Dave Bulger

Vice President

O (855) 378-3443|C (561) 715-3235

E dbulger@carmonawealth.com

W carmonawealth.com

18 Formero Street, Rancho Mission Viejo, CA 92694

Investment underwriting report

BR Diversified Industrial Portfolio 8 DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

BR Diversified Industrial Portfolio 8 DST is an all-cash syndication sponsored by BIGR Exchange 8 TRS, LLC (Bluerock) seeking to raise $58,423,431 in offering equity. The portfolio comprises five single-tenant industrial warehouse and distribution facilities across four markets in Florida, Illinois, and Missouri. Total property acquisition cost is $47,427,394, against an as-is appraised value of $48,250,000 and an as-stabilized value of $48,950,000. The portfolio is 100% occupied across four tenants with vintages ranging from 1978 to 2001. The offering features an unleveraged structure with an initial Year 1 projected cash distribution of 4.86% and a full-term average projected yield of 5.23%. Upfront offering expenses, reserves, and carry costs total $10,996,037, resulting in a syndicated cap rate of 5.13% compared to an acquisition cap rate of 6.32%.

Capital raise

0.0% of the offering is closed

$58,423,431 still available

Closed$0 Reservations$0 Available$58,423,431

$0 of $58,423,431 placed

Total offering equity

$58,423,431

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$58,423,431

Open for subscription

The total offering equity target is $58,423,431 with a minimum cash investment threshold of $100,000. As of reporting, $0 of equity has closed and $0 is in reservations, leaving the full $58,423,431 available. The raise funds the complete acquisition, reserve allocation, and all front-end syndication costs.

Offering terms

Sector

Warehouse & Distribution/ Warehouse

Investment Category

DST

Projected First Year Cashflow

4.86%

Avg. 5.23% over term

Min. Cash Investment

$100,000

Min. 1031 Investment

—

Total Offering Price

$58,423,431

Offering Debt

All-equity offering

LTV

N/A - All-Cash

On acquisition price

Units / Tenants

N/A - Industrial NNN Portfolio

11732 & 11744 Beach Blvd, Jacksonville, FL 32246; 995 Chaddick Dr, Wheeling, IL 60090; 9400 Piper Rd, Punta Gorda, FL 33982; 1727 Warren St, Kansas City, MO 64116

Property Age

One of the portfolio properties was completed in 1978.

The offering encompasses five industrial properties totaling $58,423,431 in equity with an all-cash structure and zero debt. The portfolio is currently 100% occupied by four tenants across Jacksonville and Punta Gorda, FL, Wheeling, IL, and Kansas City, MO. Initial projected distributions start at 4.86% in Year 1 with a full-term average projected yield of 5.23%.

Strengths & considerations

Key strengths

All-Cash Structure
0.0% LTV
Eliminates debt service burden, interest rate volatility, and maturity refinancing risk.
Multi-Asset Diversification
5 Assets / 3 States
Distributes income across five properties in Florida, Illinois, and Missouri at 100% occupancy.
Substantial Reserve Buffer
$2,000,000
Trust-controlled reserves allocated for capital improvements and operational support.

Key considerations

Syndication Markup
21.09% Premium
The $58,423,431 offering price represents a $10,996,037 load over the $47,427,394 property acquisition price.
Single-Tenant Concentration
4 Tenants Total
Each of the five properties is single-tenant occupied, creating binary vacancy risk at the property level.
Asset Vintages
1978–2001
Buildings carry older construction dates, potentially requiring sustained capital outlays.

The transaction eliminates refinancing and interest rate risk by operating with zero debt and a 0.0% LTV. Investors benefit from geographical and tenant diversification across five assets in three distinct states. Additionally, the structure includes $2,000,000 in trust-controlled reserves to fund ongoing capital and improvement needs.

Sources, uses & fee assessment

Capital Sources

Offering Equity
100.0% of offering
$58.42M

Where the Capital Goes

Acquisition Cost
87.0% of offering
$50.80M
Offering Expenses
9.4% of offering
$5.52M
Reserves
3.4% of offering
$2.00M
Unallocated / other uses
0.2% of offering
$100K

Total Offering

$58.42M

All equity — no mortgage debt

Acquisition Cost

$50.80M

87.0% of offering to the property

Total Fees & Expenses

$5.52M

9.45% of offering

Reserves

$2.00M

3.4% of offering

Sources consist entirely of $58,423,431 in DST investor equity with no debt financing. Uses comprise the $47,427,394 purchase price, $5,521,014 in offering expenses, $2,000,000 in trust-controlled reserves, $1,012,207 in carry and financing expenses, and $157,637 in title and recording costs.

Risk read

Tone reflects relative strength, not a rating

Debt Risk

Favorable

No debt financing is utilized; the offering is 100% equity funded, eliminating lender covenants and default risk.

Upfront Load

Caution

Offering price includes $5,521,014 in offering expenses and total upfront adjustments of $10,996,037 over purchase price.

Tenant Concentration

Caution

All five buildings are single-tenant facilities, leaving individual assets exposed to 100% vacancy upon lease expiration.

Asset Age

Caution

Properties were constructed between 1978 and 2001, though some renovations were completed in 2017 and 2024.

Each property in the portfolio operates as a single-tenant facility, exposing the trust to localized re-leasing and default risks upon lease expiration. Portfolio vintages are older, ranging between 1978 and 2001, which may require capital expenditure over holding periods. Furthermore, investors bear a 21.09% offering price premium over the underlying asset purchase price.

Calculated underwriting metrics

Syndicated Cap Rate

5.13%

NOI ÷ offering price

Upfront Load

9.45%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

21.09%

Offering price vs. appraised value

Offering vs. Acquisition

123.2%

Offering price ÷ acquisition price

Price per Unit

—

Offering price ÷ N/A - Industrial NNN Portfolio units

Projected distribution rate

Avg 5.04%

Yr 1Term avg.

Yr 1 4.86%Term avg. 5.23%

Distribution rates as extracted from the offering materials.

The syndication marks up the $47,427,394 acquisition price to an offering equity of $58,423,431, representing a 21.09% premium. Front-end offering expenses total $5,521,014 (9.45% load on offering price), with total upfront fees, reserves, and carry reaching 23.19% of acquisition costs. This expands the capital base and compresses the cap rate from 6.32% at acquisition to 5.13% syndicated.

Sponsor

BIGR Exchange 8 TRS, LLC

BIGR Exchange 8 TRS, LLC operates under Bluerock, a nationwide real estate investment firm managing $3.5 billion in assets. Bluerock's leadership possesses over 100 years of collective real estate and capital markets experience across $120+ billion in transactions, with extensive experience in DST syndications.

$3.5B AUMIndustrial & Residential FocusDST Experienced100+ Yrs Principals Exp.

Portfolio

5 single-tenant industrial buildings: 11732 Beach Blvd & 11744 Beach Blvd, Jacksonville, FL (both leased to Woodsman Kitchens & Floors); 995 Chaddick Dr, Wheeling, IL; 9400 Piper Rd, Punta Gorda, FL; and 1727 Warren St, Kansas City, MO (leased to BlueLinx)

Properties owned or managed

AUM

$3,500,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

Warehouse & Distribution/ Warehouse

Stated strategy

View Sponsor Dossier

The sponsor, BIGR Exchange 8 TRS, LLC (a Bluerock affiliate), manages approximately $3.5 billion in real estate assets. Bluerock principals bring over 100 years of collective real estate and capital markets investing experience across more than $120 billion in transactions. The sponsor has an established track record in Delaware Statutory Trust syndications focusing on residential and industrial sectors.

Sponsor strengths

Over $3.5 billion in total institutional assets under management.
Proven track record structuring 1031 Delaware Statutory Trusts.
Executive team with over $120 billion in transaction experience.

Sponsor concerns

Specific historical count of DST programs completed is not disclosed in the offering documents.
Total employee headcount for the sponsor entity is not disclosed.

The Property

The property

Five-Property All-Cash Industrial DST Portfolio

$47,427,394 acquisition price

BR Diversified Industrial Portfolio 8 DST

—

One of the portfolio properties was completed in 1978.

11732 & 11744 Beach Blvd, Jacksonville, FL 32246

995 Chaddick Dr, Wheeling, IL 60090

9400 Piper Rd, Punta Gorda, FL 33982

1727 Warren St, Kansas City, MO 64116

11732 & 11744 Beach Blvd, Jacksonville, FL 32246; 995 Chaddick Dr, Wheeling, IL 60090; 9400 Piper Rd, Punta Gorda, FL 33982; 1727 Warren St, Kansas City, MO 64116

N/A - Industrial NNN Portfolio units

$47,427,394

100.0% of portfolio

Seller: —
Property manager: BIGR Exchange 8 TRS, LLC

Financing Terms

The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.

Leverage profile

All-cash offering — no mortgage debt, so there is no leverage to chart.

Loan Amount

N/A - All-Cash

Term

—

Interest Rate

N/A - All-Cash

Fixed / Variable

N/A - All-Cash

Prepayment Penalty

N/A - All-Cash

DSCR

N/A - No Debt

Acquisition LTV

N/A - All-Cash

Offering LTV

N/A - All-Cash

Strengths

Unleveraged 0.0% LTV provides maximum cash flow stability
No loan origination fees, covenants, or balloon refinancing risk

Concerns

Lack of leverage reduces potential equity upside from debt paydown

Transaction Metrics

Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.

Valuation ladder

Acquisition price$47.43M

Offering price$58.42M+23.2%

Appraised value$48.25M82.6% of offering

Premium / discount to appraised value

21.09%

Cap rate spread & load

Acquisition cap rate6.32%

Syndicated cap rate5.13%

119 bps of spread between acquisition and syndicated cap rate.

Upfront load (all-equity)9.45%equity = offering price

Load net of reserves6.03%

Acquisition Price

$47,427,394

Offering Price

$58,423,431

Appraised Value

$48,250,000

$48,250,000 (As-Is); $48,950,000 (As-Stabilized)

Upfront Load

$10,996,037

Load on Equity

—

Load on Offering Price

9.45%

Acquisition Cap Rate

6.32%

Syndicated Cap Rate

5.13%

Premium / Discount

21.09%

Appraisal / Offering %

82.59%

Less Reserves %

3.42%

Strengths

Acquired at $47,427,394, slightly below the as-is appraised value of $48,250,000
Going-in acquisition cap rate of 6.32%

Concerns

Syndication compresses effective cap rate to 5.13%

Use of Proceeds

Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.

Total Fees & Expenses

$5,521,014

% of offering

9.45%

All-equity offering — load on equity equals load on offering price. · $10,996,037 including reserves (18.82% of offering)

Where the offering proceeds go

Acquisition Cost$50.80M87.0%

Offering Expenses$5.52M9.4%

Reserves$2.00M3.4%

Unallocated / other uses$100K0.2%

Total fees & expenses

$5.52M

9.45% of offering

Offering expenses

$5.52M

9.45% of offering

Reserves held

$2.00M

3.42% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Acquisition Fee	$1,304,253	2.23%	2.23%
Title & Recording Costs	$157,637	0.27%	0.27%
Reserves (Loan Proceeds)	$2,000,000	3.42%	3.42%
Reserves (Lumped)	$2,000,000	3.42%	3.42%
Reserves (Improvements)	$2,000,000	3.42%	3.42%
Finance Expenses	$1,012,207	1.73%	1.73%
Total Acquisition Cost	$50,802,416	86.96%	86.96%
Total Acq. Cost (Reserves)	$52,902,416	90.55%	90.55%

Offering Expenses

Item	Amount	% Equity	% Offering
Selling Commissions	$3,505,406	6.00%	6.00%
Dealer Fee	$730,293	1.25%	1.25%
Placement Agent Fee	$817,928	1.40%	1.40%
BD Due Diligence Allowance	$730,293	1.25%	1.25%
O&O Expenses	$467,387	0.80%	0.80%
Third Party DD	$593,425	1.02%	1.02%
Carry Costs	$1,012,207	1.73%	1.73%
Total Offering Expenses	$5,521,014	9.45%	9.45%
Total Fees / Expenses	$5,521,014	9.45%	9.45%
Total Upfront Fees (Reserves)	$10,996,037	18.82%	18.82%

Strengths

$2,000,000 dedicated to trust-controlled reserves

Concerns

Total offering expenses of $5,521,014 equal 9.45% of gross equity

Sponsor Compensation

Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.

Front-end fee composition

Acquisition Fee$1.30M2.23%

O/O Expense Reimbursement$0.47M0.80%

Dealer Fee$0.73M1.25%

Total front-end sponsor compensation$5,521,014 11.64% of acq. cost

Acquisition Fee

$1,304,253

2.23%

O/O Expense Reimbursement

$467,387

0.80%

Dealer Fee

$730,293

1.25%

Total Front-end Fees

$5,521,014

11.64%

Strengths

Asset management fee capped at 0.40% of purchase price ($189,710 annually)

Concerns

Substantial upfront broker-dealer commissions and dealer fees totaling over $4.2M
3.5% gross disposition fee at exit

Operating & Disposition Fees

Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.

Ongoing fee rates

Asset Mgmt Fee (annual)0.40%the Purchase Price (i.e., $189,710)

Disposition Fee3.5%

Refinancing Fee2%Cash Redemption Fee

Asset Mgmt Fee (annual)

0.40%

of the Purchase Price (i.e., $189,710)

Master Tenant Income

$1,168,500

Property Mgmt Fee

of to 5.0% of the monthly Gross Receipts

Disposition Fee

3.5%

Refinancing Fee

Cash Redemption Fee

Strengths

Portfolio is 100% occupied across four industrial tenants
Year 2 base rent starts at $1,168,500 under master lease structure

Concerns

Assets built between 1978 and 2001 may require ongoing maintenance
Property management fee of up to 5.0% of monthly gross receipts

Comparative Analysis

48Composite

Standing

33 of 57

Blended percentile across 13 extracted metrics.

Pricing

64th pct

Leverage

0th pct

Cost

35th pct

Ongoing

41st pct

Structure

50th pct

Percentile profile

Pricing

Syndicated cap rateMin 4.02%Med 5.63%Max 9.74%5.13%38th

Avg. distribution (term)Min 0.00%Med 5.05%Max 7.00%5.23%64th

Year 1 distributionMin 0.00%Med 4.51%Max 6.75%4.86%67th

Acquisition cap rateMin 4.00%Med 5.50%Max 7.53%6.32%85th

Leverage

Cost

Selling commissionMin 0.05%Med 6.00%Max 9.75%6.00%6th

Total upfront loadMin 1.96%Med 5.97%Max 12.05%9.45%30th

ReservesMin 0.11%Med 5.54%Max 18.84%3.42%40th

Acquisition feeMin 0.00%Med 2.65%Max 12.07%2.23%65th

Ongoing

Disposition feeMin 1.00%Med 2.95%Max 7.50%3.50%30th

Asset management feeMin 0.00%Med 0.30%Max 5.08%0.40%43rd

Property management feeMin 2.50%Med 4.25%Max 7.00%5.00%50th

Structure

Equity share of capitalMin 6.09%Med 97.50%Max 100.00%100.00%50th

Minimum cash investmentMin $50KMed $75KMax $100K$100K50th

Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.

Where the headline metrics fall in the cohort

Acquisition cap rate

85th pct

6.32%median 5.50%

Min 4.00%Med 5.50%Max 7.53%

Year 1 distribution

67th pct

4.86%median 4.51%

Min 0.00%Med 4.51%Max 6.75%

Total upfront load

30th pct

9.45%median 5.97%

Min 1.96%Med 5.97%Max 12.05%

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Acquisition cap ratePricing	6.32%	5.50%	5.00% – 6.00%	+0.82%	85th
Syndicated cap ratePricing	5.13%	5.63%	4.84% – 5.83%	−0.50%	38th
Year 1 distributionPricing	4.86%	4.51%	4.40% – 5.00%	+0.35%	67th
Avg. distribution (term)Pricing	5.23%	5.05%	4.75% – 5.32%	+0.18%	64th
Total upfront loadCost	9.45%	5.97%	4.89% – 9.50%	+3.48%	30th
Selling commissionCost	6.00%	6.00%	5.00% – 6.00%	+0.00%	6th
Acquisition feeCost	2.23%	2.65%	1.74% – 3.77%	−0.42%	65th
ReservesCost	3.42%	5.54%	1.67% – 9.03%	−2.12%	40th
Asset management feeOngoing	0.40%	0.30%	0.16% – 0.47%	+0.10%	43rd
Property management feeOngoing	5.00%	4.25%	3.00% – 5.00%	+0.75%	50th
Disposition feeOngoing	3.50%	2.95%	2.00% – 3.50%	+0.55%	30th
Equity share of capitalStructure	100.00%	97.50%	52.74% – 100.00%	+2.50%	50th
Minimum cash investmentStructure	$100K	$75K	$63K – $88K	+$25K	50th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
NREX II DST	Nuveen Real Estate Exchange LLC	—	0.00%	—	—	20 yrs	97%
Canyon State Minerals LLC	Montego Minerals	—	—	—	9.50%	—	96%
MCG Arden NC Multifamily DST	Madison Long Shoals Manager, LLC	—	—	1.64x	10.50%	—	95%
MCG Gainesville FL BTR DST	Madison Capital Group	—	—	1.74x	—	10 yrs	94%
Inland Mokena Senior Living DST	Inland Private Capital Corporation (IPC)	—	—	—	8.40%	31 yrs	93%
Inland Self Storage Portfolio XXII DST	Inland Private Capital Corporation	—	0.00%	—	8.40%	—	93%
Cottonwood Riverfront DST	CC Exchange TRS, Inc.	—	39.26%	2.00x	8.70%	7 yrs	92%
Blue Door Property II DST	Unknown sponsor	6.11%	0.00%	—	10.50%	—	91%

Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.

Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.