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3e Escaya Financials
Residences at Escaya Bond Structuring ` Senior/Sub Structure Assumptions A Bond Structure Summary Sources Uses Key Statistics Revenue growth:3.00%Fixed:No Senior Par Amount 81,485,000.00 Project Acquisition Account:135,000,000.00 Refi Portion (Class A):14,780,000 Expense growth:3.00%Senior Bonds Junior Par Amount 84,070,000.00 Senior Capitalized Interest:651,880.00 Senior Average Life:26.9 Delivery Date:08/01/2021 Par Amount:81,485,000 Senior Premium/Discount (7,147,049.35) Senior DSRF:3,259,400.00 Junior Average Life:24.0 Purchase Price(adjusted for prorated taxes):135,000,000 Final Maturity:08/01/2056 Junior Premium/Discount (5,672,202.90) Junior Capitalized Interest:2,659,220.00 Senior YTM:4.500% Investment Rate:1.25%Coupon:4.000%B Bond Par Amount:5,000,000.00 Coverage Reserve:1,324,440.00 Junior YTM:4.500% B Bond Rate:8.00%Yield:4.500%Junior DSRF:3,362,800.00 Refi Portion (Class B):7,987,756 Operating Reserve (3 months Stabilized Opex):359,872 Price:91.229 COI:4,966,650.00 3.0% Call Date:08/01/2031 Capitalized Interest End (Sizing):02/01/2022 Upfront Payment to Proj. Admin.:- B Bond Redemption:Par Release:02/01/2024 Subordinate Contribution:5,000,000.00 Coverage for Releases:1.20x Two years LTV:60%Extraordinary Expense Fund:500,000.00 Release Year:08/01/2035 Junior Bonds Operating Reserve Fund:359,872.24 Stabilized Occupancy:95%Par Amount:84,070,000 Capital Expense Fund 408,000.00 Fixed Senior (if applicable):100,000,000 Final Maturity:08/01/2042 Operating Account:239,914.83 Fixed Junior (if applicable):100,000,000 Coupon:4.000%TOTAL 157,735,747.75 TOTAL 157,732,177.07 Market Value: 135,000,000 Yield:4.500%Additional Proceeds 3,570.68 LTV:80%Price:93.253 Total (with Additional Proceeds)157,735,747.75 Senior Sizing Coverage:1.50x Total Interest:189,136,800 Maturity Yearfrac (Period) Yearfrac (Beginning) Semi-Annual Period Annual Period NOI Interest Capitalized Interest NOI Coverage Cashflow Remaining Reserve Earnings Interest Cap. Interest Acc. Balance Capitalized Interest Release Coverage Reserve Balance Coverage Reserve Release DSRF Balance DSRF Release Trailing Excess NOI (Beg.) Cashflow Remaining B Bond Interest Excess Cashflow Principal Paydown Sub A Bond Balance Cashflow Remaining 02/01/2022 0.50 0.50 1 1 2,444,610 1,629,700.00 - 1.50 x 814,910 74,473 1,681,400 2,659,220 (792,017) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2022 0.50 1.00 2 1 2,444,610 1,629,700.00 - 1.50 x 814,910 69,605 1,681,400 1,867,203 (796,885) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2023 0.50 1.50 3 2 2,694,402 1,629,700.00 - 1.65 x 1,064,702 64,708 1,681,400 1,070,318 (551,990) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2023 0.50 2.00 4 2 2,694,402 1,629,700.00 - 1.65 x 1,064,702 61,315 1,681,400 518,328 (555,382) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2024 0.50 2.50 5 3 2,839,561 1,629,700.00 - 1.74 x 1,209,861 57,902 1,681,400 614,825 (413,637) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2024 0.50 3.00 6 3 2,839,561 1,629,700.00 - 1.74 x 1,209,861 55,360 1,681,400 201,188 (416,179) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2025 0.50 3.50 7 4 2,965,657 1,629,700.00 - 1.82 x 1,335,957 52,802 1,681,400 (214,991) (292,641) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2025 0.50 4.00 8 4 2,965,657 1,629,700.00 - 1.82 x 1,335,957 51,004 1,681,400 (507,632) (294,439) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2026 0.50 4.50 9 5 3,062,699 1,629,700.00 - 1.88 x 1,432,999 49,194 1,681,400 (802,072) (199,207) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2026 0.50 5.00 10 5 3,062,699 1,629,700.00 - 1.88 x 1,432,999 47,970 1,681,400 (1,001,279) (200,431) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2027 0.50 5.50 11 6 3,162,664 1,629,700.00 - 1.94 x 1,532,964 46,738 1,681,400 (1,201,710) (101,698) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 08/01/2027 0.50 6.00 12 6 3,162,664 1,629,700.00 - 1.94 x 1,532,964 46,113 1,681,400 (1,303,408) (102,323) 1,324,440 - 3,362,800 - - - - - - 84,070,000 - 02/01/2028 0.50 6.50 13 7 3,265,639 1,629,700.00 - 2.00 x 1,635,939 45,484 1,681,400 (1,405,732) - 1,324,440 - 3,362,800 - - 23 23 - - 84,070,000 - 08/01/2028 0.50 7.00 14 7 3,265,639 1,629,700.00 - 2.00 x 1,635,939 45,484 1,681,400 (1,405,732) - 1,324,440 - 3,362,800 - - 23 23 - - 84,070,000 - 02/01/2029 0.50 7.50 15 8 3,371,715 1,629,700.00 - 2.07 x 1,742,015 45,484 1,681,400 (1,405,732) - 1,324,440 - 3,362,800 - - 106,099 106,099 - - 84,070,000 - 08/01/2029 0.50 8.00 16 8 3,371,715 1,629,700.00 - 2.07 x 1,742,015 45,484 1,681,400 (1,405,732) - 1,324,440 - 3,362,800 - - 106,099 106,099 - - 84,070,000 - 02/01/2030 0.50 8.50 17 9 3,480,986 1,629,700.00 - 2.14 x 1,851,286 45,484 1,681,400 (1,405,732) - 1,324,440 - 3,362,800 - - 215,370 200,000 15,370 15,000 84,055,000 370 08/01/2030 0.50 9.00 18 9 3,480,986 1,629,700.00 - 2.14 x 1,851,286 45,484 1,681,100 (1,405,732) - 1,324,440 - 3,362,800 - 370 216,040 200,000 16,040 15,000 84,040,000 1,040 02/01/2031 0.50 9.50 19 10 3,593,547 1,629,700.00 - 2.21 x 1,963,847 45,484 1,680,800 (1,405,732) - 1,324,440 - 3,362,800 - 1,040 329,571 200,000 129,571 125,000 83,915,000 4,571 08/01/2031 0.50 10.00 20 10 3,593,547 1,629,700.00 - 2.21 x 1,963,847 45,484 1,678,300 (1,405,732) - 1,324,440 - 3,362,800 - 4,571 335,602 200,000 135,602 135,000 83,780,000 602 02/01/2032 0.50 10.50 21 11 3,709,498 1,629,700.00 - 2.28 x 2,079,798 45,484 1,675,600 (1,405,732) - 1,324,440 - 3,362,800 - 602 450,284 200,000 250,284 250,000 83,530,000 284 08/01/2032 0.50 11.00 22 11 3,709,498 1,629,700.00 - 2.28 x 2,079,798 45,484 1,670,600 (1,405,732) - 1,324,440 - 3,362,800 - 284 454,965 200,000 254,965 250,000 83,280,000 4,965 02/01/2033 0.50 11.50 23 12 3,828,939 1,629,700.00 - 2.35 x 2,199,239 45,484 1,665,600 (1,405,732) - 1,324,440 - 3,362,800 - 4,965 584,088 200,000 384,088 380,000 82,900,000 4,088 08/01/2033 0.50 12.00 24 12 3,828,939 1,629,700.00 - 2.35 x 2,199,239 45,484 1,658,000 (1,405,732) - 1,324,440 - 3,362,800 - 4,088 590,812 200,000 390,812 390,000 82,510,000 812 02/01/2034 0.50 12.50 25 13 3,951,978 1,629,700.00 - 2.42 x 2,322,278 45,484 1,650,200 (1,405,732) - 1,324,440 - 3,362,800 - 812 718,373 200,000 518,373 515,000 81,995,000 3,373 08/01/2034 0.50 13.00 26 13 3,951,978 1,629,700.00 - 2.42 x 2,322,278 45,484 1,639,900 (1,405,732) - 1,324,440 - 3,362,800 - 3,373 731,235 200,000 531,235 530,000 81,465,000 1,235 02/01/2035 0.50 13.50 27 14 4,078,720 1,629,700.00 - 2.50 x 2,449,020 45,484 1,629,300 (1,405,732) - 1,324,440 - 3,362,800 - 1,235 866,439 200,000 666,439 665,000 80,800,000 1,439 08/01/2035 0.50 14.00 28 14 4,078,720 1,629,700.00 - 2.50 x 2,449,020 45,484 1,616,000 (1,405,732) 1,405,732 1,324,440 (1,324,440) 3,362,800 - 1,439 798,651 200,000 598,651 595,000 80,205,000 3,651 02/01/2036 0.50 14.50 29 15 4,209,279 1,629,700.00 - 2.58 x 2,579,579 45,984 1,604,100 - - - - 3,362,800 - 3,651 1,025,114 200,000 825,114 825,000 79,380,000 114 08/01/2036 0.50 15.00 30 15 4,209,279 1,629,700.00 - 2.58 x 2,579,579 45,984 1,587,600 - - - - 3,362,800 - 114 1,038,076 200,000 838,076 835,000 78,545,000 3,076 02/01/2037 0.50 15.50 31 16 4,271,333 1,629,700.00 - 2.62 x 2,641,633 45,984 1,570,900 - - - - 3,362,800 - 3,076 1,119,792 200,000 919,792 915,000 77,630,000 4,792 08/01/2037 0.50 16.00 32 16 4,271,333 1,629,700.00 - 2.62 x 2,641,633 45,984 1,552,600 - - - - 3,362,800 - 4,792 1,139,809 200,000 939,809 935,000 76,695,000 4,809 02/01/2038 0.50 16.50 33 17 4,411,778 1,629,700.00 - 2.71 x 2,782,078 45,984 1,533,900 - - - - 3,362,800 - 4,809 1,298,970 200,000 1,098,970 1,095,000 75,600,000 3,970 08/01/2038 0.50 17.00 34 17 4,411,778 1,629,700.00 - 2.71 x 2,782,078 45,984 1,512,000 - - - - 3,362,800 - 3,970 1,320,031 200,000 1,120,031 1,120,000 74,480,000 31 02/01/2039 0.50 17.50 35 18 4,556,450 1,629,700.00 - 2.80 x 2,926,750 45,984 1,489,600 - - - - 3,362,800 - 31 1,483,165 200,000 1,283,165 1,280,000 73,200,000 3,165 08/01/2039 0.50 18.00 36 18 4,556,450 1,629,700.00 - 2.80 x 2,926,750 45,984 1,464,000 - - - - 3,362,800 - 3,165 1,511,899 200,000 1,311,899 1,310,000 71,890,000 1,899 02/01/2040 0.50 18.50 37 19 4,705,478 1,629,700.00 - 2.89 x 3,075,778 45,984 1,437,800 - - - - 3,362,800 - 1,899 1,685,860 200,000 1,485,860 1,485,000 70,405,000 860 08/01/2040 0.50 19.00 38 19 4,705,478 1,629,700.00 - 2.89 x 3,075,778 45,984 1,408,100 - - - - 3,362,800 - 860 1,714,522 200,000 1,514,522 1,510,000 68,895,000 4,522 02/01/2041 0.50 19.50 39 20 4,858,991 1,629,700.00 - 2.98 x 3,229,291 45,984 1,377,900 - - - - 3,362,800 - 4,522 1,901,896 200,000 1,701,896 1,700,000 67,195,000 1,896 08/01/2041 0.50 20.00 40 20 4,858,991 1,629,700.00 - 2.98 x 3,229,291 45,984 1,343,900 - - - - 3,362,800 - 1,896 1,933,271 200,000 1,733,271 1,730,000 65,465,000 3,271 02/01/2042 0.50 20.50 41 21 5,017,125 1,629,700.00 - 3.08 x 3,387,425 45,984 1,309,300 - - - - 3,362,800 - 3,271 2,127,380 200,000 1,927,380 1,925,000 63,540,000 2,380 08/01/2042 0.50 21.00 42 21 5,017,125 1,629,700.00 - 3.08 x 3,387,425 45,984 1,270,800 - - - - 3,362,800 - 2,380 2,164,989 200,000 1,964,989 1,960,000 61,580,000 4,989 02/01/2043 0.50 21.50 43 22 5,180,019 1,629,700.00 - 3.18 x 3,550,319 45,984 1,231,600 - - - - 3,362,800 - 4,989 2,369,691 200,000 2,169,691 2,165,000 59,415,000 4,691 08/01/2043 0.50 22.00 44 22 5,180,019 1,629,700.00 - 3.18 x 3,550,319 45,984 1,188,300 - - - - 3,362,800 - 4,691 2,412,693 200,000 2,212,693 2,210,000 57,205,000 2,693 02/01/2044 0.50 22.50 45 23 5,347,815 1,629,700.00 - 3.28 x 3,718,115 45,984 1,144,100 - - - - 3,362,800 - 2,693 2,622,692 200,000 2,422,692 2,420,000 54,785,000 2,692 08/01/2044 0.50 23.00 46 23 5,347,815 1,629,700.00 - 3.28 x 3,718,115 45,984 1,095,700 - - - - 3,362,800 - 2,692 2,671,091 200,000 2,471,091 2,470,000 52,315,000 1,091 02/01/2045 0.50 23.50 47 24 5,520,662 1,629,700.00 - 3.39 x 3,890,962 45,984 1,046,300 - - - - 3,362,800 - 1,091 2,891,737 200,000 2,691,737 2,690,000 49,625,000 1,737 08/01/2045 0.50 24.00 48 24 5,520,662 1,629,700.00 - 3.39 x 3,890,962 45,984 992,500 - - - - 3,362,800 - 1,737 2,946,182 200,000 2,746,182 2,745,000 46,880,000 1,182 02/01/2046 0.50 24.50 49 25 5,698,710 1,629,700.00 - 3.50 x 4,069,010 45,984 937,600 - - - - 3,362,800 - 1,182 3,178,576 200,000 2,978,576 2,975,000 43,905,000 3,576 08/01/2046 0.50 25.00 50 25 5,698,710 1,629,700.00 - 3.50 x 4,069,010 45,984 878,100 - - - - 3,362,800 - 3,576 3,240,470 200,000 3,040,470 3,040,000 40,865,000 470 02/01/2047 0.50 25.50 51 26 5,882,117 1,629,700.00 - 3.61 x 4,252,417 45,984 817,300 - - - - 3,362,800 - 470 3,481,571 200,000 3,281,571 3,280,000 37,585,000 1,571 08/01/2047 0.50 26.00 52 26 5,882,117 1,629,700.00 - 3.61 x 4,252,417 45,984 751,700 - - - - 3,362,800 - 1,571 3,548,272 200,000 3,348,272 3,345,000 34,240,000 3,272 02/01/2048 0.50 26.50 53 27 6,071,044 1,629,700.00 - 3.73 x 4,441,344 45,984 684,800 - - - - 3,362,800 - 3,272 3,805,799 200,000 3,605,799 3,605,000 30,635,000 799 08/01/2048 0.50 27.00 54 27 6,071,044 1,629,700.00 - 3.73 x 4,441,344 45,984 612,700 - - - - 3,362,800 - 799 3,875,426 200,000 3,675,426 3,675,000 26,960,000 426 02/01/2049 0.50 27.50 55 28 6,265,655 1,629,700.00 - 3.84 x 4,635,955 45,984 539,200 - - - - 3,362,800 - 426 4,143,165 200,000 3,943,165 3,940,000 23,020,000 3,165 08/01/2049 0.50 28.00 56 28 6,265,655 1,629,700.00 - 3.84 x 4,635,955 45,984 460,400 - - - - 3,362,800 - 3,165 4,224,704 200,000 4,024,704 4,020,000 19,000,000 4,704 02/01/2050 0.50 28.50 57 29 6,466,123 1,629,700.00 - 3.97 x 4,836,423 45,984 380,000 - - - - 3,362,800 - 4,704 4,507,110 200,000 4,307,110 4,305,000 14,695,000 2,110 08/01/2050 0.50 29.00 58 29 6,466,123 1,629,700.00 - 3.97 x 4,836,423 45,984 293,900 - - - - 3,362,800 - 2,110 4,590,617 200,000 4,390,617 4,390,000 10,305,000 617 02/01/2051 0.50 29.50 59 30 6,672,624 1,629,700.00 - 4.09 x 5,042,924 45,984 206,100 - - - - 3,362,800 - 617 4,883,424 200,000 4,683,424 4,680,000 5,625,000 3,424 08/01/2051 0.50 30.00 60 30 6,672,624 1,629,700.00 - 4.09 x 5,042,924 45,984 112,500 - - - - 3,362,800 (3,362,800) - 8,339,207 200,000 8,139,207 5,625,000 - 2,514,207 02/01/2052 0.50 30.50 61 31 6,885,337 1,579,400.00 - 4.36 x 5,305,937 25,316 - - - - - - - - 5,331,254 200,000 5,131,254 - - 5,131,254 08/01/2052 0.50 31.00 62 31 6,885,337 1,476,800.00 - 4.66 x 5,408,537 25,316 - - - - - - - - 5,433,854 200,000 5,233,854 - - 5,233,854 02/01/2053 0.50 31.50 63 32 7,104,452 1,372,100.00 - 5.18 x 5,732,352 25,316 - - - - - - - - 5,757,668 200,000 5,557,668 - - 5,557,668 08/01/2053 0.50 32.00 64 32 7,104,452 1,260,900.00 - 5.63 x 5,843,552 25,316 - - - - - - - - 5,868,868 200,000 5,668,868 - - 5,668,868 02/01/2054 0.50 32.50 65 33 7,330,159 1,147,600.00 - 6.39 x 6,182,559 25,316 - - - - - - - - 6,207,876 200,000 6,007,876 - - 6,007,876 08/01/2054 0.50 33.00 66 33 7,330,159 1,027,400.00 - 7.13 x 6,302,759 25,316 - - - - - - - - 6,328,076 200,000 6,128,076 - - 6,128,076 02/01/2055 0.50 33.50 67 34 7,562,657 904,800.00 - 8.36 x 6,657,857 25,316 - - - - - - - - 6,683,174 200,000 6,483,174 - - 6,483,174 08/01/2055 0.50 34.00 68 34 7,562,657 775,200.00 - 9.76 x 6,787,457 25,316 - - - - - - - - 6,812,774 200,000 6,612,774 - - 6,612,774 02/01/2056 0.50 34.50 69 35 7,802,151 642,900.00 - 12.14 x 7,159,251 25,316 - - - - - - - - 7,184,567 200,000 6,984,567 - - 6,984,567 08/01/2056 0.50 35.00 70 35 7,802,151 503,200.00 - 15.51 x 7,298,951 25,316 - - - - - - - - 7,324,267 200,000 7,124,267 - - 7,124,267 336,541,149 228,068,849 Senior (Interest)Junior (Principal and Interest) Residences at Escaya Annual Coverage Calculations Release Year (2/1)08/01/2035 Release Year (8/1)02/01/2036 Aggregate Release 08/01/2035 Year Reference Year NOI Interest Coverage Release Requirement Year 1 08/01/2022 5,033,298 6,622,200 0.76x 0 1 2 08/01/2023 5,514,828 6,622,200 0.83x 0 2 3 08/01/2024 5,792,383 6,622,200 0.87x 0 3 4 08/01/2025 6,035,120 6,622,200 0.91x 0 4 5 08/01/2026 6,222,562 6,622,200 0.94x 0 5 6 08/01/2027 6,418,178 6,622,200 0.97x 0 6 7 08/01/2028 6,622,246 6,622,200 1.00x 0 7 8 08/01/2029 6,834,399 6,622,200 1.03x 0 8 9 08/01/2030 7,052,940 6,621,900 1.07x 0 9 10 08/01/2031 7,278,062 6,618,500 1.10x 0 10 11 08/01/2032 7,509,963 6,605,600 1.14x 0 11 12 08/01/2033 7,748,847 6,583,000 1.18x 0 12 13 08/01/2034 7,994,923 6,549,500 1.22x 1 13 14 08/01/2035 8,248,408 6,504,700 1.27x 2 14 15 08/01/2036 8,510,524 6,451,100 1.32x 3 15 16 08/01/2037 8,634,633 6,382,900 1.35x 4 16 17 08/01/2038 8,915,522 6,305,300 1.41x 5 17 18 08/01/2039 9,204,868 6,213,000 1.48x 6 18 19 08/01/2040 9,502,923 6,105,300 1.56x 7 19 20 08/01/2041 9,809,949 5,981,200 1.64x 8 20 21 08/01/2042 10,126,218 5,839,500 1.73x 9 21 22 08/01/2043 10,452,005 5,679,300 1.84x 10 22 23 08/01/2044 10,787,598 5,499,200 1.96x 11 23 24 08/01/2045 11,133,291 5,298,200 2.10x 12 24 25 08/01/2046 11,489,388 5,075,100 2.26x 13 25 26 08/01/2047 11,856,202 4,828,400 2.46x 14 26 27 08/01/2048 12,234,054 4,556,900 2.68x 15 27 28 08/01/2049 12,623,278 4,259,000 2.96x 16 28 29 08/01/2050 13,024,214 3,933,300 3.31x 17 29 30 08/01/2051 13,437,214 3,578,000 3.76x 18 30 31 08/01/2052 13,821,308 3,056,200 4.52x 19 31 32 08/01/2053 14,259,537 2,633,000 5.42x 20 32 33 08/01/2054 14,710,951 2,175,000 6.76x 21 33 34 08/01/2055 15,175,948 1,680,000 9.03x 22 34 35 08/01/2056 15,654,934 1,146,100 13.66x 23 35 339,670,713 189,136,800 36 Aggregate 2/1 Annual Calculations Release Year (2/1) Release Year (8/1) Senior Cap-I Release 4% NOI Interest Coverage Release Requirement Year Reference Year 02/01/2022 2,519,083 3,311,100 0.76x 0 1 08/01/2022 02/01/2023 5,273,325 6,622,200 0.80x 0 2 08/01/2023 02/01/2024 5,653,180 6,622,200 0.85x 0 3 08/01/2024 02/01/2025 5,913,380 6,622,200 0.89x 0 4 08/01/2025 02/01/2026 6,128,554 6,622,200 0.93x 0 5 08/01/2026 02/01/2027 6,320,070 6,622,200 0.95x 0 6 08/01/2027 02/01/2028 6,519,900 6,622,200 0.98x 0 7 08/01/2028 02/01/2029 6,728,322 6,622,200 1.02x 0 8 08/01/2029 02/01/2030 6,943,669 6,622,200 1.05x 0 9 08/01/2030 02/01/2031 7,165,501 6,621,300 1.08x 0 10 08/01/2031 02/01/2032 7,394,013 6,613,300 1.12x 0 11 08/01/2032 02/01/2033 7,629,405 6,595,600 1.16x 0 12 08/01/2033 02/01/2034 7,871,885 6,567,600 1.20x 0 13 08/01/2034 02/01/2035 8,121,666 6,528,600 1.24x 1 14 08/01/2035 02/01/2036 8,379,466 6,479,500 1.29x 2 15 08/01/2036 02/01/2037 8,572,579 6,417,900 1.34x 3 16 08/01/2037 02/01/2038 8,775,078 6,345,900 1.38x 4 17 08/01/2038 02/01/2039 9,060,195 6,261,000 1.45x 5 18 08/01/2039 02/01/2040 9,353,895 6,161,200 1.52x 6 19 08/01/2040 02/01/2041 9,656,436 6,045,400 1.60x 7 20 08/01/2041 02/01/2042 9,968,084 5,912,600 1.69x 8 21 08/01/2042 02/01/2043 10,289,111 5,761,800 1.79x 9 22 08/01/2043 02/01/2044 10,619,801 5,591,800 1.90x 10 23 08/01/2044 02/01/2045 10,960,444 5,401,400 2.03x 11 24 08/01/2045 02/01/2046 11,311,339 5,189,500 2.18x 12 25 08/01/2046 02/01/2047 11,672,795 4,954,800 2.36x 13 26 08/01/2047 02/01/2048 12,045,128 4,695,900 2.57x 14 27 08/01/2048 02/01/2049 12,428,666 4,411,300 2.82x 15 28 08/01/2049 02/01/2050 12,823,746 4,099,800 3.13x 16 29 08/01/2050 02/01/2051 13,230,714 3,759,400 3.52x 17 30 08/01/2051 02/01/2052 13,629,261 3,321,600 4.10x 18 31 08/01/2052 02/01/2053 14,040,422 2,848,900 4.93x 19 32 08/01/2053 02/01/2054 14,485,244 2,408,500 6.01x 20 33 08/01/2054 02/01/2055 14,943,449 1,932,200 7.73x 21 34 08/01/2055 02/01/2056 15,415,441 1,418,100 10.87x 22 35 08/01/2056 02/01/2057 7,827,467 503,200 15.56x 23 339,670,713 189,136,800 8/1 Annual Calculations 08/01/2024 02/01/2024 02/01/2024 NOI Interest Coverage Release Requirement Year Reference Year NOI 4,889,219 3,259,400 1.50x 0 1 02/01/2022 2,444,610 5,388,805 3,259,400 1.65x 1 2 02/01/2023 5,139,012 5,679,122 3,259,400 1.74x 2 3 02/01/2024 5,533,963 5,931,314 3,259,400 1.82x 3 4 02/01/2025 5,805,218 6,125,398 3,259,400 1.88x 4 5 02/01/2026 6,028,356 6,325,327 3,259,400 1.94x 5 6 02/01/2027 6,225,363 6,531,278 3,259,400 2.00x 6 7 02/01/2028 6,428,303 6,743,431 3,259,400 2.07x 7 8 02/01/2029 6,637,354 6,961,972 3,259,400 2.14x 8 9 02/01/2030 6,852,701 7,187,094 3,259,400 2.21x 9 10 02/01/2031 7,074,533 7,418,995 3,259,400 2.28x 10 11 02/01/2032 7,303,045 7,657,879 3,259,400 2.35x 11 12 02/01/2033 7,538,437 7,903,955 3,259,400 2.42x 12 13 02/01/2034 7,780,917 8,157,440 3,259,400 2.50x 13 14 02/01/2035 8,030,698 8,418,557 3,259,400 2.58x 14 15 02/01/2036 8,287,999 8,542,666 3,259,400 2.62x 15 16 02/01/2037 8,480,611 8,823,555 3,259,400 2.71x 16 17 02/01/2038 8,683,110 9,112,901 3,259,400 2.80x 17 18 02/01/2039 8,968,228 9,410,956 3,259,400 2.89x 18 19 02/01/2040 9,261,928 9,717,982 3,259,400 2.98x 19 20 02/01/2041 9,564,469 10,034,250 3,259,400 3.08x 20 21 02/01/2042 9,876,116 10,360,038 3,259,400 3.18x 21 22 02/01/2043 10,197,144 10,695,631 3,259,400 3.28x 22 23 02/01/2044 10,527,834 11,041,324 3,259,400 3.39x 23 24 02/01/2045 10,868,477 11,397,421 3,259,400 3.50x 24 25 02/01/2046 11,219,372 11,764,235 3,259,400 3.61x 25 26 02/01/2047 11,580,828 12,142,087 3,259,400 3.73x 26 27 02/01/2048 11,953,161 12,531,311 3,259,400 3.84x 27 28 02/01/2049 12,336,699 12,932,246 3,259,400 3.97x 28 29 02/01/2050 12,731,778 13,345,247 3,259,400 4.09x 29 30 02/01/2051 13,138,747 13,770,675 3,056,200 4.51x 30 31 02/01/2052 13,557,961 14,208,904 2,633,000 5.40x 31 32 02/01/2053 13,989,789 14,660,318 2,175,000 6.74x 32 33 02/01/2054 14,434,611 15,125,315 1,680,000 9.00x 33 34 02/01/2055 14,892,817 15,604,302 1,146,100 13.62x 34 35 02/01/2056 15,364,808 336,541,149 108,472,300 36 02/01/2057 7,802,151 336,541,149 Senior A-1 2/1 Annual Calculations 8/1 Annual Calculations Interest Coverage Release Requirement 1,629,700 1.50x 0 3,259,400 1.58x 1 3,259,400 1.70x 2 3,259,400 1.78x 3 3,259,400 1.85x 4 3,259,400 1.91x 5 3,259,400 1.97x 6 3,259,400 2.04x 7 3,259,400 2.10x 8 3,259,400 2.17x 9 3,259,400 2.24x 10 3,259,400 2.31x 11 3,259,400 2.39x 12 3,259,400 2.46x 13 3,259,400 2.54x 14 3,259,400 2.60x 15 3,259,400 2.66x 16 3,259,400 2.75x 17 3,259,400 2.84x 18 3,259,400 2.93x 19 3,259,400 3.03x 20 3,259,400 3.13x 21 3,259,400 3.23x 22 3,259,400 3.33x 23 3,259,400 3.44x 24 3,259,400 3.55x 25 3,259,400 3.67x 26 3,259,400 3.78x 27 3,259,400 3.91x 28 3,259,400 4.03x 29 3,209,100 4.22x 30 2,848,900 4.91x 31 2,408,500 5.99x 32 1,932,200 7.71x 33 1,418,100 10.83x 34 503,200 15.51x 35 108,472,300 8/1 Annual Calculations Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures)CONFIDENTIAL General Project Sources & Uses Property Name Villages at Escaya Uses of Funds Total Per Unit Street 1925 Avenida Escaya Deposit to Project Acquisition Account 135,000,000 496,324 City Chula Vista Deposit to Capitalized Interest Account 6,199,788 22,793 County San Diego Deposit to Coverage Reserve Fund 1,266,968 4,658 No. Units 272 4% Deposit to Senior Debt Service Reserve Fund 6,334,840 23,290 Purchase Price 135,000,000 Cost of Issuance 4,751,130 17,467 Implied Price per Door 496,324 Upfront Payment to Project Administrator - - Implied Cap Rate based on T-12 NOI 3.87%Subordinate Contribution (offset B Bond)5,000,000 18,382 Implied Cap Rate based on Yr. 1 PF NOI 3.67%Extraordinary Expense Fund 500,000 1,838 Offer Date 01/31/21 Operating Reserve Fund 425,156 1,563 Issuer CMFA Capital Expense Fund 408,000 1,500 Operating Account 283,438 1,042 Economic Assumptions Additional Proceeds 2,586 na Choose Figures for Underwriting T12 Year 1 Year 2 Year 3 Year 4 Year 5+Total Uses of Funds 160,171,906 588,867 Gross Rent Assumptions 3.60% Market Rent Growth 0.0% 3.0% 3.0% 3.0% 3.0%Sources of Funds In-place Rent Growth 0.0% 3.0% 3.0% 3.0% 3.0%A Bonds (par amount)158,371,000 582,246 AMI Growth (Affordable Rent Growth)0.0% 3.0% 3.0% 3.0% 3.0%Original Issue Premium (3,199,094) (11,761) Max Rent Increase on Qualified Tenant 0.0% 3.0% 3.0% 3.0% 3.0%B Bonds (par amount - unfunded/offset in Uses)5,000,000 18,382 % of Building Converted to Qualified Affordable 50.0% 75.0% 95.0% 100.0% 100.0%Total Sources of Funds 160,171,906 588,867 % of Non-Qualified Units at Market Rents 0.0% 0.0% 0.0% 0.0% 0.0% % of Non-Qualified at In-place Rents 50.0%25.0%5.0%0.0%0.0% Total Check 100.0% 100.0% 100.0% 100.0% 100.0%Bond Metrics % of Total Retail Rent included in JPA Pro Forma 100.0%A Bond B Bond Retail Rent Growth 0.0% 3.0% 3.0% 3.0% 3.0%Par Amount 158,371,000 5,000,000 Misc./Ten. Charges/& Other Inc. Growth 0.0% 3.0% 3.0% 3.0% 3.0%Coupon 4.00% 10.00% Yield 4.25%na Net Rent Assumptions Price 97.98 na Blended Turnover 45.0% 45.0% 35.0% 35.0% 35.0%Call Date 01/31/31 na Months to fill turn 1.0 1.0 1.0 1.0 0.5 Coverage for Releases 1.20x na Implied Natural Vacancy 3.8% 3.8% 2.9% 2.9% 1.5% Paid off Year 35 Year 35 Additional Forced Vacancy 1.3%1.3%2.1%2.1%3.5% Total Vacancy 0.0%5.0% 5.0% 5.0% 5.0% 5.0%Unit Summary Bad Debt/Delinquency 0.22%6.00% 2.00% 1.00% 1.00% 1.00%Average Rent Afford. Rent New Lease Concessions (Months Free)0.25 0.25 0.25 - - Unit Type No. Units %In-place Market Affordable Disc. to Mkt. Renewal Lease Concessions (Months Free)- - - - - Studio - 0.0%- - - na Non-revenue units 2.0 2.0 2.0 2.0 2.0 1BR 98 36.0%2,100 2,270 2,156 (5.0%) 2BR 154 56.6%2,512 2,697 2,546 (5.6%) Expense Assumptions 3BR 20 7.4%3,637 3,786 3,354 (11.4%) Expense Growth 3.0% 3.0% 3.0% 3.0% 3.0%4BR - 0.0%- - - na Pro Forma Real Estate Taxes (Base Year)0.00000% 46,079 47,461 48,885 50,352 51,862 Total/Average 272 100.0%2,446 2,623 2,465 (6.0%) Project Administrator Fee 150,000 150,000 150,000 150,000 150,000 (x) Year 1 tenant mix: 50.0%0.0%50.0% Capital Reserve Deposit ($/Unit in Base Year)300 Year 1 implied rent 1,223 - 1,233 2,456 Capital Reserve Max $/Unit 1,000 Discout to Market (6.4%) Capital Reserve Deposit Years to Max 16 years Asset Management Fee (Baase Year)0.215% Asset Management Fee Escalator (Amount)0.000% Asset Management Fee Escalator (Year)6 years Other Administrative Expenses 60,000 60,000 60,000 60,000 60,000 Qualified Tenant Assumptions Qualifying Tenants at Acquisition 50.0% Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures)CONFIDENTIAL Pro Forma Rent Roll Summary Rents In-place Stabilized Max Actual* AMI Type Units Size (sf)Actual Market Restricted Restricted 80% AMI Studio - - - - - - 100% AMI Studio - - - - - - 120% AMI Studio - - - - - - 80% AMI 1BR 33 760 2,100 2,270 2,263 2,043 100% AMI 1BR 33 760 2,100 2,270 2,829 2,156 120% AMI 1BR 33 760 2,100 2,270 3,395 2,270 80% AMI 2BR 51 1,008 2,512 2,697 2,546 2,380 100% AMI 2BR 51 1,008 2,512 2,697 3,182 2,562 120% AMI 2BR 51 1,008 2,512 2,697 3,819 2,697 80% AMI 3BR 7 1,569 3,637 3,786 2,828 2,799 100% AMI 3BR 7 1,569 3,637 3,786 3,535 3,477 120% AMI 3BR 7 1,569 3,637 3,786 4,242 3,786 80% AMI 4BR - - - - - - 100% AMI 4BR - - - - - - 120% AMI 4BR - - - - - - Total/Average 272 960 2,446 2,623 3,081 2,465 Annual Gross Potential Rent 7,983,756 8,561,868 10,055,990 8,046,559 *Note: Qualified tenants are offered rents equal to the minimum of (i) market and (ii) the maximum restricted rent level based on their AMI classification. Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures)CONFIDENTIAL Underwriting Summary 3.00% 272 Units T12 PF Exp. Pro Forma Year 1 Total Per Unit Adj.Total Per Unit Income Potential Gross Rent - Market 7,983,756 29,352 8,561,868 31,477 (Loss)/Gain to Lease - 0.00%(546,710) (6.39%) Potential Gross Rent 7,983,756 29,352 8,015,158 29,467 Potential Gross Rent per unit per month 2,446 2,456 Retail Rent - - - - Non-Revenue Units (123,225) (1.54%)(58,935) (0.74%) Tenant Charges - - - - Miscellaneous Income (Pet & Parking)172,247 633 172,247 633 Vacancy - 0.00%(400,758) (5.00%) Concessions (911) (0.01%)(75,142) (0.94%) Bad Debt/Delinquency (17,736) (0.22%)(480,909) (6.00%) RUBS 35 0 35 0 Net Revenue 8,014,166 29,464 7,171,695 26,367 Expense General Administrative (53,801) (198) 0.00%(55,415) (204) Marketing (63,573) (234) 0.00%(65,480) (241) Replacement Reserve (81,600) (300) 0.00%(84,048) (309) R&M, Turnover (245,307) (902) 0.00%(252,666) (929) Utilities (143,358) (527) 0.00%(147,659) (543) Payroll (474,458) (1,744) 0.00%(488,692) (1,797) Management Fee (189,652) (2.37%) (169,715) (2.37%) Annual Host City Fee (103,000) (379) 2.00%(107,161) (394) Landscaping (66,653) (245) 0.00%(68,653) (252) Total Controllable Expense (1,421,402) (5,226) (1,439,489) (5,292) Taxes - Real Estate (1,164,861) (4,283) (46,079) (169) Ground Lease - - - - Insurance (208,794) (768) 0.00%(215,058) (791) Total Expense (2,795,057) (10,276) (1,700,626) (6,252) NOI (before fees) 5,219,109 19,188 5,471,069 20,114 Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures) Villages at Escaya, Chula Vista Pro Forma Year Ending 272 Units Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Cash Flow Projection T12 01/31/22 01/31/23 01/31/24 01/31/25 01/31/26 01/31/27 01/31/28 01/31/29 01/31/30 01/31/31 01/31/32 01/31/33 01/31/34 01/31/35 01/31/36 01/31/37 01/31/38 Reproduction of Drivers 4% Qualified Affordable Rents % Qualified 50.00% 50.00% 75.00% 95.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Affordable Rent 8,046,559 8,046,559 8,287,956 8,536,595 8,792,693 9,056,473 9,328,168 9,608,013 9,896,253 10,193,141 10,498,935 10,813,903 11,138,320 11,472,470 11,816,644 12,171,143 12,536,277 12,912,366 % Growth 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Non-Affordable Rents (total available %)50.00%25.00%5.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% % Market 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Market Rent 8,561,868 8,561,868 8,818,724 9,083,286 9,355,784 9,636,458 9,925,552 10,223,318 10,530,018 10,845,918 11,171,296 11,506,435 11,851,628 12,207,177 12,573,392 12,950,594 13,339,111 13,739,285 % Growth 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.60% % In-place 100.00%50.00% 25.00% 5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% In-place Rent 7,983,756 7,983,756 8,223,269 8,469,967 8,724,066 8,985,788 9,255,361 9,533,022 9,819,013 10,113,583 10,416,991 10,729,500 11,051,385 11,382,927 11,724,415 12,076,147 12,438,432 12,811,585 % Growth 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Check OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK Implied Natural Vacancy 3.75% 3.75% 2.92% 2.92% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% Additional Forced Vacancy 1.25%1.25%2.08%2.08%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54% Total Vacancy 0.00%5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Blended Turnover 45.00% 45.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% Implied Renewal 55.00% 55.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% New Lease Concessions (Months Free)0.25 0.25 0.25 - - - - - - - - - - - - - - Renewal Lease Concessions (Months Free)- - - - - - - - - - - - - - - - - Total Units 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 Non-revenue units 1.54%0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% Retail Rent Growth 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Ten. Charges/Misc. Inc./RUBS Growth 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Bad Debt/Delinquency 0.22%6.00% 2.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Expense Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Management Fee 2.37%2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% Project Administrator Fee 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 Capital Reserve Deposit ($/Unit)16 years 300 309 318 328 338 348 358 369 380 391 403 415 428 441 454 1,000 1,000 Asset Management Fee 6 years 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% Other Adminstrative Expenses 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 Income Potential Gross Rent - Market 7,983,756 8,561,868 8,818,724 9,083,286 9,355,784 9,636,458 9,925,552 10,223,318 10,530,018 10,845,918 11,171,296 11,506,435 11,851,628 12,207,177 12,573,392 12,950,594 13,339,111 13,739,285 (Loss)/Gain to Lease - (546,710) (546,940) (550,022) (563,092) (579,984) (597,384) (615,305) (633,765) (652,778) (672,361) (692,532) (713,308) (734,707) (756,748) (779,450) (802,834) (826,919) Potential Gross Rent 7,983,756 8,015,158 8,271,784 8,533,263 8,792,693 9,056,473 9,328,168 9,608,013 9,896,253 10,193,141 10,498,935 10,813,903 11,138,320 11,472,470 11,816,644 12,171,143 12,536,277 12,912,366 Retail Rent - - - - - - - - - - - - - - - - - - Non-Revenue Units (123,225) (58,935) (60,822) (62,745) (64,652) (66,592) (68,589) (70,647) (72,767) (74,950) (77,198) (79,514) (81,899) (84,356) (86,887) (89,494) (92,179) (94,944) Tenant Charges - - - - - - - - - - - - - - - - - - Miscellaneous Income (Pet & Parking) 172,247 172,247 177,414 182,737 188,219 193,866 199,681 205,672 211,842 218,197 224,743 231,486 238,430 245,583 252,951 260,539 268,355 276,406 Vacancy - (400,758) (413,589) (426,663) (439,635) (452,824) (466,408) (480,401) (494,813) (509,657) (524,947) (540,695) (556,916) (573,623) (590,832) (608,557) (626,814) (645,618) Concessions (911) (75,142) (77,548) (62,222) - - - - - - - - - - - - - - Bad Debt/Delinquency (17,736) (480,909) (165,436) (85,333) (87,927) (90,565) (93,282) (96,080) (98,963) (101,931) (104,989) (108,139) (111,383) (114,725) (118,166) (121,711) (125,363) (129,124) RUBS 35 35 36 37 38 39 41 42 43 44 46 47 48 50 51 53 55 56 Net Revenues 8,014,166 7,171,695 7,731,840 8,079,075 8,388,736 8,640,398 8,899,610 9,166,599 9,441,596 9,724,844 10,016,590 10,317,087 10,626,600 10,945,398 11,273,760 11,611,973 11,960,332 12,319,142 Expense General Administrative (53,801) (55,415) (57,077) (58,790) (60,553) (62,370) (64,241) (66,168) (68,153) (70,198) (72,304) (74,473) (76,707) (79,009) (81,379) (83,820) (86,335) (88,925) Marketing (63,573) (65,480) (67,445) (69,468) (71,552) (73,699) (75,909) (78,187) (80,532) (82,948) (85,437) (88,000) (90,640) (93,359) (96,160) (99,045) (102,016) (105,076) Replacement Reserve (81,600) (84,048) (86,569) (89,167) (91,842) (94,597) (97,435) (100,358) (103,368) (106,469) (109,664) (112,953) (116,342) (119,832) (123,427) (127,130) (130,944) (134,872) R&M, Turnover (245,307) (252,666) (260,246) (268,054) (276,095) (284,378) (292,909) (301,697) (310,748) (320,070) (329,672) (339,562) (349,749) (360,242) (371,049) (382,180) (393,646) (405,455) Utilities (143,358) (147,659) (152,089) (156,651) (161,351) (166,191) (171,177) (176,312) (181,602) (187,050) (192,661) (198,441) (204,394) (210,526) (216,842) (223,347) (230,048) (236,949) Payroll (474,458) (488,692) (503,352) (518,453) (534,007) (550,027) (566,528) (583,523) (601,029) (619,060) (637,632) (656,761) (676,464) (696,758) (717,660) (739,190) (761,366) (784,207) Management Fee (189,652) (169,715) (182,971) (191,188) (198,516) (204,472) (210,606) (216,924) (223,432) (230,135) (237,039) (244,150) (251,474) (259,018) (266,789) (274,793) (283,036) (291,528) Annual Host City Fee (103,000) (107,161) (109,304) (111,491) (113,720) (115,995) (118,315) (120,681) (123,095) (125,556) (128,068) (130,629) (133,241) (135,906) (138,624) (141,397) (144,225) (147,109) Landscaping (66,653) (68,653) (70,712) (72,834) (75,019) (77,269) (79,587) (81,975) (84,434) (86,967) (89,576) (92,263) (95,031) (97,882) (100,819) (103,843) (106,958) (110,167) Total Controllable Expenses (1,421,402) (1,439,489) (1,489,766) (1,536,094) (1,582,654) (1,628,997) (1,676,707) (1,725,825) (1,776,393) (1,828,454) (1,882,052) (1,937,233) (1,994,043) (2,052,532) (2,112,749) (2,174,745) (2,238,574) (2,304,289) Taxes - Real Estate (1,164,861) (46,079) (47,461) (48,885) (50,352) (51,862) (53,418) (55,021) (56,671) (58,371) (60,123) (61,926) (63,784) (65,698) (67,669) (69,699) (71,790) (73,943) Taxes - Other - - - - - - - - - - - - - - - - - - Insurance (208,794) (215,058) (221,510) (228,155) (234,999) (242,049) (249,311) (256,790) (264,494) (272,429) (280,602) (289,020) (297,690) (306,621) (315,820) (325,294) (335,053) (345,105) NOI Before Fees 5,219,109 5,471,069 5,973,103 6,265,941 6,520,730 6,717,490 6,920,174 7,128,963 7,344,038 7,565,590 7,793,814 8,028,909 8,271,082 8,520,547 8,777,523 9,042,235 9,314,916 9,595,805 Other Capex - - - - - - - - - - - - - - - - - - Capital Reserve Deposit - (81,600) (84,048) (86,569) (89,167) (91,842) (94,597) (97,435) (100,358) (103,368) (106,469) (109,664) (112,953) (116,342) (119,832) (123,427) (272,000) (272,000) Project Administrator Fee (CMFA)- (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) Asset Management Fees - (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) Other Adminstrative Expenses - (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) Total Other Expenses - (581,850) (584,298) (586,819) (589,417) (592,092) (594,847) (597,685) (600,608) (603,618) (606,719) (609,914) (613,203) (616,592) (620,082) (623,677) (772,250) (772,250) NOI After Other Expenses & Capex 5,219,109 4,889,219 5,388,805 5,679,122 5,931,314 6,125,398 6,325,327 6,531,278 6,743,431 6,961,972 7,187,094 7,418,995 7,657,879 7,903,955 8,157,440 8,418,557 8,542,666 8,823,555 Other - - - - - - - - - - - - - - - - - - NOI for Debt Service 5,219,109 4,889,219 5,388,805 5,679,122 5,931,314 6,125,398 6,325,327 6,531,278 6,743,431 6,961,972 7,187,094 7,418,995 7,657,879 7,903,955 8,157,440 8,418,557 8,542,666 8,823,555 Debt Service Coverage Ratio 0.77x 0.85x 0.90x 0.94x 0.97x 1.00x 1.03x 1.06x 1.10x 1.14x 1.18x 1.26x 1.31x 1.37x 1.43x 1.47x 1.55x Trailing Excess NOI - - - - - - - 1,793 4,034 7,349 3,297 4,727 4,213 3,666 1,205 5,674 1,650 Investment Income 141,615 129,989 122,659 118,024 115,687 114,995 114,995 114,995 114,995 114,995 114,995 93,192 71,390 71,390 71,390 71,390 71,390 A Bonds BOP A Bonds Outstanding 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,351,000 158,106,000 157,621,000 156,886,000 151,376,000 149,941,000 148,191,000 146,111,000 143,816,000 Interest Accrual 6,334,840 6,334,840 6,334,840 6,334,840 6,334,840 6,334,840 6,334,840 6,334,640 6,331,540 6,319,440 6,297,540 6,176,740 6,040,840 5,980,340 5,907,040 5,821,740 5,726,240 Interest Payment from NOI (4,889,219) (5,388,805) (5,679,122) (5,931,314) (6,125,398) (6,325,327) (6,334,840) (6,334,640) (6,331,540) (6,319,440) (6,297,540) (6,176,740) (6,040,840) (5,980,340) (5,907,040) (5,821,740) (5,726,240) Capitalized Interest Release (1,304,005) (816,046) (533,060) (285,502) (93,755) - - - - - - (3,167,420) - - - - - Investment Income Release (141,615) (129,989) (122,659) (118,024) (115,687) (9,513) - - - - - - - - - - - Coverage Reserve Release - - - - - - - - - - - (1,266,968) - - - - - Debt Service Reserve Release - - - - - - - - - - - - - - - - - Unfunded Interest 0 - - - - - - - - - - - - - - - - Funds Remaining for B Bond Payment - - - - - 105,482 311,433 525,578 749,461 989,998 1,239,747 6,013,446 1,938,718 2,252,156 2,584,112 2,797,989 3,170,355 B Bonds BOP B Bonds Outstanding 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 7,500,000 7,894,518 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 Interest Accrual 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 Interest Payment - - - - - (105,482) (311,433) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) PIK Principal Accrual 500,000 500,000 500,000 500,000 500,000 394,518 188,567 - - - - - - - - - - Funds Available for A Bond Redemption A Bonds Special Redemption - - - - - - - (20,000) (245,000) (485,000) (735,000) (5,510,000) (1,435,000) (1,750,000) (2,080,000) (2,295,000) (2,665,000) EOP A Bonds Outstanding 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,371,000 158,351,000 158,106,000 157,621,000 156,886,000 151,376,000 149,941,000 148,191,000 146,111,000 143,816,000 141,151,000 Funds Available for B Bond Redemption B Bonds Special Redemption - - - - - - - - - - - - - - - - - B Bonds Outstanding 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 7,500,000 7,894,518 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 Cash Flow After Bond Redemption - - - - - - - 25,578 249,461 489,998 739,747 5,513,446 1,438,718 1,752,156 2,084,112 2,297,989 2,670,355 Estimated Cap Rate 4.25%4.30% 4.35% 4.40% 4.45% 4.50% 4.55% 4.60% 4.65% 4.70% 4.75% 4.80% 4.85% 4.90% 4.95% 5.00% 5.05% 5.10% Hypothetical Value 127,234,174 137,312,709 142,407,753 146,533,270 149,277,547 152,091,742 154,977,448 157,936,308 160,970,009 164,080,288 167,268,933 170,537,780 173,888,718 177,323,691 180,844,692 184,453,775 188,153,046 Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures) Villages at Escaya, Chula Vista 272 Units Cash Flow Projection Reproduction of Drivers Qualified Affordable Rents % Qualified Affordable Rent % Growth Non-Affordable Rents (total available %) % Market Market Rent % Growth % In-place In-place Rent % Growth Check Implied Natural Vacancy Additional Forced Vacancy Total Vacancy Blended Turnover Implied Renewal New Lease Concessions (Months Free) Renewal Lease Concessions (Months Free) Total Units Non-revenue units Retail Rent Growth Ten. Charges/Misc. Inc./RUBS Growth Bad Debt/Delinquency Expense Growth Management Fee Project Administrator Fee Capital Reserve Deposit ($/Unit)16 years Asset Management Fee 6 years Other Adminstrative Expenses Income Potential Gross Rent - Market (Loss)/Gain to Lease Potential Gross Rent Retail Rent Non-Revenue Units Tenant Charges Miscellaneous Income (Pet & Parking) Vacancy Concessions Bad Debt/Delinquency RUBS Net Revenues Expense General Administrative Marketing Replacement Reserve R&M, Turnover Utilities Payroll Management Fee Annual Host City Fee Landscaping Total Controllable Expenses Taxes - Real Estate Taxes - Other Insurance NOI Before Fees Other Capex Capital Reserve Deposit Project Administrator Fee (CMFA) Asset Management Fees Other Adminstrative Expenses Total Other Expenses NOI After Other Expenses & Capex Other NOI for Debt Service Debt Service Coverage Ratio Trailing Excess NOI Investment Income A Bonds BOP A Bonds Outstanding Interest Accrual Interest Payment from NOI Capitalized Interest Release Investment Income Release Coverage Reserve Release Debt Service Reserve Release Unfunded Interest Funds Remaining for B Bond Payment B Bonds BOP B Bonds Outstanding Interest Accrual Interest Payment PIK Principal Accrual Funds Available for A Bond Redemption A Bonds Special Redemption EOP A Bonds Outstanding Funds Available for B Bond Redemption B Bonds Special Redemption B Bonds Outstanding Cash Flow After Bond Redemption Estimated Cap Rate Hypothetical Value Yr. 18 Yr. 19 Yr. 20 Yr. 21 Yr. 22 Yr. 23 Yr. 24 Yr. 25 Yr. 26 Yr. 27 Yr. 28 Yr. 29 Yr. 30 Yr. 31 Yr. 32 Yr. 33 Yr. 34 Yr. 35 01/31/39 01/31/40 01/31/41 01/31/42 01/31/43 01/31/44 01/31/45 01/31/46 01/31/47 01/31/48 01/31/49 01/31/50 01/31/51 01/31/52 01/31/53 01/31/54 01/31/55 01/31/56 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 13,299,737 13,698,729 14,109,691 14,532,981 14,968,971 15,418,040 15,880,581 16,356,999 16,847,708 17,353,140 17,873,734 18,409,946 18,962,244 19,531,112 20,117,045 20,720,556 21,342,173 21,982,438 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14,151,463 14,576,007 15,013,287 15,463,686 15,927,597 16,405,424 16,897,587 17,404,515 17,926,650 18,464,450 19,018,383 19,588,935 20,176,603 20,781,901 21,405,358 22,047,519 22,708,944 23,390,213 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13,195,932 13,591,810 13,999,564 14,419,551 14,852,138 15,297,702 15,756,633 16,229,332 16,716,212 17,217,698 17,734,229 18,266,256 18,814,244 19,378,671 19,960,031 20,558,832 21,175,597 21,810,865 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 1.46% 3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54%3.54% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 272 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 0.74% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 2.37% 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 0.215% 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 14,151,463 14,576,007 15,013,287 15,463,686 15,927,597 16,405,424 16,897,587 17,404,515 17,926,650 18,464,450 19,018,383 19,588,935 20,176,603 20,781,901 21,405,358 22,047,519 22,708,944 23,390,213 (851,727) (877,278) (903,597) (930,705) (958,626) (987,385) (1,017,006) (1,047,516) (1,078,942) (1,111,310) (1,144,649) (1,178,989) (1,214,358) (1,250,789) (1,288,313) (1,326,962) (1,366,771) (1,407,774) 13,299,737 13,698,729 14,109,691 14,532,981 14,968,971 15,418,040 15,880,581 16,356,999 16,847,708 17,353,140 17,873,734 18,409,946 18,962,244 19,531,112 20,117,045 20,720,556 21,342,173 21,982,438 - - - - - - - - - - - - - - - - - - (97,792) (100,726) (103,748) (106,860) (110,066) (113,368) (116,769) (120,272) (123,880) (127,597) (131,425) (135,367) (139,428) (143,611) (147,919) (152,357) (156,928) (161,636) - - - - - - - - - - - - - - - - - - 284,698 293,239 302,036 311,097 320,430 330,043 339,944 350,143 360,647 371,466 382,610 394,089 405,911 418,089 430,631 443,550 456,857 470,562 (664,987) (684,936) (705,485) (726,649) (748,449) (770,902) (794,029) (817,850) (842,385) (867,657) (893,687) (920,497) (948,112) (976,556) (1,005,852) (1,036,028) (1,067,109) (1,099,122) - - - - - - - - - - - - - - - - - - (132,997) (136,987) (141,097) (145,330) (149,690) (154,180) (158,806) (163,570) (168,477) (173,531) (178,737) (184,099) (189,622) (195,311) (201,170) (207,206) (213,422) (219,824) 58 60 61 63 65 67 69 71 73 75 78 80 82 85 88 90 93 96 12,688,716 13,069,378 13,461,459 13,865,303 14,281,262 14,709,700 15,150,991 15,605,520 16,073,686 16,555,897 17,052,573 17,564,151 18,091,075 18,633,807 19,192,822 19,768,606 20,361,665 20,972,514 (91,593) (94,340) (97,171) (100,086) (103,088) (106,181) (109,366) (112,647) (116,027) (119,508) (123,093) (126,786) (130,589) (134,507) (138,542) (142,698) (146,979) (151,389) (108,229) (111,476) (114,820) (118,265) (121,812) (125,467) (129,231) (133,108) (137,101) (141,214) (145,450) (149,814) (154,308) (158,938) (163,706) (168,617) (173,675) (178,886) (138,919) (143,086) (147,379) (151,800) (156,354) (161,045) (165,876) (170,852) (175,978) (181,257) (186,695) (192,296) (198,065) (204,007) (210,127) (216,431) (222,923) (229,611) (417,619) (430,147) (443,052) (456,343) (470,034) (484,135) (498,659) (513,618) (529,027) (544,898) (561,245) (578,082) (595,424) (613,287) (631,686) (650,636) (670,155) (690,260) (244,057) (251,379) (258,920) (266,688) (274,689) (282,929) (291,417) (300,160) (309,165) (318,440) (327,993) (337,833) (347,967) (358,407) (369,159) (380,233) (391,640) (403,390) (807,733) (831,965) (856,924) (882,632) (909,111) (936,384) (964,475) (993,410) (1,023,212) (1,053,908) (1,085,526) (1,118,091) (1,151,634) (1,186,183) (1,221,769) (1,258,422) (1,296,174) (1,335,060) (300,273) (309,282) (318,560) (328,117) (337,960) (348,099) (358,542) (369,298) (380,377) (391,789) (403,542) (415,649) (428,118) (440,962) (454,190) (467,816) (481,851) (496,306) (150,052) (153,053) (156,114) (159,236) (162,421) (165,669) (168,982) (172,362) (175,809) (179,325) (182,912) (186,570) (190,302) (194,108) (197,990) (201,950) (205,989) (210,108) (113,472) (116,876) (120,383) (123,994) (127,714) (131,545) (135,492) (139,557) (143,743) (148,056) (152,497) (157,072) (161,784) (166,638) (171,637) (176,786) (182,090) (187,552) (2,371,946) (2,441,604) (2,513,322) (2,587,160) (2,663,183) (2,741,454) (2,822,041) (2,905,012) (2,990,439) (3,078,394) (3,168,953) (3,262,192) (3,358,192) (3,457,035) (3,558,805) (3,663,589) (3,771,477) (3,882,562) (76,162) (78,446) (80,800) (83,224) (85,721) (88,292) (90,941) (93,669) (96,479) (99,374) (102,355) (105,425) (108,588) (111,846) (115,201) (118,657) (122,217) (125,883) - - - - - - - - - - - - - - - - - - (355,458) (366,122) (377,105) (388,418) (400,071) (412,073) (424,435) (437,168) (450,283) (463,792) (477,706) (492,037) (506,798) (522,002) (537,662) (553,792) (570,405) (587,518) 9,885,151 10,183,206 10,490,232 10,806,500 11,132,288 11,467,881 11,813,574 12,169,671 12,536,485 12,914,337 13,303,561 13,704,496 14,117,497 14,542,925 14,981,154 15,432,568 15,897,565 16,376,552 - - - - - - - - - - - - - - - - - - (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (272,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (150,000) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (290,250) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (60,000) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) (772,250) 9,112,901 9,410,956 9,717,982 10,034,250 10,360,038 10,695,631 11,041,324 11,397,421 11,764,235 12,142,087 12,531,311 12,932,246 13,345,247 13,770,675 14,208,904 14,660,318 15,125,315 15,604,302 - - - - - - - - - - - - - - - - - - 9,112,901 9,410,956 9,717,982 10,034,250 10,360,038 10,695,631 11,041,324 11,397,421 11,764,235 12,142,087 12,531,311 12,932,246 13,345,247 13,770,675 14,208,904 14,660,318 15,125,315 15,604,302 1.63x 1.73x 1.83x 1.95x 2.09x 2.25x 2.45x 2.68x 2.95x 3.30x 3.75x 4.34x 5.15x 6.37x 8.34x 12.16x 22.55x na 7,033 4,761 5,586 2,484 1,479 6,051 2,659 1,255 9,603 3,798 4,084 3,673 5,166 4,774 3,338 953 7,288 1,943 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 71,390 40,244 141,151,000 138,081,000 134,586,000 130,641,000 126,216,000 121,286,000 115,816,000 109,776,000 103,136,000 95,851,000 87,891,000 79,221,000 69,791,000 59,566,000 48,496,000 36,536,000 23,641,000 9,751,000 5,615,640 5,488,640 5,344,440 5,181,840 4,999,840 4,797,340 4,572,840 4,325,240 4,053,340 3,755,240 3,429,840 3,075,440 2,690,440 2,273,040 1,821,440 1,333,740 808,140 195,020 (5,615,640) (5,488,640) (5,344,440) (5,181,840) (4,999,840) (4,797,340) (4,572,840) (4,325,240) (4,053,340) (3,755,240) (3,429,840) (3,075,440) (2,690,440) (2,273,040) (1,821,440) (1,333,740) (808,140) (195,020) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (6,334,840) - - - - - - - - - - - - - - - - - - 3,575,683 3,998,467 4,450,518 4,926,285 5,433,067 5,975,731 6,542,532 7,144,825 7,791,887 8,462,035 9,176,945 9,931,869 10,731,363 11,573,799 12,462,192 13,398,922 14,395,853 21,786,308 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) - - - - - - - - - - - - - - - - - - (3,070,000) (3,495,000) (3,945,000) (4,425,000) (4,930,000) (5,470,000) (6,040,000) (6,640,000) (7,285,000) (7,960,000) (8,670,000) (9,430,000) (10,225,000) (11,070,000) (11,960,000) (12,895,000) (13,890,000) (9,751,000) 138,081,000 134,586,000 130,641,000 126,216,000 121,286,000 115,816,000 109,776,000 103,136,000 95,851,000 87,891,000 79,221,000 69,791,000 59,566,000 48,496,000 36,536,000 23,641,000 9,751,000 - - - - - - - - - - - - - - - - - - (8,083,085) 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 8,083,085 - 3,075,683 3,498,467 3,950,518 4,426,285 4,933,067 5,475,731 6,042,532 6,644,825 7,291,887 7,962,035 8,676,945 9,431,869 10,231,363 11,073,799 11,962,192 12,898,922 13,895,853 21,286,308 5.15% 5.20% 5.25% 5.30% 5.35% 5.40% 5.45% 5.50% 5.55% 5.60% 5.65% 5.70% 5.75% 5.80% 5.85% 5.90% 5.95% 6.00% 191,944,672 195,830,877 199,813,949 203,896,234 208,080,146 212,368,160 216,762,821 221,266,741 225,882,604 230,613,163 235,461,248 240,429,762 245,521,688 250,740,086 256,088,099 261,568,954 267,185,964 272,942,528 Villages at Escaya, Chula Vista – Underwriting Model HomeFed (USD, except tenant/unit-related figures) Sources & Uses Calculations Drivers Sources Uses Key Statistics Offer Date 01/31/21 A Bond Par Amount 158,371,000 Project Acquisition Account 135,000,000 Refi Portion (Class A): - Purchase Price 135,000,000 A Bond Premium (3,199,094) Capitalized Interest Account 6,199,788 Average Life (Years): 26.7 Investment Rate 1.00%B Bond Proceeds (offset in uses) 5,000,000 Coverage Reserve Fund 1,266,968 Refi Portion (Class B): - A Bond Coupon 4.000%Senior Debt Service Reserve Fund 6,334,840 A Bond Yield 4.250%Cost of Issuance 4,751,130 A Bond Price 97.980 Upfront Payment to Project Administrator - B Bond Rate 10.00%Subordinate Contribution (offset B Bond)5,000,000 Operating Reserve (3 months Stabilized Opex)425,156 Extraordinary Expense Fund 500,000 Call Date 10 years 01/31/31 Operating Reserve Fund Rehab per Unit ↓425,156 B Bond Redemption Par Capital Expense Fund 1,500 408,000 Coverage for Releases 1.20x Operating Account 283,438 Costs of Issuance 3.0%Total Sources 160,171,906 Total Uses 160,169,320 Additional Proceeds 2,586 Total (with Additional Proceeds) 160,171,906 Check TRUE Debt Service & Waterfall A BONDS B BONDS Maturity Yearfrac (Period) Yearfrac (Beginning) Semi-Annual Period Annual Period NOI Interest NOI (-) Int. Surplus/ (Deficit) Cap. Interest Acc. Balance Capitalized Interest Release Coverage Reserve Balance Coverage Reserve Release DSRF Balance DSRF Release Reserve Earnings Reserve Earnings for Int. Pmt. Trailing Excess NOI (Beg. Balance) Cashflow Remaining Coverage Reserve Deposit (If Necessary) DSRF Deposit (If Necessary) Interest Paid on B Bonds Cashflow After B Bond Payment NOI Interest Coverage Principal Paydown Ending Balloon Balance Principal Paydown (with Refi)A Bond Paid off?Date Principal Cumulative Principal Payment Beginning Principal Balance Scheduled Interest Payment Interest Paid Accumulated Unpaid Interest B Bond Debt Service 07/31/2021 0.50 0.50 1 1 2,444,610 3,167,420 (722,810)6,199,788 (650,404) 1,266,968 - 6,334,840 - 72,407 (72,407) - - - - - - 0.77x - 158,371,000 - x 07/31/2021 - - 5,000,000 250,000 - 250,000 - 01/31/2022 0.50 1.00 2 1 2,444,610 3,167,420 (722,810)5,549,384 (653,602) 1,266,968 - 6,334,840 - 69,209 (69,209) - - - - - - 0.77x - 158,371,000 - x 01/31/2022 - - 5,250,000 250,000 - 500,000 - 07/31/2022 0.50 1.50 3 2 2,694,402 3,167,420 (473,018)4,895,783 (407,022) 1,266,968 - 6,334,840 - 65,995 (65,995) - - - - - - 0.85x - 158,371,000 - x 07/31/2022 - - 5,500,000 250,000 - 750,000 - 01/31/2023 0.50 2.00 4 2 2,694,402 3,167,420 (473,018)4,488,760 (409,024) 1,266,968 - 6,334,840 - 63,994 (63,994) - - - - - - 0.85x - 158,371,000 - x 01/31/2023 - - 5,750,000 250,000 - 1,000,000 - 07/31/2023 0.50 2.50 5 3 2,839,561 3,167,420 (327,859)4,079,737 (265,876) 1,266,968 - 6,334,840 - 61,983 (61,983) - - - - - - 0.90x - 158,371,000 - x 07/31/2023 - - 6,000,000 250,000 - 1,250,000 - 01/31/2024 0.50 3.00 6 3 2,839,561 3,167,420 (327,859)3,813,861 (267,183) 1,266,968 - 6,334,840 - 60,676 (60,676) - - - - - - 0.90x - 158,371,000 - x 01/31/2024 - - 6,250,000 250,000 - 1,500,000 - 07/31/2024 0.50 3.50 7 4 2,965,657 3,167,420 (201,763)3,546,677 (142,401) 1,266,968 - 6,334,840 - 59,362 (59,362) - - - - - - 0.94x - 158,371,000 - x 07/31/2024 - - 6,500,000 250,000 - 1,750,000 - 01/31/2025 0.50 4.00 8 4 2,965,657 3,167,420 (201,763)3,404,276 (143,101) 1,266,968 - 6,334,840 - 58,662 (58,662) - - - - - - 0.94x - 158,371,000 - x 01/31/2025 - - 6,750,000 250,000 - 2,000,000 - 07/31/2025 0.50 4.50 9 5 3,062,699 3,167,420 (104,721)3,261,175 (46,763) 1,266,968 - 6,334,840 - 57,958 (57,958) - - - - - - 0.97x - 158,371,000 - x 07/31/2025 - - 7,000,000 250,000 - 2,250,000 - 01/31/2026 0.50 5.00 10 5 3,062,699 3,167,420 (104,721)3,214,413 (46,993) 1,266,968 - 6,334,840 - 57,728 (57,728) - - - - - - 0.97x - 158,371,000 - x 01/31/2026 - - 7,250,000 250,000 - 2,500,000 - 07/31/2026 0.50 5.50 11 6 3,162,664 3,167,420 (4,756)3,167,420 - 1,266,968 - 6,334,840 - 57,497 (4,756) - 52,741 - - 52,741 - 1.00x - 158,371,000 - x 07/31/2026 - - 7,500,000 250,000 52,741 2,697,259 52,741 01/31/2027 0.50 6.00 12 6 3,162,664 3,167,420 (4,756)3,167,420 - 1,266,968 - 6,334,840 - 57,497 (4,756) - 52,741 - - 52,741 - 1.00x - 158,371,000 - x 01/31/2027 - - 7,697,259 250,000 52,741 2,894,518 52,741 07/31/2027 0.50 6.50 13 7 3,265,639 3,167,420 98,219 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - - 155,716 - - 155,716 - 1.03x - 158,371,000 - x 07/31/2027 - - 7,894,518 250,000 155,716 2,988,801 155,716 01/31/2028 0.50 7.00 14 7 3,265,639 3,167,420 98,219 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - - 155,716 - - 155,716 - 1.03x - 158,371,000 - x 01/31/2028 - - 7,988,801 250,000 155,716 3,083,085 155,716 07/31/2028 0.50 7.50 15 8 3,371,715 3,167,420 204,295 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - - 261,793 - - 250,000 11,793 1.06x 10,000 158,361,000 10,000 x 07/31/2028 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2029 0.50 8.00 16 8 3,371,715 3,167,220 204,495 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 1,793 263,785 - - 250,000 13,785 1.06x 10,000 158,351,000 10,000 x 01/31/2029 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2029 0.50 8.50 17 9 3,480,986 3,167,020 313,966 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 3,785 375,249 - - 250,000 125,249 1.10x 125,000 158,226,000 125,000 x 07/31/2029 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2030 0.50 9.00 18 9 3,480,986 3,164,520 316,466 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 249 374,212 - - 250,000 124,212 1.10x 120,000 158,106,000 120,000 x 01/31/2030 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2030 0.50 9.50 19 10 3,593,547 3,162,120 431,427 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 4,212 493,137 - - 250,000 243,137 1.14x 240,000 157,866,000 240,000 x 07/31/2030 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2031 0.50 10.00 20 10 3,593,547 3,157,320 436,227 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 3,137 496,861 - - 250,000 246,861 1.14x 245,000 157,621,000 245,000 x 01/31/2031 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2031 0.50 10.50 21 11 3,709,498 3,152,420 557,078 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 1,861 616,436 - - 250,000 366,436 1.18x 365,000 157,256,000 365,000 x 07/31/2031 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2032 0.50 11.00 22 11 3,709,498 3,145,120 564,378 3,167,420 - 1,266,968 - 6,334,840 - 57,497 - 1,436 623,311 - - 250,000 373,311 1.18x 370,000 156,886,000 370,000 x 01/31/2032 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2032 0.50 11.50 23 12 3,828,939 3,137,720 691,219 3,167,420 (3,167,420) 1,266,968 (1,266,968) 6,334,840 - 57,497 - 3,311 5,186,416 - - 250,000 4,936,416 1.22x 4,935,000 151,951,000 4,935,000 x 07/31/2032 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2033 0.50 12.00 24 12 3,828,939 3,039,020 789,919 - - - - 6,334,840 - 35,695 - 1,416 827,030 - - 250,000 577,030 1.26x 575,000 151,376,000 575,000 x 01/31/2033 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2033 0.50 12.50 25 13 3,951,978 3,027,520 924,458 - - - - 6,334,840 - 35,695 - 2,030 962,183 - - 250,000 712,183 1.31x 710,000 150,666,000 710,000 x 07/31/2033 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2034 0.50 13.00 26 13 3,951,978 3,013,320 938,658 - - - - 6,334,840 - 35,695 - 2,183 976,535 - - 250,000 726,535 1.31x 725,000 149,941,000 725,000 x 01/31/2034 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2034 0.50 13.50 27 14 4,078,720 2,998,820 1,079,900 - - - - 6,334,840 - 35,695 - 1,535 1,117,130 - - 250,000 867,130 1.36x 865,000 149,076,000 865,000 x 07/31/2034 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2035 0.50 14.00 28 14 4,078,720 2,981,520 1,097,200 - - - - 6,334,840 - 35,695 - 2,130 1,135,026 - - 250,000 885,026 1.37x 885,000 148,191,000 885,000 x 01/31/2035 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2035 0.50 14.50 29 15 4,209,279 2,963,820 1,245,459 - - - - 6,334,840 - 35,695 - 26 1,281,179 - - 250,000 1,031,179 1.42x 1,030,000 147,161,000 1,030,000 x 07/31/2035 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2036 0.50 15.00 30 15 4,209,279 2,943,220 1,266,059 - - - - 6,334,840 - 35,695 - 1,179 1,302,933 - - 250,000 1,052,933 1.43x 1,050,000 146,111,000 1,050,000 x 01/31/2036 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2036 0.50 15.50 31 16 4,271,333 2,922,220 1,349,113 - - - - 6,334,840 - 35,695 - 2,933 1,387,741 - - 250,000 1,137,741 1.46x 1,135,000 144,976,000 1,135,000 x 07/31/2036 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2037 0.50 16.00 32 16 4,271,333 2,899,520 1,371,813 - - - - 6,334,840 - 35,695 - 2,741 1,410,248 - - 250,000 1,160,248 1.47x 1,160,000 143,816,000 1,160,000 x 01/31/2037 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2037 0.50 16.50 33 17 4,411,778 2,876,320 1,535,458 - - - - 6,334,840 - 35,695 - 248 1,571,401 - - 250,000 1,321,401 1.53x 1,320,000 142,496,000 1,320,000 x 07/31/2037 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2038 0.50 17.00 34 17 4,411,778 2,849,920 1,561,858 - - - - 6,334,840 - 35,695 - 1,401 1,598,954 - - 250,000 1,348,954 1.55x 1,345,000 141,151,000 1,345,000 x 01/31/2038 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2038 0.50 17.50 35 18 4,556,450 2,823,020 1,733,430 - - - - 6,334,840 - 35,695 - 3,954 1,773,079 - - 250,000 1,523,079 1.61x 1,520,000 139,631,000 1,520,000 x 07/31/2038 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2039 0.50 18.00 36 18 4,556,450 2,792,620 1,763,830 - - - - 6,334,840 - 35,695 - 3,079 1,802,604 - - 250,000 1,552,604 1.63x 1,550,000 138,081,000 1,550,000 x 01/31/2039 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2039 0.50 18.50 37 19 4,705,478 2,761,620 1,943,858 - - - - 6,334,840 - 35,695 - 2,604 1,982,157 - - 250,000 1,732,157 1.70x 1,730,000 136,351,000 1,730,000 x 07/31/2039 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2040 0.50 19.00 38 19 4,705,478 2,727,020 1,978,458 - - - - 6,334,840 - 35,695 - 2,157 2,016,310 - - 250,000 1,766,310 1.73x 1,765,000 134,586,000 1,765,000 x 01/31/2040 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2040 0.50 19.50 39 20 4,858,991 2,691,720 2,167,271 - - - - 6,334,840 - 35,695 - 1,310 2,204,276 - - 250,000 1,954,276 1.81x 1,950,000 132,636,000 1,950,000 x 07/31/2040 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2041 0.50 20.00 40 20 4,858,991 2,652,720 2,206,271 - - - - 6,334,840 - 35,695 - 4,276 2,246,242 - - 250,000 1,996,242 1.83x 1,995,000 130,641,000 1,995,000 x 01/31/2041 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2041 0.50 20.50 41 21 5,017,125 2,612,820 2,404,305 - - - - 6,334,840 - 35,695 - 1,242 2,441,242 - - 250,000 2,191,242 1.92x 2,190,000 128,451,000 2,190,000 x 07/31/2041 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2042 0.50 21.00 42 21 5,017,125 2,569,020 2,448,105 - - - - 6,334,840 - 35,695 - 1,242 2,485,043 - - 250,000 2,235,043 1.95x 2,235,000 126,216,000 2,235,000 x 01/31/2042 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2042 0.50 21.50 43 22 5,180,019 2,524,320 2,655,699 - - - - 6,334,840 - 35,695 - 43 2,691,436 - - 250,000 2,441,436 2.05x 2,440,000 123,776,000 2,440,000 x 07/31/2042 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2043 0.50 22.00 44 22 5,180,019 2,475,520 2,704,499 - - - - 6,334,840 - 35,695 - 1,436 2,741,630 - - 250,000 2,491,630 2.09x 2,490,000 121,286,000 2,490,000 x 01/31/2043 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2043 0.50 22.50 45 23 5,347,815 2,425,720 2,922,095 - - - - 6,334,840 - 35,695 - 1,630 2,959,421 - - 250,000 2,709,421 2.20x 2,705,000 118,581,000 2,705,000 x 07/31/2043 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2044 0.50 23.00 46 23 5,347,815 2,371,620 2,976,195 - - - - 6,334,840 - 35,695 - 4,421 3,016,311 - - 250,000 2,766,311 2.25x 2,765,000 115,816,000 2,765,000 x 01/31/2044 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2044 0.50 23.50 47 24 5,520,662 2,316,320 3,204,342 - - - - 6,334,840 - 35,695 - 1,311 3,241,348 - - 250,000 2,991,348 2.38x 2,990,000 112,826,000 2,990,000 x 07/31/2044 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2045 0.50 24.00 48 24 5,520,662 2,256,520 3,264,142 - - - - 6,334,840 - 35,695 - 1,348 3,301,185 - - 250,000 3,051,185 2.45x 3,050,000 109,776,000 3,050,000 x 01/31/2045 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2045 0.50 24.50 49 25 5,698,710 2,195,520 3,503,190 - - - - 6,334,840 - 35,695 - 1,185 3,540,070 - - 250,000 3,290,070 2.60x 3,290,000 106,486,000 3,290,000 x 07/31/2045 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2046 0.50 25.00 50 25 5,698,710 2,129,720 3,568,990 - - - - 6,334,840 - 35,695 - 70 3,604,755 - - 250,000 3,354,755 2.68x 3,350,000 103,136,000 3,350,000 x 01/31/2046 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2046 0.50 25.50 51 26 5,882,117 2,062,720 3,819,397 - - - - 6,334,840 - 35,695 - 4,755 3,859,848 - - 250,000 3,609,848 2.85x 3,605,000 99,531,000 3,605,000 x 07/31/2046 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2047 0.50 26.00 52 26 5,882,117 1,990,620 3,891,497 - - - - 6,334,840 - 35,695 - 4,848 3,932,040 - - 250,000 3,682,040 2.95x 3,680,000 95,851,000 3,680,000 x 01/31/2047 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2047 0.50 26.50 53 27 6,071,044 1,917,020 4,154,024 - - - - 6,334,840 - 35,695 - 2,040 4,191,758 - - 250,000 3,941,758 3.17x 3,940,000 91,911,000 3,940,000 x 07/31/2047 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2048 0.50 27.00 54 27 6,071,044 1,838,220 4,232,824 - - - - 6,334,840 - 35,695 - 1,758 4,270,277 - - 250,000 4,020,277 3.30x 4,020,000 87,891,000 4,020,000 x 01/31/2048 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2048 0.50 27.50 55 28 6,265,655 1,757,820 4,507,835 - - - - 6,334,840 - 35,695 - 277 4,543,807 - - 250,000 4,293,807 3.56x 4,290,000 83,601,000 4,290,000 x 07/31/2048 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2049 0.50 28.00 56 28 6,265,655 1,672,020 4,593,635 - - - - 6,334,840 - 35,695 - 3,807 4,633,137 - - 250,000 4,383,137 3.75x 4,380,000 79,221,000 4,380,000 x 01/31/2049 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2049 0.50 28.50 57 29 6,466,123 1,584,420 4,881,703 - - - - 6,334,840 - 35,695 - 3,137 4,920,536 - - 250,000 4,670,536 4.08x 4,670,000 74,551,000 4,670,000 x 07/31/2049 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2050 0.50 29.00 58 29 6,466,123 1,491,020 4,975,103 - - - - 6,334,840 - 35,695 - 536 5,011,334 - - 250,000 4,761,334 4.34x 4,760,000 69,791,000 4,760,000 x 01/31/2050 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2050 0.50 29.50 59 30 6,672,624 1,395,820 5,276,804 - - - - 6,334,840 - 35,695 - 1,334 5,313,832 - - 250,000 5,063,832 4.78x 5,060,000 64,731,000 5,060,000 x 07/31/2050 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2051 0.50 30.00 60 30 6,672,624 1,294,620 5,378,004 - - - - 6,334,840 - 35,695 - 3,832 5,417,531 - - 250,000 5,167,531 5.15x 5,165,000 59,566,000 5,165,000 x 01/31/2051 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2051 0.50 30.50 61 31 6,885,337 1,191,320 5,694,017 - - - - 6,334,840 - 35,695 - 2,531 5,732,243 - - 250,000 5,482,243 5.78x 5,480,000 54,086,000 5,480,000 x 07/31/2051 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2052 0.50 31.00 62 31 6,885,337 1,081,720 5,803,617 - - - - 6,334,840 - 35,695 - 2,243 5,841,556 - - 250,000 5,591,556 6.37x 5,590,000 48,496,000 5,590,000 x 01/31/2052 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2052 0.50 31.50 63 32 7,104,452 969,920 6,134,532 - - - - 6,334,840 - 35,695 - 1,556 6,171,783 - - 250,000 5,921,783 7.32x 5,920,000 42,576,000 5,920,000 x 07/31/2052 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2053 0.50 32.00 64 32 7,104,452 851,520 6,252,932 - - - - 6,334,840 - 35,695 - 1,783 6,290,410 - - 250,000 6,040,410 8.34x 6,040,000 36,536,000 6,040,000 x 01/31/2053 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2053 0.50 32.50 65 33 7,330,159 730,720 6,599,439 - - - - 6,334,840 - 35,695 - 410 6,635,544 - - 250,000 6,385,544 10.03x 6,385,000 30,151,000 6,385,000 x 07/31/2053 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2054 0.50 33.00 66 33 7,330,159 603,020 6,727,139 - - - - 6,334,840 - 35,695 - 544 6,763,378 - - 250,000 6,513,378 12.16x 6,510,000 23,641,000 6,510,000 x 01/31/2054 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2054 0.50 33.50 67 34 7,562,657 472,820 7,089,837 - - - - 6,334,840 - 35,695 - 3,378 7,128,910 - - 250,000 6,878,910 15.99x 6,875,000 16,766,000 6,875,000 x 07/31/2054 - - 8,083,085 250,000 250,000 3,083,085 250,000 01/31/2055 0.50 34.00 68 34 7,562,657 335,320 7,227,337 - - - - 6,334,840 - 35,695 - 3,910 7,266,943 - - 250,000 7,016,943 22.55x 7,015,000 9,751,000 7,015,000 x 01/31/2055 - - 8,083,085 250,000 250,000 3,083,085 250,000 07/31/2055 0.50 34.50 69 35 7,802,151 195,020 7,607,131 - - - - 6,334,840 (6,334,840) 35,695 - 1,943 13,979,608 - - 250,000 13,729,608 40.01x 9,751,000 - 9,751,000 Paid off 07/31/2055 3,978,608 3,978,608 8,083,085 250,000 250,000 3,083,085 4,228,608 01/31/2056 0.50 35.00 70 35 7,802,151 - 7,802,151 - - - - - - 4,549 - - 7,806,700 - - 250,000 7,556,700 1.00x - - - x 01/31/2056 4,104,477 8,083,085 4,104,477 250,000 250,000 - 4,354,477 336,541,149 8,083,085 Annual Summary 158,371,000 01/31/2022 2 1 4,889,219 6,334,840 (1,445,621)5,549,384 (1,304,005) 1,266,968 - 6,334,840 - 141,615 (141,615) - - - - - - 0.77x - 158,371,000 x 01/31/2022 - - 5,250,000 500,000 - 500,000 - 01/31/2023 4 2 5,388,805 6,334,840 (946,035)4,488,760 (816,046) 1,266,968 - 6,334,840 - 129,989 (129,989) - - - - - - 0.85x - 158,371,000 x 01/31/2023 - - 5,750,000 500,000 - 1,000,000 - 01/31/2024 6 3 5,679,122 6,334,840 (655,718)3,813,861 (533,060) 1,266,968 - 6,334,840 - 122,659 (122,659) - - - - - - 0.90x - 158,371,000 x 01/31/2024 - - 6,250,000 500,000 - 1,500,000 - 01/31/2025 8 4 5,931,314 6,334,840 (403,526)3,404,276 (285,502) 1,266,968 - 6,334,840 - 118,024 (118,024) - - - - - - 0.94x - 158,371,000 x 01/31/2025 - - 6,750,000 500,000 - 2,000,000 - 01/31/2026 10 5 6,125,398 6,334,840 (209,442)3,214,413 (93,755) 1,266,968 - 6,334,840 - 115,687 (115,687) - - - - - - 0.97x - 158,371,000 x 01/31/2026 - - 7,250,000 500,000 - 2,500,000 - 01/31/2027 12 6 6,325,327 6,334,840 (9,513)3,167,420 - 1,266,968 - 6,334,840 - 114,995 (9,513) - 105,482 - - 105,482 - 1.00x - 158,371,000 x 01/31/2027 - - 7,697,259 500,000 105,482 2,894,518 105,482 01/31/2028 14 7 6,531,278 6,334,840 196,438 3,167,420 - 1,266,968 - 6,334,840 - 114,995 - - 311,433 - - 311,433 - 1.03x - 158,371,000 x 01/31/2028 - - 7,988,801 500,000 311,433 3,083,085 311,433 01/31/2029 16 8 6,743,431 6,334,640 408,791 3,167,420 - 1,266,968 - 6,334,840 - 114,995 - 1,793 525,578 - - 500,000 25,578 1.06x 20,000 158,351,000 x 01/31/2029 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2030 18 9 6,961,972 6,331,540 630,432 3,167,420 - 1,266,968 - 6,334,840 - 114,995 - 4,034 749,461 - - 500,000 249,461 1.10x 245,000 158,106,000 x 01/31/2030 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2031 20 10 7,187,094 6,319,440 867,654 3,167,420 - 1,266,968 - 6,334,840 - 114,995 - 7,349 989,998 - - 500,000 489,998 1.14x 485,000 157,621,000 x 01/31/2031 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2032 22 11 7,418,995 6,297,540 1,121,455 3,167,420 - 1,266,968 - 6,334,840 - 114,995 - 3,297 1,239,747 - - 500,000 739,747 1.18x 735,000 156,886,000 x 01/31/2032 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2033 24 12 7,657,879 6,176,740 1,481,139 - (3,167,420) - (1,266,968) 6,334,840 - 93,192 - 4,727 6,013,446 - - 500,000 5,513,446 1.26x 5,510,000 151,376,000 x 01/31/2033 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2034 26 13 7,903,955 6,040,840 1,863,115 - - - - 6,334,840 - 71,390 - 4,213 1,938,718 - - 500,000 1,438,718 1.31x 1,435,000 149,941,000 x 01/31/2034 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2035 28 14 8,157,440 5,980,340 2,177,100 - - - - 6,334,840 - 71,390 - 3,666 2,252,156 - - 500,000 1,752,156 1.37x 1,750,000 148,191,000 x 01/31/2035 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2036 30 15 8,418,557 5,907,040 2,511,517 - - - - 6,334,840 - 71,390 - 1,205 2,584,112 - - 500,000 2,084,112 1.43x 2,080,000 146,111,000 x 01/31/2036 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2037 32 16 8,542,666 5,821,740 2,720,926 - - - - 6,334,840 - 71,390 - 5,674 2,797,989 - - 500,000 2,297,989 1.47x 2,295,000 143,816,000 x 01/31/2037 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2038 34 17 8,823,555 5,726,240 3,097,315 - - - - 6,334,840 - 71,390 - 1,650 3,170,355 - - 500,000 2,670,355 1.55x 2,665,000 141,151,000 x 01/31/2038 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2039 36 18 9,112,901 5,615,640 3,497,261 - - - - 6,334,840 - 71,390 - 7,033 3,575,683 - - 500,000 3,075,683 1.63x 3,070,000 138,081,000 x 01/31/2039 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2040 38 19 9,410,956 5,488,640 3,922,316 - - - - 6,334,840 - 71,390 - 4,761 3,998,467 - - 500,000 3,498,467 1.73x 3,495,000 134,586,000 x 01/31/2040 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2041 40 20 9,717,982 5,344,440 4,373,542 - - - - 6,334,840 - 71,390 - 5,586 4,450,518 - - 500,000 3,950,518 1.83x 3,945,000 130,641,000 x 01/31/2041 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2042 42 21 10,034,250 5,181,840 4,852,410 - - - - 6,334,840 - 71,390 - 2,484 4,926,285 - - 500,000 4,426,285 1.95x 4,425,000 126,216,000 x 01/31/2042 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2043 44 22 10,360,038 4,999,840 5,360,198 - - - - 6,334,840 - 71,390 - 1,479 5,433,067 - - 500,000 4,933,067 2.09x 4,930,000 121,286,000 x 01/31/2043 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2044 46 23 10,695,631 4,797,340 5,898,291 - - - - 6,334,840 - 71,390 - 6,051 5,975,731 - - 500,000 5,475,731 2.25x 5,470,000 115,816,000 x 01/31/2044 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2045 48 24 11,041,324 4,572,840 6,468,484 - - - - 6,334,840 - 71,390 - 2,659 6,542,532 - - 500,000 6,042,532 2.45x 6,040,000 109,776,000 x 01/31/2045 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2046 50 25 11,397,421 4,325,240 7,072,181 - - - - 6,334,840 - 71,390 - 1,255 7,144,825 - - 500,000 6,644,825 2.68x 6,640,000 103,136,000 x 01/31/2046 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2047 52 26 11,764,235 4,053,340 7,710,895 - - - - 6,334,840 - 71,390 - 9,603 7,791,887 - - 500,000 7,291,887 2.95x 7,285,000 95,851,000 x 01/31/2047 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2048 54 27 12,142,087 3,755,240 8,386,847 - - - - 6,334,840 - 71,390 - 3,798 8,462,035 - - 500,000 7,962,035 3.30x 7,960,000 87,891,000 x 01/31/2048 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2049 56 28 12,531,311 3,429,840 9,101,471 - - - - 6,334,840 - 71,390 - 4,084 9,176,945 - - 500,000 8,676,945 3.75x 8,670,000 79,221,000 x 01/31/2049 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2050 58 29 12,932,246 3,075,440 9,856,806 - - - - 6,334,840 - 71,390 - 3,673 9,931,869 - - 500,000 9,431,869 4.34x 9,430,000 69,791,000 x 01/31/2050 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2051 60 30 13,345,247 2,690,440 10,654,807 - - - - 6,334,840 - 71,390 - 5,166 10,731,363 - - 500,000 10,231,363 5.15x 10,225,000 59,566,000 x 01/31/2051 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2052 62 31 13,770,675 2,273,040 11,497,635 - - - - 6,334,840 - 71,390 - 4,774 11,573,799 - - 500,000 11,073,799 6.37x 11,070,000 48,496,000 x 01/31/2052 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2053 64 32 14,208,904 1,821,440 12,387,464 - - - - 6,334,840 - 71,390 - 3,338 12,462,192 - - 500,000 11,962,192 8.34x 11,960,000 36,536,000 x 01/31/2053 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2054 66 33 14,660,318 1,333,740 13,326,578 - - - - 6,334,840 - 71,390 - 953 13,398,922 - - 500,000 12,898,922 12.16x 12,895,000 23,641,000 x 01/31/2054 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2055 68 34 15,125,315 808,140 14,317,175 - - - - 6,334,840 - 71,390 - 7,288 14,395,853 - - 500,000 13,895,853 22.55x 13,890,000 9,751,000 x 01/31/2055 - - 8,083,085 500,000 500,000 3,083,085 500,000 01/31/2056 70 35 15,604,302 195,020 15,409,282 - - - - - (6,334,840) 40,244 - 1,943 21,786,308 - - 500,000 21,286,308 1.00x 9,751,000 - Paid off 01/31/2056 8,083,085 8,083,085 4,104,477 500,000 500,000 - 8,583,085 336,541,149 169,041,480 158,371,000