Performance Methodology

4.1 Purpose and attribution

This page explains the sources, definitions, presentation rules, and limitations applicable to performance and portfolio statistics displayed by Lova Capital Group. Unless expressly labeled otherwise, Rise48 figures are operator-level information attributed to Rise48 and are not Lova's standalone performance, audited financial statements, or a forecast for a future offering.

4.2 Primary source

The current source is the document titled "Rise Silver Lake Investment Summary," authored by Cassidy Mason and dated in the source metadata July 8, 2026. The source pages used for public track-record context are pages 11 through 13: Track Record, Complete Portfolio, and Transparent Reporting. A separate unmodified three-page excerpt accompanies this package.

4.3 Realized track-record population

The Track Record page lists 11 realized properties totaling 1,159 units, $165.1 million of purchase price, and $59.0 million of equity raised. It reports weighted-average projected returns of 15.4% IRR, 1.90x equity multiple, and a 60-month hold period, compared with weighted-average actual returns of 70.5% IRR, 2.11x equity multiple, and a 17.7-month hold period. The source states that all listed return metrics are LP passive investor returns.

Headline metrics on this website identify the figures as Rise48-reported operator results and do not label operator results as Lova standalone returns.

4.4 Complete-portfolio population

The Complete Portfolio page reports 68 total properties, 12,817 total units, more than $2.7 billion in total purchase price, and 67.9% average LTV for the existing portfolio. The underlying table includes assets identified as under management, sold, sold through a 1031 exchange, and one property shown as in escrow. Therefore, the displayed totals and status population should be described exactly as reported by Rise48 and should not be relabeled as current assets under management without confirmation.

4.5 Metric definitions

Internal rate of return (IRR)

IRR is the annualized discount rate that makes the net present value of the modeled or actual investor cash flows equal to zero. IRR is sensitive to the amount and timing of contributions and distributions. A short hold period can produce a high annualized IRR even when the equity multiple is more moderate. On this website, IRR is identified as projected or realized and is paired with the associated hold period where practicable.

Equity multiple (EM)

Equity multiple generally expresses total value or cash returned to an investor divided by invested equity. A 2.11x multiple generally means $2.11 of total value or proceeds for each $1.00 invested, including the return

of original capital, but the exact cash-flow treatment must match Rise48's documented calculation. EM does not measure time and should be shown with the hold period.

Hold period

Hold period is the elapsed period from the investment or acquisition date to the realization event used in the calculation. The supplied excerpt does not specify whether Rise48 measures from acquisition closing, investor funding, or another date, so no more specific formula is represented here.

Loan-to-value (LTV)

LTV generally equals outstanding property debt divided by property value. The source labels 67.9% as the average LTV of the existing portfolio, but it does not state the valuation date, whether the value is purchase price, cost, or current appraised value, or the weighting method. Accordingly, this website does not characterize 67.9% as proof of low leverage.

Purchase price, units, properties, and status

Purchase price is the reported acquisition price and is not the same as current market value, equity value, assets under management, or debt. Unit and property totals retain the source's status population and source date. "NDS" means non-disclosure state, and "AUM" is labeled by the source as asset under management.

4.6 Projected versus realized results

Projected results are underwriting targets based on assumptions and are not guarantees. Realized results reflect completed outcomes reported by the operator for the listed investments. This website does not blend projected and realized statistics. The 15.4% projected IRR is not presented as an expected result for a new opportunity, and the 70.5% realized IRR is not presented as a forecast for a future investment.

4.7 Weighted averages

The source labels aggregate figures as weighted averages but does not identify the weighting basis. The figures could be weighted by invested equity, purchase price, units, cash flows, or another measure. Lova reproduces them only as "weighted average, as reported by Rise48" unless Rise48 supplies the formula and data required to independently recalculate them. They are not described as simple averages.

4.8 Fees, promote, and net/gross presentation

The source says return metrics are LP passive investor returns, but the excerpt does not expressly define whether every metric is net of all asset-level expenses, sponsor fees, promote, carried interest, taxes, and investor-specific expenses. Without additional written confirmation, this website does not use the terms "net returns" or "net to investors." Tax benefits are not included in return figures unless separately and clearly explained.

4.9 Refinancings, interim cash flows, and 1031 exchanges

The source table includes properties marked "Sold - 1031 Ex." and may include interim distributions or refinancing proceeds in actual cash flows. The excerpt does not provide the calculation-level treatment. Lova does not infer whether refinancings, returned capital, residual value, or 1031 exchange proceeds were included. Any derived statistic requiring those details would require confirmation of the operator's calculation policy.

4.10 Verification and source controls

Lova retains a dated copy of the source document supporting each public operator metric and records the displayed number, exact label, source page, source date, approval date, and review status. Operator figures are not independently audited by Lova unless expressly stated. A figure may be removed or marked historical if its source becomes stale or cannot be reconfirmed.

4.11 Fair-presentation conventions

• Projected and realized results are labeled separately.
• IRR is shown with equity multiple and hold period where practicable because annualization can magnify short-duration outcomes.
• The realized-property population is displayed in full based on the supplied source.
• Portfolio status is reproduced as reported, including sold, exchanged, in escrow, and under-management designations.
• Risk and past-performance context appears near headline results as well as in the general disclosures.

4.12 Source limitations

The supplied excerpt does not identify the weighting basis for every aggregate, fully define the treatment of all fees and promote, or explain the cash-flow treatment of refinancings and 1031 exchanges. Accordingly, Lova reproduces the operator's labels rather than presenting independently calculated averages or characterizing the figures as net returns.

4.13 Corrections and updates

Lova reviews public metrics periodically and when the operating partner supplies updated information. If a material error is identified, Lova may correct or remove the figure, update the source date, and retain the prior version for its records. Visitors should rely on the definitive offering documents for any active opportunity.

4.14 Proximity disclosure

Operator-level information is identified near the applicable figures as not being Lova standalone performance. Past performance does not guarantee future results, and targets are estimates that are not guaranteed.