has overseen the development of over 400 residential units, guiding projects through all phases, including entitlement, due diligence, design, financing, and construction.

Beyond real estate, Mr. Berg is a seasoned entrepreneur. He co-founded and operates a thriving medical spa in Spokane, Washington, showcasing his business acumen and leadership across industries.

**Compensation of Executive Officers and Key Personnel**

We do not currently have any employees nor do we currently intend to hire any employees who will be compensated directly by the Company. We will be managed by the executive officers of our Manager. These individuals receive compensation for his or her services from the Manager and not from the Company; however, we do indirectly bear some costs associated with the compensation paid to these individuals by way of the payment of the management fee to the Manager. These individuals, in their capacity of executive officers or key personnel of our Manager will be instrumental in managing our day-to-day affairs.

**Limited Liability and Indemnification of our Manager and Others**

Subject to certain limitations, our Operating Agreement limits the liability of our Manager and its officers, members, managers, for monetary damages and provides that we will indemnify and pay or reimburse

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reasonable expenses in advance of final disposition of a proceeding to our Manager and its officers, members, managers.

**Term and Removal of the Manager**

The Manager will serve as manager for an indefinite term or may choose to withdraw as manager, under certain circumstances, as provided in the Operating Agreement. In the event of the withdrawal of the Manager, the Manager will reasonably cooperate with the Company and take all commercially reasonable steps to assist in making an orderly transition of the management function.

The Manager may assign its rights under the Operating Agreement in its entirety or delegate certain of its duties under the Operating Agreement to any of its affiliates without the approval of the Members, so long as the Manager remains liable for any such affiliate's performance and if such assignment or delegation does not require the Company's approval under the Investment Company Act. The Manager may elect to withdraw as the Company's manager if the Company becomes required to register as an investment company under the Investment Company Act, with such withdrawal deemed to occur immediately before such event. The Manager shall determine whether any succeeding manager possesses sufficient qualifications to perform the management function.

The Members shall not have the power to remove the Manager; provided that if the Manager resigns, a replacement Manager shall be selected by a simple majority of the Members.

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**MANAGEMENT COMPENSATION**

The following information summarizes the forms and estimated amounts of compensation (some of which involve cost reimbursements) to be paid by the Company, or others, to the Manager and its affiliates. Much of this compensation will be paid regardless of the success or profitability of the Company. None of these fees were determined by arm's length negotiations. Except as disclosed in this Offering Circular, neither the Company nor any of its affiliates, directors, officers, employees, agents or counselors are participating, directly or indirectly, in any other compensation or remuneration with respect to the Offering.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Form of Compensation** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Estimated Amount of Compensation** |
| &nbsp;&nbsp;**Reimbursement of Expenses to Manager:**  | &nbsp;&nbsp;The Manager will be reimbursed for all organization and offering expenses (including legal, accounting, printing, marketing and other miscellaneous costs and expenses), as well as costs and expenses relating to the organization of the Company.<br>The Manager will also be reimbursed for reasonable and necessary expenses paid or incurred by the Manager in connection with the operation of the Company, including any legal and accounting costs (which may include an allocation of salary), to be paid from operating revenue.<br>| &nbsp;&nbsp;Impracticable to determine at this time. |
| &nbsp;&nbsp;**Management Fee:**<br>| &nbsp;&nbsp;The Company will pay to the Manager, as compensation for its management services, an annual asset management fee (the "**Management Fee**") equal to an amount not to exceed one and one-half percent (1.5%) of the weighted average of the aggregate Members' adjusted capital contributions (calculated by taking into account the amount of all Members' adjusted capital contributions from time to time) for the applicable period of computation of the Management Fee. The Management Fee will be paid quarterly in arrears.<br>| &nbsp;&nbsp;Impracticable to determine at this time. |
| &nbsp;&nbsp;**Placement Agent Fee** | &nbsp;&nbsp;The Company will pay to CPM, an affiliate of the Manager and Class B Member, a placement fee equal to three percent (3%) of the gross proceeds from the sale of Share Class Units placed through its efforts.<br>| &nbsp;&nbsp;Impracticable to determine at this time |

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|:---|:---|:---|
| &nbsp;&nbsp;**Distributions as Class B Member to Columbia Advisory Group, LLC:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Advisory Group, LLC, the Class B Member and affiliate of the Manager, will own all of the issued and outstanding Class B Units and shall be entitled to receive distributions of net capital transaction proceeds that are subordinate to certain distributions to the Share Class Members. <br>Upon the sale of a Project, the net sales proceeds from the sale of such Project will be accounted for and distributed on a Project by Project basis among Members invested in such Project as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·First, to pay all of the Company's creditors associated with a Project; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Second, 100% pro rata to the Share Class Members until each Share Class Member has received its Preferred Return; and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Third, 100% pro rata to the Share Class Members until each Share Class Member has received a return of capital invested in such Project. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Fourth, 80% pro rata to the Share Class Members and 20% to the Class B Member.  | &nbsp;&nbsp;Impracticable to determine at this time as the exact amount of cash flow in impracticable to determine at this time.  |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL**<br>**CONDITION AND RESULTS OF OPERATIONS**

The Manager's Discussion and Analysis may contain forward-looking statements. Investors should not place undue reliance on forward-looking statements and should consider carefully the statements made in "Risk Factors" and elsewhere in this Offering Circular that identify important factors that could cause actual outcomes to differ from those expressed or implied in the Company's forward-looking statements, and that could materially and adversely affect the Company's business, operating results and financial condition.

The Manager's Discussion and Analysis should be read together with the financial statements and notes thereto, included elsewhere in this Offering Circular.

**Overview**

The Company was formed on November 18, 2024, as a Delaware limited liability company. During the year ended December 31, 2025, the Company commenced its investment operations by acquiring interests in two self-storage properties through its special purpose vehicle subsidiaries: Monroe Self Storage JV LLC and Frederick Self Storage JV LLC. As of December 31, 2025, the Company held total assets of approximately $8.4 million, including $250,000 in escrow with its fund administrator, Great Lakes Fund Solutions, Inc., and approximately $8.1 million in SPV investments. The Company has raised approximately $6.8 million in capital contributions from Share Class Unit holders and received approximately $1.3 million through a Section 721 exchange related to the Monroe property. The Company intends to continue offering Share Class Units to investors on an ongoing basis to fund additional self-storage property acquisitions.

**Operating History of the Company**

The Company was formed in November 2024 and commenced operations in 2025. During the year ended December 31, 2025, the Company completed its initial capital raise and deployed investor capital into two self-storage properties through special purpose vehicle subsidiaries. Specifically, the Company acquired interests in the Monroe Self Storage JV LLC and the Frederick Self Storage JV LLC. The Monroe acquisition was funded through a combination of cash capital contributions and a Section 721 exchange, while the Frederick acquisition was funded through cash capital contributions. The Company has engaged Great Lakes Fund Solutions, Inc. as its fund administrator, transfer agent, and registrar, and Columbia Private Markets, LLC as its non-exclusive placement agent. The Company intends to continue acquiring self-storage properties through additional share class offerings on a property-by-property basis.

**Results of Operations**

For the year ended December 31, 2025, the Company recognized approximately $98,479 in income from payments received from its special purpose vehicle subsidiaries and approximately $98,479 in fund allocated expenses, resulting in net income of $0 for the period. The Company's operating structure is designed so that property-level revenues and expenses flow through the SPV subsidiaries, with the Fund receiving reimbursement payments from the SPVs to cover fund-level operating costs. As a result, the Company's income statement primarily reflects pass-through activity rather than direct property operations. Property-level financial performance, including rental income, operating expenses, and debt service, is reflected at the SPV level and is not consolidated in the Company's financial statements. The Manager is not aware of any material trends or uncertainties, favorable or unfavorable, other than economic conditions affecting the real estate industry and real estate generally, which may be reasonably anticipated to have a material impact on the capital resources and the revenue or income to be derived from the operation of our assets.

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**Liquidity and Capital Resources**

As of December 31, 2025, the Company had total assets of approximately $8.37 million, consisting primarily of its investments in Frederick Self Storage JV LLC ($4,030,000) and Monroe Self Storage JV LLC ($4,044,268), along with funds held in the GLFSI Escrow account ($250,000) and other working capital. Total members' equity was approximately $8.07 million, reflecting capital contributions from the sale of Share Class Units ($6,826,000) and 721 Exchange equity contributed to the Monroe SPV ($1,258,633). The Company will require ongoing capital to fund additional self-storage property acquisitions through its SPVs. The Company intends to continuously offer Share Class Units to investors on an as-needed basis to execute its business plan and fund future property acquisitions.

**Emerging Growth Company**

Upon the completion of this offering, we may elect to become a public reporting company under the Exchange Act. We will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay" and "say-on-frequency;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an "emerging growth company" for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion, (ii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

**Debt Financing**.

The Company utilizes Debt Financing through its special purpose vehicle subsidiaries to acquire self-storage properties. As of December 31, 2025, both Frederick Self Storage JV LLC and Monroe Self Storage JV LLC have obtained mortgage financing secured by their respective properties. In addition, the Manager

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has established a revolving credit facility with BC Partners for working capital purposes, which had not been drawn upon as of December 31, 2025. The Company expects to continue utilizing Debt Financing through its SPVs for future property acquisitions as part of its ongoing investment strategy.

**CONFLICTS OF INTEREST**

The Company is subject to various conflicts of interest arising out of its relationship with our Manager and the Manager's executive personnel, members, managers or affiliates. None of the agreements and arrangements between us and our Manager and the Manager's executive personnel, members, managers or affiliates, including those relating to compensation, resulted from arm's length negotiations. In addition, no assurances can be made that other conflicts of interest will not arise in the future. These conflicts of interest include, but are not limited to, the following:

**Allocation of Time**

We rely on our Manager's executive officers and key personnel who act on behalf of our Manager. These executive officers and key personnel will continue to engage in other activities on their own behalf and on the behalf of others. As a result, each executive officer and key personnel will face conflicts of interest in allocating their time to the Company and the other activities to which they are each involved. However, we believe that our Manager and the executive officers and key personnel have the capability to dedicate such time to the affairs of the Company as may be reasonable required.

**Receipt of Other Asset Level Fees by our Manager and its Affiliates**

All fees and compensation paid to affiliates shall be market-based and commercially reasonable at all times, however, since absent the existence of these fees, Members might receive a higher return, the interests of our Manager and the Manager's executive personnel, members, managers or affiliates, and the Members are adverse in this respect.

**Additional Manager Compensation** 

Since our Manager's affiliate, the Class B Member, shall receive substantial compensation through distributions, our Manager may have incentive to invest in riskier opportunities that it might believe would produce a greater return, a portion of which our Manager would keep. Since this potential additional return might result in additional risk and exposure, the interests of our Manager and Members may be adverse in this respect. The potential additional return may also encourage our Manager to cause the Company to make distributions when it might otherwise reinvest in real estate investment properties.

**Competition by the Company with Other Affiliated Companies**

The Manager and the Manager's executive personnel, members, managers or affiliates may engage for their own accounts or for the accounts of others in other business ventures, including other public or private limited partnerships or limited liability companies. Neither the Company nor any Member will be entitled to an interest therein. The Manager and the Manager's executive personnel, members, managers or affiliates may invest in real estate or other activities similar to those of the Company for their own accounts and expect to continue to do so.

The Manager and the Manager's executive personnel, members, managers or affiliates may be members or managers of other entities which have investment objectives that have some similarities to the Company, which may cause Manager and the Manager's executive personnel, members, managers or affiliates to

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pursue investments that are competitive with those of the Company. However, the decision as to the suitability of the investment by the Company will be determined by our Manager in its sole discretion.

**Other Investments**

The Manager and the Manager's executive personnel, members, managers or affiliates may have investments in other real estate funds or accounts and real estate interests sponsored by or affiliated with our Manager as well as investments in non-affiliates. The performance of and financial returns on such other investments may be at odds with those of the Company.

**Diverse Membership**

The Members may include taxable and tax-exempt persons and entities and may include persons or entities organized in various jurisdictions including foreign investors. As a result, conflicts of interest may arise in connection with decisions made by our Manager that may be more beneficial for one type of Member than for another type of Member. In addition, our Manager may pursue properties that may have a negative impact on other investments made by certain Members in separate transactions. In selecting properties and the exit strategy appropriate for the Company, our Manager will not consider the investment, tax or other objectives of any Member individually.

**Lack of Separate Representation**

The Manager and the Company are not represented by separate counsel. The attorneys and other experts who have prepared the documents for this offering also perform other services for our Manager. This representation will continue.

**Indemnification**

Pursuant to the Operating Agreement, the Company will indemnify its Manager and any of its affiliates, agents, or attorneys from any action, claim, or liability arising from any act or omission made in good faith and in performance of its duties under the Operating Agreement. If the Company becomes obligated to make such payments, such indemnification costs would be paid from funds that would otherwise be available to distribute to investors or invest in further properties. To the extent these indemnification provisions protect our Manager and its Affiliates, agents, or attorneys at the cost of the investors in the Company, a conflict of interest may exist.

**Other Services or Potential Compensation**

We may engage affiliates of our Manager to perform services for and on behalf of the Company and we may, in connection with such services, pay to such affiliates reasonable compensation for these services.

**Affiliate Credit Facility**

The Sponsor serves as a limited guarantor under a Credit Agreement dated February 17, 2026 (the "**Credit Agreement**"), by and among Horizon Storage Group, LLC, a Delaware limited liability company (the "**Borrower**"), the Sponsor, and BC Partners, LLC, a Pennsylvania limited liability company (the "**Lender**"). The Credit Agreement provides for a revolving credit facility in a maximum amount of up to $5,000,000, with an initial maximum indebtedness cap of $750,000. Individual advances under the Credit Agreement are limited to the lesser of $1,750,000 or 50% of applicable real estate acquisition costs. The Credit Agreement bears interest at a rate of 13% per annum and matures on the later of (i) 364 days after

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closing or (ii) nine months after the date of the last advance. Proceeds of the Credit Agreement are to be used exclusively to fund real estate acquisition costs or existing storage facility costs.

The Company is not a borrower or guarantor under the Credit Agreement. However, properties acquired by the Borrower or its affiliates using proceeds of the Credit Agreement may be contributed or sold to the Company or one or more of its SPVs in the ordinary course of the Company's investment activities. A copy of the executed Credit Agreement is available for review upon request. Specific terms of the Credit Agreement, including conditions to advances and events of default, are set forth in the executed agreement maintained by the Sponsor.

**Placement Agent**

The Company has engaged CPM as a non-exclusive placement agent for this Offering. CPM will receive a placement fee equal to two percent (3%) of the gross proceeds from the sale of Share Class Units placed through its efforts. This placement fee will be paid by the Company out of the gross proceeds of the Offering.

CPM is wholly owned by Columbia Advisory Group, LLC, which also serves as the Class B Member of the Company. Accordingly, CPM is an affiliate of the Company and the Manager, and the engagement of CPM as placement agent was not the result of arm's length negotiations. The Company's decision to engage CPM, including the terms and amount of CPM's compensation, was determined solely by the Manager. Investors should consider this affiliation when evaluating the terms of this Offering and the role of CPM in the distribution of the Share Class Units.

**Entity Relationships**

Columbia Advisory Group, LLC ("CAG") is the parent entity and Class B Member of the Company. CAG wholly owns or controls the Manager, the Sponsor (The Hartley Fund Group, LLC), and CPM. All of these entities share common ownership and control, and transactions among them are not the result of arm's length negotiations. Investors should consider these interrelated ownership interests when evaluating the Company, the terms of the Offering, and the potential for conflicts of interest. For a complete description of the organizational structure, see "MANAGEMENT — Entity Structure and Corporate Hierarchy."

**Term of our Manager**

Under our Operating Agreement, our Manager will serve as manager for an indefinite term and that our Manager may not be removed by the Members of the Company. In the event of the removal or withdrawal of the Manager, the Manager will reasonably cooperate with the Company and take all commercially reasonable steps to assist in making an orderly transition of the management function. The Manager shall provide the Members with one (1) year's prior written notice of its intent to withdraw as Manager.

The Members shall not have the power to remove the Manager; provided that if the Manager resigns, a replacement Manager shall be selected by a simple majority of the Members.

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**PRINCIPAL MEMBERS**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Beneficial Owner** | &nbsp;&nbsp;**Class of Units** | &nbsp;&nbsp;**Percentage of Class Owned** |
| &nbsp;&nbsp;Columbia Advisory Group, LLC <sup>[1]</sup> | &nbsp;&nbsp;Class B Units | &nbsp;&nbsp;100% |

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[1]Columbia Advisory Group, LLC is the parent entity of the Company and serves as the Class B Member. Columbia Advisory Group, LLC is an affiliate of our Manager and is wholly owned by Steve Larsen.

Unless otherwise indicated herein, the address for the Class B Member, Columbia Advisory Group, LLC is 6501 N Cedar St., Building 4, Suite C, Spokane, WA 99208.

**DESCRIPTION OF SHARE CLASS UNITS AND SUMMARY OF OPERATING AGREEMENT**

The following descriptions of our Share Class Units, certain provisions of Delaware law and certain provisions of our certificate of formation and Operating Agreement, which will be in effect upon consummation of this Offering, are summaries and are qualified by reference to Delaware law, our certificate of formation and our Operating Agreement.

This Company is a Delaware limited liability company organized under the Delaware Limited Liability Company Act, or Delaware LLC Act, and will remain in existence until dissolved in accordance with our Operating Agreement. The limited liability company interests in our Company will be denominated in units of membership interest, Share Class Units and Class B Units. Share Class Units are being offered to prospective investors under this Offering Circular. Our Operating Agreement provides that we may issue an unlimited number of units of membership interest with the approval of our Manager and without Member approval.

**Share Class Structure**

The Company structures its investments through wholly owned SPVs, with each SPV holding title to one or more Projects. Each SPV and its associated Project are designated as a separate share class within the Company. As of the date of this Offering Circular, the Company has established the following share classes: Share Class Monroe, Share Class Frederick, and Share Class Waretown. Additional share classes may be created from time to time in connection with the acquisition of additional Projects by the Company or its SPVs.

When subscribing for Share Class Units, each investor designates the specific share class or classes into which the investor's capital will be invested. If an investor selects more than one share class, the investor will indicate the percentage of capital to be allocated to each selected share class. Capital contributed to a particular share class is segregated from capital contributed to other share classes and is allocated solely to the Project associated with that share class.

The economic terms applicable to each share class are identical. Management fees, preferred return, distribution waterfall, and all other economic terms set forth in the Operating Agreement apply uniformly to all share classes. No share class receives preferential economic treatment relative to any other share class. The rights, obligations, and restrictions applicable to Share Class Units are the same regardless of the share class designation.

All of the Share Class Units offered by this Offering Circular will be duly authorized and validly issued. Upon payment in full of the consideration payable with respect to the Share Class Units, as determined by our Manager, the holders of such Share Class Units will not be liable to us to make any additional capital

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contributions with respect to such Share Class Units (except for the return of distributions under certain circumstances as required by the Delaware LLC Act); provided, however, that the holders of the Share Class Units may be diluted in the event such Share Class Member does not contribute additional capital pursuant to a capital call under our Operating Agreement. Members have no conversion, exchange, sinking fund or appraisal rights, no pre-emptive rights to subscribe for any securities of the Company and no preferential rights to distributions.

**Purpose**

Under our Operating Agreement, the Company was formed for the purpose of strategically invest in multi-family assets and self-storage developments (each a "**Project**").

**Distributions**

The Company will not make any periodic distributions of net cash flow. Rather all distributions will be made upon the sale of a Project. The lack of periodic distribution of net cash flow may result in a Member having phantom income in which the Member has allocated income to it (and thus required to pay taxes on) without receiving any distributions to pay such tax obligation.

Upon the sale of a Project, the net sales proceeds from the sale of such Project will be accounted for and distributed on a Project by Project basis among Members invested in such Project as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·First, to pay all of the Company's creditors associated with a Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Second, 100% pro rata to the Share Class Members until each Share Class Member has received its Preferred Return; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Third, 100% pro rata to the Share Class Members until each Share Class Member has received a return of capital invested in such Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Fourth, 80% pro rata to the Share Class Members and 20% to the Class B Member.

Furthermore, we will make certain payments to our Manager, its affiliates and key personnel for services provided to us. See section titled "Management Compensation." Such payments will reduce the amount of cash available for distributions.

**Restrictions on Ownership and Transferability**

The Operating Agreement provides that a Member is generally prohibited from transferring any of a Member's Units in the Company. However, in accordance with the Operating Agreement, a Member may transfer Units with the prior written consent of the Manager, which consent may be withheld or conditioned in the Manager's sole discretion, and only for one of the following purposes: (i) legitimate estate planning purposes; or (ii) to an entity wholly owned and controlled by the transferring Member; provided that any transfer must also be approved by the Manager in writing and such transfer may not be prohibited by applicable federal or state securities laws.

Each investor will be required to represent that such investor will acquire his, her or its Share Class Units for investment purposes only and not with a view to resale or distribution of all or any part thereof.

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**Voting Rights**

Each outstanding Share Class Unit entitles the Member to one vote on all matters submitted to a vote of Members; provided that, there is no requirement of the Company nor the Manager to put any matter up for a vote of the Members.

**Meetings of Members**

Our Operating Agreement provides that special meetings of Members may only be called by our Manager. There will be no annual or regular meetings of the Members.

**Operating Agreement**

Our Operating Agreement designates The Hartley Opportunity Fund Management, LLC, as Manager. Our Manager will be entitled to vote on all matters submitted to our Members. Our Manager will not have any redemption, conversion or liquidation rights by virtue of its status as the Manager; however, our Manager will receive distributions from the Company in the form of a performance fee – see section titled "Compensation to the Manager."

Our Operating Agreement further provides that the Manager, in exercising its rights in its capacity as the Manager, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting us or any of our Members and will not be subject to any different standards imposed by our Operating Agreement, the Delaware LLC Act or under any other law, rule or regulation or in equity.

**Agreement to be Bound by our Operating Agreement; Power of Attorney**

By purchasing Share Class Units and executing a copy of the Subscription Agreement, upon release of your funds by the Escrow Agent and delivery of a counterpart execution of your Subscription Agreement, you will be admitted as a Member of our Company and will be bound by the provisions of, and deemed to be a party to, our Operating Agreement. Pursuant to the Subscription Agreement and Operating Agreement, each Member and each person who acquires Share Class Unit, irrevocably constitutes and appoints the Manager and its respective successors (hereinafter referred to as "**Special Attorney**"), as the attorney-in-fact for such Member with power and authority to act in the Member's name and on the Member's behalf (hereinafter referred to as the "**Power of Attorney**") to execute, acknowledge, swear to and file documents and instruments necessary or appropriate to the conduct of Company business, which will include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any partnership or limited liability company certificate, business certificate, fictitious name certificate, amendment thereto, or other instrument, amendment or document of any kind necessary or desirable to effectuate, implement or continue the valid and subsisting existence of the Company to accomplish the business, purpose and objectives of the Company, or required by any applicable Federal, state, or local or foreign law or deemed advisable by the Manager, including customer agreements with any dealers, brokerage firms or banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the Operating Agreement of the Company and any amendment duly approved as provided therein and such other instruments (including amendments or modifications of any document) as the Manager may deem necessary or desirable to carry out the purpose and intent of the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any and all instruments, certificates and other documents which may be deemed necessary or desirable to effect the winding-up and termination of the Company (including, but not limited to, Certificate of Dissolution of the Certificate of the Company);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any and all tax elections, tax information statements and other tax documentation as may from time to time be deemed necessary, desirable or appropriate by the Manager, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any and all other instruments as may from time to time be deemed necessary, desirable or appropriate by the Manager to carry out fully the provisions of the Operating Agreement.

The Power of Attorney granted herein shall be irrevocable and deemed to be a power coupled with an interest and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of a Member provided, however, that such Power of Attorney will terminate upon the substitution of another member for all of such Member's Units in the Company or upon the complete withdrawal of such Member from participation in the Company. Each Member hereby agrees to be bound by any representation made by the Manager and by any successors thereto, acting in good faith pursuant to this Power of Attorney, and each Member hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the Manager and any successors thereto, taken in good faith under this Power of Attorney. Each Member agrees, if requested, to execute a special power of attorney on a document separate from the Operating Agreement.

The Power of Attorney granted by each Member to the Special Attorney:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·may be exercised by the Manager whether by signing separately as attorney-in-fact for each Member or, after listing all of the Members executing an instrument, by a single signature of the Manager acting as attorney-in-fact for all of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·shall survive the delivery of an instrument of transfer by any Member of the whole or any portion of or interest in its Interest, except that where a transferee of such Interest has been approved as a substituted or successor Member and the transferor shall thereupon cease being a Member (all in accordance with the Operating Agreement), then the Power of Attorney of the transferor Member shall survive the delivery of such instrument of transfer for the sole purpose of enabling the attorneys-in-fact for such transferor Member (or any of them) to execute, swear to, acknowledge and file any and all instruments necessary to effectuate such transfer and substitution or succession.

**No Fiduciary Relationship with our Manager**

We operate under the direction of our Manager, which is responsible for directing the management of our business and affairs, managing our day-to-day affairs, and implementing our strategy. Our Manager performs its duties and responsibilities pursuant to our Operating Agreement. Our Manager maintains a contractual, as opposed to a fiduciary relationship, with us and our Members. Furthermore, we have agreed to limit the liability of our Manager and to indemnify our Manager against certain liabilities.

**Limited Liability and Indemnification of our Manager and Others**

Subject to certain limitations, our Operating Agreement limits the liability of our Manager, our Manager's key personnel, members, managers and affiliates, for monetary damages and provides that we will indemnify and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to our Manager, its officers, members, and managers and affiliates.

Our Operating Agreement provides that to the fullest extent permitted by applicable law our Manager and key personnel, members, managers and affiliates will not be liable to us. In addition, pursuant to our Operating Agreement, we have agreed to indemnify our Manager, our Manager's key personnel, members, managers and affiliates, to the fullest extent permitted by law, against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and

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attorney's fees and disbursements) arising from the performance of any of their obligations or duties in connection with their service to us or the Operating Agreement.

It is the position of the U.S. Securities and Exchange Commission that indemnification for liabilities arising from, or out of, a violation of federal securities law is void as contrary to public policy. However, indemnification will be available for settlements and related expenses of lawsuits alleging securities law violations if a court approves the settlement and indemnification, and also for expenses incurred in successfully defending such lawsuits if a court approves such indemnification.

**Amendment of Our Operating Agreement**

The terms and provisions of the Operating Agreement, including all schedules hereto, may be amended, modified or supplemented from time to time by the Manager without the consent or approval of the Members; provided that any amendment that alters the limited liability of the Members under Delaware law, alters the status of the Company as a partnership for federal income tax purposes must have the consent, written or passive (meaning that Members shall be deemed to have consented to such amendment if they fail to object to such amendment within a specific period of time determined by the Manager either generally or on a case-by-case basis) of the Members holding, in the aggregate, more than 50% of the Units or such other approvals as required by law.

Notwithstanding anything above to the contrary, the Operating Agreement may be amended by the Manager, in its sole discretion, without the consent of the Members, at any time and without limitation: (i) to comply with applicable federal, state and local laws or regulations (including applicable tax laws and regulations); (ii) to make changes that do not adversely affect the rights or obligations of any Member; (iii) to cure any ambiguity or correct or supplement any conflicting provisions of the Operating Agreement or (iv) with respect to any other amendment if any Member that objects to such amendment has an opportunity to withdraw from the Company as of a date determined by the Manager; provided that such date is: (A) not less than forty-five (45) days after the Manager has delivered written notice of such amendment to each Member; and (B) is prior to the effective date of the amendment.

The Manager has absolute discretion to agree with a Member to waive or modify the application of any provision of the Operating Agreement with respect to such Member (other than a Member who is materially and adversely affected by such waiver or modification).

Any amendment, modification or waiver approved in accordance with the Operating Agreement shall be binding upon all Members regardless of class or series, whether or not they voted in favor of such amendment, modification or waiver.

**Books and Reports**

We are required to keep appropriate books of our business at our principal offices. We will use the accrual method of accounting to report income and deductions for tax purposes, will prepare its financials using GAAP and will compute net cash from operations and net capital transaction proceeds based on actual cash receipts, disbursements and reserves. For financial reporting purposes and federal income tax purposes, our fiscal year and our tax year are the calendar year.

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The Manager shall cause the Company, at the Company's expense, to file such tax returns as may be required by law. The Manager shall use commercially reasonable efforts to deliver to the Members the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Within ninety (90) days after the end of each fiscal year of the Company, the Manager shall cause to be prepared and transmitted to each Member an unaudited annual report of the Company relating to the previous fiscal year of the Company, containing a balance sheet, income statement and statement of cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·As soon as possible but in no event later than ninety (90) days after the end of each fiscal year, provided that the Company has sufficient information, the Company shall cause to be prepared and transmitted to the Members federal and appropriate state and local Company Income Tax Schedules "K-1," or any substitute therefor, with respect to such fiscal year on appropriate forms prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·An annual asset management report which outlines material management updates on operations and status of each Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Any additional Company information requested by any one or more Members shall be at the sole discretion of the Manager. In the event that the Manager agrees to provide such information the Manager may charge such requesting Member(s) a reasonable administrative fee as determined in the sole discretion of the Manager.

The Members acknowledge that the Manager shall rely upon third parties for the information necessary to prepare the information contemplated by this Section. Accordingly, no delay in providing such information shall constitute a breach or default by Manager of its obligations hereunder.

**Determinations by our Manager**

Any determinations made by our Manager under any provision described in our Operating Agreement will be final and binding on our Members, except as may otherwise be required by law.

**Transfer Agent and Registrar**

As of the date of this Offering Circular, the Company has not engaged a dedicated transfer agent and does not intend to do so until such time as it is required in order to satisfy the conditional exemption contained in Rule 12g5-1(a)(7) of the Securities Exchange Act of 1934, as amended. The Company has engaged Great Lakes Fund Solutions, Inc. ("GLFSI") as the independent, third-party fund administrator for the Company. In its capacity as fund administrator, GLFSI provides fund accounting, investor services, net asset value calculations, and financial reporting services to the Company and its SPVs. GLFSI also maintains the register of Share Class Unit holders, processes subscription documents, and provides investor account services. GLFSI is not affiliated with the Company, the Manager, Columbia Advisory Group, LLC, or any of their respective affiliates.

**Termination and Dissolution**

We will continue as a limited liability company until terminated under our Operating Agreement. We will dissolve upon: (1) the election of our Manager to dissolve us; (2) the sale, exchange or other disposition of all or substantially all of our assets; or (3) the entry of a decree of judicial dissolution of our company.

**PRIOR PERFORMANCE HISTORY**

The Company and the Manager are newly formed entities and have no prior performance history.

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**LEGAL MATTERS**

We have retained Centarus Legal Services Ltd. to advise it in connection with the preparation of this Offering Circular, the Subscription Agreement and any other documents related thereto. Centarus Legal Services, PC has not been retained to represent the interests of any Member in connection with this offering. All prospective investors that are evaluating or purchasing Share Class Units should retain their own independent legal counsel to review this Offering Circular, the Subscription Agreements and any other documents and matters related whatsoever to this offering, and to advise them accordingly.

**EXPERTS**

Our financial statements for the year ended 2024, included in this offering circular have been audited by George Dimov, CPA, an independent registered public accounting firm, as stated in its report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

**INCOME TAX CONSIDERATIONS**

Prospective investors are not to construe the contents of this Offering Circular or any prior or subsequent communication from us or from the Manager, its affiliates and employees or any professional associated with this offering as tax advice. Each investor should consult his, her, or its own tax counsel and accountant as to tax matters concerning his, her, or its investment. No representation or warranties of any kind are intended or should be inferred with respect to the tax consequences that may accrue from investment in the Share Class Units. No assurance can be given that existing tax laws will not be changed or interpreted adversely. If the tax laws are changed or interpreted adversely, holders of our securities could fail to realize all or a portion of the economic or tax benefits contemplated by them.

**Introduction**

The following is a summary of certain material federal income tax consequences of acquiring, holding and disposing of Share Class Units. Because the federal income tax consequences of investing in the Company varies from investor to investor depending on each investor's unique federal income tax circumstances, this summary does not attempt to discuss all of the federal income tax consequences of such an investment. Among other things, except in certain limited cases, this summary does not purport to deal with persons in special situations (such as financial institutions, non-U.S. persons, insurance companies, entities exempt from federal income tax, regulated investment companies, dealers in commodities and securities and pass-through entities). Further, to the limited extent this summary discusses possible foreign, state and local income tax consequences, it does so in a very general manner. Finally, this summary does not purport to discuss federal tax consequences (such as estate and gift tax consequences) other than those arising under the federal income tax. You are therefore urged to consult your tax advisers to determine the federal, state, local and foreign tax consequences of acquiring, holding and disposing of a Share Class Unit.

The following summary is based upon the Code, as well as administrative regulations and rulings and judicial decisions thereunder, as of the date hereof, all of which are subject to change at any time (possibly on a retroactive basis). Accordingly, no assurance can be given that the tax consequences to the Company or its investors will continue to be as described herein.

The Company has not sought or obtained a ruling from the IRS (or any other federal, state, local or foreign governmental agency) as to any specific federal, state, local or foreign tax matter that may affect it. Accordingly, although this summary is considered to be a correct interpretation of applicable law, no

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assurance can be given that a court or taxing authority will agree with such interpretation, the conclusions reached by Tax Counsel or with the tax positions taken by the Company.

**Partnership Status**

We will initially be classified as a partnership, and not as an association taxable as a corporation, for federal income tax purposes. Accordingly, the Members, subject to the discussion regarding publicly traded partnerships below, will be partners in such partnership for federal income tax purposes.

A publicly traded partnership (a "**PTP**") is generally treated as a corporation for federal income tax purposes. If the Company were treated as a PTP, the Members would not be treated as partners for federal income tax purposes, and income or loss of the Company would not be passed through to the Members. Instead, the Company would be subject to federal income tax on its income at the rates applicable to corporations. The imposition of any such tax would reduce the amount of cash available to be distributed to our Members. In addition, distributions from our Company to our Members would be ordinary dividend income to such Members to the extent of our earnings and profits. Accordingly, status of the Company as a PTP would materially reduce the after-tax return to a Member from its investment in the Company.

**Taxation of Members**

As a limited liability company, the Company is not itself subject to U.S. federal income tax but will file an annual company information return with the IRS. Each Member is required to report separately on his or her income tax return his or her distributive share of the Company's net long-term capital gain or loss, net short-term capital gain or loss, net ordinary income, deductions and credits. The Company will send annually to each Member a Schedule K-1 showing his or her distributive share of the Company items of income, gain, loss deduction or credit.

Each Member that is subject to U.S. federal income taxes (a "**U.S. Member**") will be liable for taxes on its distributive share of Company income regardless of whether the Company has made any distributions to the Member.

Allocations of the items of income, gain, loss, deductions and credits of the Company will be made in accordance with the Operating Agreement of the Company. Such allocations are intended to have "substantial economic effect." If an allocation to a Member does not have substantial economic effect, such Member's distributive share of profit or loss for tax purposes will be determined in accordance with such Member's interest in the Company, considering all facts and circumstances. Consequently, if the IRS were to successfully challenge the allocations set forth in the Operating Agreement, the Member may be allocated different amounts of income, gain, loss, deductions or credits than initially reported to such Member.

Any capital gain or loss so recognized by a U.S. Member upon a distribution, withdrawal, termination or other disposition of its Share Class Units generally would be long-term capital gain or loss to the extent of the portion of the Member's Share Class Units that are held for more than twelve months, and short-term capital gain or loss to the extent of the portion of the Member's Share Class Units that is held for twelve months or less. For this purpose, a Member would begin a new holding period in a portion of its Share Class Units each time it makes an additional investment in the Company. Cash distributed (to a U.S. Member in excess of the adjusted tax basis of its Share Class Units will be treated as an amount received on the sale or exchange of its Share Class Units and will generally be taxable as capital gain. An in-kind distribution of property other than cash generally will not result in taxable income or loss to any Member.

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**Allocations**

Investors are urged to review the Operating Agreement for a more complete description of the manner in which the Company will allocate its income, gain and losses for book and federal income tax purposes.

The IRS could disagree with the Company's methods of allocating income, gain and losses for federal income tax purposes, which could cause Members to recognize more or less income, gain or loss than originally allocated to them for federal income tax purposes.

Income or Loss on Sale of Assets. Generally, the gains and losses realized by the Company on the sale of our real estate assets should be characterized primarily as capital gains or losses. Generally, capital assets must be held for more than twelve months for the gain from the sale of the capital assets to qualify as long-term capital gains. Gains or losses on sales of capital assets that are held for twelve months or less are treated as short-term gains or losses and are taxed at ordinary income rates. Company income may also include ordinary income, including from interest and rental income.

Under current law, the highest marginal U.S. federal income tax rate applicable to ordinary income of individuals is 37.0% and the highest marginal U.S. federal income tax rate applicable to long-term capital gains (generally, capital gains on certain assets held for more than twelve months) of individuals is 20%. These rates are subject to change by new legislation at any time.

Also, there is an additional tax of 3.8% on the "net investment income" of certain individuals, trusts and estates. Among other items, "net investment income" generally includes gross income from interest and dividends and net gain attributable to the disposition of certain property, less certain deductions. Prospective Members should consult their tax advisors concerning the possible imposition of this tax in their particular circumstances.

**Deductions of Losses and Expenses**

Tax Basis and Amount at Risk. For federal income tax purposes, a Member may deduct losses and expenses allocated to it by the Company only to the extent of its adjusted tax basis in its Share Class Units (or, in the case of individuals, certain non-corporate taxpayers and certain closely-held corporations, the lesser of such Member's adjusted tax basis in its Share Class Units or its "amount at risk" with respect to such Share Class Unit) as of the end of the Company's taxable year in which such losses occur or such expenses are incurred.

Generally, a Member's adjusted tax basis in its Share Class Units is the amount paid for such Share Class Units, reduced (but not below zero) by such Member's share of the Company's distributions, losses and expenses, and increased by such Member's share of the Company's liabilities, if any, and income and gain as determined for federal income tax purposes, including capital gains, with such reductions and increases made at the end of the Company's taxable year. (Tax basis is also important because gain or loss on cash distributions or partial or complete withdrawals from the Company is measured by reference to the adjusted tax basis of the Member's Share Class Units, as discussed below).

Generally, a Member "amount at risk" with respect to a Share Class Unit includes such Member's (1) cash contributions to the Company; (2) the adjusted basis of other property contributed by such Member to the Company; and (3) amounts borrowed for the purchase of Share Class Units or for use by or in the Company for which such Member is personally liable or which are secured by property of such Member (not otherwise used by the Company) to the extent of the fair market value of the encumbered property. The "amount at risk" is increased by any income and gain (as determined for federal income tax purposes) derived by such Member from the Company and is decreased by any losses (as determined for federal income tax purposes) derived by such Member from the Company and the amounts of any withdrawals or

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other distributions received by such Member from the Company. For purposes of the foregoing, "loss" derived by a Member from the Company is defined as the excess of allowable deductions for a taxable year allocated to such Member by the Company over the amount of income actually received or accrued by such Member during that year from the Company. Disallowed loss that is suspended in any taxable year may be deducted in later years to the extent that the Member's amount at risk increases.

It is possible that a Member may be at risk with respect to its Share Class Units in an amount that is less than its tax basis in such Share Class Units.

In addition to the limitations discussed above, net capital losses are deductible by non-corporate taxpayers only to the extent of capital gains for the taxable year plus $3,000. Because of that limitation, a Member's distributive share of the Company's net capital losses is not likely to materially reduce the federal income tax on such Member's ordinary income.

Deductibility of Investment Expenditures by Non-corporate Investors. The Code provides that, in the case of a non-corporate taxpayer who itemizes deductions when computing taxable income, expenses incurred for the purpose of producing income (including investment management fees) generally must be aggregated with certain other "miscellaneous itemized deductions" and may be deducted only to the extent such aggregate expenses exceed 2% of such taxpayer's adjusted gross income. Further, such expenses are not deductible by a non-corporate Member in calculating his alternative minimum tax liability. In addition, the Code further limits the deductibility of investment expenses of an individual with an adjusted gross income in excess of a specified amount. Additionally, business expenses allocable to exempt interest income are not deductible.

The amount of a Member's allocable share of such expenses that is subject to this disallowance rule will depend on the Member's aggregate miscellaneous itemized deductions from all sources and adjusted gross income for any taxable year. Thus, the extent, if any, to which such fees and expenses will be subject to disallowance will depend on each Member's particular circumstances each year. It is intended that the allocation of profits and cash distributions made to the Manager with respect to the profit share is an allocable share of our earnings and not a fee. No assurance can be given however that the IRS could not recharacterize successfully the incentive allocations as a fee, in which case Members could be subject to the limitation on deductibility relating to miscellaneous itemized deductions and certain other itemized deductions of high-income individuals with respect to such amount, as described above. Prospective Members are urged to consult their tax advisors regarding their ability to deduct expenses incurred by us.

Passive Activity Loss Rules. In the case of Members that are individuals, estates, trusts, certain closely-held corporations or personal service corporations, Section 469 of the Code generally restricts the deductibility of losses and credits from a "passive activity" against certain income that is not derived from a passive activity. For federal income tax purposes, such passive losses and credits are deductible by a Member only against such Member's passive income. Members should consult their tax advisors regarding the possible application to them of the limitations on the deductibility of losses from certain passive activities contained in Section 469 of the Code.

**Tax Consequences of Distributions**

For purposes of distributions from a Member's capital account in the Company, its interest is not divided into separate interests. Rather, a Member's interest in the Company is "singular" even if the Member has made capital contributions to the Company at different times, and a distribution from a capital account is treated for tax purposes as a distribution with respect to the entire related Share Class Units. Thus, if a Member receives a distribution of some but not all of his capital account, the full amount of each withdrawal or distribution will be taxable to the extent the amount of the withdrawal or distribution exceeds such

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Member's adjusted tax basis in such Share Class Units. To the extent the amount of a distribution does not exceed a Member's tax basis in an Interest, such distribution generally is not reportable as taxable income but will reduce such tax basis, but not below zero. A Member generally will not recognize losses on distributions.

Because a Member's tax basis in its Share Class Units is not increased by such Member's allocable share of the Company's income from investment activities until the end of the Company's taxable year, distributions during the taxable year could result in taxable gain to the Member even though no gain would result if the same withdrawals or distributions were made at the end of the taxable year. Furthermore, the share of the Company's income allocable to a Member at the end of the Company's taxable year would also be includible in such Member's taxable income and would increase such Member's tax basis in its remaining Share Class Units as of the end of such taxable year.

A Member receiving a cash distribution from the Company in complete liquidation of its Share Class Units generally will recognize capital gain or loss to the extent of the difference (if any) between the proceeds received and his adjusted tax basis in such Share Class Units. Such capital gain or loss will be long-term, short-term or some combination of both, depending on the timing of such Member's capital contributions to the Company. Notwithstanding the foregoing, Section 751 of the Code provides that a withdrawing Member will recognize ordinary income to the extent the Company holds certain ordinary income items such as short-term obligations or market discount bonds, the interest on which has not been included in the Company's taxable income, regardless of whether the Member would otherwise recognize a gain on such withdrawal.

**State and Local Taxes**

Each Member may be required to file returns and pay state and local tax on such Member's share of the Company's income in the jurisdiction in which such Member is a resident and/or other jurisdictions in which income is earned by the Company. Certain of such taxes could, if applicable, have a significant effect on the amount of tax payable by a Member in respect of his investment in the Company. A Member may be entitled to a deduction or credit against tax owed to such Member's jurisdiction of residence for taxes paid to other states or jurisdictions in which such Member is not a resident. The Company may be subject to certain taxes in certain states or localities despite the fact that it is not subject to federal income tax.

**Tax Elections**

The Manager, in its sole discretion, may make any tax elections provided for in the Code on behalf of the Company. These elections include the election under Section 754 of the Code to adjust the tax basis of the Company's assets when Share Class Units in the Company are transferred or when a holder of Share Class Units withdraws from the Company. The tax basis adjustment rules are mandatory when Share Class Units are transferred to which there is a substantial built-in loss. A "substantial built-in loss" exists when the Company's adjusted basis in property exceeds by more than $250,000 the fair market value of such property. In lieu of the mandatory basis adjustment rules, special rules apply to electing investment partnerships and securitization partnerships.

**Tax Audits**

The Bipartisan Budget Act of 2015 changed the historic rules applicable to U.S. federal income tax audits of partnerships. Under the new rules (which are generally effective for taxable years beginning after December 31, 2017), among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner's distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected, at the partnership

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level. Under the rules, it is possible that they could result in the Company being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and each Member could be required to bear the economic burden of those taxes, interest and penalties even though the Company, as a partnership, may not otherwise have been required to pay additional corporate-level taxes as a result of the related audit adjustment. Investors are urged to consult with their tax advisors with respect to those changes and their potential impact on their investment in Share Class Units.

Adjustments in tax liability with respect to the Company's tax items may be made at the Company level in a single proceeding rather than in separate proceedings with each Member. The Manager will represent the Company as the "partnership representative" during any audit and in any dispute with the IRS and may enter into a settlement agreement with the IRS that may be binding on you.

The Manager has the authority to, and may, extend the period for the assessment of deficiencies or the claiming of refunds with respect to all Members in the Company. If an audit results in an adjustment, all Members may be required to pay additional tax, interest and possibly penalties. There can be no assurance that the tax return of the Company or any Member will not be audited by the IRS or that no adjustments to such returns will be made as a result of such an audit.

**Withholding Taxes**

The Company may be required, on behalf of a Member, to withhold and remit taxes to federal, state, local or other jurisdictions from such Member's allocable share of the Company's income. Withholding taxes may apply, for example, to persons who are subject to "back up" withholding. To the extent that the Company is subject to any taxes or fees that are based on the specific characteristics of one or more Members, such taxes or fees shall be specially allocated to such Member(s).

**Disclosure of Tax Structure and Treatment**

Notwithstanding anything to the contrary stated herein or in any other documents pertaining to an investment in the Company, an investor (and each employee, representative or other agent of a Member) may disclose to any and all persons, without limitation of any kind, the anticipated tax treatment and tax structure of the Company and transactions contemplated by the Company), and all materials of any kind (including opinions or other tax analyses) related to such tax treatment and tax structure, if any.

**Tax Information Reporting**

While the Company will attempt to provide annual tax information to the Members on a timely basis, the Manager expects that information may not be available in sufficient time to permit the Company to distribute such information prior to April 15 of each year. As a result, the Company may not distribute such information to the Members until after April 15, and the Members may be required to obtain extensions of time for filing their income tax returns. To the extent practical, the Company expects to provide estimates of annual tax information to the Members prior to April 15 of each year in order to assist the Members in determining if any tax payments must be made on or prior to April 15 notwithstanding the extension of the filing deadline. U.S. Treasury regulations require taxpayers to make certain additional disclosures in connection with the filing of any tax return that reflects tax benefits from a "reportable transaction" as defined in the regulations, which include certain transactions that generate losses in excess of threshold amounts. To the extent that the Company engages in a "reportable transaction," Members may be required to make certain disclosures in connection with their tax returns and may be subject to penalties if such disclosures are not made.

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**Unrelated Business Taxable Income**

Tax-exempt entities and qualified plans, including public charities, private foundations, IRAs and other qualified retirement plans are subject to federal income tax on unrelated business taxable income ("UBTI"). The rates of such tax depend on the nature of the tax-exempt entity or qualified plan. UBTI is defined generally as gross income from any unrelated trade or business, less the allowable deductions that are directly related to the carrying on of the trade or business, with certain statutory modifications. For purposes of calculating UBTI, a partner in a partnership is considered to be engaged in the trade or business of the partnership. Thus, a Member will be considered to be engaged in the business of the Company for UBTI purposes. Whether the trade or business of the Company will generate UBTI will depend generally on (a) the character of the Share Class Units with respect to each Member, (b) whether the Company has net taxable income and (c) the character of items of gross income generated by the Company.

As discussed above, a Member will include in income its distributive share of items of Company income and losses. A Member that is a tax-exempt entity or plan must categorize those items under the rules of Section 512 of the Code to determine whether they must be included in computing UBTI. Items of gross income that are generally excluded from UBTI include dividends, interest, and gains or losses from the sale of property held for investment. Items of Company income that would otherwise be excluded from UBTI, however, will generate UBTI if the income-producing property is considered "debt-financed property" within the meaning of Section 514 of the Code. Thus, it is possible that some of the investments held by the Company will constitute debt-financed property and will generate UBTI to an investor that is a tax-exempt entity or qualified plan. In addition, if an investor that is a tax-exempt entity or qualified plan borrows money to acquire its Share Class Units, those Share Class Units will be treated as debt-financed property.

The foregoing is intended only as a general discussion of UBTI. The UBTI rules are complex, and their application depends in large part on the particular circumstances of each tax-exempt entity or qualified plan that invests in the Company. Any tax-exempt entity or qualified plan that is considering an investment in the Company should consult with its tax advisor regarding the impact of such an investment on UBTI.

**Future Tax Law Changes**

There may be future changes in federal income tax laws, resulting from legislative, administrative or judicial decisions, any of which may adversely affect the tax consequences of a United States investor's investment in the Company.

**Need for Independent Advice**

THE TAX MATTERS RELATING TO THE COMPANY AND ITS PROPOSED TRANSACTIONS ARE COMPLEX AND SUBJECT TO VARIOUS INTERPRETATIONS. THE FOREGOING IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING, PARTICULARLY SINCE THE TAX CONSEQUENCES OF AN INVESTMENT IN THE COMPANY MAY NOT BE THE SAME FOR ALL INVESTORS. ACCORDINGLY, THE COMPANY URGES POTENTIAL INVESTORS TO CONSULT THEIR TAX ADVISORS PRIOR TO INVESTING IN THE COMPANY.

**PRIVACY POLICY**

The Manager is committed to protecting investors' privacy and maintaining the confidentiality and security of investors' personal information. In accordance with its legal obligations, the Manager is required to inform investors how it treats certain information concerning investors to aid their understanding in how it handles investors' personal information and how such information is used to service investors.

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Protecting investors' personal information is an important priority for the Manager. Accordingly, it uses the personal information collected about investors in order to provide better service. The Manager may collect nonpublic personal information about investors from the following sources: (i) applications or forms (for example, name, address, Social Security number, birth date, assets and income); (ii) transactional activity in investors' accounts (for example, trading history and balances); and (iii) other interactions within the Manager or between the Manager and its affiliates (for example, discussions with staff).

The Manager only discloses nonpublic personal information about investors or former investors (including information regarding transactions or experiences with investors or former investors) to affiliates in the areas of financial, advisory and securities services and nonaffiliated third parties who assist the Manager in providing services to the Company (for example, accountants and attorneys), each as permitted by law or as otherwise required by law.

The Manager considers the protection of sensitive information to be a sound business practice and a foundation of customer trust and protects investors' personal information by maintaining physical, electronic and procedural safeguards. The Manager restricts inter-company access to investors' or former investors' nonpublic personal information to those employees who need to know that information to provide products or services to the Company.

**REPORTS**

We will furnish the following reports, statements, and tax information to each Member:

**Reporting Requirements under Tier II of Regulation A**. Following this Tier II, Regulation A offering, we will be required to comply with certain ongoing disclosure requirements under Rule 257 of Regulation A. We will be required to file: (i) an annual report with the SEC on Form 1-K; (ii) a semi-annual report with the SEC on Form 1-SA; (iii) current reports with the SEC on Form 1-U; and (iv) a notice under cover of Form 1-Z. The necessity to file current reports will be triggered by certain corporate events, similar to the ongoing reporting obligation faced by issuers under the Exchange Act, however the requirement to file a Form 1-U is expected to be triggered by significantly fewer corporate events than that of the Form 8-K. Parts I & II of Form 1-Z will be filed by us if and when we decide to and are no longer obligated to file and provide annual reports pursuant to the requirements of Regulation A.

**Annual Reports**. As soon as practicable, but in no event later than one hundred twenty (120) days after the close of our fiscal year, ending December 31, our board of directors will cause to be mailed or made available, by any reasonable means, to each Stockholder as of a date selected by the board of directors, an annual report containing financial statements of the Company for such fiscal year, presented in accordance with GAAP, including a balance sheet and statements of operations, company equity and cash flows, with such statements having been audited by an accountant selected by the board of directors. The board of directors shall be deemed to have made a report available to each Stockholder as required if it has either (i) filed such report with the SEC via its Electronic Data Gathering, Analysis and Retrieval, or EDGAR, system and such report is publicly available on such system or (ii) made such report available on any website maintained by the Company and available for viewing by the Stockholders.

**Stock Certificates.** We do not anticipate issuing certificates representing Share Class Units purchased in this offering to the Share Class Members. However, we are permitted to issue certificates and may do so at the request of our transfer agent, Great Lakes Fund Solutions, Inc. The number of Units held by each Member will be maintained by our transfer agent in our Company register.

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**HOW TO SUBSCRIBE**

**Subscription Procedures**

Investors seeking to purchase Share Class Units who satisfy the "qualified purchaser" standards should proceed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Read this entire Offering Circular and any supplements accompanying this Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Electronically complete and execute a copy of the Subscription Agreement. A specimen copy of the Subscription Agreement, including instructions for completing it, is included in this Offering Circular as Exhibit 4.1. Be sure to select the Project or Project(s) into which investor desires to invest its funds. If the investor selects more than one Project, investor will also indicate the percentage of capital to be invested into each Project selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Electronically provide ACH instructions to us for the full purchase price of our Share Class Units being subscribed for.

By executing the Subscription Agreement and paying the total purchase price for our Share Class Units subscribed for, each investor agrees to accept the terms of the Subscription Agreement and attests that the investor meets the minimum standards of a "qualified purchaser", and that such subscription for Share Class Units does not exceed ten percent (10%) of the greater of such investor's annual income or net worth (for natural persons), or ten percent (10%) of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). Subscriptions will be binding upon investors but will be effective only upon our acceptance and we reserve the right to reject any subscription in whole or in part.

Right to Reject Subscriptions. After we receive your complete, executed Subscription Agreement and the funds required under the Subscription Agreement have been received, we have the right to review and accept or reject your subscription in whole or in part, for any reason or for no reason. We will return all monies from rejected subscriptions immediately to you, generally without interest and without deduction.

Acceptance of Subscriptions. Upon our acceptance of a Subscription Agreement, we will countersign the Subscription Agreement and issue the Share Class Units subscribed at closing. Once you submit the Subscription Agreement and it is accepted, you may not revoke or change your subscription or request your subscription funds. All accepted subscription agreements are irrevocable.

**Minimum Purchase Requirements**

You must initially purchase at least one (1) Share Class Units at a price of $100.00 per Share Class Unit. We reserve the right to revise the minimum purchase requirements in the future.

**ADDITIONAL INFORMATION**

We have filed with the SEC an offering statement under the Securities Act on Form 1-A regarding this offering. This Offering Circular, which is part of the offering statement, does not contain all the information set forth in the offering statement and the exhibits related thereto filed with the SEC, reference to which is hereby made. Upon the qualification of the offering statement, we will be subject to the informational reporting requirements of the Exchange Act that are applicable to Tier 2 companies whose securities are registered pursuant to Regulation A, and accordingly, we will file annual reports, semi-annual reports and other information with the SEC. You may read and copy the offering statement, the related exhibits and the reports and other information we file with the SEC at the SEC's public reference facilities maintained by

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the SEC at 100 F Street, N.E., Washington, DC 20549. You can also request copies of those documents, upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information regarding the operation of the public reference rooms. The SEC also maintains a website at www.sec.gov that contains reports, information statements and other information regarding issuers that file with the SEC.

You may also request a copy of these filings at no cost, by writing, emailing or telephoning us at:

The Hartley Opportunity Fund, LLC

6501 N Cedar St., Building 4, Suite C

Spokane, WA 99208

Phone: [(509) 359-1034]

Email: [info@hartleyfunds.com]

Within 120 days after the end of each fiscal year we will electronically provide to our members of record an annual report. The annual report will contain audited financial statements and certain other financial and narrative information that we are required to provide to members. The Company does not intend to send paper copies out of its reports unless requested in writing by a Member.

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**THE HARTLEY OPPORTUNITY FUND, LLC** 

Audited Financial Statements

December 31, 2024

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Page F-1

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Contents

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**[Independent Auditor's Report](#report)** | **F-3 – F-4** |
| &nbsp;&nbsp;&nbsp;**[Statement of Financial Position](#fp)** | **F-5** |
| &nbsp;&nbsp;&nbsp;**[Statement of Profit and Loss](#pl)** | **F-6** |
| &nbsp;&nbsp;&nbsp;**[Statement of Cash Flows](#soc)** | **F-7** |
| &nbsp;&nbsp;&nbsp;**[Accompanying Notes](#note)** | **F-8 – F-9** |

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Page F-2

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**Independent Auditor's Report**

To the Members of

The Hartley Opportunity Fund, LLC

We have audited the accompanying financial statements of **The Hartley Opportunity Fund, LLC** (the "Company"), which comprise the balance sheet as of December 31, 2024, and the related statements of income, changes in members' equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively referred to as the "financial statements").

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Hartley Opportunity Fund, LLC as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter – Basis of Accounting

As discussed in **Note 2** to the financial statements, the financial statements have been prepared on the **accrual basis of accounting**, which is in accordance with accounting principles generally accepted in the United States of America (GAAP). Under the accrual basis, revenues are recognized when earned and expenses are recognized when incurred, regardless of when cash is received or paid.

Our opinion is not modified with respect to this matter.

![Picture 1](hart1apos_1.jpg)

105 Creek Crossing Blvd, Hainesport, NJ 08036

1/22/2025

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**The Hartley Opportunity Fund, LLC**

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Statement of Financial Position

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Equity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12/31/2024** |
| &nbsp;&nbsp;&nbsp;Shareholders' Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 304 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33 304) |
| &nbsp;&nbsp;&nbsp;**Total Equity** | **-** |

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**The Hartley Opportunity Fund, LLC**

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Statement of Profit and Loss

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12/31/2024** |
| &nbsp;&nbsp;&nbsp;Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Loss** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33 304** |

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Page F-6

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**The Hartley Opportunity Fund, LLC**

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Statement of Cash Flows

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12/31/2024** |
| &nbsp;&nbsp;&nbsp;**Cash Flow from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33 304) |
| &nbsp;&nbsp;&nbsp;**Net Cash Flow from Operating Activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(33 304)** |
| &nbsp;&nbsp;&nbsp;**Cash Flow from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member Contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 304 |
| &nbsp;&nbsp;&nbsp;**Net Cash Flow from Financing Activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33 304** |

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Page F-7

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**Note 1: Nature of Activities**

The Hartley Opportunity Fund, LLC, is a real estate investment entity focused on capitalizing on high-growth opportunities within emerging urban markets. The Fund specializes in the development of multi-family residential properties and mini-storage facilities, aimed at meeting the growing demand for quality housing and storage solutions, which is driven by urbanization and shifting demographic trends.

The Fund's business strategy involves the identification and acquisition of promising urban markets, followed by the development of properties tailored to address specific market demands. These properties are subsequently leased to achieve optimal occupancy levels. In addition, the Fund strategically executes property sales within a time frame of approximately two to four years, thereby ensuring the maximization of returns while maintaining the flexibility to adapt to evolving market conditions.

This approach enables the Fund to generate attractive returns for its investors, while remaining responsive to the dynamic nature of the real estate market.

**Note 2: Summary of Significant Accounting Policies**

Basis of Presentation

The financial statements of **The Hartley Opportunity Fund, LLC** have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and are presented on an **accrual basis of accounting**. This means that revenues are recognized when earned and expenses are recognized when incurred, regardless of when cash is received or paid.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

Revenue Recognition

The Company recognizes revenue when it is earned, in accordance with the accrual basis of accounting. As of December 31, 2024, the Company did not recognize any significant revenue.

Expenses

Expenses are recognized in the period incurred. The Company's principal expense is legal fees, which are recognized as an expense when services are provided.

Member Contributions

Contributions made by the members are recorded as equity. As of December 31, 2024, the members contributed a total of $33,304, which is reflected as **Member Contributions** in the **Statement of Financial Position**.

Income Taxes

The Company is treated as a **pass-through entity** for federal income tax purposes. This means that the Company itself is not subject to income taxes. Instead, income, deductions, and credits pass through to the individual members, who are responsible for reporting their share on their personal tax returns. Therefore, no provision for income taxes is included in the financial statements.

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Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results could differ from those estimates.

**Note 3: Subsequent Events**

As of the date of this report, no subsequent events have been identified that would require adjustment or additional disclosure in the financial statements.

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**THE HARTLEY OPPORTUNITY FUND, LLC** 

Unaudited Financial Statements

December 31, 2025

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Page F-10

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Contents

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**[Independent Auditor's Report](#report)** |  |
| &nbsp;&nbsp;&nbsp;**[Balance Sheet](#fp)** | **F-12** |
| &nbsp;&nbsp;&nbsp;**[Statement of Profit and Loss](#pl)** | **F-13** |
| &nbsp;&nbsp;&nbsp;**[Statement of Financial Position](#fp)** | **F-14** |
| &nbsp;&nbsp;&nbsp;**[Statement of Cash Flows](#soc)** | **F-15** |
| &nbsp;&nbsp;&nbsp;**[Accompanying Notes](#note)** | **F-16 – F-18** |

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Page F-11

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| | |
|:---|:---|
| **Balance Sheet** | **Balance Sheet** |
| **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** |
| **As of December 31, 2025 (Unaudited)** | **As of December 31, 2025 (Unaudited)** |
| **Distribution account** | **Total** |
| Assets |  |
| &nbsp;&nbsp;&nbsp;Current Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Accounts |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLFSI Escrow | 250000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Bank Accounts** | **$250000.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable | 43588.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Accounts Receivable** | **$43588.99** |
| &nbsp;&nbsp;&nbsp;**Total for Current Assets** | **$293588.99** |
| &nbsp;&nbsp;&nbsp;Other Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick Self Storage JV LLC | 4030000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Self Storage JV LLC | 4044267.95 |
| &nbsp;&nbsp;&nbsp;**Total for Other Assets** | **$8074267.95** |
| **Total for Assets** | **$8367856.94** |
| Liabilities and Equity |  |
| &nbsp;&nbsp;&nbsp;Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable | 39088.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Accounts Payable** | **$39088.99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Current Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | 4500.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions Received in Advance | 250000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Other Current Liabilities** | **$254500.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Current Liabilities** | **$293588.99** |
| &nbsp;&nbsp;&nbsp;**Total for Liabilities** | **$293588.99** |
| &nbsp;&nbsp;&nbsp;Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Owner Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Additions | 6826000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe 721 Exchange Equity | 1258632.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering Costs | -10365.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total for Class A Owner Equity** | **$8074267.95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | 0.00 |
| &nbsp;&nbsp;&nbsp;**Total for Equity** | **$8074267.95** |
| **Total for Liabilities and Equity** | **$8367856.94** |

---

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Page F-12

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---

| | |
|:---|:---|
| **Profit and Loss** | **Profit and Loss** |
| **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** |
| **January-December, 2025 (Unaudited)** | **January-December, 2025 (Unaudited)** |
| **Distribution account** | **Total** |
| Income |  |
| &nbsp;&nbsp;&nbsp;Payments from SPVs | 98479.19 |
| **Total for Income** | **$98479.19** |
| **Gross Profit** | **$98479.19** |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Fund Allocated Expenses | 98479.19 |
| **Total for Expenses** | **$98479.19** |
| **Net Operating Income** | **$0.00** |
| **Net Other Income** |  |
| **Net Income** | **$0.00** |

---

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Page F-13

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---

| | | | |
|:---|:---|:---|:---|
| **Statement of Members' Equity** | **Statement of Members' Equity** | **Statement of Members' Equity** | **Statement of Members' Equity** |
| **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** |
| **As of December 31, 2025 (Unaudited)** | **As of December 31, 2025 (Unaudited)** | **As of December 31, 2025 (Unaudited)** | **As of December 31, 2025 (Unaudited)** |
|  | **Class A Units**<br>**Capital Contributions**  | **Class B Units**<br>**Capital Contributions**  | **Total Members'**<br>**Equity**  |
| **Balance at January 1, 2025** | -  | -  | -  |
| **Capital contributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash contributions | 6826000.00  | -  | 6826000.00  |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 721 exchange contributions | 1289588.35  | -  | 1289588.35  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | (10365.00)  | -  | (10365.00)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total capital contributions** | 8105223.35  | -  | 8105223.35  |
| **Net income (loss)** | -  | -  | -  |
| **Distributions — redemption of members** | (30955.40)  | -  | (30955.40)  |
| **Balance at December 31, 2025** | 8074267.95  | -  | 8074267.95  |

---

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Page F-14

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---

| | | |
|:---|:---|:---|
| **Statement of Cash Flows** | **Statement of Cash Flows** | **Statement of Cash Flows** |
| **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** | **Hartley Opportunity Fund, LLC** |
| **January 1, 2025-December 31, 2025 (Unaudited)** | **January 1, 2025-December 31, 2025 (Unaudited)** | **January 1, 2025-December 31, 2025 (Unaudited)** |
| **Full name** | **2025** | **2024** |
| OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | 0.00  | (33304.00) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable | 39088.99  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable | (43588.99) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | 4500.00  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions Received in Advance | 250000.00  |  |
| &nbsp;&nbsp;&nbsp;**Total for Adjustments to reconcile Net Income to Net Cash provided by operations:** | **250000.00**  |  |
| **Net cash provided by operating activities** | **250000.00**  | **(33304.00)** |
| INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Frederick Self Storage JV LLC | (4030000.00) |  |
| &nbsp;&nbsp;&nbsp;Monroe Self Storage JV LLC | (4044267.95) |  |
| **Net cash provided by investing activities** | **(8074267.95)** |  |
| FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Class A Owner Equity:Capital Additions | 6826000.00  |  |
| &nbsp;&nbsp;&nbsp;Class A Owner Equity:Monroe 721 Exchange Equity | 1258632.95  |  |
| &nbsp;&nbsp;&nbsp;Class A Owner Equity:Offering Costs | (10365.00) |  |
| &nbsp;&nbsp;&nbsp;Class B Owner Equity |  | 33304.00  |
| **Net cash provided by financing activities** | **8074267.95**  | **33304.00**  |
| **NET CASH INCREASE FOR PERIOD** | **250000.00**  | **0.00**  |

---

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Page F-15

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**The Hartley Opportunity Fund, LLC**

Notes to Financial Statements

For the Year Ended December 31, 2025 (Unaudited)

**Note 1: Nature of Activities**

The Hartley Opportunity Fund, LLC (the "Company" or the "Fund") is a Delaware limited liability company formed on November 18, 2024. The Company is a real estate investment entity focused on capitalizing on high-growth opportunities within emerging urban markets. The Fund specializes in the acquisition and development of self-storage properties, aimed at meeting the growing demand for quality storage solutions, which is driven by urbanization and shifting demographic trends.

The Fund's business strategy involves the identification and acquisition of promising urban markets, followed by the acquisition and development of properties tailored to address specific market demands. These properties are subsequently leased to achieve optimal occupancy levels. In addition, the Fund strategically executes property sales within a time frame of one to three years, thereby ensuring the maximization of returns while maintaining the flexibility to adapt to evolving market conditions.

During the year ended December 31, 2025, the Company commenced its investment operations by acquiring interests in two self-storage properties through special purpose vehicle ("SPV") subsidiaries: Monroe Self Storage JV LLC and Frederick Self Storage JV LLC.

The Company is managed by Hartley Holdings Group LLC (the "Manager"), a Delaware limited liability company, pursuant to the terms of the Company's Amended and Restated Limited Liability Company Operating Agreement.

**Note 2: Summary of Significant Accounting Policies**

**Basis of Presentation**

The financial statements of The Hartley Opportunity Fund, LLC have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and are presented on an **accrual basis of accounting**. This means that revenues are recognized when earned and expenses are recognized when incurred, regardless of when cash is received or paid.

**Cash and Cash Equivalents**

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2025, the Company held $250,000 in an escrow account administered by Great Lakes Fund Solutions, Inc. ("GLFSI"), the Company's fund administrator.

**Investments in Special Purpose Vehicles**

The Company records its investments in SPV subsidiaries at cost. As of December 31, 2025, the Company held investments in two SPVs:

• Frederick Self Storage JV LLC — $4,030,000

• Monroe Self Storage JV LLC — $4,044,268

The Monroe Self Storage JV LLC investment includes $2,785,635 in cash capital contributions and $1,258,633 contributed through in-kind transfers of real estate interests in exchange for units of the SPV pursuant to Internal Revenue Code Section 721.

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Page F-16

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**Revenue Recognition**

The Company recognizes revenue when it is earned, in accordance with the accrual basis of accounting. For the year ended December 31, 2025, the Company recognized $98,479 in income from payments received from its SPV subsidiaries. These payments represent reimbursements from the SPVs for fund-level operating costs allocated to the properties.

**Expenses**

Expenses are recognized in the period incurred. For the year ended December 31, 2025, the Company's expenses consisted of $98,479 in fund allocated expenses, which represent costs incurred at the fund level that are allocated to and reimbursed by the SPV subsidiaries.

**Member Contributions**

Contributions made by the members are recorded as equity. As of December 31, 2025, Class A members contributed a total of $8,074,268, consisting of $6,826,000 in cash capital contributions (net of $10,365 in offering costs) and $1,258,633 contributed through a Section 721 exchange related to the Monroe Self Storage property.

**Distributions**

During the year ended December 31, 2025, the Company distributed $41,320 to its members. Distributions are recorded as a reduction to members' equity.

**Subscriptions Received in Advance**

As of December 31, 2025, the Company held $250,000 in subscriptions received in advance, representing investor funds received by the fund administrator that had not yet been applied to unit purchases as of the balance sheet date.

**Income Taxes**

The Company is treated as a pass-through entity for federal income tax purposes. This means that the Company itself is not subject to income taxes. Instead, income, deductions, and credits pass through to the individual members, who are responsible for reporting their share on their personal tax returns. Therefore, no provision for income taxes is included in the financial statements.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results could differ from those estimates.

**Note 3: Related Party Transactions**

The Company is managed by The Hartley Opportunity Fund Management, LLC (the "Manager"). The Manager is entitled to certain fees and reimbursements as specified in the Company's Operating Agreement, including an asset management fee and reimbursement of organizational and offering expenses. Class B Owner Equity of $33,304 represents the Manager's capital contribution to the Company.

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Page F-17

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**Note 4: Commitments and Contingencies**

As of December 31, 2025, the Company's SPV subsidiaries have obtained mortgage financing secured by their respective self-storage properties. In addition, the Manager has established a revolving credit facility with BC Partners for working capital purposes, which had not been drawn upon as of December 31, 2025. The Company may be subject to additional capital call obligations related to its SPV investments.

**Note 5: Subsequent Events**

Management has evaluated subsequent events through the date these financial statements were available to be issued. No subsequent events have been identified that would require adjustment or additional disclosure in the financial statements.

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Page F-18

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**PART III**

**INDEX TO EXHIBITS**

**Index to Exhibits**

---

| | | |
|:---|:---|:---|
| **Exhibit No.:** | **Description of Exhibit** | **Incorporated by Reference to:** |
| <br> **2. Charter and Bylaws** | <br> **2. Charter and Bylaws** |  |
| 2.1 | [Certificate of Formation](hart_ex2z1.htm) | Filed herewith. |
| 2.2 | Amended and Restated [Operating Agreement](hart_ex2z2.htm) | Filed herewith. |
| &nbsp;&nbsp;&nbsp;&nbsp;**3.** **Property and SPV Designation**  | &nbsp;&nbsp;&nbsp;&nbsp;**3.** **Property and SPV Designation**  |  |
| 3.1 | [Property and SPV Designation](hart_ex3z1.htm) | Filed herewith. |
| <br> **4. Subscription Agreement** | <br> **4. Subscription Agreement** |  |
| 4.1 | [Subscription Agreement](hart_ex4z1.htm) | Filed herewith. |
| <br> **11. Consents** | <br> **11. Consents** |  |
| 11.1 | [Consent of Independent Auditor](hart_ex11z1.htm) | Filed herewith. |
| <br> **12. Opinion re: Legality** | <br> **12. Opinion re: Legality** |  |
| 12.1 | [Opinion of Centarus Legal Services Ltd](hart_ex12z1.htm). | Filed herewith. |

---

------

**SIGNATURES**

Pursuant to the requirements of Regulation A, as amended, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Circular and the correlating Offering Statement to be signed on its behalf, by the undersigned, thereunto duly authorized, in the city of Spokane, Washington.

This offering statement has been signed by the following persons in the capacities and on the dates indicated.

THE HARTLEY OPPORTUNITY FUND, LLC,

a Delaware limited liability company

By: The Hartley Opportunity Fund Management, LLC,

a Delaware limited liability company

Its: Manager

By: /s/ Steve Larsen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name: Steve Larsen

Its: Manager, President

Date: March 13, 2026

------

## Ex1A-2A

![Picture 1](hartex2z1_1.jpg)

Steven Larsen<br>3918 N Post St<br>Spokane WA 99205

Dear Steven Larsen,

We would like to convey our congratulations to you and The Hartley Opportunity Fund, LLC. We hope you enjoy terrific success with your new company.

Name: **The Hartley Opportunity Fund, LLC** Date of formation: November 18, 2024 Delaware State File Number: **10009959**

Enclosed is the Recorded Copy of your Certificate of Formation. Please review the information on the certificates and insert them in your corporate kit.

Please remember these three things in the future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **We must be made aware of any address changes. You may provide this information to us via email (mail@delawareinc.com) or phone (800-345-2677 ext. 6903). This will ensure that we remind you of the following two things:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Delaware LLC/LP tax is due June 1st each year. If the LLC/LP tax is not received by June 1st, a $200 late penalty plus 1.5% interest monthly will be imposed by the State of Delaware and your company will cease to be in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Your annual registered fee of $50 is due on the anniversary month of your corporation.

Thank you again and we wish you the best of luck. You can help us by telling a friend or business associate about our services. We work hard to keep things simple for you and your associates when it's time to incorporate.

Sincerely,

Filing Department

Harvard Business Services, Inc.

------

![Picture 1](hartex2z1_2.jpg)

**FIRST:** The name of the limited liability company is: The Hartley Opportunity Fund, LLC

**SECOND:** Its registered office in the State of Delaware is located at 16192 Coastal Highway, Lewes, Delaware 19958, County of Sussex. The registered agent in charge thereof is Harvard Business Services, Inc.

IN WITNESS WHEREOF, the undersigned, being fully authorized to execute and file this document have signed below and executed this Certificate of Formation on this November 18, 2024.

![Picture 1](hartex2z1_3.jpg)

------

![Picture 1](hartex2z1_1.jpg)

Company Name: **The Hartley Opportunity Fund, LLC**

Delaware State File Number: **10009959**

HBS Company Applicant FinCEN ID: **3000-0000-9471**

**Corporate Transparency Act**

Government regulations now require that all entities will need to file a Beneficial Ownership Information Report ("BOI Report") with the Financial Crimes Enforcement Network of the U.S. Treasury ("FinCEN") within 90 days after the date of formation, unless the company falls under an exemption.

Determining whether your newly formed entity is exempt, and whether you need to file, is up to you and your legal advisors. If it is determined that the company needs to file a BOI Report, the Company Applicant FinCEN ID listed at the top of this page will need to be included in the BOI report. The Company Applicant FinCEN ID identifies the Harvard Business Services, Inc. representative who directly filed the document that formed your company.

To assist customers with reporting obligations, Harvard Business Services, Inc. has partnered with FinCEN Report Company (FRC). FRC is an online service provider dedicated to helping companies fulfill their BOI Report requirements. For more information on the Corporate Transparency Act or to get started, please visit our FRC Onboarding Page.

Alternatively, you can directly complete the initial BOI Report through FinCEN at www.fincen.gov/boi.

***Harvard Business Services, Inc. and FinCEN Report Company are two independent companies, and are not affiliated. Harvard Business Services, Inc. highly recommends FinCEN Report Company and their services for filing your Beneficial Ownership Information Report.***

------

![Picture 1](hartex2z1_1.jpg)

Company Name: **The Hartley Opportunity Fund, LLC**

Delaware State File Number: **10009959**

**Delaware Law requires a Communication Contact. What is that?**

As your Registered Agent, the State of Delaware requires us to keep a Communications Contact for your company on record within our files so we can forward any legal documentation we receive for the company in a timely manner. By definition, the Communications Contact must be a living person who is a manager, officer, director, shareholder, member, employee or designated agent who is authorized to receive notices from the company's Delaware Registered Agent. This person must also be able to produce management and ownership names and contact information in the event of a legal matter such as a lawsuit or subpoena. This person must be at least 18 years of age.

In other words, the Communications Contact must have the ability and authority to receive, handle and appropriately reply to the correspondence we may forward. If this is incorrect, please let us know at your earliest convenience. Failure to keep the information up-to-date and valid can result in having to resign as the company's Registered Agent in Delaware. This will leave the company without a Registered Agent, which places the company in a forfeited (or "inactive") status.

**This is the information currently on file for the Communications Contact:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Steven Larsen  | &nbsp;&nbsp;steve@larsenfin.com |
| &nbsp;&nbsp;3918 N Post St | &nbsp;&nbsp;1 509-868-8872 |
| &nbsp;&nbsp;Spokane, WA 99205  |  |
| &nbsp;&nbsp;United States |  |

---

**Should someone else be the Communications Contact? Has your address changed?**

Updates to the above information can be made through your online MCD account, or you can contact our mail center at mail@delawareinc.com.

------

![Picture 1](hartex2z1_1.jpg)

Did you know we offer many services other than formation/registered agent services? Below is a description of some of our popular services:

**Foreign Qualification:**

Many companies choose Delaware as their state of formation to take advantage of the strong corporate law structure but they do not actually do business in the State of Delaware. If your business will operate in a state other than the State of Delaware, a foreign qualification filing will typically be required. This filing allows a company to transact business in a jurisdiction other than where it was formed. Since every state has their own requirements to foreign qualify, let HBS take care of this detail for you.

**Good Standing Certificates (Also known as Certificates of Existence):**

A certificate of good standing may be required by many different parties, such as banks or different states. We can obtain a good standing from the State of Delaware for you from the State of Delaware. You may place the order online, www.delawareinc.com/gstanding, or contact us by email, phone or fax.

**Tax ID Service:**

We can obtain the Federal Tax Identification Number for your Delaware Corporation or LLC. The Federal Tax Identification Number, also known as a company's "EIN", is mandatory for opening US bank accounts, obtaining loans, hiring employees, or conducting business in the United States. Our service eliminates the hassle of dealing with the IRS.

**Mail Forwarding Services:**

All mail forwarding services can be viewed at our website: www.delawareinc.com/ourservices/mailfwd

**Virtual Office Mail Forwarding & Telephone**

Our best Mail Forwarding package includes the authorization to use our address as your mailing address as well as your own Delaware telephone number. We will scan all of your incoming mail and email it to you. You will receive a Delaware phone number (302 area code) that will automatically be forwarded to any domestic phone number you provide so that your clients may contact you.

**Basic 6 & Basic 25 Mail Forwarding**

Pay for 6 or 25 email scans to be used as needed. We scan each piece of mail received, email it to you and hold the physical mail for one (1) week. Within that time frame, you can request to have the mail sent to you. After one (1) week, the mail is securely shredded on site. As long as your company is active under our Delaware Registered Agent service, there is no time limit as to when you can use your scan credits.

**Airplane & Yacht Mail Forwarding**

Use our address to receive Federal Aviation Administration (FAA) Aircraft and/or Department of Natural Resources (DNREC) Boat Registrations. We will scan your mail, email it to you and physically forward registrations to your address on file.

**Many of our other services can be found on our website: www.delawareinc.com/ourservices. To initiate any of the above services, please call 1-800-345-2677 ext. 6911 or 302-645-7400 ext. 6911.**

**You may also send an email request to info@delawareinc.com.**

## Ex1A-2A

------

THE UNITS OF MEMBERSHIP INTERESTS DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS ("**STATE ACTS**") AND ARE RESTRICTED SECURITIES AS THAT TERM IS DEFINED IN RULE 144 UNDER THE SECURITIES ACT. SUCH UNITS OF MEMBERSHIP INTERESTS WERE ISSUED IN RELIANCE UPON ONE OR MORE EXEMPTIONS FROM REGISTRATION CONTAINED IN SECTION 4(A)(2) OF THE SECURITIES ACT AND APPLICABLE EXEMPTIONS FROM REGISTRATION OR QUALIFICATION UNDER THE STATE ACTS. THE UNITS OF MEMBERSHIP INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER THE SECURITIES ACT AND THE STATE ACTS, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OR REGISTRATION OR QUALIFICATION UNDER THE STATE ACTS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED. ALL UNITS OF MEMBERSHIP INTERESTS OF THE COMPANY ARE GOVERNED BY THE TERMS OF THIS OPERATING AGREEMENT, INCLUDING THE ADDITIONAL TRANSFER RESTRICTIONS CONTAINED HEREIN AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH THE TERMS OF THIS AGREEMENT. BASED UPON THE FOREGOING, EACH HOLDER OF A MEMBERSHIP INTEREST MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF AN INVESTMENT THEREIN FOR AN INDEFINITE PERIOD OF TIME.

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT**<br>**OF**<br>**THE HARTLEY OPPORTUNITY FUND, LLC**<br>**A DELAWARE LIMITED LIABILITY COMPANY**

This AMENDED AND RESTATED ****LIMITED LIABILITY COMPANY AGREEMENT ("**Agreement**") of The Hartley Opportunity Fund, LLC, a Delaware limited liability company (the "**Company**") ****is entered into and will be effective as of the Effective Date, by and among (i) The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company (the "**Manager**"); (ii) the Members executing a counterpart signature page to this Agreement; (iii) any other Person executing a Subscription Agreement (as defined below) to become a Member of the Company from time to time and pursuant to that Subscription Agreement agreeing to be bound by the terms and conditions of this Agreement; and (iv) any other Person admitted in accordance with this Agreement as a Member of the Company from time-to-time. This Agreement amends, restates and replaces in its entirety that certain Limited Liability Company Agreement dated November 18, 2024

**Article 1.** **DEFINITIONS**

The following terms used in this Agreement will have the following meanings:

1.1"**Act**" means the Delaware Limited Liability Company Act as in effect on the Effective Date of this Agreement, as amended, supplemented or restated from time to time, and any successor statutes.

1.2"**Additional Member**" means a Person, other than an initial Member, admitted as a Member of the Company as a result of an issuance of Units to such Person by the Company.

1.3"**Adjusted Capital Contribution**" means, with respect to each Member, the excess of (i) such Members's Capital Contributions over (ii) the sum of all distributions previously made under Section 6.2(c) representing a return of capital.

------

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -1-

------

1.4"**Adjusted Deficit**" means, with respect to any Person, the deficit balance, if any, in such Person's Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: (i) the Capital Account will be increased by any amounts which such Person is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the next to the last sentences of Regulations sections 1.7042(g)(1) and 1.7042(i)(5); and (ii) the Capital Account will be decreased by the items described in Regulations sections 1.7041(b)(2)(ii)(d)(4), 1.7041(b)(2)(ii)(d)(5) and 1.7041(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Deficit is intended to comply with Regulation section 1.7041(b)(2)(ii)(d) and must be interpreted consistently therewith.

1.5"**Affiliate**" means, with respect to any Person, any other Person that directly or indirectly through one or more intermediary's controls, is controlled by, or is under common control with the Person in question. As used herein, the term "**Control**" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

1.6**"Annual Valuation Period"** means a preestablished annual period, not exceeding ninety (90) days in duration, which begins no later than the anniversary of the Initial Valuation Date. Once established, the Annual Valuation Period may not be changed except for good cause unrelated to a determination of REOC status.

1.7"**Agreement**" means this Amended and Restated Limited Liability Company Agreement as originally executed and as amended, modified or restated from time-to-time.

1.8"**Articles**" means the Certificate of Formation of the Company as filed with the Delaware Secretary of State, as may be amended or restated from time-to-time.

1.9"**BBA**" is defined in Section 11.3(a).

1.10**"Benefit Plan Investor"** means: (i) any employee benefit plan (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974 ("**ERISA**"), whether or not it is subject to the provisions of title I of ERISA, (ii) any plan described in section 4975(e)(1) of the Internal Revenue Code, or (iii) any entity whose underlying assets include plan assets by reason of a plan's investment in the entity.

1.11"**Book Item**" is defined in Section 7.5.

1.12"**Business Day**" means each day of the week which is not a Saturday, Sunday or a holiday recognized and observed by the Federal Reserve Board of Governors.

1.13"**Capital Account**" means the account maintained with respect to a Person determined in accordance with the provisions of this Agreement.

1.14"**Capital Contribution**" means the total amount of cash and the fair market value of any other assets contributed (or deemed contributed under Regulation Section 1.704-1(b)(2)(iv)(d)) to the Company by a Member, net of liabilities assumed or to which the assets are subject.

1.15**"Class B Units"** means those Units of Membership Interest owned by the Class B Member.

**1.16** **"Class B Member"** means Columbia Advisory Group, LLC, a Washington limited liability company.

------

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -2-

------

1.17**"Code"** means the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequent superseding federal revenue laws, and to the extent applicable, the Regulations.

1.18**"Company"** means The Hartley Opportunity Fund, LLC, a Delaware limited liability company.

1.19**"Company Minimum Gain"** has the same meaning as "partnership minimum gain" as set forth in Regulations sections 1.7042(b)(2) and 1.7042(d).

1.20"**Company Tax Item**" is defined in Section 11.3(f).

1.21**"Confidential Information"** is defined in Section 3.9.

1.22"**CTA**" is defined in Section 14.16(a).

1.23"**CTA Data**" is defined in Section 14.16(b).

1.24**"Debt"** means, with respect to any Person: (i) any indebtedness of such Person for borrowed money in connection a Project, whether or not evidenced by a note, bond, or other instrument; (ii) obligations of such Person as lessee under any capital leases treated as a debt for federal income tax purposes; (iii) obligations secured by any mortgage, pledge, security interest, encumbrance, lien or charge of any kind existing on a Project owned or held by such Person, whether or not such Person has assumed or become liable for the obligations secured thereby; or (iv) any other liabilities of such Person (contingent or otherwise) as assumed or taken subject to by the Company.

1.25**"Depreciation"** means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for federal income tax purposes with respect to an asset for such Fiscal Year, except that (i) with respect to any asset the Gross Asset Value of which differs from its adjusted tax basis for federal income tax purposes at the beginning of such Fiscal Year and which difference is being eliminated by use of the "remedial method" as defined by section 1.704-3(d) of the Regulations, Depreciation for such Fiscal Year will be the amount of book basis recovered for such Fiscal Year under the rules prescribed by section 1.704-3(d)(2) of the Regulations, and (ii) with respect to any other asset the Gross Asset Value of which differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation will be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted basis; provided, however, that in the case of clause (ii) above, if the adjusted tax basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation will be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Manager.

1.26**"Dissolution Event"** is defined in Section 10.3.

1.27**"Economic Rights"** means a Person's share of the Profits, Losses and distributions of Company property pursuant to the Act, the Articles and this Agreement; *provided* that Economic Rights do not include any management or Voting Rights.

1.28**"Effective Date"** means March 9, 2026.

1.29**"Electronic Transmission"** means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an

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automated process, including but not limited to transmission by facsimile or electronic mail; *provided, however*, that the Company may require that any such electronic transmission must either set forth or be submitted with information from which the Company can determine that the electronic transmission was authorized by a Member or Manager as the case may be.

1.30**"Encumbrance"** shall mean any mortgage, pledge, security interest, lien, proxy coupled with an interest (other than as contemplated in this Agreement), option or preferential right to purchase.

1.31"**Entity**" means any general partnership, partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, unincorporated organization, government or any agency or political subdivision thereof, joint stock company or other business organization, including, without limitation, any foreign trust or foreign business organization.

1.32"**ERISA**" is defined in Section 5.2(b).

1.33"**Expenses and Liabilities**" is defined in Section 4.11(b).

1.34"**FinCEN ID**" is defined in Section 14.16(b).

1.35"**Fiscal Year**" means the Company's fiscal year, which will be a calendar year, to the extent permitted under Code section 706 and otherwise, as determined pursuant to Code section 706.

1.36"**Gross Asset Value**" means the adjusted basis of an item of each Project for federal income tax purposes, except as follows: (i) The initial Gross Asset Value of each Project (if any) contributed by the Members is set forth in Exhibit A and the initial Gross Asset Value of each Project subsequently contributed by Member to the Company will be the gross fair market value of each Project, as determined by the Manager. (ii) The Gross Asset Value of items of each Project will be adjusted to equal the gross fair market value of each Project, as determined by the Manager, as of the following times: (A) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (B) the distribution by the Company to a Person of more than a de minimis amount of each Project as consideration for an interest in the Company; (C) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity, or by a non-Member acting in a Member capacity or in anticipation of becoming a Member; and (D) the liquidation of the Company within the meaning of Regulation section 1.704l(b)(2)(ii)(g); (iii) The Gross Asset Values of each Project will be increased or decreased to reflect any adjustments to the adjusted basis of each Project pursuant to Code section 734(b) or Code section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulation section 1.7041(b)(2)(iv)(m), Section 7.1, and paragraph (f) of the definition of "Profits" and "Losses"; provided, however, that Gross Asset Values will not be adjusted pursuant to this paragraph (c) to the extent the Manager determines that an adjustment pursuant to the preceding paragraph (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to Regulation section 1.704-1(b)(2)(iv)(m), and provided further, that in all events the Gross Asset Value of cash and any cash equivalent will be the dollar amount thereof. If the Gross Asset Value of an item of each Project has been determined or adjusted pursuant to the (i) or (ii) above, such Gross Asset Value will thereafter be adjusted by the Depreciation taken into account with respect to such item of each Project for purposes of computing Profits and Losses in accordance with Regulation section 1.704-1(b)(2)(iv)(g).

1.37"**Indemnified Person**" means (a) any Person who is or was an officer of the Company, if any; (b) the Manager, together with its officers, directors, members and managers; (c) Affiliates of the Manager, together with its officers, directors, shareholders, members and managers; (d) any Person who is

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or was serving at the request of the Company as an officer, director, member, manager, partner, tax matters partner, fiduciary or trustee of another Person (including any subsidiary); *provided* that a Person shall not be an Indemnified Person by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services, and (e) any Person the Manager designates as an "Indemnified Person" for purposes of this Agreement.

1.38"**Indirect Owner**" is defined in Section 14.16(b).

1.39"**Investment Company Act**" means the Investment Company Act of 1940, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder.

1.40 "**Involuntary Transfer**" means any Transfer by operation of law, pursuant to court order, foreclosure of a security interest, execution of a judgment or similar legal process arising from or related to the exercise of any rights or remedies by a person other than the Member or his voluntary transferee.

1.41"**Issuance Items**" means any income, gain, loss or deduction realized as a direct result of the issuance of an interest by the Company to a Person.

1.42"**Loan**" is defined in Section 4.9.

1.43"**Management Fee**" is defined in Section 4.8(e).

1.44"**Manager**" means The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company or such other Person who succeeds The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, pursuant to the terms hereof.

1.45"**Member**" means each Person who executes a counterpart of this Agreement or a Subscription Agreement as an initial Member and each Person who may hereafter become an Additional Member or substitute Member. The term Members shall include all Share Class Members and the Class B Member.

1.46"**Member Nonrecourse Debt**" has the same meaning as "partner nonrecourse debt," as set forth in Section 1.7042(b)(4) of the Regulations.

1.47"**Member Nonrecourse Debt Minimum Gain**" means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if that Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulation section 1.7042(i)(3).

1.48"**Member Nonrecourse Deductions**" has the same meaning as "partner nonrecourse deductions," as set forth in Regulations sections 1.7042(i)(1) and 1.7042(i)(2).

1.49"**Membership Interest**" means a Member's entire interest in the Company expressed as a percentage, with the numerator being the number of Units that Member owns and the denominator being the total number of Units issued and outstanding to all Members, including, without limitation, that Member's Economic Rights and Voting Rights.

1.50"**Net Available Cash From Operations**" means the gross cash proceeds from Company operations that are not the direct result of a refinance, sale, disposition, exchange or other transfer of all or any portion of each Project, less any portion thereof used to pay or establish reserves for payment of all

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Company expenditures (including fees described herein, specifically those set forth in Section 4.8 below, due the Manager or Affiliates) and contingencies, which reserves and contingencies shall be determined in the sole and absolute discretion of the Manager. Net Available Cash From Operations will be accounted for on a Project by Project basis.

1.51"**Net Capital Transaction Proceeds**" means the net cash proceeds resulting from the refinance, sale, disposition, exchange, transfer of all or any portion of each Project, less any portion thereof used to establish reserves for all Company expenditures (including fees described herein, specifically those set forth in Section 4.8 below, due the Manager or Affiliates) and contingencies (which reserves and contingencies shall be determined in the sole and absolute discretion of the Manager), and less any non-cash proceeds that may not, for any reason, yet be distributable, all as determined by the Manager in its sole discretion. Net Capital Transaction Proceeds will be accounted for on a Project by Project basis.

1.52"**Nonrecourse Liability**" is defined in Regulation section 1.7042(b)(3).

1.53"**Offering**" means the offering of Share Class Units to Persons as described in the Offering Circular.

1.54"**Offering Circular**" means that offering statement under the Securities Act on Form 1-A regarding this offering, pursuant to which the Company is offering for sale of its Share Class Units under Regulation A of the Securities Act of 1933, as amended ("**Securities Act**"), as such Offering Circular may be amended or supplemented from time to time.

1.55"**Person**" means any individual or Entity.

1.56"**Permitted Transfer**" means a Transfer of a Person's Membership Interest in the Company in accordance with Section 9.3.

1.57"**Power of Attorney**" is defined in Section 2.14(a).

1.58"**Preferred Return**" means a ten percent (1.0%) non-compounding, annual return on a Member's Unrecovered Investment attributable to each Project, as adjusted from time to time as set forth in this Agreement. Preferred Returns will be calculated on a Project by Project basis. No Preferred Return will begin to accrue in respect of any Share Class Member's Capital Contribution with respect to a Project, until the day the Company acquires such Project (i.e., the return will not be calculated from the date a Share Class Member's Capital Commitment is accepted by the Company). The Preferred Return is not a guaranty of payment, an interest rate, or a return on investment but, rather, a formula by which the amount the Company may distribute to a Member in excess of the repayment of the Member's Capital Contribution is determined.

1.59"**Profits**" and **"Losses**" mean, for each Fiscal Year, an amount equal to the Company's taxable income or loss for such Fiscal Year, determined in accordance with Code section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code section 703(a)(1) will be included in taxable income or loss), with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this Section will be added to such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any expenditures of the Company described in Code section 705(a)(2)(B) or treated as Code section 705(a)(2)(B) expenditures pursuant to Regulation

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section 1.7041(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this Section will be subtracted from such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event the Gross Asset Value of each Project is adjusted pursuant to this Agreement, the amount of such adjustment will be taken into account as gain or loss from the disposition of each Project for purposes of computing Profits or Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Gain or loss resulting from any disposition of each Project with respect to which gain or loss is recognized for federal income tax purposes will be computed by reference to the Gross Asset Value of each Project disposed of, notwithstanding that the adjusted tax basis of each Project differs from its Gross Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, Depreciation for the relevant Fiscal Year will be taken into account, computed as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To the extent an adjustment to the adjusted tax basis of each Project pursuant to Code section 734(b) or Code section 743(b) is required pursuant to Regulation section 1.7041(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Person's Economic Rights, the amount of such adjustment will be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of each Project and will be taken into account for purposes of computing Profits or Losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Notwithstanding any other provision of this Agreement, any items that are specially allocated pursuant to Sections 7.2, 7.3, 7.4 and 7.5 will not be taken into account in computing Profits or Losses.

The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Sections 7.2, 7.3, 7.4, and 7.5 will be determined by applying rules analogous to those set forth in (a) through (f) above.

1.60"**Project(s)**" means each multifamily real estate asset or storage unit real estate asset the Company acquires indirectly through a wholly owned special purpose vehicle ("**SPV**").

1.61"**Share Class**" means a designated class of Share Class Units within the Company corresponding to a specific Project and its associated SPV. Each Project and its SPV are designated as a separate Share Class. As of the Effective Date of this Agreement, the Company has established the following Share Classes: Share Class Monroe, Share Class Frederick, and Share Class Waretown. Additional Share Classes may be created from time to time by the Manager in connection with the acquisition of additional Projects, without the consent of the Members. Capital contributed to a Share Class is segregated and allocated solely to the Project associated with that Share Class. The economic terms applicable to each Share Class, including management fees, preferred return, and distribution waterfall, are identical across all Share Classes.

1.62"**Project Percentage Interest**" means the percentage ownership of a holder of Share Class Units in a specific Project determined by dividing (a) the Capital Contribution of such Member to such Project (b) the aggregate Capital Contributions of all Members to such Project.

**1.63** **"REOC"** means a "real estate operating company" as defined in 29 CFR §2510.3-101(e).

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1.64"**Register**"is defined in Section 3.10(b).

1.65"**Regulations**" means proposed, temporary and final regulations promulgated under the Code in effect as of the date of filing the Articles and the corresponding sections of any regulations subsequently issued that amend or supersede such regulations.

**1.66**"**Share Class Units**" means those Units of Membership Interest owned by Persons purchasing such Share Class Units.

**1.67**"**Share Class Members**" means those Persons, including the Manager, who purchased Share Class Units.

1.68"**Side Letter**" is defined in Section 3.10(c).

1.69"**Special Attorney**" is defined in Section 2.14(a).

1.70"**Subscription Agreement**" is defined in Section 5.1.

1.71"**Target Amounts**" is defined in Section 7.9.

1.72"**Taxing Authority**" is defined in Section 11.3(b).

1.73"**Tax Distribution**" is defined in Section 6.6(b).

1.74"**Tax Representative**" is defined in Section 11.3(a).

1.75"**Transfer**" means, with respect to any Units or any interest in or part of a Unit, any sale, assignment, gift, conveyance or other transfer or disposition, whether voluntary or an Involuntary Transfer; *provided*, *however*, that "Transfer" shall not include the original issuance of Units by the Company.

1.76"**Transferor**" means a Person who attempts to Transfer all or a portion of its Units in the Company.

1.77"**Unit**" means a share of Membership Interests in the Company, each of which entitles the owner to the rights, preferences, allocations, distribution, and other benefits of ownership, subject to applicable restrictions, obligations and limitations, as may be determined from time to time for Units authorized for issuance pursuant to this Agreement. Except as otherwise provided in this Agreement, each Unit (or fraction thereof) shall be entitled to one vote (or fraction thereof) on matters submitted for the approval by the Members, and any Members holding Units as joint or co-tenants shall be treated as one Member with such other Members as they jointly or co-own the Units with. The term Units shall collectively include Share Class Unit and Class B Units.

1.78"**Unrecovered Investment**" means, at any given time, the Capital Contribution of such Person decreased by (i) distributions made pursuant to Sections 6.2(c) and 6.3(d), and (ii) the Gross Asset Value of Company property (other than cash) distributed to such Person without charge or reduction for any Profit or Loss allocated to such Person. Unrecovered Investment will be calculated on a Project by Project basis, as each Member will designate in such Member's Subscription Agreement which one or more Projects and SPVs such Member's Capital Contribution shall be allocated to.

1.79"**Voting Rights**" means, with respect to Units, the right to exercise voting or consensual rights of a Member under this Agreement.

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**Article 2.** **ORGANIZATION OF COMPANY**

2.1**Organization**. Pursuant to the Act, the Manager formed the Company as a Delaware limited liability company under the laws of the State of Delaware by filing the Articles with the Delaware Secretary of State and entering into this Agreement. Also pursuant to the Act, the Members have entered into this Agreement. The rights and liabilities of the Members will be determined pursuant to the Act and this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than they would be absent such provision, this Agreement, to the extent permitted by the Act, will control.

2.2**Nature of Business**. As further described in the Offering Circular, the purposes of the Company are to: (i) acquiring, owning, developing, improving, managing, leasing and selling Projects through SPVs; and (ii) engage in such other activities directly related to the foregoing business as may be necessary, advisable or appropriate in the reasonable opinion of the Manager.

2.3**Property and SPV Designation**. In connection with formation of each SPV and the Company or SPV entering into a purchase and sale agreement for the acquisition of a Project by each SPV, the Company shall complete and distribute to prospective Members a Property and SPV Designation in such form as attached hereto as Exhibit B.

2.4**Term of the Company**. The term of the Company will commence upon the Effective Date and will continue until the Company is dissolved as set forth herein. The Company does not have a set term.

2.5**Defects as to Formalities**. A failure to observe any formalities or requirements of this Agreement, the Articles, or the Act will not be grounds for imposing personal liability on the Manager or any Member for liabilities of the Company.

2.6**Registered Office and Registered Agent** **.** The Company shall at all times maintain a registered agent as required by applicable laws, including the Act. The Company may change the registered agent and/or the address of its registered agent at such times and from time to time as the Manager may deem advisable.

2.7**Principal Office**. The records required to be maintained by the Act shall be kept at the Company's principal office. The Manager may at any time change the principal office or designate additional places of business of the Company.

2.8**No Membership Intended for Non-Tax Purposes**. The Members have formed the Company under the Act and expressly do not intend hereby to form a general partnership, partnership, a limited liability partnership or a corporation. The Members do not intend to be partners to one another or partners as to any third party. To the extent any Member, by word or action, represents to another Person that any other Member is a partner or that the Company is a partnership, the Member making such wrongful representation shall be liable to any other Member who incurs personal liability by reason of such wrongful representation.

2.9**No Third Party Beneficiaries; Rights of Creditors**. Other than the Indemnified Persons, no Person which is not a party hereto shall have any rights or obligations pursuant to this Agreement. The obligations of the Members to make contributions pursuant to this Agreement are for the exclusive benefit of the Company and the Indemnified Persons and not of any creditor of the Company, and no such creditor is intended as a third party beneficiary of this Agreement, nor shall any creditor of the Company have any rights hereunder, including, but not limited to, the right to enforce any capital contribution obligation of the

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Members**.** None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company.

2.10**Title to Project**. Each Project will be owned by the Company as an entity separate and distinct from its owners and no Member will have any individual ownership interest in a Project in name or right, and each Member's interest in the Company will be personal property for all purposes. The Company intends to hold each Project in the name of the Company or through an SPV, owned in whole or in part by the Company, and not in the name or names of any Member. All funds of the Company will be deposited in such checking accounts, savings accounts, time deposits or certificates of deposit in the Company's name or will be invested in the Company's name, in such manner as may be designated by the Manager from time-to-time. Company funds cannot be commingled with those of any other Person. Company funds will be used by the Manager only for the business of the Company.

2.11**Payments of Individual Obligations**. The Company's credit and assets will be used solely for the benefit of the Company and no asset of the Company will be transferred or encumbered for, or in payment of, any individual obligation of any Member.

2.12**Adoption of Agreement, Effect of Inconsistencies with Act**. The Members shall be subject to the terms and conditions of this Agreement. Notwithstanding any other agreement between the Members with respect to the Company, the Members agree that this Agreement shall be the sole reflection of the agreements between and among the Company and the Members with respect to all matters relating to the governance of the Company. Except to the extent a provision of this Agreement expressly incorporates federal income tax rules by reference to the Code or Regulations, this Agreement shall govern all matters between the Company and the Members relating to governance of the Company, notwithstanding any provision of the Act or any other law or rule to the contrary. To the extent any provision of this Agreement is prohibited or ineffective under the Act, this Agreement shall be considered amended to the smallest degree possible in order to make this Agreement effective under the Act. In the event the Act is subsequently amended or interpreted in such a way to make any provision of this Agreement that was formerly invalid valid, such provision shall be considered to be valid from the effective date of such amendment or interpretation. The Members agree that each Member shall be entitled to rely on the provisions of this Agreement and no Member shall be liable to the Company or to any other Member for any action or refusal to act taken in good faith reliance on the terms of this Agreement.

2.13**Certificate of Formation**. The Articles have been filed with the Secretary of State of the State of Delaware as required by the Act, such filing being hereby confirmed, ratified and approved in all respects. The Manager shall use all reasonable efforts to cause to be filed such other certificates or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of a limited liability company in the State of Delaware or any other state in which the Company may elect to do business or own Projects. To the extent that the Manager determines such action to be necessary or appropriate, the Manager shall direct the appropriate officers to file amendments to and restatements of the Articles and to do all things to maintain the Company as a limited liability company under the laws of the State of Delaware or of any other state in which the Company may elect to do business or own Projects, and any such officer so directed shall be an "authorized person" of the Company within the meaning of the Act for purposes of filing any such certificate with the Secretary of State of the State of Delaware. The Company shall not be required, before or after filing, to deliver or mail a copy of the Articles, any qualification document or any amendment thereto to any Member.

2.14**Power of Attorney**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Execution and Consent**. Each Member hereby irrevocably constitutes and appoints the Manager and its respective successors (hereinafter referred to as "**Special Attorney**"),

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as the attorney-in-fact for such Member with power and authority to act in the Member's name and on the Member's behalf (hereinafter referred to as the "**Power of Attorney**") to execute, acknowledge, swear to and file documents and instruments necessary or appropriate to the conduct of Company business, which will include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any partnership or limited liability company certificate, business certificate, fictitious name certificate, amendment thereto, or other instrument, amendment or document of any kind necessary or desirable to effectuate, implement or continue the valid and subsisting existence of the Company to accomplish the business, purpose and objectives of the Company, or required by any applicable Federal, state, or local or foreign law or deemed advisable by the Manager, including customer agreements with any dealers, brokerage firms or banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)this Agreement of the Company and any amendment duly approved as provided therein and such other instruments (including amendments or modifications of any document) as the Manager may deem necessary or desirable to carry out the purpose and intent of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any and all instruments, certificates and other documents which may be deemed necessary or desirable to effect the winding-up and termination of the Company (including, but not limited to, Certificate of Dissolution of the Certificate of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any and all tax elections, tax information statements and other tax documentation as may from time to time be deemed necessary, desirable or appropriate by the Manager, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any and all other instruments as may from time to time be deemed necessary, desirable or appropriate by the Manager to carry out fully the provisions of this Agreement.

The Power of Attorney granted herein shall be irrevocable and deemed to be a power coupled with an interest and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of a Member provided, however, that such Power of Attorney will terminate upon the substitution of another member for all of such Member's Units in the Company or upon the complete withdrawal of such Member from participation in the Company. Each Member hereby agrees to be bound by any representation made by the Manager and by any successors thereto, acting in good faith pursuant to this Power of Attorney, and each Member hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the Manager and any successors thereto, taken in good faith under this Power of Attorney. Each Member agrees, if requested, to execute a special power of attorney on a document separate from this Agreement. In the event of any conflict between this Agreement and any instruments filed pursuant to the Power of Attorney granted in this Section, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Procedural Aspects. The Power of Attorney granted by each Member to the Special Attorney:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)may be exercised by the Manager whether by signing separately as attorney-in-fact for each Member or, after listing all of the Members executing an instrument, by a single signature of the Manager acting as attorney-in-fact for all of them; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)shall survive the delivery of an instrument of transfer by any Member of the whole or any portion of or interest in its Interest, except that where a transferee of such Interest has been approved as a substituted or successor Member and the transferor shall thereupon cease being a Member (all in accordance with this Agreement), then the Power of Attorney of the transferor Member shall survive the delivery of such instrument of transfer for the sole purpose of enabling the attorneys-in-fact for such transferor Member (or any of them) to execute, swear to, acknowledge and file any and all instruments necessary to effectuate such transfer and substitution or succession.

**Article 3.** **MEMBERS**

3.1**Authority to Act**. Except to the extent expressly required by this Agreement, no Member may participate in the management or control of the Company's business, nor may it transact any business for the Company, nor will any Member have the power to act for or bind the Company, such power being vested solely and exclusively in the Manager as provided in this Agreement. No Member, acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind nor execute any instrument on behalf of the Company.

3.2**Meetings of Members**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Optional Meetings. No annual or regular meetings of Members is required. Special meetings of Members may be called by the Manager from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Members as herein provided or upon any other matter deemed by the Manager to be necessary or desirable. Each Member shall have one (1) vote for each one (1) Unit attributable to that Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Place of Meetings. The Manager shall designate the place for any special meeting in the notice to Members. If no designation is made, the place of meeting shall be the principal place of business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notice of Meeting. The Company shall give written notice to each Member of the date, time and place of each meeting of Members not less than ten (10) and not more than sixty (60) days before the meeting. Written notices shall be delivered in the manner and deemed given as set forth in Section 14.9 below. A Member's attendance at, or participation in, a meeting for which notice is required shall constitute a waiver of notice, unless the Member at the beginning of the meeting (or promptly upon arrival) objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Meeting Materials. In connection with any action required or permitted to be taken at a meeting of the Members, the Company may communicate or provide information or materials to Members by (i) Electronic Transmission or (ii) making the information or materials available on a reasonably accessible electronic network, provided that (A) the information required to gain access to such electronic network is provided to Members a reasonable time in advance and (B) the Company may take reasonable steps to ensure that such information is available only to Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Quorum. The holders of a majority of the outstanding Units entitled to vote at such meeting, represented in person or by proxy, shall be necessary to constitute a quorum at meetings of the Members. Each of the Members hereby consents and agrees that one (1) or more Members may participate in a meeting of the Members by means of conference telephone or similar communication equipment by which all Persons participating in the meeting can speak and hear each other at the same time, and such participation shall constitute presence in person at the

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meeting. In the absence of a quorum, those present may adjourn the meeting for any period but in no event shall such period exceed thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Manner of Acting. If a quorum is present, the affirmative vote of the Members, as required herein, shall be an action of the Members, unless a greater number or different vote is required by the Act. Unless so required by law, voting at meetings of Members need not be by written ballot and, if so required, any such requirement of a written ballot may be satisfied by a ballot submitted by Electronic Transmission by Members (including by Members present in person and Members participating in the meeting by means of conference telephone or similar communication equipment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Proxies. At all meetings of Members, a Member may vote in person or by proxy executed in writing by the Member or by his duly authorized attorney-in-fact. Such proxy shall be filed with the Manager before or at the time of the meeting, including by notice delivered in the manner set forth in Section 14.9. No proxy shall be valid after eleven (11) months from the date of its execution, unless otherwise provided in the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Conduct of Meeting. The Manager shall preside over and conduct the meeting. At all meetings of Members, accurate minutes of the meeting shall be taken by a natural person designated by the Manager. The minutes of the meeting shall be attested to by the Manager or other natural person taking minutes and shall be filed in the Company's records.

**3.3** **Member Action by Written Consent**. Any action required or permitted to be taken at a meeting of the Members may be taken without a meeting if the action is evidenced by one (1) or more written consents describing the action taken, signed by the holders of at least the minimum number of Units that would be necessary to authorize or take the action at a meeting of Members at which all Units entitled to vote thereon were present and voted, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A Member action taken by written consent is not effective unless all written consents on which the Company relies for taking such action are received by the Company within a sixty (60) day period and not previously revoked, in which case the Member action taken by written consent shall be effective on the date that all written consents on which the Company relies for taking such action are received by the Company or any later effective date specified therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless the written consents of all Members entitled to vote have been obtained, written notice of any Member approval without a meeting shall be given at least five (5) days before the consummation of the transaction, action, or event authorized by the Member action to those entitled to vote who have not consented in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Written consents or written notices, as contemplated above, shall be delivered in the manner and deemed given as set forth in Section 14.9 below.

3.4**Voluntary Withdrawal**. No Member may voluntarily withdraw from the Company without the consent of the Manager, which may be granted or withheld in the Manager's sole discretion.

3.5**Limitation of Liability**. The liability of Members will be limited as set forth in this Agreement, the Act and other applicable law. A Member will not be personally liable for debts, losses, obligations, or liabilities of the Company, whether that debt, loss, obligation, or liability arises in contract, tort, or otherwise, beyond its Capital Contributions, except as otherwise provided by law.

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3.6**Indemnification of Members**. The Company shall indemnify the Members for all costs, losses, liabilities, and damages paid or accrued by such Member, and advance expenses incurred by the Members, in connection with the business of the Company, to the fullest extent provided or allowed by the laws of the State of Delaware, except to the extent such costs, losses, liabilities, damages or expenses were incurred either as a result of actions taken without any consent of Members and Manager required under this Agreement or applicable law as a condition to the taking of such action or otherwise as a result of the fraud, gross negligence, willful misconduct, or a material breach of this Agreement by the Member seeking indemnification, as determined by a court of competent jurisdiction pursuant to a final judgment.

3.7**Other Activities of Members**. Each Member may enter into transactions that may be considered to be competitive with, or a business opportunity that may be beneficial to, the Company, it being expressly understood that some of the Members may enter into transactions that are similar to the transactions into which the Company may enter and the Company and each Member waives the right or claim to participate therein. Notwithstanding the foregoing: (i) each Member shall account to the Company and hold, as trustee for it, the Projects, profit, or benefit derived by the Member, without the consent of the Manager, in the formation, conduct and winding up of the Company business or from a use or appropriation by the Members of the Projects, including information developed exclusively for the Company and opportunities expressly offered to the Company; and (ii) no Member may utilize the Projects for other than Company purposes.

3.8**Other Self-Interest**. A Member does not violate a duty or obligation to the Company merely because such Member's and Transferee's conduct furthers the interest of the Member. A Member may lend money to and transact other business with the Company only in accordance with this Agreement. The rights and obligations of a Member who lends money to or transacts business with the Company are the same as those of a Person who is not a Member, subject to other applicable law. No transaction with the Company will be voidable solely because a Member has a direct or indirect interest in the transaction if the transaction is a conflict or is approved or ratified as provided for in this Agreement.

3.9**Confidential Information**. The Members recognize and acknowledge that as Members they will have access to, be provided with and, in some cases, will prepare and create Confidential Information (as defined below). A Member shall not, either while a Member or subsequently, use or disclose any Confidential Information, either personally or for the use of others, other than in connection with the Member's or Transferee's activities on behalf of the Company. No Member shall disclose any Confidential Information to any Person who is not a Member, not employed by the Company, or not authorized by the Manager to receive such Confidential Information without the prior written consent of the Manager. Additionally, notwithstanding anything herein to the contrary, the Company may keep as confidential from Members for such period of time as the Company deems reasonable any information which the Company reasonably believes to be in the nature of trade secrets or other information, the disclosure of which the Company in good faith believes is not in the best interest of the Company or could damage the Company or its business or which the Company is required by law or by agreement with a third party to keep confidential. Each Member shall use reasonable and prudent care to safeguard, protect, and prevent the unauthorized use and disclosure of Confidential Information. The obligations contained in this Section will survive for as long as the Company, in its sole judgment, considers subject information to be Confidential Information. "**Confidential Information**" means financial information or material proprietary to the Company or proprietary to others and entrusted to the Company, whether written or oral, tangible or intangible, which a Member obtains knowledge of through or as a result of the Member's or Transferee's activities on behalf of the Company.

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3.10**Types of Membership Interest; Side Letter**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**As of the Effective Date of this Agreement, the only types of Units the Company is authorized to issue are Share Class Units and Class B Units. Subject to the provisions of Article 5 below, the Manager shall have the authority to raise additional capital through the Company offering new Units, of any kind of class, without the consent of the Members that may be superior in terms of rights and preferences to the Members. Each Member hereby consents to the amendment of this Agreement by the Manager to the extent necessary to facilitate the issuance of new Units in future capital fundraising of the Company, irrespective of whether such issuance is dilutive to the Member's existing Units, and whether such new Units have rights and preferences superior to those possessed by the Member hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**The type and number of Units held by the Members, and the opening Capital Account balances of the Members and the Project Percentage Interests of each Share Class Member, are set forth in a separate written register (the "**Register**") maintained by the Manager. The Register shall be amended from time to time by the Manager to reflect transfers of Units and the issuance of new Units in accordance with this Agreement. The Company's initial Register is attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Each Project and its corresponding SPV shall be designated as a separate Share Class within the Company. Investors subscribing for Share Class Units shall designate the specific Share Class or Share Classes into which the investor's capital will be invested. If an investor selects more than one Share Class, the investor shall indicate the percentage of capital to be allocated to each selected Share Class. Capital contributed to a particular Share Class shall be segregated from capital contributed to other Share Classes and shall be allocated solely to the Project associated with that Share Class. The management fees, preferred return, distribution waterfall, and all other economic terms set forth in this Agreement shall apply uniformly and identically to all Share Classes. No Share Class shall receive preferential economic treatment relative to any other Share Class. The Manager may create additional Share Classes from time to time in connection with the acquisition of additional Projects, without the consent of the Members, by amending the Register and providing written notice to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**The Manager has engaged Great Lakes Fund Solutions, Inc. ("**GLFSI**") as the transfer agent, registrar, and fund administrator for the Company. GLFSI shall maintain the Register of Members, process subscription documents, record transfers of Units, and provide fund accounting, investor services, and financial reporting services to the Company and its SPVs. The Manager may, in its sole discretion, replace GLFSI or engage additional or substitute service providers to perform transfer agent, registrar, or fund administration functions without the consent of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding any other provision of this Agreement, the parties hereto acknowledge that the Company or the Manager, on its own behalf or on behalf of the Company, without any further act, approval or vote of any Member, may enter into side letters or side arrangements (collectively, the "**Side Letters**") to or with certain Members which have the effect of establishing rights under, or altering or supplementing the terms of, this Agreement or Subscription Agreements with the Members, provided that no Side Letter with a Member shall impair the rights expressly granted to any other Member under this Agreement. The parties hereto agree that any rights established, or any terms of this Agreement or Subscription Agreements with the Members altered or supplemented, in a Side Letter to or with any Member shall govern with respect to such Member notwithstanding any other provision of this Agreement or Subscription Agreements with the Member.

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3.11**Certificates**. The Company will not issue certificates in the name of any Member.

3.12**Waiver of Conflict of Interest**. EACH MEMBER HEREBY IRREVOCABLY AND PERPETUALLY WAIVES ANY CONFLICT OF INTEREST AND THE RIGHT TO CLAIM OR ASSERT A CONFLICT OF INTEREST, INCLUDING WITHOUT LIMITATION THE CONFLICTS AS SET FORTH HEREIN OR IN THE OFFERING CIRCULAR. Without such a waiver, each Member would not have become a party to this Agreement. Each Member hereby indemnifies and defends the Company, each other Member, the Manager and all of their Affiliates free and harmless from and against any and all claims, liabilities, causes of action, damages, liens, losses, and expenses (including, without limitation, attorney fees) brought by or on behalf of such Member or such Member's or Transferee's Affiliates asserting any conflict of interest involving a transaction or agreement with the Company, including without limitation any conflicts.

**3.13** **Conflicts and Legal Representation: Disclosure and Waiver**. ALL PARTIES TO THIS AGREEMENT ACKNOWLEDGE THAT THIS AGREEMENT HAS BEEN DRAFTED BY COUNSEL FOR THE COMPANY AND MANAGER. THE MEMBERS, BY THEIR SIGNATURE HEREUNDER AND/OR TO A SUBSCRIPTION AGREEMENT, WAIVE ANY CONFLICT OF INTEREST AS IT RELATES TO COUNSEL FOR THE COMPANY AND MANAGER AND ACKNOWLEDGE THE FULL AND COMPLETE DISCLOSURE OF SUCH CONFLICT AND SIMULTANEOUS REPRESENTATION. ALL MEMBERS ACKNOWLEDGE THAT, IN BECOMING A MEMBER OF THIS COMPANY, THEY HAVE BEEN ADVISED OF THE RIGHT AND NEED TO OBTAIN THE ADVICE OF INDEPENDENT COUNSEL IN SIGNING THIS AGREEMENT OR HAVE FREELY CHOSEN NOT TO SEEK SUCH ADVICE AFTER AN OPPORTUNITY TO DO SO.

**Article 4.** **MANAGEMENT; OPERATION OF BUSINESS**

**4.1** **Management by Manager; Officers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Manager**. The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, is the initial Manager of the Company. The Manager will be the manager of the Company and in such capacity will have full responsibility and exclusive and complete discretion in the management and control of the business and affairs of the Company for the purposes stated herein, will make all decisions affecting the Company's business and affairs, and will have full, complete and exclusive discretion to take any and all action the Company is authorized to take and to make all decisions with respect thereto. The Manager is not required to be a Member. If, however, the Manager is also a Member, the Manager (in addition to, and not in lieu of, any rights it may have in its capacity as the Manager) will be entitled to all rights of a Member under this Agreement, including, without limitation, the right to receive distributions as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Officers**. The Manager may, from time to time as it deems advisable, select natural persons who are employees or agents of the Company and designate them as officers of the Company and assign titles to any such person. Unless the Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Delaware law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. Any delegation pursuant to this Section may be revoked at any time by the Member. An officer may be removed with or without cause by the Manager. Nothing contained herein shall preclude any officer from serving the Company, any related person or any Member in any other capacity and receiving proper compensation therefor.

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**4.2** **Term and Removal of Manager**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Manager will serve as manager for an indefinite term or may choose to withdraw as manager, under certain circumstances, as provided in this Agreement. In the event of the withdrawal of the Manager, the Manager will reasonably cooperate with the Company and take all commercially reasonable steps to assist in making an orderly transition of the management function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Manager may assign its rights under this Agreement in its entirety or delegate certain of its duties under this Agreement to any of its Affiliates without the approval of the Members, so long as the Manager remains liable for any such Affiliate's performance and if such assignment or delegation does not require the Company's approval under the Investment Company Act. The Manager may elect to withdraw as the Company's manager if the Company becomes required to register as an investment company under the Investment Company Act, with such withdrawal deemed to occur immediately before such event. The Manager shall determine whether any succeeding manager possesses sufficient qualifications to perform the management function.

4.3**Powers of Manager**. The Manager shall have exclusive control over the business of the Company, including the power to assign duties, to sign deeds, notes, deeds of trust, security agreements, contracts, instruments and agreements and to assume direction of the business operations. The Manager shall have all rights, power and authority generally conferred by law or necessary, advisable or consistent with accomplishing the Company's purpose. Each Member shall cooperate fully, reasonably and in good faith with the Manager in the implementation of the purposes of the Company.

**4.4** **Contracts with Affiliates**. The Manager may cause the Company to enter into other agreements whereby the Manager, Affiliates of the Manager or other Persons, or entities controlled by any of the foregoing, provide or sell or purchase services to or from the Company, are compensated for such services, and are reimbursed for expenses incurred on behalf of the Company in providing such services, so long as each such agreement is on terms and conditions that are fair and reasonable to the Company as determined by the Manager in its sole and absolute discretion and are at least as favorable to the Company as those generally available from unaffiliated Persons capable of similarly performing them in similar transactions between parties operating at arm's length, as determined by the Manager in its sole and absolute discretion. Without limiting the generality of the foregoing, such agreements may provide for the payment of servicing fees, property management fees, finder's fees or brokerage commissions with respect to the management, servicing, acquisition or disposition of a Project, the payment of Loan commissions or finder's fees with respect to any Loan obtained by the Company, and the payment of legal, consulting or other fees with respect to applicable services provided to the Company.

4.5**Manager's Duties; Standard of Care; Elimination of Fiduciary Duties**. In discharging its duties, the Manager will be fully protected in relying in good faith upon the records required to be maintained hereunder, or pursuant to the Act, and upon such information, opinions, reports, or statements by any of the Members, agents, or by any other Person as to matters the Manager reasonably believes are within such Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports, or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which distributions to Members might properly be paid. Notwithstanding anything contained herein to the contrary, the Members hereto acknowledge and agree that neither the Manager, the Members nor any other officer, employee or agent of the Company (i) owes any fiduciary duties to the Company or the other Members or (ii) shall be liable to the Company or any other Members for breach of any fiduciary duties, except as otherwise provided in the Act.

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**4.6** **Devotion of Time**. The Manager shall not be obligated to devote all of its time or business efforts to the affairs of the Company. The Manager shall devote whatever time, effort, and skill as it deems appropriate for the operation of the Company. The Manager is not required to manage the Company as its primary function and it is understood and agreed that the Manager may have and may continue to have other substantial business interests and, except as specifically provided in the Offering Circular or this Agreement, is hereby authorized to engage without limitation in any and all other business activities in addition to those relating to the Company. The Manager shall not incur liability to the Company or any Member as a result of engaging in any other business interests or activities of any nature or quantity.

4.7**Competing Activities**. Except as specifically provided in the Offering Circular or this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The creation of the Company and the assumption by the Members and Managers of their respective rights and duties hereunder shall be without prejudice to the rights of any Member or Manager, or any of their respective Affiliates, Company officer, or any shareholder, officer, director, manager, member, or employee of any Member or Manager or any of their respective Affiliates, to engage or invest in or possess an interest in other business ventures of every nature and description, independently or with others, including, but not limited to, the ownership, operation, management and syndication of opportunities that are similar to that of the Company and that might be in competition with the Company. Neither the Company nor any Member shall have any right by virtue of this Agreement in and to such independent ventures or to the income or profits derived therefrom. Except as specifically provided in the Offering Circular or this Agreement, neither a Member nor a Manager nor any of their respective Affiliates, Company officer, nor any shareholder, officer, director, manager, member, or employee of any Member or Manager or any of their respective Affiliates shall be obligated to present any particular opportunity or prospective economic advantage to the Company, even if such opportunity is of a character which, if presented to the Company, could be taken by the Company and each of the Members and the Managers, each of their respective Affiliates, Company officer, and each shareholder, officer, director, manager, member, or employee of any Member or Manager or any of their respective Affiliates shall have the right to take for their own account (individually or as a trustee, partner, or fiduciary) or to recommend to others any such particular opportunity. The Members hereby waive any and all rights and claims which they may otherwise have against any Member or Manager, or any of their respective Affiliates, Company officer, or any shareholder, officer, director, manager, member, or employee of any Member or Manager or any of their respective Affiliates as a result of any of such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The pursuit of other business activities by any Member, Manager, or any of their respective Affiliates, including, but not limited to, other business activities that compete directly or indirectly with the business activities engaged in by the Company, is hereby specifically consented to by the Members and the Company and shall not be deemed a usurpation of opportunities of the Company or its Members, a breach of any fiduciary or other duty to the Company, its Members and/or Managers or wrongful or improper in any manner. Each Member and Manager acknowledges that it has entered into this Agreement and is participating in the transactions described herein with full knowledge of the business and activities of each other Member and its Affiliates and with full knowledge that each other Member and/or its Affiliates will continue to pursue other business and activities, including those which may be in direct or indirect competition with the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Neither the Company nor any Member shall have any right by virtue of this Agreement or as a result of the relationships created hereby to share or participate in any other business activities in which any Member, Manager, any of their respective Affiliates, Company

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officer, or any shareholder, officer, director, manager, member, or employee of any Member or Manager or of any of their respective Affiliates is now or hereafter involved or to share or participate in the income or proceeds now or hereafter derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Member, Manager, any of their respective Affiliates, any Company officer or any shareholder, officer, director, manager, member, or employee of any Member or Manager or of any of their respective Affiliates shall be obliged to refrain from conducting, or to disclose to the Company or any other Member or Manager opportunities or plans for conducting, or to permit the Company or any other Member or Manager to participate in conducting, any activity whatsoever, even if such activity be in direct or indirect competition with the business of the Company or any other Member or Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Neither a Member nor a Manager will violate a duty or obligation owed to the Company merely because the conduct of the Member or Manager furthers its, his, or her own interest. A Member or Manager may lend money to and transact other business with the Company. The rights and obligations of a Member or Manager who lends money to or transacts business with the Company are the same as those of a Person who is not a Member or Manager, subject to other applicable law. No transaction with the Company shall be voidable solely because a Member or Manager has a direct or indirect interest in the transaction if the material facts of the transaction and the Member's or Manager's interests have been disclosed to all Members and the Manager and either (i) the transaction is fair to the Company, or (ii) the Manager authorizes, approves, or ratifies the transaction.

4.8**Fees Payable to the Manager or Affiliates** **.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Manager will be reimbursed for all organization and Offering expenses (including legal, accounting, printing, marketing and other miscellaneous costs and expenses such as blue-sky filing fees), as well as costs and expenses relating to the organization of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Manager will also be reimbursed for reasonable and necessary expenses paid or incurred by the Manager in connection with the operation of the Company the following expenses: (A) all expenses incurred in connection with the ongoing offer and sale of Units, including but not limited to, marketing expenses, reasonable travel expenses, printing of the Offering Circular and exhibits and any sales literature, documentation of performance and the admission of Members; (B) all operating expenses of the Company such as fees, tax preparation fees, bank service fees, withholding or transfer taxes imposed on the Company or any Member, governmental fees and taxes, insurance, administrator fees, communications with Members, ongoing legal, accounting, auditing, third-party software and related systems, including accounting software, portfolio management systems, bookkeeping, consulting and other professional fees and expenses; and (C) all fees to protect or preserve any investment held by the Company, as determined in good faith by the Manager, and all litigation and indemnification fees and other expenses incurred in connection with the investigation, prosecution or defense of any claims by or against the Company, including extraordinary expenses. The Manager, in their sole discretion, may from time to time pay for any of the foregoing Company expenses or waive its right to reimbursement for any such expenses, as well as terminate any such voluntary payment or waiver of reimbursement. A portion of the Company's operating expenses may be shared with other investment entities or accounts managed by the Manager or any of its Affiliates on an equitable basis. Costs, expenses and fees shall be shared by all Members of the Company pro rata.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company will pay to the Manager, as compensation for its management services, an annual asset management fee (the "**Management Fee**") equal to an amount not to

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exceed one and one-half percent (1.5%) of the weighted average of the aggregate Members' Adjusted Capital Contributions (calculated by taking into account the amount of all Members' Adjusted Capital Contributions from time to time) for the applicable period of computation of the Management Fee. The Management Fee will be paid quarterly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company shall pay to Columbia Private Markets, LLC ("**CPM**"), an affiliate of the Manager and Class B Member, a non-exclusive placement agent fee equal to three percent (3%) of the gross proceeds of the Offering. This fee shall be payable at each closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Class B Member (an Affiliate of the Manager) will own all of the Class B Units in the Company and as such shall be entitled to receive certain of the Company's distributions of Net Available Cash From Operations and Net Capital Transaction Proceeds as set forth below under Sections 6.2, 6.3 and 10.4.

**4.9** **Financing**. The Manager is hereby granted the specific authority to enter into a loan in such amounts and under such terms and conditions as determined by the Manager in its sole discretion to finance the Company's purchase, development, improvement and operation of each Project (each such loan a "**Loan**") and to execute and grant such mortgages, deeds of trust, assignments, pledges, notes, instruments and other documents that the Manager determines necessary or convenient thereto. The Manager is hereby granted the specific authority to execute and grant such mortgages, deeds of trust, assignments, pledges, notes, instruments and other documents that the Manager determines necessary or convenient thereto.

**4.10** **Reliance by Third Parties**. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company shall be entitled to assume that the Manager and any officer authorized by the Manager to act on behalf of and in the name of the Company has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any authorized contracts on behalf of the Company and such Person shall be entitled to deal with the Manager or any officer as if it were the Company's sole party in interest, both legally and beneficially. Each Member hereby waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Manager or any officer in connection with any such dealing. In no event shall any Person dealing with the Manager or any of its officers or representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the Manager or any officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Company by the Manager or any officer or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect; (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company; and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company.

4.11**Exculpation; Indemnification; Advances; Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the fullest extent permitted by applicable law, the Indemnified Persons shall not be liable to the Company or any other Indemnified Person or any Member for any acts or omissions by any of the Indemnified Persons arising from the exercise of their rights or performance of their duties and obligations in connection with the Company, this Agreement or any investment made or held by the Company, including with respect to any acts or omissions made while serving at the request of the Company as an officer, director, member, partner, tax matters partner, tax representative fiduciary or trustee of another Person or any employee benefit plan;

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*provided*, *however*, that such act or omission did not result from fraud, willful misconduct or an intentional material breach of this Agreement by such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the fullest extent permitted by law, the Company shall indemnify and save harmless each of the Indemnified Persons from and against any and all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and counsel fees and disbursements on a solicitor and client basis) (collectively, "**Expenses and Liabilities**") incurred by any Indemnified Person or to which any Indemnified Person may be subject by reason of (i) any act or omission or alleged act or omission performed or omitted to be performed on behalf of the Company, any Member or any direct or indirect subsidiary of the foregoing in connection with the business of the Company, or (ii) the fact that such Indemnified Person is or was acting in connection with the business of the Company as a partner, member, stockholder, Affiliate, manager, director, officer, employee or agent of the Company, any Member, or any of their respective Affiliates, or that such Indemnified Person is or was serving at the request of the Company as a partner, member, manager, director, officer, employee or agent of any Person including the Company or any of its subsidiaries; *provided, however*, that such Indemnified Person's conduct did not constitute fraud, willful misconduct or an intentional material breach of this Agreement by such Indemnified Person. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a Loan guaranty or otherwise, for any indebtedness of the Company (including any indebtedness which the Company has assumed or taken subject to) and the Manager (and its officers) are hereby authorized and empowered, on behalf of the Company, to enter into one or more indemnity agreements consistent with the provisions of this ‎Section 4.11 in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this ‎Section 4.11(a) that the Company indemnifies each Indemnified Person to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Agreement is not intended to, and does not, create or impose any fiduciary duty on any Indemnified Person. Furthermore, the Manager, each Member and the Company hereby waives any and all fiduciary duties that, absent such waiver, may be implied by applicable law, and in doing so, acknowledges and agrees that the duties and obligation of each Indemnified Person to each other and to the Company are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of any Indemnified Person otherwise existing at law or in equity, are agreed by the Manager, the Members and the Company to replace such other duties and liabilities of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any indemnification under this ‎Section 4.11 (unless ordered by a court) shall be made by the Company unless the Manager determines in the specific case that indemnification of the Indemnified Person is not proper in the circumstances because such Person has not met the applicable standard of conduct set forth in ‎‎Section 4.11(b). Such determination shall be made in good faith by the Manager. To the extent, however, that an Indemnified Person has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such Indemnified Person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such Indemnified Person in connection therewith, notwithstanding an earlier determination by the Manager that the Indemnified Person had not met the applicable standard of conduct set forth in ‎‎Section 4.11(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To the fullest extent permitted by law, expenses (including attorneys' fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified

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Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Company as authorized in this ‎Section 4.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The indemnification and advancement of expenses provided by or granted pursuant to this ‎Section 4.11 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement, determination of the Manager, vote of Members or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the Persons specified in Section 4.11(a) shall be made to the fullest extent permitted by law. The provisions of this Section 4.11 shall not be deemed to preclude the indemnification of any Person who is not specified in ‎Section 4.11(a) but whom the Company has the power or obligation to indemnify under the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Company may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section 4.11 against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Person's status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 4.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 4.11 shall, unless otherwise provided when authorized or ratified, shall inure to the benefit of the heirs, executors and administrators of any Person entitled to indemnification under this Section 4.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Company may, to the extent authorized from time to time by the Manager, provide rights to indemnification and to the advancement of expenses to employees and agents of the Company and to the employees and agents of any Affiliate similar to those conferred in this ‎Section 4.11 to Indemnified Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)If this ‎Section 4.11 or any portion of this ‎Section 4.11 shall be invalidated on any ground by a court of competent jurisdiction, the Company shall nevertheless indemnify each Indemnified Person as to expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this ‎Section 4.11 that shall not have been invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Each of the Indemnified Persons may, in the performance of his, her or its duties, consult with legal counsel and accountants, and any act or omission by such Person on behalf of the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of such legal counsel or accountants will be full justification for any such act or omission, and such Person will be fully protected for such acts and omissions, *provided* that such legal counsel or accountants were selected with reasonable care by or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)An Indemnified Person shall not be denied indemnification in whole or in part under this ‎Section 4.11 because the Indemnified Person had an interest in the transaction with

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respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Any liabilities which an Indemnified Person incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this ‎Section 4.11, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The members, managers, directors and officers of the Manager shall, in the performance of his or her duties, be fully protected in relying in good faith upon the records of the Company and on such information, opinions, reports or statements presented to the Company by any of the officers or employees of the Company or the Manager or by any other Person as to matters the director or officer of the Manager reasonably believes are within such other Person's professional or expert competence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Any amendment, modification or repeal of this ‎Section 4.11 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of or other rights of any Indemnified Person under this Section 4.11 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an Indemnified Person hereunder prior to such amendment, modification or repeal.

**Article 5.** **CAPITAL CONTRIBUTIONS**

5.1**Initial Capital Contributions by Members**. Each Member shall make the Capital Contributions described in the respective Member's subscription agreement for Units in a form and substance determined by the Manager (the "**Subscription Agreement**") and delivering the fully completed Subscription Agreement to the Manager together with the appropriate payment or documentation required under this Article 5, the Subscription Agreement or the Offering Circular. Each Member will designate in such Member's Subscription Agreement which one or more Projects and SPVs such Member's Capital Contribution shall be allocated to. The Company shall maintain Capital Accounts on a Project by Project basis in the manner described in this Agreement. No interest will accrue on any Capital Contribution and no Member has the right to withdraw or be repaid any Capital Contribution except as provided in this Agreement. No Member (including the Manager) shall be deemed to have made a Capital Contribution by reason of guaranteeing a loan made to the Company.

5.2**Capital Contributions** **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Member has agreed to make Capital Contributions in an amount up to the amount set forth in such Member's Subscription Agreement in whole or, from time to time, in part and at such times as the Company shall specify as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Capital Contributions shall be made in United States Dollars by wire transfer of immediately available funds or cashier's check to an account or accounts of the Company specified by the Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Member's Capital Contributions will be allocated to a specific Share Class and Project(s) in such a manner as selected by the Member in such Member's Subscription Agreement.

5.3**Additional Capital Contributions**. No Member shall be required to make any additional Capital Contribution to the Company without its consent.

5.4**Recoupment of Contribution**. Except as expressly provided herein: (i) no Member will receive any recoupment or payment on account of or with respect to Capital Contributions, (ii) no Member will be entitled to interest on or with respect to any Capital Contributions, (iii) no Member will be entitled to withdraw any part of any Capital Contribution, and (iv) no Member will be entitled to receive any distributions from the Company.

**Article 6.** **DISTRIBUTIONS**

6.1**General**. Except as otherwise provided in the Act, the Articles and this Agreement, no Person will have priority over any other Person as to the return of Capital Contributions, distributions, or allocations, no Person will have the right or power to demand or receive a distribution in a form other than cash and no Person may be required or compelled to accept a distribution of any Project other than cash in lieu of a proportional distribution of cash being made to other Persons, to the extent that the interest distributed would exceed the Person's pro rata share of operating or liquidating distributions. All distributions will be made on a Project by Project basis to only those Members who designated such Member's Capital Contribution be invested in such Project.

6.2**Distributions of Net Available Cash From Operations**. The Company will not make any periodic distributions of Net Available Cash From Operations from a Project. Rather all distributions will be made upon the sale of a Project. The lack of periodic distribution of Net Available Cash From Operations from a Project, may result in a Member having phantom income in which the Member has allocated income to it (and thus required to pay taxes on) without receiving any distributions to pay such tax obligation.

6.3**Distributions of Net Capital Transaction Proceeds**. The Company shall distribute, when determined by the Manager in its sole and absolute discretion, the Net Capital Transaction Proceeds from a Project to the Members, who elected via such Member's Subscription Agreement to invest in such Project, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)First, to pay any Loans in connection with such Project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Second, 100% pro rata to the Share Class Members in proportion to their Project Percentage Interests until each Share Class Member has received its respective Preferred Return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Third, 100% pro rata to the Share Class Members in proportion to their the Project Percentage Interests until each Share Class Member's Unrecovered Investment with respect to such Project has been reduced to zero (-0); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Fourth, 80% pro rata to the Share Class Members in proportion to the Project Percentage Interests and 20% to the Class B Member.

6.4**Liquidating Distributions**. In the event the Company is dissolved, and the business and affairs of the Company are wound up, distributions will be made pursuant to Section 10.4.

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**6.5** **Amounts Withheld**. All amounts withheld, pursuant to the Code or any provision of any state or local tax law with respect to any payment, distribution or allocation to the Members, will be treated as amounts distributed to the Members pursuant to this Article 6. The Company is authorized to withhold from distributions, or with respect to allocations, and to pay over to any federal, state or local government, any amounts required to be so withheld pursuant to the Code or any provisions of any other federal, state or local law and shall allocate any such amounts to the Members with respect to which such amounts were withheld.

6.6**Tax Distributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall, prior to making any distributions pursuant to Section 6.2 above, distribute to each Member an amount equal to such Member's Tax Distribution (as defined below) to enable the Members to pay federal and state income taxes arising from their ownership of Units. In no event shall the Company make Tax Distributions to a Member if the cumulative taxable losses of the Company allocated to such Member exceed the cumulative taxable income of the Company allocated to such Member. Distributions made under this provision shall reduce amounts distributable pursuant to Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The amount distributable to a Member pursuant to this provision (a "**Tax Distribution**") with respect to a Fiscal Year of the Company shall be equal to the product of: (i) the excess of (A) the taxable income allocated to such Member by the Company for that year on which taxes will be payable for federal and state income tax purposes, over (B) the cumulative net losses, if any, previously allocated to such Member from the Company and not previously applied for purposes of this provision; and (ii) the means with respect to a Fiscal Year of the Company, the sum of: (a) the highest federal individual income tax rate; and (b) the highest California individual income tax rate in effect for that Fiscal Year; provided, however, that the deductibility of state income taxes for federal income tax purposes shall be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any and all Tax Distributions shall be paid with respect to any Fiscal Year of the Company on a quarterly basis to allow Members to pay their estimated income tax liability (based on the Company's estimate of taxable income for the year) with any additional distribution (based on the actual taxable income of the Company for the year) to be paid no later than March 10 following the close of such Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything to the contrary, the Company shall only make Tax Distributions under this provision to the extent that Net Available Cash From Operations is available for distribution.

**Article 7.** **ALLOCATIONS**

7.1**Maintenance of Capital Accounts**. The Company will establish and maintain Capital Accounts with respect to each Member, transferee and Manager. The initial Capital Accounts of the Members will be the Capital Contribution amounts of the Members as set forth on the Register found as Exhibit A. Capital Accounts shall be maintained on a Project by Project basis. Thereafter, Capital Accounts will be maintained in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Increases**. Each Person's Capital Account will be increased by any additional capital contributed by such Person, such Person's distributive share of Profits and any items in the nature of income or gain that are specially allocated pursuant to this Agreement, and the amount of any Company liabilities assumed by such Person or that are secured by the Project distributed to such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Decreases**. Each Person's Capital Account will be decreased by the amount of cash and the Gross Asset Value of the Project (other than cash) distributed to such Person pursuant to any provision of this Agreement, such Person's distributive share of Losses and any items in the nature of expenses or losses that are specially allocated pursuant to this Agreement, and the amount of any Debt of such Person assumed by the Company or that is secured by the Project contributed by such Person to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Revaluation of a Project**. Upon (i) the acquisition of any additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution, (ii) the distribution by the Company to a Member of more than a de minimis amount of the Project as consideration for an interest of the Company; (iii) or the liquidation of the Company within the meaning of Regulation section 1.704-1(b)(2)(ii)(g) any revaluation gain or loss will be allocated to the Capital Accounts of Persons with Capital Accounts in the same manner as if the Project had been sold. In each case where there is an adjustment to Capital Accounts by reason of a revaluation of the Project on the Company's books, Capital Accounts will also be adjusted in accordance with Section 1.704-1(b)(2)(iv)(g) of the Regulations for allocations to them of depreciation, depletion, amortization, and gain or loss, as computed for book purposes, with respect to the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Distribution of Assets**. If the Company at any time distributes any of the Project in-kind to any Person, the Capital Accounts will be adjusted to account for that Person's allocable share of the Profits or Losses, as determined pursuant to this Agreement, that would have been realized by the Company had it sold the Project that was distributed at its fair market value immediately prior to its distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Sale or Exchange of Interest**. In the event of a Transfer of all or a portion of a Person's Economic Rights in accordance with the terms of this Agreement, the transferee will succeed to the Capital Account of the Person to the extent it relates to the Transfer of such Person's Economic Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**Compliance with Code section 704(b)**. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to be consistent with Regulation section 1.7041(b) and will be interpreted and applied in a manner consistent with such Regulations. In the event the Manager determines that it is prudent to modify the manner in which the Capital Accounts, or any adjustments thereto (including, without limitation, adjustments relating to Debt which is secured by Capital Contributions or distributed the Project or which is assumed by the Company or Members), are computed in order to comply with such Regulations, the Manager may make such modification, provided that it is not likely to have a material effect on the amounts distributed to any Person pursuant to Article 10 upon the dissolution of the Company. Notwithstanding anything herein to the contrary, this Agreement will not be construed as creating a deficit restoration obligation or otherwise personally obligate any Person to make a Capital Contribution.

7.2**Special Allocations**. The following special allocations will be made in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Minimum Gain Chargeback**. Except as otherwise provided in Regulation section 1.7042(f), if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Person with a Capital Account will be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Person's share of the net decrease in Company Minimum Gain, determined in accordance with Regulation section 1.7042(g). Allocations pursuant to the previous sentence will be made in proportion to the

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respective amounts required to be allocated to each Person pursuant thereto. The items to be so allocated will be determined in accordance with Regulations sections 1.7042(f)(6) and 1.7042(j)(2). This Section is intended to comply with the minimum gain chargeback requirement in Regulation section 1.7042(f) and will be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Member Minimum Gain Chargeback**. Except as otherwise provided in Regulation section 1.7042(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal Year, each Person who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulation section 1.7042(i)(5), will be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Person's share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulation section 1.7042(i)(4). Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated will be determined in accordance with Regulations sections 1.7042(i)(4) and 1.7042(j)(2). This Section is intended to comply with the minimum gain chargeback requirement in Regulation section 1.7042(i)(4) and will be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Qualified Income Offset**. If any Person unexpectedly receives any adjustments, allocations, or distributions described in Regulation section 1.7041(b)(2)(ii)(d)(4), 1.7041(b)(2)(ii)(d)(5) or 1.7041(b)(2)(ii)(d)(6), items of Company income and gain will be specially allocated to each such Person in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Deficit of such Person as quickly as possible, provided that an allocation pursuant to this Section will be made only if and to the extent that such Person would have an Adjusted Deficit after all other allocations provided for in Section 7.2 have been tentatively made as if this subsection (c) were not in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Member Nonrecourse Deductions**. Any Member Nonrecourse Deductions for any Fiscal Year will be specially allocated to the Person who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulation section 1.7042(i)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Code Section 754 Adjustments**. To the extent an adjustment to the adjusted tax basis of a Project pursuant to Code section 734(b) or Code section 743(b) is required, pursuant to Regulation section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Person in complete liquidation of such Person's interest in the Company, the amount of such adjustment to Capital Accounts will be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss will be specially allocated to Persons with Capital Accounts in accordance with their Units in the Company in the event that Regulation section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Person to whom such distribution was made in the event that Regulation section 1.704-1(b)(2)(iv)(m)(4) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**Allocations Relating to Taxable Issuance of Company Interests**. Any Issuance Items will be allocated among the Persons with Capital Accounts so that, to the extent possible, the net amount of such Issuance Items, together with all other allocations under this Agreement to such Person, will be equal to the net amount that would have been allocated to each such Person if the Issuance Items had not been realized.

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7.3**Curative Allocations**. The allocation provisions of this Agreement are intended to produce final Capital Account balances that are equal to the liquidating distributions Members would receive pursuant to Sections 6.2, 6.3 and 10.4. Therefore, notwithstanding any provision of this Agreement to the contrary, all items of income, gain, loss or deduction recognized during a taxable year in which an event occurs directly resulting in the liquidation and termination of the Company (whether or not liquidation occurs in the same taxable year as such event), and all items of income, gain, loss or deduction for prior open years or recognized during each succeeding taxable year thereafter, will be allocated among the Persons with Capital Accounts in a manner that, to the maximum extent possible, will (i) first, eliminate any deficit Capital Account balances (allocated among the Persons with Capital Accounts in proportion to their deficit Capital Account balances) and (ii) second, adjust their Capital Account balances so that to the maximum extent possible, liquidating distributions following payment of all debts will be made in the manner and priority indicated in Section 10.4. This Section will control notwithstanding any reallocation or adjustment of taxable income, taxable loss, or items thereof by the Internal Revenue Service or any other taxing authority. Nothing in this Section, however, will prevent a Person or the Company from correcting a mistake which leads to a Person receiving a distribution in excess of the amount to which such Person was entitled.

7.4**Other Allocation Rules**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of determining the Profits, Losses, or any other items allocable to any period, Profits, Losses, and any such other items will be determined on a daily, monthly, or other basis, as determined by the Manager using any permissible method under Code section 706 and the Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided, be divided among the Members to their respective aggregate Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Members are aware of the income tax consequences of the allocations made by this Article 7 and hereby agree to be bound by this Section in reporting their shares of Company income and loss for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Solely for purposes of determining a Member's proportionate share of the "excess nonrecourse liabilities" of the Company within the meaning of Regulation section 1.7523(a)(3), the Members', transferees', and Manager's interests in Company Profits will be in the same proportion as their aggregate Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To the extent permitted by Regulation section 1.7042(h)(3), the Company and Members shall endeavor to treat distributions as having been made from the proceeds of a Nonrecourse Liability or a Member Nonrecourse Debt only to the extent that such distributions would cause or increase an Adjusted Deficit for any Member.

7.5**Tax Allocations: Code section 704(c)**. Except as provided in this Section 7.5, each item of income, gain, loss, deduction or credit for federal income tax purposes that corresponds to an item of income, gain, loss or expense that is either taken into account in computing Profits or Losses or is specially allocated pursuant to Section 7.2 or Section 7.3 (a "**Book Item**") will be allocated among Persons in the same proportion as the corresponding Book Item is allocated among them pursuant to Section 7.2 or Section 7.3. In accordance with Code section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to a Project contributed to the capital of the Company will, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of a Project to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with this Agreement).

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In the event the Gross Asset Value of a Project is adjusted pursuant to this Agreement, subsequent allocations of income, gain, loss, and deduction with respect to a Project will take account of any variation between the adjusted basis of a Project for federal income tax purposes and its Gross Asset Value in the same manner as under Code section 704(c) and the Regulations thereunder.

Any elections or other decisions relating to such allocations will be made by the Manager in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section are solely for purposes of federal, state, and local taxes and will not affect, or in any way be taken into account in computing, any Person's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.

7.6**Limitation on Losses**. The Losses allocated to a Person will not exceed the maximum amount of Losses that can be so allocated without causing any Person to have an Adjusted Deficit at the end of any Fiscal Year. In the event some but not all of the Persons with Capital Accounts would have Adjusted Deficits as a consequence of an allocation of Losses pursuant to this Section, the limitation set forth in this paragraph will be applied on a Person-by-Person basis so as to allocate the maximum permissible Losses to each Person under Regulation section 1.7041(b)(2)(ii)(d).

**7.7** **Hypothetical Liquidation**. The items of income, gain, loss and expense of the Company comprising Profits and Losses for a Fiscal Year will be allocated among the Persons who were Members during such Fiscal Year in a manner that will, as nearly as possible, cause the Capital Account balance of each Member at the end of such Fiscal Year to equal the excess (which may be negative) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The amount of the hypothetical distribution (if any) that the Manager and Member would receive if, on the last day of the Fiscal Year, (i) all Company assets were sold for cash in an amount equal to their Gross Asset Values, taking into account any adjustments thereto for such Fiscal Year; (ii) all Company liabilities were satisfied in cash according to their terms (limited, with respect to each Nonrecourse Liability or Member Nonrecourse Debt in respect of such Member, to the Gross Asset Values of the assets securing such liability); and (iii) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to Section 10.4, over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The sum of (i) the amount, if any, without duplication, that such Member would be obligated to contribute to the capital of the Company, (ii) such Member's share of Company Minimum Gain determined pursuant to Regulation section 1.704-2(g), and (iii) such Member's share of Member Nonrecourse Debt Minimum Gain determined pursuant to Regulations section 1.704-2(i)(5), all computed as of the hypothetical sale described in Section 7.1(a) above.

7.8**Determination of Items Comprising Allocations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**In the event that the Company has Profits for a Fiscal Year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For any Member as to whom the allocation pursuant to Section 7.1 would reduce its Capital Account, such allocation will be comprised of a proportionate share of each of the Company's items of expense or loss entering into the computation of Profits for such Fiscal Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The allocation pursuant to Section 7.1 in respect of each Member other than the Member referred to in Section 7.2(a)(1) will be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Profits for such Fiscal Year (other than the portion of each Company item of expense and loss, if any, that is allocated pursuant to Section 7.2(a)(1)).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**In the event the Company has Losses for a Fiscal Year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the Member as to whom the allocation pursuant to Section 7.1 would increase its Capital Account, such allocation will be comprised of a proportionate share of the Company's items of income and gain entering into the computation of Losses for such Fiscal Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The allocation pursuant to Section 7.1 in respect of each Member other than the Member referred to in Section 7.2(b)(1) will be comprised of a proportionate share of each Company item of income, gain, expense and loss entering into the computation of Losses for such Fiscal Year (other than the portion of each Company item of income and gain, if any, that is allocated pursuant to Section 7.2(b)(1)).

7.9**Special Allocations in Year of Liquidation**. It is the intention of the parties that the Capital Accounts of the Members immediately before the liquidation of the Company shall be as nearly equal as possible to the amounts that they would receive in liquidation under Article 11 (the "T**arget Amounts**"). Therefore, in the year the Company is actually liquidated, should there be any difference between the Capital Accounts of the Members and the amounts to which the Members would otherwise be entitled under Article 11, then Profits or Losses, as the case may be, in that year (and the prior year, if necessary and permitted by the Code and Regulations) shall be specially allocated among the Members so that, as much as possible, their Capital Accounts shall equal the amounts to which they are entitled to receive under Article 11. If the Profits or Losses, as the case may be, of the Company are insufficient to allow the Capital Accounts of the Members to be adjusted to their Target Amounts, then items of gross income, gain, deduction and loss shall be specially allocated to the Members to the extent necessary to cause their Capital Accounts to be equal to their Target Amounts.

**Article 8.** **ADDITIONAL MEMBERS**

**8.1** **Admission**. A Person may be added as an Additional Member upon terms and conditions approved by the Manager. Notwithstanding the foregoing, a Person will not become an Additional Member unless and until such Person becomes a party to this Agreement as a Member by signing and executing such documents and instruments as the Company may reasonably request as necessary or appropriate to confirm (i) such Person as a Member in the Company; (ii) such Person's qualification and suitability to become a Member pursuant to the terms and conditions of the Offering Circular; (iii) such Person's agreement to be bound to the terms and conditions of the Subscription Agreement; and (iv) such Person's authority and capacity to become a Member and agreement to be bound by this Agreement.

**8.2** **Accounting**. No Additional Member will be entitled to any retroactive allocation of Profits, Losses, income or expense deductions incurred by the Company. The Manager may, at the time an Additional Member is admitted, close the Company books (as though the Company's Fiscal Year had ended) or make pro rata allocations of Profits, Losses, income and expense deductions to an Additional Member for that portion of the Company's Fiscal Year in which such Member was admitted in accordance with Code section 706(d) and the Regulations promulgated thereunder.

**Article 9.** **TRANSFERS OF UNITS**

9.1**Restrictions upon Transfer by Member**. Except as expressly permitted below, no Member shall Transfer his Units.

9.2**Permitted Encumbrances**. A Member may not make, grant or convey an Encumbrance on all or any part of his Units as security for the payment of any indebtedness.

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9.3**Certain Permitted Transfers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Permitted Transfers. A Member may Transfer all or a portion of such Member's Units only with the prior written consent of the Manager, which consent may be withheld or conditioned in the Manager's sole discretion, and only for one of the following purposes: (i) legitimate estate planning purposes; or (ii) to an entity wholly owned and controlled by the transferring Member ("**Permitted Transfers**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Conditions Precedent to Permitted Transfers. A Transfer may not be treated as a Permitted Transfer unless and until each and all of the following conditions precedent are first satisfied (unless such condition is expressly waived by the Manager in writing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Except in the case of an Involuntary Transfer, the transferor and transferee shall execute and deliver to the Company such documents and instruments of conveyance as may be necessary to document such Transfer. In the case of an Involuntary Transfer of Units, the Transfer shall be confirmed by presentation to the Company of legal evidence of such Transfer, in form and substance satisfactory to counsel to the Company. Upon request of the Company, the transferor and/or transferee shall reimburse the Company for all costs and expenses that it reasonably incurs in connection with such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The transferor and transferee shall furnish the Company with the transferee's taxpayer identification number, sufficient information to determine the transferee's initial tax basis in the Units transferred, and any other information reasonably necessary to permit the Company to file all required federal and state tax returns and other legally required information statements or returns. Without limiting the generality of the foregoing, the Company shall not be required to make any distribution otherwise provided for in this Operating Agreement with respect to any transferred Units until it has received such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Except in the case of an Involuntary Transfer of Units, either (A) such Units shall be registered under the Securities Act and any applicable state securities laws, or (B) such Transfer shall be exempt from applicable registration requirements and, upon request, the transferor shall provide an opinion of counsel, which opinion of counsel shall be reasonably satisfactory to the Company and its counsel, to the effect that such Transfer (i) is exempt from all applicable registration requirements; (ii) will not violate the registration requirements of the Securities Act or of any applicable state securities laws, rules or regulations; (iii) will not cause the Company to be treated as an association taxable as a corporation for Federal income tax purposes; and (iv) will not cause the Company to be treated as a "publicly traded partnership" within the meaning of Code Section 7704.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The satisfaction of the Manager that: (i) the Transfer will not violate any applicable Federal or state law or the rules and regulations of any other governmental or other authority or agency which is applicable to the business of the Company or such Transfer; (ii) the Transfer will not cause the Company to be an investment company required to be registered under the Investment Company Act; and (iii) the Transfer will not cause the Manager, any of its Affiliates, the Company or any of the Managers to be subjected to any regulations or reporting requirements that the Manager, in its sole discretion, determines to be burdensome or to any tax obligation to which any of such Persons would otherwise not be subject.

Any consents or waivers from the Manager permitted under this Section 9.3 shall be given

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or denied in the sole discretion of the Manager. The Manager shall reflect Transfers and admissions authorized under this Article 9 (including the terms and conditions imposed thereon by the Manager) by preparing an amendment to the Register, dated as of the date of such Transfer, which amendment shall not require the consent of any Member other than the Manager. The form and content of all documentation delivered to the Manager pursuant to this Section 9.3 shall be subject to the approval of the Manager, which approval may be granted or withheld in the Manager's sole discretion.

9.4**Certain Limitations on Permitted Transfers**. Notwithstanding anything to the contrary in this Operating Agreement, no Transfer otherwise permitted hereunder may be made if, in the opinion of counsel for the Company, such Transfer, when added to the total of all other interests in the Company transferred within the period of twelve (12) consecutive months prior to the proposed date of Transfer, would result in the termination of the Company as a partnership for tax purposes under Code section 708 (for this purpose, the Company shall take into account the existence of prior written commitments to Transfer made pursuant to this Operating Agreement and such commitments shall always be given precedence over subsequent proposed Transfers).

**9.5** **Prohibited Transfers; Rights of Unadmitted Transferees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Transfer or attempted Transfer of Units that is not a Permitted Transfer shall be null and void *ab initio* and of no force or effect whatsoever, *provided*, *however*, that, if the Company is required to recognize a Transfer that is not a Permitted Transfer (or if the Manager, in its sole discretion, elects to recognize a Transfer that is not a Permitted Transfer for accounting or Economic Rights purposes), then, with respect to the Units so transferred and the transferee thereof, unless and until the transferee thereof is admitted as a substituted Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Units transferred shall be strictly limited to Economic Rights and shall immediately cease to have any Voting Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)With respect to the Units transferred, the transferee shall have the status of a mere transferee or dissociated member under the Act, shall not be entitled to become a Member or to exercise any rights or powers of a Member, shall have only the rights to information specified in the Act and otherwise shall not have any of the rights of a Member under the Act or this Operating Agreement (other than Economic Rights of the Units transferred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)With respect to the Units transferred, neither the transferor nor transferee shall have any rights to notice of meetings of Members or informal actions taken in lieu of actual meetings and such Units shall be disregarded in relation to the exercise or failure to exercise any Voting Rights (for instance, by way of illustration and not limitation, such Units shall be disregarded in all determinations of Members entitled to notices required or permitted under the Act, the existence of a quorum, the number of Units present in person or by proxy at meetings of Members or the number of Units voted in favor, against or abstaining from any matters submitted for action of the Members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the case of a Transfer or attempted Transfer of Units that is not a Permitted Transfer, the parties engaging or attempting to engage in such Transfer shall be liable to indemnify and hold harmless the Company and the other Members from all cost, liability and damage that the Company or the other Members may incur (including, without limitation, incremental tax liabilities, lawyers' fees and expenses) as a result of such Transfer or attempted Transfer and efforts to enforce the indemnity provided for herein, and the Company shall have the irrevocable and unconditional

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right, at its election, to set-off against, and collect from, any monies due or payable by the Company with respect to the Units made the subject of such Transfer or attempted Transfer.

9.6**Transferring Member's Capital Account Balance**. Subject to Section 7.3 above, that portion of the Capital Account balance of a Member who Transfers all or any portion of such Member's Units, as permitted hereunder, which is attributable to such Units, shall carry over to the transferee as set forth in Regulations section 1.704-1(b)(2)(iv)(l).

9.7**Internal Revenue Service Reporting Requirements** **.** In the event of a sale or exchange of Units, the Members shall comply with the reporting requirements of Code section 6050K.

9.8**Indemnification**. Any Member making or offering to make a Transfer of all or any part of such Member's Units shall indemnify, defend and hold harmless the Company and all other Members from and against any losses, expenses, judgment, fines, settlements or damages, suffered or incurred by the Company or any such other Member arising out of or resulting from (i) such Transfer, including, but not limited to, any actual or alleged misrepresentation, misstatement of facts or omission to state facts made (or omitted to be made) by such Member in connection therewith, or (ii) any claims by the transferee of such Interest in the Company or any offerees of such Interest, in any case, in connection with such Transfer, assignment or offer, including, but not limited to, costs, expenses and attorneys' fees expended in the settlement or defense of any such claim, and shall advance such expenses and attorneys' and accountants' fees incurred in defending such proceeding as incurred. Notwithstanding the foregoing, no Member shall have any liability hereunder for actual or alleged misrepresentations, misstatements of fact or omissions to state facts made (or omitted to be made) by such Member in reliance on written information provided to such Member by the Manager. Nothing contained in this Section 9.8 shall be construed as limiting the rights of the Members or eliminating the obligations of the Manager, in each case, as set forth elsewhere in this Agreement; provided, however, that the foregoing indemnification shall not be valid as to any Member who supplied in writing the information which gave rise to any alleged or actual misrepresentation, misstatement of facts or omission to state facts.

**Article 10.** **DISSOLUTION AND WINDING-UP**

10.1**Covenant Not to Cause Dissolution**. Each Member hereby covenants and agrees not to take any voluntary action that would cause the Company to dissolve. Any provision of the Act notwithstanding, the Company will not dissolve prior to the decision of the Manager.

10.2**No Dissolution: Bankruptcy/Receiver**. The Company will not terminate solely as a consequence of the death, bankruptcy, insolvency, appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of a Member of the Company, or an assignment for the benefit of Member's creditors, or an admission in writing by Member of the inability to pay its debts generally as they become due, or any similar action by or in respect of one or more of the Members.

10.3**Dissolution**. The Company will be dissolved upon the occurrence, if any, of the following events (each, a "**Dissolution Event**"): (a) upon the decision of the Manager in its sole discretion; (b) upon entry of a decree of judicial dissolution; (c) the sale of all Projects; or (d) the occurrence of any event that would make it unlawful for the business of the Company to be continued.

10.4**Winding Up**. After a Dissolution Event, the Manager shall take full account of the Company assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair market value thereof, and shall apply and distribute the proceeds therefrom in the following order:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)First, to the payment of creditors of the Company (including any earned but unpaid fees payable to the Manager or its Affiliates pursuant to this Agreement) but excluding secured creditors whose obligations will be assumed or otherwise transferred on liquidation of Company assets, and then to the payment of Members who are creditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Second, to the setting up of any reserves as required by law for any liabilities or obligations of the Company; provided, however, that said reserves shall be deposited with a bank or trust company in escrow at interest for the purpose of disbursing such reserves for the payment of any of the aforementioned contingencies and, at the expiration of a reasonable period, for the purpose of distributing the balance remaining in accordance with remaining provisions of this Section 10.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Third, pursuant to Section 6.3.

10.5**No Deficit Restoration Obligation**. If any Member has an Adjusted Deficit (after giving effect to all contributions, distributions and allocations of Profit for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Person will not have any obligation to make any Capital Contribution with respect to such deficit, and such deficit will not be considered a debt owed to the Company or to any other Person.

10.6**Distributions in Trust/Reserves**. In the discretion of the Manager, a pro rata portion of the distributions that would otherwise be made to the Members pursuant to this Article 10 may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Distributed to a trust established for the benefit of the Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any liabilities (contingent or otherwise) of the Company. The assets of any such trust not utilized to pay Company liabilities or to establish a reserve pursuant to Section 10.6(b), will be distributed from time-to-time, in the reasonable discretion of the Manager, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed pursuant to Section 10.4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts will be distributed to the Members pursuant to Section 10.4 as soon as practicable.

**10.7** **Deemed Distribution and Recontribution**. Notwithstanding any other provision of this Article 10, if the Company is liquidated within the meaning of Regulation section 1.7041(b)(2)(ii)(g) but no Dissolution Event has occurred, a Project will not be liquidated, the Company's liabilities will not be paid or discharged, and the Company's affairs will not be wound up. Instead, solely for federal income tax purposes, the Company will be deemed to have contributed a Project to a newly formed limited liability company, and the Company will be deemed to have distributed Units in such newly formed limited liability company to the Members, as applicable.

**Article 11.** **TAXES**

11.1**Elections**. The Manager may make any tax elections for the Company allowed under the Code or the tax laws of any state or other jurisdiction having Taxing Authority over the Company, including but without limitation, elections:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To adjust the basis of a Project pursuant to Code sections 754, 734(b), or comparable state or local law, in connection with transfers of Units in the Company and Company distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To extend the statute of limitations for assessment of tax deficiencies against Members with respect to adjustments to the Company's federal, state, or local tax returns, to the extent permissible under applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent provided in Code sections 6221 through 6231, to represent the Company, its Members before taxing authorities or courts of competent jurisdiction in tax matters affecting the Company, its Members, and to file any tax returns and to execute any agreements or other documents relating to or affecting such tax matters, including agreements or other documents that bind the Members with respect to such tax matters or otherwise affect the rights of the Company, its Members.

**11.2** **Taxes of Taxing Jurisdictions**. To the extent that the laws of any Taxing Authority require, each Member requested to do so by the Manager will submit an agreement indicating that such Person will make timely income tax payments to the Taxing Authority and that such Person accepts personal jurisdiction of the Taxing Authority with regard to the collection of income taxes attributable to the Member's income, and interest and penalties assessed on such income. If Member fails to provide such agreement, the Company may withhold and pay over to such Taxing Authority the amount of tax, penalty, and interest determined under the laws of the Taxing Authority with respect to such income. Any such payments with respect to the income of Member will be treated as a distribution for purposes of Article 6.

**11.3** **Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Manager shall serve as the "**Tax Representative**" of the Company for purposes of this Section 11.3. The Tax Representative shall have the authority of both (i) a "tax matters partner" under Code section 6231 before it was amended by the Bipartisan Budget Act of 2015 (the "**BBA**"), and (ii) the "partnership representative" under Code section 6223(a) after it was amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the expense of the Company, the Tax Representative shall represent the Company in connection with all examinations of the Company's affairs by the Internal Revenue Service and state taxing authorities (each, a "**Taxing Authority**"), including resulting administrative and judicial proceedings, and is authorized to engage accountants, attorneys, and other professionals in connection with such matters. No Member will act independently with respect to tax audits or tax litigation of the Company, unless previously authorized to do so in writing by the Tax Representative, which authorization may be withheld by the Tax Representative in his, her, or its sole and absolute discretion. The Tax Representative shall have sole discretion to determine whether the Company (either on its own behalf or on behalf of the Members) will contest or continue to contest any tax deficiencies assessed or proposed to be assessed by any Taxing Authority, recognizing that the decisions of the Tax Representative may be binding upon all of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as otherwise provided in this Agreement, the Tax Representative, in his, her, or its sole discretion, shall have the right to make on behalf of the Company any and all elections under the Internal Revenue Code or provisions of State tax law. Without limiting the previous sentence, the Tax Representative, in his, her, or its sole discretion, shall have the right to make any and all elections and to take any actions that are available to be made or taken by the "partnership representative" or the Company under the BBA, including but not limited to an

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election under Code section 6226 as amended by the BBA, and the Members shall take such actions requested by the Tax Representative. To the extent that the Tax Representative does not make an election under Code section 6221(b) or Code section 6226 (each as amended by the BBA), the Company shall use commercially reasonable efforts to (i) make any modifications available under Code section 6225(c)(3), (4), and (5), as amended by the BBA, and (ii) if requested by a Member, provide to such Member information allowing such Member to file an amended federal income tax return, as described in Code section 6225(c)(2) as amended by the BBA, to the extent such amended return and payment of any related federal income taxes would reduce any taxes payable by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any deficiency for taxes imposed on any Member (including penalties, additions to tax or interest imposed with respect to such taxes and any taxes imposed pursuant to Code section 6226 as amended by the BBA) will be paid by such Member and if required to be paid (and actually paid) by the Company, may be recovered by the Company from such Member (i) by withholding from such Member any distributions otherwise due to such Member, or (ii) on demand. Similarly, if, by reason of changes in the interests of the Members in the Company, the Company, or any Member (or former Member) is required to pay any taxes (including penalties, additions to tax or interest imposed with respect to such taxes) that should properly be the obligation of another Member (or former Member), then the Member (or former Member) properly responsible for such taxes shall promptly reimburse the Company or Member who satisfied the audit obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)At the expense of the Company, the Tax Representative shall use commercially reasonable efforts to cause the preparation and timely filing (including extensions) of all tax returns required to be filed by the Company pursuant to the Code as well as all other required tax returns in each jurisdiction in which the Company is required to file returns. As soon as reasonably possible after the end of each taxable year of the Company, the Tax Representative will cause to be delivered to each person who was a Member at any time during such taxable year, IRS Schedule K-1 to Form 1065 and such other information with respect to the Company as may be necessary for the preparation of such person's federal, state, and local income tax returns for such taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)No Member shall treat any Company Tax Item inconsistently on such Member's Federal, State, foreign or other income tax return with the treatment of such Company Tax Item on the Company's tax return. For these purposes, the term "**Company Tax Item**" means any item of the Company of income, loss, deduction, credit, or otherwise reported (or not reported) on the Company's tax returns.

**Article 12.** **BOOKS, RECORDS AND ACCOUNTINGS**

**12.1** **Books, Records, Reports and Information**. Each Member will have the right to receive the reports and information required to be provided by this Agreement. Upon reasonable request, each Member, the Member's agent and/or attorney, may, during ordinary business hours, inspect and copy, at the requesting Member's expense, the books and records that the Company is required, by the Act and this Agreement, to keep.

**12.2** **Generally**. At the expense of the Company, the Manager shall maintain records and accounts of all operations and expenditures of the Company on the cash basis of accounting. At a minimum, the Manager shall keep at its principal place of business, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A copy of the Articles and all amendments thereto, together with executed copies of any powers of attorney pursuant to which any amendment has been executed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Copies of the Company's federal, state, and local income tax returns and reports, if any, for the three (3) most recent Fiscal Years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Copies of the Company's currently effective written operating agreement and all amendments thereto, copies of any writings permitted or required under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Copies of the financial statements of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Minutes of every meeting of the Members and any written consents obtained from Members for actions taken without a meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company's books and records as they relate to the internal affairs of the Company for at least the current and past three (3) Fiscal Years.

12.3**Reports**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Within ninety (90) days after the end of each fiscal year of the Company, the Manager shall cause to be prepared and transmitted to each Member, an unaudited annual report of the Company relating to the previous fiscal year of the Company, containing a balance sheet, income statement and statement of cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as possible but in no event later than ninety (90) days after the end of each fiscal year, provided that the Company has sufficient information, the Company shall cause to be prepared and transmitted to the Members federal and appropriate state and local Company Income Tax Schedules "K-1," or any substitute therefor, with respect to such fiscal year on appropriate forms prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)An annual asset management report which outlines material management updates on operations and status of each Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any additional Company information requested by any one or more Members shall be at the sole discretion of the Manager. In the event that the Manager agrees to provide such information the Manager may charge such requesting Member(s) a reasonable administrative fee as determined in the sole discretion of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Members acknowledge that the Manager shall rely upon third parties for the information necessary to prepare the information contemplated by this Section. Accordingly, no delay in providing such information shall constitute a breach or default by Manager of its obligations hereunder.

**Article 13.** **AMENDMENT**

The terms and provisions of this Agreement, including all schedules hereto, may be amended, modified or supplemented from time to time by the Manager without the consent or approval of the Members; provided that any amendment that alters the limited liability of the Members under Delaware law, alters the status of the Company as a partnership for federal income tax purposes must have the consent, written or passive (meaning that Members shall be deemed to have consented to such amendment if they fail to object to such amendment within a specific period of time determined by the Manager either generally or on a case-by-case basis) of the Members holding, in the aggregate, more than 50% of the Units or such other approvals as required by law.

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Notwithstanding anything above to the contrary, this Agreement may be amended by the Manager, in its sole discretion, without the consent of the Members, at any time and without limitation: (i) to maintain REOC qualification and comply with applicable federal, state and local laws or regulations (including ERISA, applicable tax laws, and regulations); (ii) to make changes that do not adversely affect the rights or obligations of any Member; (iii) to cure any ambiguity or correct or supplement any conflicting provisions of this Agreement or (iv) with respect to any other amendment if any Member that objects to such amendment has an opportunity to withdraw from the Company as of a date determined by the Manager; provided that such date is: (A) not less than forty-five (45) days after the Manager has delivered written notice of such amendment to each Member; and (B) is prior to the effective date of the amendment.

The Manager has absolute discretion to agree with a Member to waive or modify the application of any provision of this Agreement with respect to such Member (other than a Member who is materially and adversely affected by such waiver or modification).

Any amendment, modification or waiver approved in accordance with this Section shall be binding upon all Members regardless of class of series, whether or not they voted in favor of such amendment, modification or waiver.

**Article 14.** **MISCELLANEOUS**

14.1**ERISA/REOC Qualification**. The Company intends to qualify and operate as a REOC for so long as any Member is a Benefit Plan Investor, and the Manager will manage and operate the Company in a manner consistent with that intent. All provisions of this Agreement and each Subscription Agreement shall be interpreted and applied in a manner consistent with maintaining the Company's qualification as a REOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Initial Valuation Date and on any date within each Annual Valuation Period, at least fifty percent (50%) of the Company's assets, valued at cost (other than short-term investments pending long-term commitment or distribution to investors), will be invested in real estate which is managed or developed and with respect to which the Company has the right to substantially participate directly in the management or development activities, and the Company, at all relevant times, in the ordinary course of its business, will be directly engaged in such real estate management or development activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Management and development activities include, without limitation, acquisition, development, construction, renovation, leasing, operation, maintenance, management, financing, sale, or disposition of real property, provided that such activities involve substantial direct participation by the Company, which may include engaging, supervising, and terminating independent contractors, as contemplated and authorized under 29 CFR §2510.3-101(j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Company, the Manager, nor any of their affiliates, officers, directors, employees, or agents will be deemed a fiduciary with respect to any Benefit Plan Investor or its assets in connection with the offering, sale, or issuance of Units of Membership Interest in the Company, operation or management of the Company, or any investment decisions made by or for the Company. The Company and the Manager do not provide legal, tax, or investment advice, recommendations, or discretionary investment management services to any Benefit Plan Investor and expressly disclaim any fiduciary duty or responsibility under ERISA, the Code, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Benefit Plan Investor acknowledges and agrees that the decision to invest in the Company, including executing a Subscription Agreement, has been made solely by the plan

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -38-

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administrator and plan's other fiduciaries. Without limitation, such fiduciaries are responsible to determine whether investment in the Company complies with the terms of the plan, constitutes a prudent and suitable plan investment, and complies with ERISA, the Code, and all other applicable law. Neither the Company, the Manager, nor any of their affiliates, officers, directors, employees, or agents is responsible for any such determinations or for any related acts or omissions of the plan's fiduciaries. To the fullest extent permitted by law, each Benefit Plan Investor, and the owners or sponsors of such Benefit Plan Investor, agree to indemnify, defend, and hold harmless the Company, the Manager, and all of their affiliates, officers, directors, employees, or agents from and against any and all claims, losses, damages, liabilities, expenses (including reasonable attorneys' fees), and penalties arising from or related to any actual or alleged fiduciary breach or any other failure to comply with any Code or ERISA provision in connection with the Benefit Plan Investor's investment in the Company.

14.2**Classification for Federal Income Tax Purposes**. It is the intent of the Members that the Company be taxed as a partnership for federal income tax purposes.

14.3**Governing Law**. This Agreement and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware.

**14.4** **Arbitration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Either party may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to this Section 14.3 (this "**Arbitration Provision**"). The arbitration shall be conducted in the State of Washington in Spokane, Washington. As used in this Arbitration Provision, "**Claim**" shall include any past, present, or future claim, dispute, or controversy involving you (or persons claiming through or connected with you), on the one hand, and the Company, on the other hand, relating to or arising out of this Agreement, the Site, and/or the activities or relationships that involve, lead to, or result from any of the foregoing, including (except to the extent provided otherwise in the last sentence of Section 14.3(e) below) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include (without limitation) matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise. This Arbitration Provision applies to claims under the U.S. federal securities laws and to all claims that that are related to the Company, including with respect to this offering, our holdings, the Share Class Units, our ongoing operations and the management of our investments, among other matters. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The party initiating arbitration shall do so with the American Arbitration Association (the "**AAA**") or JAMS. The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply.

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -39-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If we elect arbitration, we shall pay all the administrator's filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator's rules. We shall pay the administrator's hearing fees for one full day of arbitration hearings. Fees for hearings that exceed one day will be paid by the party requesting the hearing, unless the administrator's rules or applicable law require otherwise, or you request that we pay them and we agree to do so. Each party shall bear the expense of its own attorney's fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights shall apply in the arbitration notwithstanding anything to the contrary herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Within thirty (30) calendar days of a final award by the arbitrator, a party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator administrator. In the event of such an appeal, an opposing party may cross-appeal within thirty (30) calendar days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the "**FAA**"), and may be entered as a judgment in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)We agree not to invoke our right to arbitrate an individual Claim that you may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Unless otherwise provided in this Agreement or consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (i) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party, or (ii) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this Section 14.3(e), and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this Section 14.3(e) shall be determined exclusively by a court and not by the administrator or any arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator shall take steps to reasonably protect confidential information.

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -40-

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or insolvency of any party hereto or other party; and (iii) any transfer of any loan or Share Class Unit or any amounts owed on such loans or notes, to any other party. If any portion of this Arbitration Provision other than Section 14.3(e) is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain valid and in force. If arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in Section 14.3(e) are finally adjudicated pursuant to the last sentence of Section 14.3(e) to be unenforceable, then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards beyond those authorized in this Arbitration Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)BY AGREEING TO BE SUBJECT TO THE ARBITRATION PROVISION CONTAINED IN THIS AGREEMENT, INVESTORS WILL NOT BE DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A COURT UPON ELECTION OF ARBITRATION BY ANY PARTY.

14.5**Construction**. Unless specifically indicated to the contrary: wherever from the context it appears appropriate, each term stated in either the singular or the plural will include the plural and the masculine gender will include the feminine and neuter genders; the term "or" is not exclusive; the term "including" (or any form thereof) will not be limiting or exclusive; the words "Agreement," "herein," "hereof," "hereunder," or other words of similar import refer to this Agreement as a whole, including exhibits and schedules (if any), as the same may be modified, amended or supplanted. The headings in this Agreement have no independent meaning.

14.6**Execution of Additional Instruments** **.** Each Member hereby agrees to execute such other and further statements of interest and holdings, designations, powers of attorney and other instruments necessary to comply with any laws, rules or regulations, or to implement the provisions hereof.

14.7**Headings**. The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provision hereof.

14.8**Heirs, Successors, and Assigns**. Each and all of the covenants, terms, provisions, and agreements herein contained will be binding upon and inure to the benefit of the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal representatives, successors and assigns.

14.9**Notices**. Any notice, demand, request, report or proxy materials required or permitted to be given or made to a Member under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail, Electronic Transmission (including electronic mail) or by other means of written communication to the Member at the address described below. Any notice, payment or report to be given or made to a Member hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice or report or to make such payment shall be deemed conclusively to have been fully satisfied, upon sending of such notice, payment or report to the

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -41-

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Member of such Units at his or her address (including email address) as shown on the records of the Company regardless of any claim of any Person who may have an interest in such Units by reason of any assignment or otherwise. An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of this ‎Section executed by the Company or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report. If any notice, payment or report addressed to a Member at the address of such Member appearing on the books and records of the Company is returned by the United States Postal Service marked to indicate that the United States Postal Service is unable to deliver it, or is returned by the email server with a message indicating that the email server is unable to deliver the email, such notice, payment or report and any subsequent notices, payments and reports shall be deemed to have been duly given or made without further mailing or emailing (until such time as such Member or another Person notifies the Company of a change in his address (including email address)) if they are available for the Member at the principal office of the Company for a period of one year from the date of the giving or making of such notice, payment or report to the other Members. Any notice to the Company shall be deemed given if received by the Manager at the principal office of the Company or at the Company's principal email address for Member communications as provided by the Manager from time to time. The Manager and its officers may rely and shall be protected in relying on any notice or other document from a Member or other Person if believed by it to be genuine.

14.10**Subscription Agreement**. Each Member acknowledges receipt of the Company's Subscription Agreement, and each Member further acknowledges that execution of such Subscription Agreement constitutes such Member's acceptance of the terms of this Agreement and agrees to comply with the terms of this Agreement.

14.11**Rights and Remedies Cumulative**. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any Member or the Company will not preclude or waive the right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the Members or the Company may have by law, statute, ordinance or otherwise.

14.12**Severability**. Any part, provision, representation or warranty of this Agreement, which is prohibited, or which is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation or warranty of this Agreement which is prohibited or unenforceable or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof.

14.13**Waivers in General**. The failure of any Person or the Company to seek redress for violation of or to insist upon the strict performance of any covenant or condition of this Agreement will not prevent a subsequent act, which would have originally constituted a violation, from having the effect of an original violation.

14.14**Waiver of Jury Trial**. **THE PARTIES TO THIS AGREEMENT ACKNOWLEDGE AND AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CONTRACT OR TORT CLAIM, COUNTERCLAIM, CROSS-COMPLAINT, OR CAUSE OF ACTION IN ANY ACTION, PROCEEDING, OR HEARING BROUGHT BY ANY PARTY AGAINST THE OTHER ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT.**

14.15**Attorney Fees**. In the event arbitration or litigation is instituted to enforce or determine a Person's rights in connection with the Company or obligations arising out of this Agreement, the

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -42-

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substantially prevailing party will recover reasonable attorney fees incurred in such proceeding from the party or parties who do not substantially prevail. The determination of who is the substantially prevailing party and the amount of reasonable attorney fees to be paid to the substantially prevailing party will be decided by the arbitrators, with respect to attorney fees incurred prior to and during arbitration proceedings, and by any court, with respect to attorney fees incurred in court proceedings (*e.g.*, in respect of submission of an arbitration award for confirmation as a judgment).

14.16**Entire Agreement**. This Agreement, the Articles, and any other document to be furnished pursuant to the provisions hereof embody the entire agreement and understanding of the parties hereto as to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants, or undertakings other than those expressly set forth or referred to in such documents. This Agreement, the Articles, and such documents supersede all prior agreements and understandings among the parties with respect to the subject matter hereof.

14.17**Counterparts**. This Agreement may be executed in one or more counterparts by some or all of the parties hereto, and (a) each such counterpart shall be considered an original, and all of which together shall constitute a single Agreement, (b) the exchange of executed copies of this Agreement by facsimile or Portable Document Format (PDF) transmission (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall constitute effective execution and delivery of this Agreement as to the parties for all purposes, and (c) signatures of the parties transmitted by facsimile or Portable Document Format (PDF) (including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be deemed to be their original signatures for all purposes. All parties hereto agree a fully assembled digital copy of a fully executed Agreement is "best evidence" of this Agreement.

[*Signature page follows*]

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -43-

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IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the reference date set forth above.

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| | | | |
|:---|:---|:---|:---|
| **COMPANY:** | **COMPANY:** | **SHARE CLASS MEMBERS:** | **SHARE CLASS MEMBERS:** |
| The Hartley Opportunity Fund, LLC, a Delaware limited liability company<br>By: The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, its Manager | The Hartley Opportunity Fund, LLC, a Delaware limited liability company<br>By: The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, its Manager | Pursuant to the Power of Attorney granted herein to the Manager, the Manager hereby executes this Agreement for and on behalf of each Share Class Member identified in the books and records of the Company. | Pursuant to the Power of Attorney granted herein to the Manager, the Manager hereby executes this Agreement for and on behalf of each Share Class Member identified in the books and records of the Company. |
|  |  | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. |
| By:  | /s/ Steve Larsen | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. |
| Name:  | Steve Larsen | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. |
| Its:  | Manager | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. |
|  |  | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, as Special Attorney for each Share Class Member identified in the books and records of the Company. |
| **MANAGER:** | **MANAGER:** |  |  |
|  |  | By:  | /s/ Steve Larsen |
| The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company | Name:  | Steve Larsen |
| The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company | The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company | Its:  | Manager |
| By:  | /s/ Steve Larsen | **CLASS B MEMBER:** | **CLASS B MEMBER:** |
| Name:  | Steve Larsen |  |  |
| Its:  | Manager | Columbia Advisory Group, LLC, a Washington limited liability company | Columbia Advisory Group, LLC, a Washington limited liability company |
|  |  | Columbia Advisory Group, LLC, a Washington limited liability company | Columbia Advisory Group, LLC, a Washington limited liability company |
|  |  | By:  | /s/ Steve Larsen |
|  |  | Name:  | Steve Larsen |
|  |  | Its:  | Manager |

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -44-

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**EXHIBIT A**

**REGISTER**<sup>[1]</sup>

[*See attached*]

[To be included at the end of the Offering]

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -EXHIBIT A

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**EXHIBIT B**

**PROPERTY AND SPV DESIGNATION**

[*See attached*]

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AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT -EXHIBIT B

## Ex1A-3

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**PROPERTY AND SPV DESIGNATION** 

**FOR**

**THE HARTLEY OPPORTUNITY FUND, LLC**

In accordance with the Limited Liability Company Agreement of The Hartley Opportunity Fund, LLC, a Delaware limited liability company (the "**Company**"), dated November 18, 2024 (the "**Agreement**") and upon the execution of this Property and SPV Designation by the Company and The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, in its capacity as the Company's Manager and the manager of the special purpose vehicle ("**SPV**") that is wholly owned by the Company, this Property and SPV Designation shall be attached to, and deemed incorporated in its entirety into, the Agreement and the Company's Offering Circular as a "Property and SPV Designation Exhibit."

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of SPV:** | &nbsp;&nbsp;Monroe Self Storage, LLC, a Delaware limited liability company |
| &nbsp;&nbsp;**Managers:** | &nbsp;&nbsp;The Hartley Opportunity Fund Management, LLC <br>Horizon Storage Group, LLC |
| &nbsp;&nbsp;**Member:** | &nbsp;&nbsp;The Hartley Opportunity Fund, LLC |
| &nbsp;&nbsp;**SPV Property:**  | &nbsp;&nbsp;3616 N Rocky River Rd, Monroe, NC 28110 |
| &nbsp;&nbsp;**Property Manager:** | &nbsp;&nbsp;Horizon Storage Group, LLC |
| &nbsp;&nbsp;**SPV Purpose:** | &nbsp;&nbsp;To purchase, develop, hold, lease, operate and sell the SPV Property. |
| &nbsp;&nbsp;**Max. Capital Raise:** | &nbsp;&nbsp;In connection with the acquisition, holding, leasing, operating and selling the SPV Property, the Company is seeking to raise approximately $3,800,000. |
| &nbsp;&nbsp;**Use of Proceeds:** | &nbsp;&nbsp;As set forth on Exhibit B attached hereto and incorporated by this reference. |

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**EXHIBIT A**

**DESCRIPTION OF SPV PROPERTY**

**Property Summary**

4.46 acres of undeveloped land in Monroe, NC.

**Acquisition of the SPV Property**

The SPV Property is under contract for $2,500,000 and the anticipated closing date is May 23rd.

**Description of Debt**<br>SPV anticipates construction financing in the amount of $11,000,000.

**Property Developer and Manager**

The Manager expects to appoint Horizon Storage Group, LLC to develop and manage the SPV Property on a discretionary basis and will enter into a development and property management agreement with the property manager. The development fee paid by the SPV shall be equal to 5% of the hard construction costs. The monthly property management fee paid by the SPV to the property manager shall be equal to 2% of gross rents.

**Property Operations and Hold Period**

We intend to hold the SPV Property for approximately 2 years. The determination as to when the SPV Property should be sold or otherwise disposed of will be made solely by the Manager after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the SPV Property is anticipated to appreciate or decline substantially, and how any existing lease may impact the sales price we may realize. The Manager may determine that it is in the best interests of the Company and the SPV to sell the SPV Property earlier or later than two years.

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**EXHIBIT B**

**USE OF PROCEEDS**

We estimate that the gross proceeds of the offering in connection with the SPV Property will be approximately $3,800,000, assuming the full amount of the offering is sold, and will be used in the following order of priority of payment:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Use** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**% of Gross Proceeds** |
| &nbsp;&nbsp;Land Purchase: | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;66% |
| &nbsp;&nbsp;Closing Costs: | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;Down Payment – Construction Financing: | &nbsp;&nbsp;$1025000 | &nbsp;&nbsp;27% |
| &nbsp;&nbsp;Working Capital | &nbsp;&nbsp;$170000 | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;Total Proceeds: | &nbsp;&nbsp;$3800000 | &nbsp;&nbsp;100% |

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The allocation of the net proceeds of this offering set forth above represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues, if any, and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and the proceeds of the offering. The Manager reserves the right to modify the use of proceeds based on the factors set forth above and in the Company's Private Placement Memorandum.

------

**PROPERTY AND SPV DESIGNATION** 

**FOR** 

**THE HARTLEY OPPORTUNITY FUND, LLC** 

In accordance with the Limited Liability Company Agreement of The Hartley Opportunity Fund, LLC, a Delaware limited liability company (the "Company"), dated Thursday, May 8th, (the "Agreement") and upon the execution of this Property and SPV Designation by the Company and The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, in its capacity as the Company's Manager and a manager of the special purpose vehicle ("SPV") that is owned by the Company, this Property and SPV Designation shall be attached to, and deemed incorporated in its entirety into, the Agreement and the Company's Offering Circular as a "Property and SPV Designation Exhibit."

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| | |
|:---|:---|
| **Name of SPV:**  | Frederick Self Storage, LLC, a Delaware limited liability company  |
| **Managers:**  | The Hartley Opportunity Fund Management, LLC Horizon Storage Group, LLC  |
| **Member:**  | The Hartley Opportunity Fund, LLC  |
| **SPV Property:**  | 345 Ballenger Center Drive, Frederick, MD 21703  |
| **Property Manager:**  | Horizon Storage Group, LLC  |
| **SPV Purpose:**  | To purchase, develop, hold, lease, operate and sell the SPV Property.  |
| **Max. Capital Raise:**  | In connection with the acquisition, holding, leasing, operating and selling the SPV Property, the Company is seeking to raise approximately $4,650,000.  |
| **Use of Proceeds:**  | As set forth on Exhibit B attached hereto and incorporated by this reference.  |

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**EXHIBIT A**

**DESCRIPTION OF SPV PROPERTY** 

**Property Summary** 

3.28 acres fully entitled land in Frederick, MD for a 91,575 RSF, 1,026-unit, 3-story climate-controlled self-storage facility.

**Acquisition of the SPV Property**

The SPV Property is under contract for $3,400,000 and the anticipated closing date is Oct 27th.

**Description of Debt** 

SPV anticipates construction financing in the amount of $11,780,060.

**Property Developer and Manager**

The Manager expects to appoint Horizon Storage Group, LLC to develop and manage the SPV Property on a discretionary basis and will enter into a development and property management agreement with the property manager. The development fee paid by the SPV shall be equal to 5% of the hard construction costs. The monthly property management fee paid by the SPV to the property manager shall be equal to 2% of gross rents.

**Property Operations and Hold Period**

We intend to hold the SPV Property for approximately 2 years. The determination as to when the SPV Property should be sold or otherwise disposed of will be made solely by the Manager after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the SPV Property is anticipated to appreciate or decline substantially, and how any existing lease may impact the sales price we may realize. The Manager may determine that it is in the best interests of the Company and the SPV to sell the SPV Property earlier or later than two years.

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**EXHIBIT B**

**USE OF PROCEEDS** 

We estimate that the gross proceeds of the offering in connection with the SPV Property will be approximately $4,650,000, assuming the full amount of the offering is sold, and will be used in the following order of priority of payment:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Use**  | **Amount**  | **% of Gross Proceeds**  |
| Land Purchase  | $3400000  | 73.12%  |
| Closing Costs  | $119000  | 2.56%  |
| Min Equity – Construction Financing  | $1204784  | 25.91%  |
| Working Capital  | $181702  | 3.91%  |
| Total Proceeds  | $4650000  | 100%  |

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The allocation of the net proceeds of this offering set forth above represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues, if any, and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and the proceeds of the offering. The Manager reserves the right to modify the use of proceeds based on the factors set forth above and in the Company's Operating Agreement.

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**PROPERTY AND SPV DESIGNATION** 

**FOR**

**THE HARTLEY OPPORTUNITY FUND, LLC**

In accordance with the Limited Liability Company Agreement of The Hartley Opportunity Fund, LLC, a Delaware limited liability company (the "**Company**"), dated Thursday, May 8<sup>th</sup>, (the "**Agreement**") and upon the execution of this Property and SPV Designation by the Company and The Hartley Opportunity Fund Management, LLC, a Delaware limited liability company, in its capacity as the Company's Manager and a manager of the special purpose vehicle ("**SPV**") that is owned by the Company, this Property and SPV Designation shall be attached to, and deemed incorporated in its entirety into, the Agreement and the Company's Offering Circular as a "Property and SPV Designation Exhibit."

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| | |
|:---|:---|
| **Name of SPV:**  | &nbsp;&nbsp;&nbsp;Waretown Self Storage, LLC, a Delaware limited liability company  |
| **Managers:**  | &nbsp;&nbsp;&nbsp;The Hartley Opportunity Fund Management, LLC Horizon Storage Group, LLC  |
| **Member:**  | &nbsp;&nbsp;&nbsp;The Hartley Opportunity Fund, LLC  |
| **SPV Property:**  | &nbsp;&nbsp;&nbsp;US Route 9, Waretown, NJ  |
| **Property Manager:**  | &nbsp;&nbsp;&nbsp;Horizon Storage Group, LLC  |
| **SPV Purpose:**  | &nbsp;&nbsp;&nbsp;To purchase, develop, hold, lease, operate and sell the SPV Property.  |
| **Max. Capital Raise:**  | &nbsp;&nbsp;&nbsp;In connection with the acquisition, holding, leasing, operating and selling the SPV Property, the Company is seeking to raise approximately $4,250,000. <br>|
| **Use of Proceeds:**  | &nbsp;&nbsp;&nbsp;As set forth on Exhibit B attached hereto and incorporated by this reference.  |

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**EXHIBIT A**

**DESCRIPTION OF SPV PROPERTY** 

**Property Summary** 

3.52 acres fully entitled land in Waretown, NJ for a 79,025 RSF, ~636-unit, 3-story climate-controlled self-storage facility.

**Acquisition of the SPV Property**

The SPV Property is under contract for $1,500,000 and the anticipated closing date is Nov 21st.

**Description of Debt** 

SPV anticipates construction financing in the amount of $10,520,555.

**Property Developer and Manager**

The Manager expects to appoint Horizon Storage Group, LLC to develop and manage the SPV Property on a discretionary basis and will enter into a development and property management agreement with the property manager. The development fee paid by the SPV shall be equal to 5% of the hard construction costs. The monthly property management fee paid by the SPV to the property manager shall be equal to 2% of gross rents.

**Property Operations and Hold Period**

We intend to hold the SPV Property for approximately 3.5 years. The determination as to when the SPV Property should be sold or otherwise disposed of will be made solely by the Manager after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the SPV Property is anticipated to appreciate or decline substantially, and how any existing lease may impact the sales price we may realize. The Manager may determine that it is in the best interests of the Company and the SPV to sell the SPV Property earlier or later than two years.

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**EXHIBIT B**

**USE OF PROCEEDS** 

We estimate that the gross proceeds of the offering in connection with the SPV Property will be approximately $4,250,000, assuming the full amount of the offering is sold, and will be used in the following order of priority of payment:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Use**  | **Amount**  | **% of Gross Proceeds**  |
| Land Purchase  | $1500000  | 35%  |
| Closing Costs  | $45000  | 1%  |
| Min Equity – Construction Financing  | $2445445  | 58%  |
| Working Capital  | $259445  | 6%  |
| Total Proceeds  | $4250000  | 100%  |

---

The allocation of the net proceeds of this offering set forth above represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues, if any, and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and the proceeds of the offering. The Manager reserves the right to modify the use of proceeds based on the factors set forth above and in the Company's Offer Circular.

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## Ex1A-4

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**SUBSCRIPTION AGREEMENT**

**For Qualified Subscribers**

**THE HARTLEY OPPORTUNITY FUND, LLC, A DELAWARE LIMITED LIABILITY COMPANY**

**This is a Subscription for Share Class Units**

**THE SECURITIES OF THE COMPANY SUBJECT TO THIS SUBSCRIPTION AGREEMENT ARE SECURITIES WHICH HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "SEC") DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SELLING LITERATURE. THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES ARE EXEMPT FROM REGISTRATION. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC. THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THIS INVESTMENT INVOLVES A DEGREE OF RISK THAT MAY NOT BE SUITABLE FOR ALL PERSONS. ONLY THOSE SUBSCRIBERS WHO CAN BEAR THE LOSS OF A SIGNIFICANT PORTION OF THEIR INVESTMENT SHOULD PARTICIPATE IN THE INVESTMENT.**

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1 – SUBSCRIPTION AGREEMENT

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THIS SUBSCRIPTION AGREEMENT (this "**Agreement**" or this "**Subscription**") is made and entered into as of _____________________, by and between the undersigned (the "**Subscriber**," "**Investor**" or "**you**") and The Hartley Opportunity Fund, LLC, a Delaware limited liability company ("**Company**" or "**we**" or "**us**" or "**our**"), with reference to the facts set forth below.

WHEREAS, subject to the terms and conditions of this Agreement, the Subscriber wishes to irrevocably subscribe for and purchase (subject to acceptance of such subscription by the Company) certain share class units of limited liability company membership interests (the "**Share Class Units**"), as set forth in Section 1 and on the signature page hereto, offered pursuant to the most recent Offering Circular of the Company (the "**Offering Circular**") qualified by the Securities and Exchange Commission (the "**SEC**").

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**NOTICE REGARDING AGREEMENT TO ARBITRATE**

**ALL INVESTORS ARE REQUIRED TO ARBITRATE ANY DISPUTE ARISING OUT OF THEIR INVESTMENT IN THE COMPANY. ALL INVESTORS FURTHER AGREE THAT THE ARBITRATION WILL BE BINDING AND HELD IN THE STATE OF WASHINGTON, IN THE SPOKANE METROPOLITAN AREA. OUT OF STATE ARBITRATION MAY FORCE AN INVESTOR TO ACCEPT A LESS FAVORABLE SETTLEMENT FOR DISPUTES. OUT OF STATE ARBITRATION MAY ALSO COST AN INVESTOR MORE TO ARBITRATE A SETTLEMENT OF A DISPUTE.**

**THESE DISPUTE RESOLUTION PROVISIONS APPLY IN ANY LITIGATION RELATING TO THIS SUBSCRIPTION AGREEMENT, OUR SHARE CLASS UNITS OR THE COMPANY, INCLUDING CLAIMS UNDER THE U.S. FEDERAL SECURITIES LAWS.**

**BY AGREEING TO BE SUBJECT TO THE ARBITRATION PROVISION CONTAINED IN OUR SUBSCRIPTION AGREEMENT (WHICH IS ALSO INCLUDED IN OUR OPERATING AGREEMENT), INVESTORS WILL NOT BE DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.**

**NOTICE REGARDING WAIVER OF SECTION 18-305 RIGHTS**

**BY AGREEING TO BE SUBJECT TO THE WAIVER PROVISIONS, INVESTORS WILL NOT BE DEEMED TO WAIVE FUND'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.**

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2 – SUBSCRIPTION AGREEMENT

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1.**Subscription**.

---

| | |
|:---|:---|
| AMOUNT OF INVESTMENT: | $ |

---

NUMBER OF SHARE CLASS UNITS PURCHASED:  

---

| | | |
|:---|:---|:---|
| SHARE CLASS SUBSCRIPTION:  |  |  |
|  | $ | Share Class Name: |
|  | $ | Share Class Name:  |
|  | $ | Share Class Name:  |

---

**Wire Instructions:** Subscription funds shall be wired to the Company's subscription account maintained by Great Lakes Fund Solutions, Inc., the Company's independent fund administrator and registrar, at the following account:

**Bank:** UMB Bank, N.A.

**Account Name:** Hartley Opportunity Fund, LLC — Subscription Account

**ABA/Routing:** [To be provided at closing]

**Account Number:** [To be provided at closing]

**Reference:** [Subscriber Name — Share Class Name]

Subscribers are required to electronically complete this Agreement for the desired investment amount. A Subscriber's electronic signature, whether digital or encrypted, included in this Agreement is intended to authenticate this Agreement and to have the same force and effect as a manual signature. Electronic signature means any electronic symbol or process associated with a record and adopted by Subscriber with intent to sign such record.

1.1Subscriber acknowledges and agrees that this subscription cannot be withdrawn, terminated, or revoked. Subscriber agrees to become a member ("**Member**") and to be bound by all the terms and conditions of the Company's limited liability company agreement (the "**Operating Agreement**"). This subscription shall be binding on the heirs, executors, administrators, successors and assigns of the Subscriber. This subscription is not transferable or assignable by the Subscriber, except as expressly provided in this Agreement and the Operating Agreement.

1.2This subscription may be rejected as a whole or in part by the Company in its sole and absolute discretion. If this subscription is rejected, the Subscriber's funds shall be returned to the extent of such rejection. This subscription shall be binding on the Company only upon its acceptance of the same.

1.3Neither the execution nor the acceptance of this Agreement constitutes the Subscriber as a Member or secured creditor of the Company. This is an agreement only to purchase the Share Class Units in the amount set forth above; and the Subscriber will become a Member only after the Subscriber's funds are duly transferred to the account of the Company and the Share Class Units are issued thereupon to the Subscriber. Until such time, the Subscriber shall have only those rights as may be set forth in this Agreement.

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1.4The offering of Share Class Units is described in the Offering Circular, which is available through the Company's website found at hartleyfunds.com (the "**Website**"). Subscriber must read this Agreement, the Offering Circular and the Operating Agreement By signing electronically below, Subscriber agrees to the following terms and agrees to transact business with the Company and to receive communications relating to the Share Class Units electronically.

1.5Once Subscriber makes a funding commitment to purchase Share Class Units, it is irrevocable until the Share Class Units are issued, the purchase is rejected by the Company, or the Company otherwise determines not to proceed with the transaction.

1.6The Subscriber's rights and responsibilities will be governed by the terms and conditions of this Agreement and the Operating Agreement. If Subscriber is deemed an accredited investor, the Company will rely upon the information provided in this Agreement to confirm that the Subscriber is an "accredited investor" as defined in Regulation D promulgated under the Act. If Subscriber is a non-accredited investor, the Company will reply upon the information provided in this Agreement to confirm that the Subscriber is sophisticated and meets the non-accredited suitability standards further outlined below, that will allow the investor to purchase Share Class Units.

1.7Should the process from depositing an investor's funds into the account of the Company and acceptance as a Member take longer than fifteen (15) business days, the Subscriber may request in writing to recover his, her or its investment funds. If, upon receipt of such request in writing, the Company has not yet accepted the Subscriber as a Member, then the Company may, in its sole and absolute discretion, return the Subscriber's funds to the Subscriber and revoke the Agreement within ten (10) business days of receipt of such request from the Subscriber.

2.**Representations and Warranties by the Purchaser**. The Subscriber represents, warrants, and agrees as follows:

2.1Subscriber has received and read the Offering Circular and its Exhibits, and the terms and conditions of the Operating Agreement, and Subscriber is thoroughly familiar with the proposed business, operations, properties and financial condition of the Company. Subscriber has relied solely upon the Offering Circular and independent investigations made by Subscriber or Subscriber's representative with respect to the investment in Share Class Units. No oral or written representations beyond the Offering Circular have been made or relied upon.

2.2Subscriber has read and understands the Operating Agreement and understands how the Company functions as a limited liability company. By purchasing the Share Class Units and executing this Agreement, Subscriber hereby agrees to the terms and provisions of the Operating Agreement. This Agreement contains a power of attorney allowing the Manager to execute the Operating Agreement on behalf of each Subscriber, accordingly, by executing this Agreement, the Subscriber agrees to be bound by all of the terms and conditions of the Operating Agreement as if the Subscriber's signature were subscribed to the Operating Agreement.

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4 – SUBSCRIPTION AGREEMENT

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2.3Subscriber understands that the Company has limited financial and operating history. Subscriber has been furnished with such financial and other information concerning the Company, its management, and its business, as Subscriber considers necessary in connection with the investment in Share Class Units. Subscriber has been given the opportunity to discuss any questions and concerns with the Company.

2.4Subscriber is purchasing Share Class Units for Subscriber's own account (or for a trust if Subscriber is a trustee), for investment purposes and not with a view or intention to resell or distribute the same. Subscriber has no present intention, agreement, or arrangement to divide Subscriber's participation with others or to resell, assign, transfer, or otherwise dispose of all or part of the Share Class Units.

2.5Subscriber's investment advisors have such knowledge and experience in financial and business matters that will enable me to utilize the information made available to evaluate the risks of the prospective investment and to make an informed investment decision. Subscriber has been advised to consult Subscriber's own attorney concerning this investment and to consult with independent tax counsel regarding the tax considerations of participating in the Share Class Units and the Company.

2.6Subscriber has carefully reviewed and understands the risks of investing in the Share Class Units, including (without limitation) those set forth in the Offering Circular and the terms and conditions of the Operating Agreement. Subscriber has carefully evaluated its financial resources and investment position and acknowledges that Subscriber is able to bear the economic risks of this investment. Subscriber further acknowledges that Subscriber's financial condition is such that Subscriber is not under any present necessity or constraint to dispose of the Share Class Units to satisfy any existent or contemplated debt or undertaking. Subscriber has adequate means of providing for Subscriber's current needs and possible contingencies, has no need for liquidity in Subscriber's investment, and can afford to lose some or all of Subscriber's investment.

2.7Subscriber has been advised that the Share Class Units have not been registered under the Securities Act of 1933, as amended (the "**Act**"), or qualified under any state securities laws (the "**State Laws**"), on the ground, among others, that no distribution or public offering of the Share Class Units is to be effected and the Share Class Units will be issued by the Company in connection with a transaction that does not involve any public offering within the meaning of Section 4(2) of the Act or of the State Laws, under the respective rules and regulations of the Securities and Exchange Commission.

2.8The information that the Subscriber has furnished herein regarding Subscriber's qualification as an (i) an "accredited investor" as that term is defined in Rule 501 under Regulation D promulgated under the Act, and/or as (ii) a "qualified subscriber" as that term is described in Section 3.2 below, is correct and complete as of the date of this Agreement and will be correct and complete on the date, if any, that the Company accepts this subscription. Further, the Subscriber hereby agrees to immediately notify the Company of any change in any statement made herein prior to the Subscriber's receipt of the Company's acceptance of this Subscription, including, without limitation, Subscriber's status

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as an "accredited investor" and/or a "qualified subscriber." The representations and warranties made by Subscriber may be fully relied upon by the Company and by any investigating party relying on them.

2.9The amount of Share Class Units being purchased by the Subscriber does not exceed ten percent (10%) of the greater of Subscriber's annual income or net worth (for natural persons), or ten percent (10%) of the greater of the Subscriber's annual revenue or net assets at fiscal year-end (for entities).

2.10The Subscriber, if an entity, is, and shall at all times while it holds Share Class Units remain, duly organized, validly existing and in good standing under the laws of the state or other jurisdiction of the United States of America of its incorporation or organization, having full power and authority to own its properties and to carry on its business as conducted. The Subscriber, if a natural person, is Eighteen (18) years of age or older, competent to enter into a contractual obligation, and a citizen or resident of the United States of America. The principal place of business or principal residence of the Subscriber is as shown on the signature page of this Agreement.

2.11The Subscriber has the requisite power and authority to deliver this Agreement, perform his, her or its obligations set forth herein, and consummate the transactions contemplated hereby. The Subscriber has duly executed and delivered this Agreement and has obtained the necessary authorization to execute and deliver this Agreement and to perform his, her or its obligations herein and to consummate the transactions contemplated hereby. This Agreement, assuming the due execution and delivery hereof by the Company, is a legal, valid and binding obligation of the Subscriber enforceable against the Subscriber in accordance with its terms.

2.12All information which Subscriber has furnished in this Agreement concerning Subscriber, its financial position, and Subscriber's knowledge of financial and business matters is correct, current, and complete.

2.13The Subscriber agrees to provide any additional documentation the Company may reasonably request, including documentation as may be required by the Company to form a reasonable basis that the Subscriber qualifies as an "accredited investor" as that term is defined in Rule 501 under Regulation D promulgated under the Act, or otherwise as a "qualified purchaser" as that term is defined in Regulation A promulgated under the Act, or as may be required by the securities administrators or regulators of any state, to confirm that the Subscriber meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits.

2.14The Subscriber's true and correct full legal name, address of residence (or, if an entity, principal place of business), phone number, electronic mail address, United States taxpayer identification number, if any, and other contact information are accurately provided on signature page hereto. The Subscriber is currently a bona fide resident of the state or jurisdiction set forth in the current address provided to the Company. The Subscriber has no present intention of becoming a resident of any other state or jurisdiction.

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6 – SUBSCRIPTION AGREEMENT

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2.15The Subscriber is subscribing for and purchasing the Share Class Units solely for the Subscriber's own account, for investment purposes only, and not with a view toward or in connection with resale, distribution (other than to its shareholders, members or limited partners, if any), subdivision or fractionalization thereof. The Subscriber has no agreement or other arrangement, formal or informal, with any person or entity to sell, transfer or pledge any part of the Share Class Units, or which would guarantee the Subscriber any profit, or insure against any loss with respect to the Share Class Units, and the Subscriber has no plans to enter into any such agreement or arrangement.

2.16The Subscriber represents and warrants that the execution and delivery of this Agreement, the consummation of the transactions contemplated thereby and hereby and the performance of the obligations thereunder and hereunder will not conflict with or result in any violation of or default under any provision of any other agreement or instrument to which the Subscriber is a party or any license, permit, franchise, judgment, order, writ or decree, or any statute, rule or regulation, applicable to the Subscriber. The Subscriber confirms that the consummation of the transactions envisioned herein, including, but not limited to, the Subscriber's Purchase, will not violate any foreign law and that such transactions are lawful in the Subscriber's country of citizenship and residence.

2.17The Company's intent is to comply with all applicable federal, state and local laws designed to combat money laundering and similar illegal activities, including the provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "**PATRIOT Act**").

For purposes of this Section 2.17, the following terms shall have the meanings described below:

"**Close Associate of a Senior Foreign Political Figure**" shall mean a person who is widely and publicly known internationally to maintain an unusually close relationship with the Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure;

"**Foreign Shell Bank**" shall mean a Foreign Bank without a presence in any country;

"**Foreign Bank**" shall mean an organization that (i) is organized under the laws of a foreign country, (ii) engages in the business of banking, (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations, (iv) receives deposits to a substantial extent in the regular course of its business, and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank;

"**Non-Cooperative Jurisdiction**" shall mean any foreign country that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Task Force on Money Laundering, of which the U.S. is a member and with which designation the U.S. representative to the group or organization continues to concur;

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7 – SUBSCRIPTION AGREEMENT

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"**Prohibited Investor**" shall mean a person or entity whose name appears on (i) the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control; (ii) other lists of prohibited persons and entities as may be mandated by applicable law or regulation; or (iii) such other lists of prohibited persons and entities as may be provided to the Company in connection therewith;

"**Related Person**" shall mean, with respect to any entity, any interest holder, director, senior officer, trustee, beneficiary or grantor of such entity; provided that in the case of an entity that is a publicly traded company or a tax qualified pension or retirement plan in which at least 100 employees participate that is maintained by an employer that is organized in the U.S. or is a U.S. government entity, the term "Related Person" shall exclude any interest holder holding less than 5% of any class of securities of such publicly traded company and beneficiaries of such plan;

"**Senior Foreign Political Figure**" shall mean a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure.

Subscriber hereby represents, covenants, and agrees that, to the best of Subscriber's knowledge based on reasonable investigation:

2.17.ANone of the Subscriber's funds tendered for the Purchase Price (whether payable in cash or otherwise) shall be derived from money laundering or similar activities deemed illegal under federal laws and regulations.

2.17.BTo the extent within the Subscriber's control, none of the Subscriber's funds tendered for the Purchase Price will cause the Company or any of its personnel or affiliates to be in violation of federal anti-money laundering laws, including (without limitation) the Bank Secrecy Act (31 U.S.C. 5311 et seq.), the United States Money Laundering Control Act of 1986 or the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, and/or any regulations promulgated thereunder.

2.17.CWhen requested by the Company, the Subscriber will provide any and all additional information, and the Subscriber understands and agrees that the Company may release confidential information about the Subscriber and, if applicable, any underlying beneficial owner or Related Person to U.S. regulators and law enforcement authorities, deemed reasonably necessary to ensure compliance with all applicable laws and regulations concerning money laundering and similar activities. The Company reserves the right to request any information as is necessary to verify the identity of the Subscriber and the source of any payment to the Company. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, the subscription by the Subscriber may be refused.

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8 – SUBSCRIPTION AGREEMENT

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2.17.DNeither the Subscriber, nor any person or entity controlled by, controlling or under common control with the Subscriber, any of the Subscriber's beneficial owners, any person for whom the Subscriber is acting as agent or nominee in connection with this investment nor, in the case of a Subscriber which is an entity, any Related Person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a Prohibited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a Senior Foreign Political Figure, any member of a Senior Foreign Political Figure's "immediate family," which includes the figure's parents, siblings, spouse, children and in-laws, or any Close Associate of a Senior Foreign Political Figure, or a person or entity resident in, or organized or chartered under, the laws of a Non-Cooperative Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a person or entity resident in, or organized or chartered under, the laws of a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns; or Bank without a physical presence in any country, but does not include a regulated affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a person or entity who gives Subscriber reason to believe that its funds originate from, or will be or have been routed through, an account maintained at a Foreign Shell Bank, an "offshore bank," or a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction.

2.17.EThe Subscriber hereby agrees to immediately notify the Company if the Subscriber knows, or has reason to suspect, that any of the representations in this Section 2.17 have become incorrect or if there is any change in the information affecting these representations and covenants.

2.17.FThe Subscriber agrees that, if at any time it is discovered that any of the foregoing anti-money laundering representations are incorrect, or if otherwise required by applicable laws or regulations, the Company may undertake appropriate actions, and the Subscriber agrees to cooperate with such actions, to ensure compliance with such laws or regulations, including, but not limited to segregation and/or redemption of the Subscriber's interest in the Share Class Units.

2.18The Subscriber represents and warrants that the Subscriber is either:

2.18.APurchasing the Share Class Units with funds that constitute the assets one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an "employee benefit plan" as defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is subject to Title I of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)an "employee benefit plan" as defined in Section 3(3) of ERISA that is not subject to either Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as

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amended (the "Code") (including a governmental plan, non-electing church plan or foreign plan). The Subscriber hereby represents and warrants that (a) its investment in the Company: (i) does not violate and is not otherwise inconsistent with the terms of any legal document constituting or governing the employee benefit plan; (ii) has been duly authorized and approved by all necessary parties; and (iii) is in compliance with all applicable laws, and (b) neither the Company nor any person who manages the assets of the Company will be subject to any laws, rules or regulations applicable to such Subscriber solely as a result of the investment in the Company by such Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a plan that is subject to Section 4975 of the Code (including an individual retirement account); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an entity (including, if applicable, an insurance company general account) whose underlying assets include "plan assets" of one or more "employee benefit plans" that are subject to Title I of ERISA or "plans" that are subject to Section 4975 of the Code by reason of the investment in such entity, directly or indirectly, by such employee benefit plans or plans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)an entity that (a) is a group trust within the meaning of Revenue Ruling 81-100, a common or collective trust fund of a bank or an insurance company separate account and (b) is subject to Title I of ERISA, Section 4975 of the Code or both; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Not purchasing the Share Class Units with funds that constitute the assets of any of the entities or plans described in Section 2.18.1(a) through 2.18.1(e) above.

2.18.BIf the Subscriber is, or is acting on behalf of, a Benefit Plan Investor (as defined in 29 CFR §2510.3-101(f)(2)), the Subscriber acknowledges that the Company intends to qualify as a "real estate operating company" ("REOC") within the meaning of 29 CFR §2510.3-101(e), and that the Company's assets are not intended to constitute "plan assets" under ERISA or Section 4975 of the Code. The Subscriber further acknowledges that the Manager does not assume fiduciary obligations to any Benefit Plan Investor by reason of the Company's REOC status. The Subscriber agrees to indemnify and hold harmless the Company and the Manager from any losses arising from any breach of the representations made in this Section 2.18.

2.19**Placement Agent.** The Subscriber acknowledges that Columbia Private Markets, LLC ("CPM"), an affiliate of the Manager and Class B Member, serves as the non-exclusive placement agent for the offering. CPM receives a placement fee of 2% of gross subscription proceeds. CPM is not a managing broker-dealer or underwriter, and the Subscriber confirms that the Subscriber's decision to invest is based solely on the Subscriber's own review of the Offering Circular and not on any recommendation by CPM.

2.20The Subscriber further represents and warrants that neither Subscriber nor any of its affiliates (a) have discretionary authority or control with respect to the assets of the Company or (b) provide investment advice for a fee (direct or indirect) with respect to the assets of the Company. For

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this purpose, an "affiliate" includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the person and "control" with respect to a person other than an individual means the power to exercise a controlling influence over the management or policies of such person.

2.21The Subscriber confirms that the Subscriber has been advised to consult with the Subscriber's independent attorney regarding legal matters concerning the Company and to consult with independent tax advisers regarding the tax consequences of investing through the Company. The Subscriber acknowledges that Subscriber understands that any anticipated United States federal or state income tax benefits may not be available and, further, may be adversely affected through adoption of new laws or regulations or amendments to existing laws or regulations. The Subscriber acknowledges and agrees that the Company is providing no warranty or assurance regarding the ultimate availability of any tax benefits to the Subscriber by reason of the Purchase.

3.**Investor Suitability Standards**. The Company intends to sell the Share Class Units to qualified investors, including (i) "accredited investors" under Rule 501(a) of Regulation D (as explained below) and (ii) all other Subscribers so long as their investment in the Share Class Units does not represent more than ten percent (10%) of the greater of the Subscriber's, alone or together with a spouse, annual income or net worth (for natural persons), or ten percent (10%) of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). The Share Class Units are offered hereby and sold to Subscribers that meet one of the categories (i.e., accredited investors and Subscribers whose investment in the Share Class Units does not represent more than ten percent (10%) of the applicable amount).

4.**Agreement to Refrain from Resale**. The Subscriber agrees not to pledge, hypothecate, sell, transfer, assign or otherwise dispose of any Share Class Units, nor receive any consideration for Share Class Units from any person, unless:

4.1A registration statement on a form appropriate for the purpose under the Act with respect to the Share Class Units proposed to be so disposed of shall be then effective and such disposition shall have been appropriately qualified in accordance with applicable securities laws; or

4.2All of the following shall have occurred: (i) the Company has agreed to such transfer, and (ii) the Subscriber shall have furnished the Company with an opinion of the Subscriber's counsel in form and substance satisfactory to the Company to the effect that such disposition will not require registration of such Share Class Units under the Act or qualification of such Share Class Units under any other securities law.

5.**No Advisory Relationship**. You acknowledge and agree that the purchase and sale of the Share Class Units pursuant to this Agreement is an arms-length transaction between you and the Company. In connection with the purchase and sale of the Share Class Units, the Company is not acting as your agent or fiduciary. the Company assumes no advisory or fiduciary responsibility in your favor in connection with the Share Class Units or the corresponding share class investments. The Company has not provided you with any legal, accounting, regulatory or tax advice with respect to the Share Class Units, and you have

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consulted your own respective legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate.

**6.** **Bankruptcy**. In the event that you file or enter bankruptcy, insolvency or other similar proceeding, you agree to use the best efforts possible to avoid the Company being named as a party or otherwise involved in the bankruptcy proceeding. Furthermore, this Agreement should be interpreted so as to prevent, to the maximum extent permitted by applicable law, any bankruptcy trustee, receiver or debtor-in-possession from asserting, requiring or seeking that (i) you be allowed by the Company to return the Share Class Units to the Company for a refund or (ii) the Company be mandated or ordered to redeem or withdraw Share Class Units held or owned by you.

7.**Miscellaneous**.

7.1**Governing Law**. This Agreement and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware.

7.2**Entire Agreement**. This Agreement (including the exhibits and schedules attached hereto) and the documents referred to herein (including without limitation the Share Class Units) constitute the entire agreement among the parties and shall constitute the sole documents setting forth terms and conditions of the Subscriber's contractual relationship with the Company with regard to the matters set forth herein. This Agreement supersedes any and all prior or contemporaneous communications, whether oral, written or electronic, between us.

7.3**Termination of Agreement**. If this subscription is rejected by the Company, then this Agreement shall be null and void and of no further force and effect and no party shall have any rights against any other party hereunder and the Company shall promptly return the funds delivered with this Agreement.

7.4**Taxes**. The discussion of the federal income tax considerations arising from investment in the Company, as set forth in the Offering Circular, is general in nature and the federal income tax considerations to the Subscriber of investment in the Share Class Units will depend on individual circumstances. The Offering Circular does not discuss state income tax considerations, which may apply to all or substantially all Subscribers. There can be no assurance that the Internal Revenue Code or the Regulations under the Code will not be amended in a manner adverse to the interests of the Subscriber or the Company.

7.5**Duly Authorized**. If the Subscriber is a limited liability company, partnership, trust, or other entity, the individual(s) signing in its name is(are) duly authorized to execute and deliver this Agreement on behalf of such entity, and the purchase of the Share Class Units by such entity will not violate any law or agreement by which it is bound.

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7.6**Limited Transferability**. The Subscriber understands that the Share Class Units will have limited transferability, accordingly, that Share Class Units must be held indefinitely unless they are subsequently registered under the Act and any other applicable securities law or exemptions from such registration is available. The Subscriber understands that the Company is under no obligation to register Share Class Units under the Act, to qualify Share Class Units under any federal or state securities law, or to comply with Regulation A or any other exemption under the Act or any other law.

7.7**Share Class Units Contain Restrictive Legend**. Any documents or certificates issued to evidence ownership of the Share Class Units will bear restrictive legends notifying prospective purchasers of the transfer restrictions set forth above, and the Company will not permit transfer of any Share Class Units on the books of the Company in violation of such restrictions.

7.8**Signatures**. The representations, warranties and agreements contained in this Agreement shall be binding on the Subscriber's successors, assigns, heirs and legal representatives and shall inure to the benefit of the respective successors and assigns of the Company and its directors and officers. If the Subscriber is more than one person, the obligations of all of them shall be joint and several, and the representations and warranties contained herein shall be deemed to be made by, and to be binding upon, each such person and his heirs, executors, administrators, successors, and assigns.

7.9**Electronic Signature**. This Agreement may be hereby executed and delivered in counterparts by electronic signature with the same effect as if the parties executing the counterparts had all executed one counterpart. Counterparts may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., clicking "I agree" or use of www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Each party consents and agrees that its electronic signature meets the requirements of an original signature as if actually signed by such party in writing. Further, each party agrees that no certification authority or other third-party verification is necessary to the enforceability of its signature. No party hereto may raise the use of an electronic signature as a defense to the enforcement of this Agreement or any amendment or other document executed in compliance with this Section.

7.10**Consent to Electronic Delivery**. Subscriber hereby agrees that the Company may deliver all notices, financial statements, valuations, reports, reviews, analyses or other materials, and any and all other documents, information and communications concerning the affairs of the Company and its investments, including, without limitation, information about the investment, required or permitted to be provided to Subscriber under the Notes or hereunder by means electronic mail or by posting on the Company's Website (or through Subscriber's Website account, if applicable). Because the Company operates principally on the Internet, Subscriber will need to consent to transact business with the Company online and electronically. By entering into this Agreement, Subscriber consents to receive electronically all documents, communications, notices, Notes, contracts, and agreements arising from or relating in any way to Subscriber or the Company's rights, obligations or services under this Agreement

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(each, a "**Company Disclosure**"). The decision to do business with the Company electronically is solely of the Subscriber.

7.10.ASubscriber hereby consents and agrees to receive Company Disclosures and transact business electronically, and Subscriber's agreement to do so, applies to any transactions to which such Company Disclosures relate, including the Share Class Units issued to Subscriber.

7.10.BBefore deciding to do business electronically with the Company, Subscriber should consider whether Subscriber has the following required hardware and software capabilities: (i) access to the Internet; an email account and related software capable of receiving email through the Internet; (ii) a web browser that supports secure sessions; and (iii) hardware capable of running all necessary software.

7.10.CSubscriber agrees to keep the Company informed of any change in Subscriber's email or home mailing address so that Subscriber can continue to receive all Company Disclosures in a timely manner. If Subscriber's registered e-mail address, registered residence address or telephone number changes, Subscriber must promptly notify the Company of the change by updating Subscriber's account information on the Company's Website. Subscriber hereby agrees and acknowledges that, as of the date hereof, Subscriber is able to access, receive and retain all Company Disclosures electronically sent via email or posted on the Website.

7.11**Indemnification**. The Subscriber shall indemnify and defend the Company and its directors and officers from and against any and all liability, damage, cost, or expense (including attorneys' fees) arising out of or in connection with:

7.11.AAny inaccuracy in, or breach of, any of the Subscriber's declarations, representations, warranties or covenants set forth in this document or any other document or writing delivered to the Company;

7.11.BAny disposition by the Subscriber of any Share Class Units in violation of this Agreement, the Operating Agreement or any applicable law; or

7.11.CAny action, suit, proceeding or arbitration, whether threatened, pending or actual, alleging any of the foregoing.

7.12**Further Representations**. Subscriber (whether an individual or entity) understands that the Company will be relying on the accuracy and completeness of the statements and responses contained in this Agreement. Subscriber represents and warrants to the Company as follows:

7.12.AMy statements and responses contained in this Agreement are complete and correct and may be relied on by the Company for the purpose of complying with all applicable security laws and to determine whether Subscriber is a suitable investor.

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7.12.BSubscriber will notify the Company immediately of any material change in any statement or response made in this Agreement before acceptance by the Company of this subscription.

7.12.CSubscriber has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of the prospective investment, or Subscriber has consulted with Investment Advisors and other professional advisors who have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of prospective investment.

7.12.DSubscriber is able to bear the economic risk of an investment in the Share Class Units for an indefinite period of time and understand that an investment in the Share Class Units is illiquid and may result in a complete loss of such investment.

7.12.ESubscriber understands and agrees that the Company is relying upon the truthfulness of the certification being made by Subscriber as to Subscriber's status as an accredited investor. Subscriber further understands and agrees that the Company may request to be shown, in confidence, documentation reasonably satisfactory to the Company supporting the certification by the Subscriber as to the Subscriber's status as an accredited investor. The Company reserves the right to refuse to accept any subscription as to which the Company is not satisfied (in its sole and absolute discretion) that the Subscriber is an accredited investor.

7.12.FSubscriber understands and agrees that the Company is relying upon the truthfulness of the certification being made by Subscriber as to Subscriber's suitability as a non-accredited investor. Subscriber further understands and agrees that the Company may request to be shown, in confidence, documentation (including but not limited to income tax returns, bank statements, W-2 forms, etc.) reasonably satisfactory to the Company supporting the certification by the Subscriber as to the Subscriber's financial condition and capability to meet the non-accredited investor suitability standards provided to Subscriber. The Company reserves the right to refuse to accept any subscription as to which the Company is not satisfied (in its sole and absolute discretion) that the Subscriber is an accredited investor.

7.12.GSubscriber agrees and understands that in making this investment, Subscriber: (a) must have sufficient knowledge and experience in such financial and business matters to be capable of evaluating the merits and risks of a purchase of the Share Class Units; or (b) must retain the services of an "Investment Advisor" (who may be an attorney, accountant, or other financial adviser unaffiliated with, and who is not compensated by, the Company or any affiliate or selling agent of the Company, directly or indirectly) for the purpose of aiding in the evaluation of this particular transaction.

7.13**Arbitration.** Either party may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to this Section 7.13 (this "**Arbitration Provision**"). The arbitration shall be conducted in the State of Washington in the Spokane metropolitan area. As used in this Arbitration Provision, "**Claim**" shall include any past, present, or future claim, dispute, or controversy involving you (or persons claiming through or connected with you), on the one hand, and the Company, on the other hand, relating to or arising out of this Agreement,

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the Site, and/or the activities or relationships that involve, lead to, or result from any of the foregoing, including (except to the extent provided otherwise in the last sentence of Section 7.13.5 below) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include (without limitation) matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise. This Arbitration Provision applies to claims under the U.S. federal securities laws and to all claims that that are related to the Company, including with respect to this offering, our holdings, the Share Class Units, our ongoing operations and the management of our investments, among other matters. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable.

7.13.AThe party initiating arbitration shall do so with the American Arbitration Association (the "**AAA**") or JAMS. The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply.

7.13.BIf we elect arbitration, we shall pay all the administrator's filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator's rules. We shall pay the administrator's hearing fees for one full day of arbitration hearings. Fees for hearings that exceed one day will be paid by the party requesting the hearing, unless the administrator's rules or applicable law require otherwise, or you request that we pay them and we agree to do so. Each party shall bear the expense of its own attorney's fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights shall apply in the arbitration notwithstanding anything to the contrary herein.

7.13.CWithin thirty (30) calendar days of a final award by the arbitrator, a party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator administrator. In the event of such an appeal, an opposing party may cross-appeal within thirty (30) calendar days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the "**FAA**"), and may be entered as a judgment in any court of competent jurisdiction.

7.13.DWe agree not to invoke our right to arbitrate an individual Claim that you may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court.

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EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT.

7.13.EUnless otherwise provided in this Agreement or consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (i) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party, or (ii) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this Section 7.13.5, and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this Section 7.13.5 shall be determined exclusively by a court and not by the administrator or any arbitrator.

7.13.FThis Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator shall take steps to reasonably protect confidential information.

7.13.GThis Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or insolvency of any party hereto or other party; and (iii) any transfer of any loan or Share Class Unit or any amounts owed on such loans or notes, to any other party. If any portion of this Arbitration Provision other than Section 7.13.5 is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain valid and in force. If arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in Section 7.13.5 are finally adjudicated pursuant to the last sentence of Section 7.13.5 to be unenforceable, then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards beyond those authorized in this Arbitration Provision.

7.13.HYou also acknowledge that the requirement to arbitrate disputes contained in this Section 7.13 and the waiver of court and jury rights contained in Section 7.14 are also in our Operating Agreement and that subsequent holders of our Share Class Units will also be subject to such provisions.

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7.13.IBY AGREEING TO BE SUBJECT TO THE ARBITRATION PROVISION CONTAINED IN THIS AGREEMENT, INVESTORS WILL NOT BE DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

7.14**WAIVER OF COURT**. THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A COURT UPON ELECTION OF ARBITRATION BY ANY PARTY.

7.15**Authority**. By executing this Agreement, you expressly acknowledge that you have reviewed this Agreement and the Offering Circular for this particular subscription.

7.16**Power of Attorney**. The Subscriber hereby constitutes and appoints each person from time to time serving as an officer, partner or manager of the Manager with power of substitution, as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, acknowledge, swear to, record and file:

7.16.Aany partnership or limited liability company certificate, business certificate, fictitious name certificate, amendment thereto, or other instrument, amendment or document of any kind necessary or desirable to effectuate, implement or continue the valid and subsisting existence of the Company to accomplish the business, purpose and objectives of the Company, or required by any applicable Federal, state, or local or foreign law or deemed advisable by the Manager, including customer agreements with any dealers, brokerage firms or banks;

7.16.Bthe LLC Agreement of the Company and any amendment duly approved as provided therein and such other instruments (including amendments or modifications of any document) as the Manager may deem necessary or desirable to carry out the purpose and intent of the LLC Agreement;

7.16.Cany and all instruments, certificates and other documents which may be deemed necessary or desirable to effect the winding-up and termination of the Company (including, but not limited to, Certificate of Dissolution of the Certificate of Formation of the Company);

7.16.Dany and all tax elections, tax information statements and other tax documentation as may from time to time be deemed necessary, desirable or appropriate by the Manager, and

7.16.Eany and all other instruments as may from time to time be deemed necessary, desirable or appropriate by the Manager to carry out fully the provisions of this Agreement or the LLC Agreement.

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This power of attorney is coupled with an interest and: (i) is irrevocable, and shall survive and shall not be affected by, the subsequent death, disability, incompetency, termination, bankruptcy, insolvency or dissolution of the Member; (ii) shall survive the transfer or assignment by the Subscriber of all or any portion of its Units and any transferee or assignee of the Units does hereby constitute and appoint the Manager, its officers and managers, as its attorney-in-fact in the same manner and with the same force and for the same purposes set forth in this Section in respect of the transferor or assignor and (iii) may be exercised by electronic signature or by listing the Subscriber and the other Subscribers executing any instrument with a single signature as attorney-in-fact for all of the Subscribers; provided, however, that this power of attorney will terminate upon the substitution of another Member for all of the Subscriber's investment in the Company, upon the withdrawal of the Subscriber from the Company or upon the redemption by the Company of all of the Units owned by the Subscriber. Each Subscriber hereby agrees to be bound by any representation made by any officer of the Manager acting in good faith pursuant to this power of attorney, and each Subscriber hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of any officer of the Manager made in good faith under this power of attorney.

*[****Signature page follows****]*

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FOR GOOD AND VALID CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the Subscriber, intending to be legally bound, has executed this Agreement on ___________________________.

BY PURCHASING SHARE CLASS UNITS AND EXECUTING THIS SUBSCRIPTION AGREEMENT, EACH PURCHASER HEREBY AGREES, UPON ACCEPTANCE BY THE COMPANY, TO BE LEGALLY BOUND BY THE TERMS OF THE OPERATING AGREEMENT.

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> _____________________________________________________________________________<br> Name of Entity (*if applicable)* | &nbsp;&nbsp; <br> _____________________________________________________________________________<br> Name of Entity (*if applicable)* |
| &nbsp;&nbsp; <br> _______________________________________<br> Purchaser Signature<br>_______________________________________<br> Purchaser Printed Name<br>_______________________________________<br> Purchaser Title (*if applicable)*<br>Address:<br>_______________________________________<br>_______________________________________<br>Attn: __________________________________<br>Email: _________________________________<br>Phone: _________________________________<br>| &nbsp;&nbsp; <br> _______________________________________<br> Co-Purchaser Signature<br>_______________________________________<br> Co-Purchaser Printed Name<br>_______________________________________<br> Co-Purchaser Title (*if applicable)*<br>Address:<br>_______________________________________<br>_______________________________________<br>Attn: __________________________________<br>Email: _________________________________<br>Phone: _________________________________<br>|

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**ACCEPTANCE**: (*NOT VALID UNTIL ACCEPTED BY COMPANY*)

The Company has accepted this Agreement as of ___________________________, by the signature of a duly authorized representative.

The Hartley Opportunity Fund, LLC,

a Delaware limited liability company

By: The Hartley Opportunity Fund Management, LLC,

a Delaware limited liability company

Its: Manager

By: ____________________________

Name: Steve Larsen

Title: Manager

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## Ex1A-11

![Picture 1](hartex11z1_1.jpg)

We provide our consent for the inclusion of our audited financial statements for the period ending 31 Dec, 2024, in the Offering Circular and any related filings for the Regulation A offering by The Hartley Opportunity Fund, LLC, including but not limited to filings with the Securities and Exchange Commission (SEC) under Reg A.

![](hartex11z1_2.jpg)

105 Creek Crossing Blvd, Hainesport, NJ 08036

1/22/2025

## Ex1A-12

![Picture 1](hartex12z1_1.jpg)

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March 9, 2026

The Hartley Opportunity Fund, LLC

6501 N Cedar Road, Building 4, Suite C

Spokane, WA 99208

RE: Opinion of Counsel Securities Qualified Under Offering Statement on Form 1-A

Ladies and Gentlemen:

We have acted as special counsel to The Hartley Opportunity Fund, LLC, a Delaware limited liability company (the "**Company**") in connection with its preparation and filing with the Securities and Exchange Commission of an Offering Statement via Form 1-A (as mended or supplemented, the "**Offering Statement**") pursuant to Regulation A under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the filing of the Offering Statement and the offering by the Company of up to $50,000,000 of the Company's share class units of limited liability company membership interests ("**Share Class Units**").

In rendering the opinion set forth below, we have reviewed such documents and made such examination of law as we have deemed appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of public officials and, as to matters of fact material to the opinions set forth below, on certificates of officers of the Company. As to certain matters of fact, both expressed and implied, we have relied upon representations, statements or certificates of officers of the Company.

Based on the foregoing, and subject to the stated assumptions, we are of the opinion that, when issued in accordance with the terms of the Offering Statement, the Share Class Units will be validly issued and fully paid, and holders of the Share Class Units will have no obligation to make payments or contributions to the Company or its creditors solely by reason of their ownership of the Share Class Units.

Our opinion set forth herein is limited to the Delaware Limited Liability Company Act of the State of Delaware and to the extent that judicial and regulatory orders or decrees or consents, approvals, licenses, authorizations, validations, filings, recordings or registrations for governmental authorities are relevant, to those required under such law. We express no opinion and make no representation with respect to any other laws or the law of any other jurisdiction.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement and Form 1-A and to any references to this firm in any prospectus contained therein. In giving this consent, we do not admit that we are experts within the meaning of Section 11 of the Securities Act or within the category of persons whose consent is required by Section 7 of the Securities Act.

Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company or any other

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document or agreement involved with the issuance of the Share Class Units. We assume no obligation to advise you of facts, circumstances, events or developments which may hereafter be brought to our attention and which may alter, affect, or modify the opinions expressed herein.

Please feel free to contact me if you have any questions at the above contact information.

Very truly yours,

Centarus Legal Services, PC

/s/ Centarus Legal Services, PC

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Hartley Opportunity Fund LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2024

**CIK:** 0002056463

**I.R.S. Employer Identification Number:** 33-2364939

**Primary Standard Industrial Classification Code:** 6552

**Total number of full-time employees:** 0

**Total number of part-time employees:** 3

**Address of Principal Executive Offices:** 6501 N CEDAR ROAD, BUILDING 4, SUITE C, SPOKANE, WA 99208

**Company Phone:** 509-210-7188

**Person to contact:** Louis Amatucci Esq.

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount   |
|:---|:---|
| Cash and Cash Equivalents                | $0.00    |
| Investment Securities                    | $0.00    |
| Accounts and Notes Receivable            | $0.00    |
| Property, Plant and Equipment (PP&E)     | $0.00    |
| Total Assets                             | $0.00    |
| Accounts Payable and Accrued Liabilities | $0.00    |
| Long-Term Debt                           | $0.00    |
| Total Liabilities                        | $0.00    |
| Total Stockholders' Equity               | $0.00    |
| Total Liabilities and Equity             | $0.00    |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $0.00      |
| Costs and Expenses Applicable to Revenues | $-33304.00 |
| Depreciation and Amortization             | $0.00      |
| Net Income                                | $-33304.00 |
| Earnings Per Share - Basic                | 0.00       |
| Earnings Per Share - Diluted              | 0.00       |

**Auditor Information**

| Metric          | Amount            |
|:---|:---|
| Name of Auditor | George Dimov, CPA |

### Outstanding Securities

| Class   |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Class A |         86354 | n/a     | n/a               |
|  |             0 |  |  |
|  |             0 |  |  |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** No

**Was or is the offering to take place within one year after qualification?** No

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 500000       |
| Number of securities outstanding                                | 86354        |
| Price per security                                              | $100.00      |
| Issuer's aggregate offering price                               | $50000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $50000000.00 |

**Anticipated Fees**

| Service Provider   | Name   | Fees   |
|:---|:---|:---|
| Auditor            |  |  |
| Legal              |  |  |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY