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

BREX Briggs MF DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

BREX Briggs MF DST is a Delaware Statutory Trust offering sponsored by Brookfield Real Estate Exchange LLC, an affiliate of an institution with $1,000,000,000,000 in assets under management. The offering holds a 490-unit multifamily residential housing community located in Mount Laurel Township, New Jersey. The total offering price is $160,916,131, comprising an acquisition price of $151,700,000 and total acquisition costs of $154,922,421. Capitalization includes $79,916,131 in offering equity and debt financing structured at an offering LTV of 50.34%. The financing features a fixed interest rate of 4.2% subject to a Prepayment Premium. Projected Year 1 income is established at 4.65% with upfront reserves funded at $1,150,000.

Capital raise

0.0% of the offering is closed

$79,916,131 still available

Closed$0 Reservations$0 Available$79,916,131

$0 of $79,916,131 placed

Total offering equity

$79,916,131

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$79,916,131

Open for subscription

The syndicate seeks to raise $79,916,131 in offering equity from investors. Capital raising costs include selling commissions of up to 5.0% payable to the Dealer Manager, a dealer fee of $799,161, and an organizational and offering expense reimbursement of $1,000,000. Total upfront offering expenses across the raise stand at $5,993,710.

Offering terms

Sector

Multifamily residential housing community

Investment Category

DST

Projected First Year Cashflow

4.65%

Avg. — over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$160,916,131

$328,400 per unit

Offering Debt

—

All-equity offering

LTV

—

On acquisition price

Units / Tenants

490

Mount Laurel Township, New Jersey

Property Age

—

The offering features a 490-unit multifamily residential community in Mount Laurel Township, New Jersey, with an acquisition price of $151,700,000 and a total offering price of $160,916,131. Financing is fixed at 4.2% with an offering LTV of 50.34% and equity required of $79,916,131. Year 1 projected income is 4.65%, supported by $1,150,000 in upfront reserves.

Strengths & considerations

Key strengths

Low Fixed-Rate Financing
4.2%
Debt is secured at a fixed interest rate of 4.2%, insulating the property from floating-rate debt volatility.
Institutional Sponsor Scale
$1,000,000,000,000 AUM
Brookfield Real Estate Exchange LLC is backed by an organization overseeing $1,000,000,000,000 in assets under management.
Moderate Leverage Profile
50.34% LTV
The trust maintains a conservative-to-moderate leverage structure with an offering LTV of 50.34%.

Key considerations

Front-End Load and Fees
$5,993,710
Total front-end fees and expenses total $5,993,710, creating a 5% load on the offering price.
Prepayment Penalty Exposure
Prepayment Premium
The loan documents contain a Prepayment Premium, creating financial friction for early refinancing or property disposition.
DST Track Record Omission
Not Disclosed
The supplement does not disclose detailed prior performance tables specifically for the sponsor's DST-related offerings.

The offering benefits from a favorable fixed interest rate of 4.2% and a moderate leverage profile at 50.34% LTV. It is backed by Brookfield Real Estate Exchange LLC, an affiliate of an institutional platform with $1,000,000,000,000 in assets under management. Additionally, the trust establishes $1,150,000 in upfront master tenant and loan reserves.

Sources, uses & fee assessment

Capital Sources

Offering Equity
49.7% of offering
$79.92M

Where the Capital Goes

Acquisition Cost
96.3% of offering
$154.92M
Offering Expenses
3.7% of offering
$5.99M
Reserves
0.7% of offering
$1.15M

Total Offering

$160.92M

All equity — no mortgage debt

Acquisition Cost

$154.92M

96.3% of offering to the property

Total Fees & Expenses

$5.99M

5.00% of offering

Reserves

$1.15M

0.7% of offering

The total offering price of $160,916,131 is funded via $79,916,131 in offering equity alongside debt proceeds based on a 50.34% LTV. Uses include the $151,700,000 acquisition price, $1,150,000 in reserves, $1,347,840 in financing expenses, $399,581 in title and recording costs, and other offering fees totaling $5,993,710.

Risk read

Tone reflects relative strength, not a rating

Leverage & Debt Structure

Moderate leverage with low fixed rate

The offering utilizes 50.34% LTV fixed at 4.2%, though early payoff is restricted by a Prepayment Premium.

Fee Load & Capital Dilution

Substantial front-end syndication costs

Total front-end expenses of $5,993,710 and a 5% load on the offering price increase the required capital appreciation to break even.

Sponsor & Track Record

Large institution lacking DST performance tables

While Brookfield manages $1,000,000,000,000 in AUM, the supplement lacks granular historical performance data for prior DST offerings.

Liquidity & Reserves

Explicit reserves funded upfront

The capitalization includes $1,150,000 in reserves funded at closing for loan and master tenant obligations.

Key underwriting risks include a 5% load on the offering price and total front-end fees of $5,993,710 that dilute invested capital. The debt structure requires a Prepayment Premium, limiting debt refinancing flexibility. Additionally, the property supplement does not provide detailed prior performance track record tables for the sponsor's DST-related offerings.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load

5.00%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

106.1%

Offering price ÷ acquisition price

Price per Unit

$328,400

Offering price ÷ 490 units

Projected distribution rate

Avg 4.65%

Yr 1

Yr 1 4.65%

Distribution rates as extracted from the offering materials.

Total front-end fees and expenses aggregate to $5,993,710, reflecting a 5% load on the offering price. Debt covers 50.34% of the capitalization, while equity accounts for $79,916,131 to satisfy the $160,916,131 offering price. Annual trust administration is capped at up to 0.15% per annum of the maximum offering amount consisting of interests.

Sponsor

Brookfield Real Estate Exchange LLC

Brookfield Real Estate Exchange LLC is an institutional real estate sponsor backed by an organization managing $1,000,000,000,000 in assets under management. While the sponsor has broad global experience sponsoring real estate programs, the offering materials do not include detailed prior performance tables for its DST offerings.

Institutional Scale$1T AUMMultifamily FocusExternal Management

Portfolio

• Portfolio Offerings may include interests in two or more Trusts or multiple Properties held in a single Trust, with purchasers participating equally in all Trusts or Properties included in the portfolio. • In some Portfolio Offerings, a parent trust owns interests in two or more sub-trusts that own the Properties. • Purchasers in multi-property Portfolio Offerings may receive consolidated reports, financial statements, and other information covering all Properties in the portfolio.

Properties owned or managed

AUM

$1,000,000,000,000

Across all programs

DST programs

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

BF REIT has no employees of its own; its executive officers are employees of and compensated by the Adviser, which manages all of BF REIT’s operations.

Disclosed headcount

Sector focus

multifamily residential housing community

Stated strategy

View Sponsor Dossier

Brookfield Real Estate Exchange LLC acts as the sponsor, operating within a global entity managing $1,000,000,000,000 in assets under management. The sponsor and its affiliates have broad real estate experience, though detailed prior performance tables for DST-specific offerings are not provided in the property supplement. Operations are externally managed as the REIT entity has no direct employees.

Sponsor strengths

Affiliate of an institutional manager with $1,000,000,000,000 in AUM
Extensive background in large-scale commercial real estate programs

Sponsor concerns

Property supplement does not provide detailed prior performance tables for DST offerings
Operating REIT has no dedicated employees and is managed externally

The Property

The property

490-Unit Multifamily Asset in Mount Laurel Township, NJ

$151,700,000 acquisition price

BREX Briggs MF DST

multifamily residential housing community

Mount Laurel Township, New Jersey

490 unitsmultifamily residential housing community

$151,700,000

100.0% of portfolio

Seller: —
Property manager: Brookfield Real Estate Exchange LLC

Financing Terms

The Trust has secured an 8-year loan with a fixed interest rate of 5.6%. Prepayment is prohibited during the first 12 months and requires yield maintenance thereafter until near loan maturity.

Leverage profile

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

Loan Amount

—

Term

—

Interest Rate

4.2%

Fixed / Variable

Fixed

Prepayment Penalty

A Prepayment Premium (as defined in the Loan Documents)

DSCR

—

Acquisition LTV

—

Offering LTV

50.34%

Strengths

Fixed interest rate of 4.2%
Moderate leverage at 50.34% LTV

Concerns

Subject to a Prepayment Premium
Finance expenses total $1,347,840

Transaction Metrics

The total acquisition cost is $30,369,062.5 based on a purchase price of $28,261,384, reflecting an acquisition cap rate of 5.5% and a syndicated cap rate of 5.49%.

Valuation ladder

Acquisition price$151.70M

Offering price$160.92M+6.1%

Cap rate spread & load

Upfront load (all-equity)5.00%equity = offering price

Load net of reserves3.01%

Acquisition Price

$151,700,000

Offering Price

$160,916,131

Appraised Value

—

Upfront Load

—

Load on Equity

—

Load on Offering Price

Acquisition Cap Rate

—

Syndicated Cap Rate

—

Premium / Discount

—

Appraisal / Offering %

—

Less Reserves %

—

Strengths

Acquisition price of $151,700,000 across 490 multifamily units
Reserves capitalized at $1,150,000

Concerns

Total acquisition cost with reserves expands to $154,922,421
Title and recording costs total $399,581

Use of Proceeds

Gross offering equity of $12,625,000 is used alongside debt to fund the property purchase, $1,230,937.5 in front-end expenses, $900,000 in master tenant reserves, and $53,036 in title and recording costs.

Total Fees & Expenses

$5,993,710

% of offering

5.00%

All-equity offering — load on equity equals load on offering price. · $1,150,000 including reserves (0.71% of offering)

Where the offering proceeds go

Acquisition Cost$154.92M96.3%

Offering Expenses$5.99M3.7%

Reserves$1.15M0.7%

Total fees & expenses

$5.99M

5.00% of offering

Offering expenses

$5.99M

3.72% of offering

Reserves held

$1.15M

0.71% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Title & Recording Costs	$399,581	0.50%	0.25%
Reserves (Loan Proceeds)	$1,150,000	1.44%	0.71%
Reserves (Master Tenant)	$1,150,000	1.44%	0.71%
Loan & Lender Expenses	$1,347,840	1.69%	0.84%
Finance Expenses	$1,347,840	1.69%	0.84%
Total Acquisition Cost	$154,922,421	193.86%	96.28%
Total Acq. Cost (Reserves)	$154,922,421	193.86%	96.28%

Offering Expenses

Item	Amount	% Equity	% Offering
Selling Commissions	$3,995,807	5.00%	2.48%
Dealer Fee	$799,161	1.00%	0.50%
Placement Agent Fee	$799,161	1.00%	0.50%
O&O Expenses	$399,581	0.50%	0.25%
Total Offering Expenses	$5,993,710	7.50%	3.72%
Total Fees / Expenses	$5,993,710	7.50%	3.72%
Total Upfront Fees (Reserves)	$1,150,000	1.44%	0.71%

Strengths

$1,150,000 in reserve proceeds set aside upfront
Clear equity raise sizing of $79,916,131

Concerns

$5,993,710 in total offering expenses deducted from proceeds
O/O expense reimbursement reaches $1,000,000

Sponsor Compensation

Sponsor and affiliate compensation includes a $151,000 annual asset management fee, a 3.0% property management fee on gross monthly revenue, and a 3% disposition fee.

Front-end fee composition

O/O Expense Reimbursement$1.00M1.25%

Dealer Fee$0.80M1.00%

Total front-end sponsor compensation$5,993,710 3.95% of acq. cost

O/O Expense Reimbursement

$1,000,000

1.25%

Dealer Fee

$799,161

1.00%

Total Front-end Fees

$5,993,710

3.95%

Strengths

Trust administration fee capped at 0.15% per annum of eligible interests

Concerns

Selling commissions up to 5.0% payable to Dealer Manager
Dealer fee and placement agent fee of $799,161 each

Operating & Disposition Fees

The master tenant structure projects master tenant income of $924,000, supported by an upfront master tenant reserve of $900,000.

Ongoing fee rates

Trust Administration

Administration

of Fee of up to 0.15% per annum of the amount of the Maximum Offering Amount that consists of Interests

Strengths

Upfront reserves of $1,150,000 support ongoing property operations

Concerns

REIT entity has no direct employees and relies entirely on external Adviser
Multi-property or multi-trust reporting consolidation risk in portfolio structures

Comparative Analysis

54Composite

Standing

18 of 57

Blended percentile across 8 extracted metrics.

Pricing

47th pct

Leverage

59th pct

Cost

70th pct

Ongoing

0th pct

Structure

13th pct

Percentile profile

Pricing

Price per unitMin $24KMed $284KMax $3290K$328K38th

Year 1 distributionMin 0.00%Med 4.51%Max 6.75%4.65%56th

Leverage

Offering LTVMin 0.00%Med 46.09%Max 77.78%50.34%21st

Interest rateMin 3.91%Med 5.13%Max 9.11%4.20%97th

Cost

ReservesMin 0.11%Med 5.54%Max 18.84%1.44%21st

Total upfront loadMin 1.96%Med 7.50%Max 12.05%3.72%94th

Selling commissionMin 0.05%Med 6.00%Max 9.75%2.48%94th

Ongoing

Structure

Equity share of capitalMin 6.09%Med 100.00%Max 100.00%49.66%13th

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

Year 1 distribution

56th pct

4.65%median 4.51%

Min 0.00%Med 4.51%Max 6.75%

Interest rate

97th pct

4.20%median 5.13%

Min 3.91%Med 5.13%Max 9.11%

Total upfront load

94th pct

3.72%median 7.50%

Min 1.96%Med 7.50%Max 12.05%

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Price per unitPricing	$328K	$284K	$180K – $434K	+$44K	38th
Year 1 distributionPricing	4.65%	4.51%	4.40% – 5.00%	+0.14%	56th
Offering LTVLeverage	50.34%	46.09%	2.67% – 49.53%	+4.25%	21st
Interest rateLeverage	4.20%	5.13%	5.01% – 5.48%	−0.92%	97th
Total upfront loadCost	3.72%	7.50%	5.00% – 9.50%	−3.77%	94th
Selling commissionCost	2.48%	6.00%	5.00% – 6.00%	−3.52%	94th
ReservesCost	1.44%	5.54%	1.76% – 9.03%	−4.10%	21st
Equity share of capitalStructure	49.66%	100.00%	52.93% – 100.00%	−50.34%	13th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
NexPoint Life Sciences III DST	NexPoint Real Estate Advisors IV, L.P.	5.83%	50.52%	1.03x	4.63%	9 yrs	94%
Net-Leased Portfolio 76 DST	ExchangeRight Real Estate, LLC	—	43.32%	1.35x	4.08%	14.7 yrs	93%
NexPoint Oasis DST	NexPoint Real Estate Advisors IV, L.P.	4.84%	53.05%	1.81x	4.39%	10 yrs	90%
MDRR XXV Tesla DST 1	MDRR Sponsor TRS, LLC	6.00%	47.32%	2.32x	3.69%	5 yrs	89%
BREX Net Lease Data Center I DST	Brookfield Real Estate Exchange LLC	—	—	—	4.51%	2 yrs	89%
CF Biscayne Multifamily DST	Cantor Fitzgerald Investors, LLC	—	52.30%	—	3.90%	—	88%
NexPoint Small Bay III DST	NexPoint Real Estate Advisors IV, L.P.	5.50%	44.90%	—	5.15%	—	86%
307 Stockton Fee DST	Mercer Street	4.61%	50.00%	2.10x	5.00%	1 yrs	84%

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.