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

Inland Alt Senior Living II DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

Inland Alt Senior Living II DST is an all-equity Delaware Statutory Trust offering sponsored by Inland Private Capital Corporation. The offering is raising $70,771,625 in equity to acquire a 132-unit senior living facility located in Monument, Colorado. The asset was acquired for a purchase price of $60,800,000, reflecting a 7.53% acquisition cap rate, with total acquisition costs including reserves reaching $61,699,022. The trust utilizes an unleveraged capital structure with 0% LTV and $0 in offering debt, eliminating lender-imposed refinancing risk. Master tenant income is projected at $9,916,263, with an average full-term income of 4.48% and an initial DSCR reported at 3x. Total offering expenses equal $30,813,544, which includes $20,602,794 in dealer fees and $10,210,750 in organizational and offering expenses.

Capital raise

0.0% of the offering is closed

$70,771,625 still available

Closed$0 Reservations$0 Available$70,771,625

$0 of $70,771,625 placed

Total offering equity

$70,771,625

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$70,771,625

Open for subscription

The trust is seeking $70,771,625 in total offering equity with no third-party debt component. The initial offering term is 12 months from the initial sale of an interest, subject to sponsor discretion to extend for up to two additional six-month periods.

Offering terms

Sector

Senior living facility

Investment Category

DST

Projected First Year Cashflow

—

Avg. 4.48% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$70,771,625

$536,149 per unit

Offering Debt

All-equity offering

LTV

—

On acquisition price

Units / Tenants

132

Monument, Colorado

Property Age

—

The offering encompasses a 132-unit senior living facility located in Monument, Colorado, acquired for $60,800,000. It is capitalized entirely with $70,771,625 in equity, maintaining a 0% LTV structure with no debt. The entry yield is highlighted by a 7.53% acquisition cap rate, while full-term average income is projected at 4.48%.

Strengths & considerations

Key strengths

Debt-Free Capitalization
0% LTV ($0 Debt)
Eliminates mortgage default, interest rate exposure, and refinancing risks across the holding period.
Going-In Yield
7.53% Cap Rate
Acquisition price of $60,800,000 reflects a strong initial yield profile relative to typical core assets.
Sponsor Track Record
$13.1B AUM
Supported by Inland's 55+ years of real estate experience and established DST platform scale.

Key considerations

High Total Offering Expenses
$30,813,544
Significant syndication costs including a $20,602,794 dealer fee and $10,210,750 in O&O expenses.
Yield Compression
4.48% Avg. Income
Projected full-term average income is lower than the initial acquisition cap rate of 7.53%.
Single-Asset Concentration
132 Units
Revenues are entirely dependent on a single senior living facility located in Monument, Colorado.

The primary strength of the offering is its completely debt-free structure with 0% LTV, which removes interest rate volatility and maturity risk. The property was acquired at an attractive 7.53% acquisition cap rate. Additionally, Inland brings institutional stability with over 55 years of real estate experience and $13.1B in assets under management.

Sources, uses & fee assessment

Capital Sources

Offering Equity
100.0% of offering
$70.77M

Where the Capital Goes

Acquisition Cost
87.2% of offering
$61.70M
Offering Expenses
43.5% of offering
$30.81M

Total Offering

$70.77M

All equity — no mortgage debt

Acquisition Cost

$61.70M

87.2% of offering to the property

Total Fees & Expenses

$30.81M

43.54% of offering

Reserves

—

— of offering

Total proceeds from the $70,771,625 equity raise fund the $60,800,000 acquisition price ($61,699,022 total acquisition cost with reserves). Offering expenditures total $30,813,544, comprising $20,602,794 in dealer fees, $10,210,750 in organizational and offering expenses, and $1,031 in finance expenses.

Risk read

Tone reflects relative strength, not a rating

Leverage Profile

Positive

The offering carries 0% LTV and $0 debt, fully insulating investors from credit and interest rate markets.

Offering Fee Load

Caution

Total offering expenses reach $30,813,544, driven by $20,602,794 in dealer fees and $10,210,750 in O&O.

Asset Specialization

Neutral

Senior living facilities carry higher operational intensity than traditional multi-family real estate.

Sponsor Execution

Positive

Inland maintains a multi-decade operational history with over $13.1B in assets under management.

Investors face single-asset and single-submarket operational risk inherent in senior housing properties. Upfront fees and offering expenses are substantial, totaling $30,813,544. Cash flow distributions depend on master tenant performance, generating $9,916,263 in master tenant income to support the projected 4.48% full-term average return.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load

43.54%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

116.4%

Offering price ÷ acquisition price

Price per Unit

$536,149

Offering price ÷ 132 units

Projected distribution rate

Avg 4.48%

Term avg.

Term avg. 4.48%

Distribution rates as extracted from the offering materials.

The offering exhibits an average full-term projected income of 4.48% against an acquisition cap rate of 7.53%. Total offering expenses of $30,813,544 represent a meaningful percentage of capital, with upfront fees relative to acquisition cost calculated at 9.15%. Total acquisition cost with reserves is established at $61,699,022.

Sponsor

Inland

Inland Private Capital Corporation is an established sponsor with over 55 years of institutional real estate experience and $13.1B in assets under management. The firm has continuous experience organizing, structuring, and managing Delaware Statutory Trust programs across various commercial asset classes.

55+ Years Experience$13.1B AUMDST SponsorSenior Housing

Portfolio

—

Properties owned or managed

AUM

$13,100,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

senior living facility

Stated strategy

View Sponsor Dossier

Inland has more than 55 years of experience developing and supporting real estate-related operating companies. Inland Private Capital Corporation manages $13,100,000,000 in assets under management. The sponsor maintains an extensive track record in structuring and managing Delaware Statutory Trust private placements.

Sponsor strengths

Extensive operating history exceeding 55 years in real estate
Substantial institutional scale with $13,100,000,000 in AUM
Proven track record in structuring and managing Delaware Statutory Trusts

Sponsor concerns

High syndication fee structures across offerings
Operational performance relies heavily on third-party senior housing operators

The Property

The property

132-Unit Senior Housing Facility in Monument, CO

$60,800,000 acquisition price

Inland Alt Senior Living II DST

Senior Housing

Monument, Colorado

132 unitsSenior Housing

$60,800,000

100.0% of portfolio

Seller: —
Property manager: Inland

Financing Terms

The trust secured a $17,600,000 loan with a 10-year fixed term at 5.1% interest, maintaining a 45% LTV and a 2.53x DSCR.

Leverage profile

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

Loan Amount

Term

12 months after the initial sale of an Interest in this Offering; however, we may extend this Offering for two additional six-month periods

Interest Rate

—

Fixed / Variable

Fixed

Prepayment Penalty

—

DSCR

Acquisition LTV

—

Offering LTV

Strengths

0% LTV eliminates debt service pressure
No refinancing or interest rate reset risk

Concerns

Lack of positive leverage to enhance total returns
Total capital must be sourced entirely from equity investors

Transaction Metrics

The property was acquired for $33,065,000 at a 4.76% cap rate, resulting in a total acquisition cost of $34,329,352.

Valuation ladder

Acquisition price$60.80M

Offering price$70.77M+16.4%

Cap rate spread & load

Acquisition cap rate7.53%

Upfront load (all-equity)43.54%equity = offering price

Acquisition Price

$60,800,000

Offering Price

$70,771,625

Appraised Value

—

Upfront Load

—

Load on Equity

—

Load on Offering Price

—

Acquisition Cap Rate

7.53%

Syndicated Cap Rate

—

Premium / Discount

—

Appraisal / Offering %

—

Less Reserves %

—

Strengths

Strong acquisition cap rate of 7.53%
$60,800,000 purchase price backed by $61,699,022 in total capitalized costs

Concerns

Capitalized reserves and acquisition costs add $899,022 over purchase price
Single property acquisition lacks geographical diversification

Use of Proceeds

Total sources of $39,408,522 fund the acquisition price ($33,065,000), upfront fees ($2,234,533), carry costs ($995,000), and reserves ($215,000).

Total Fees & Expenses

$30,813,544

% of offering

43.54%

All-equity offering — load on equity equals load on offering price.

Where the offering proceeds go

Acquisition Cost$61.70M87.2%

Offering Expenses$30.81M43.5%

Total fees & expenses

$30.81M

43.54% of offering

Offering expenses

$30.81M

43.54% of offering

Reserves held

—

— of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Finance Expenses	$1,031	0.00%	0.00%
Total Acquisition Cost	$61,699,022	87.18%	87.18%
Total Acq. Cost (Reserves)	$61,699,022	87.18%	87.18%

Offering Expenses

Item	Amount	% Equity	% Offering
Dealer Fee	$20,602,794	29.11%	29.11%
O&O Expenses	$10,210,750	14.43%	14.43%
Total Offering Expenses	$30,813,544	43.54%	43.54%

Strengths

Transparent allocation of the $70,771,625 gross equity raise
Minimal finance expenses of $1,031

Concerns

Total offering expenses of $30,813,544 reduce capital efficiency
High dealer fee component of $20,602,794

Sponsor Compensation

Sponsor compensation includes a $578,638 acquisition fee, $654,256 dealer fee, up to 6.0% selling commissions, and a ($35,000) annual asset management fee.

Front-end fee composition

Dealer Fee$20.60M29.11%

Total front-end sponsor compensation$20,602,794 33.89% of acq. cost

Dealer Fee

$20,602,794

29.11%

Total Front-end Fees

$20,602,794

33.89%

Strengths

Clearly disclosed upfront fee breakdown
Established institutional dealer group distribution network

Concerns

Upfront fees equal 9.15% of acquisition cost
O&O expenses reach $10,210,750

Operating & Disposition Fees

Master tenant income is projected at $2,336,000 with $215,000 funded into dedicated master tenant reserves.

Ongoing fee rates

Master Tenant Income

$9,916,263

Strengths

Reported master tenant income of $9,916,263
Reported DSCR metric of 3x

Concerns

Average full-term yield projected at 4.48%
Underlying property occupancy and historical revenues are not disclosed

Comparative Analysis

59Composite

Standing

9 of 57

Blended percentile across 8 extracted metrics.

Pricing

43rd pct

Leverage

93rd pct

Cost

0th pct

Ongoing

0th pct

Structure

32nd pct

Percentile profile

Pricing

Avg. distribution (term)Min 0.00%Med 5.08%Max 7.00%4.48%11th

Price per unitMin $24KMed $284KMax $3290K$536K18th

Acquisition cap rateMin 4.00%Med 5.50%Max 7.40%7.53%100th

Leverage

Loan termMin 1 yrsMed 10 yrsMax 36 yrs12 yrs86th

DSCRMin 1.00xMed 1.99xMax 3.38x3.00x93rd

Offering LTVMin 0.00%Med 46.17%Max 77.78%0.00%100th

Cost

Ongoing

Structure

Hold periodMin 1 yrsMed 10 yrsMax 36 yrs12 yrs14th

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

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

100th pct

7.53%median 5.50%

Min 4.00%Med 5.50%Max 7.53%

DSCR

93rd pct

3.00xmedian 1.99x

Min 1.00xMed 1.99xMax 3.38x

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Acquisition cap ratePricing	7.53%	5.50%	5.00% – 6.00%	+2.03%	100th
Price per unitPricing	$536K	$284K	$180K – $418K	+$252K	18th
Avg. distribution (term)Pricing	4.48%	5.08%	4.77% – 5.32%	−0.60%	11th
Offering LTVLeverage	0.00%	46.17%	21.16% – 49.80%	−46.17%	100th
DSCRLeverage	3.00x	1.99x	1.73x – 2.10x	+1.01x	93rd
Loan termLeverage	12 yrs	10 yrs	8.5 yrs – 10 yrs	+2 yrs	86th
Equity share of capitalStructure	100.00%	97.50%	52.74% – 100.00%	+2.50%	50th
Hold periodStructure	12 yrs	10 yrs	8.5 yrs – 10 yrs	+2 yrs	14th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
Sealy Industrial DST	Sealy	—	—	—	9.50%	11 yrs	95%
PG Savannah Industrial DST	Peachtree Hotel Group II, LLC	7.40%	0.00%	—	9.50%	—	92%
Inland Self Storage Portfolio XXII DST	Inland Private Capital Corporation	—	0.00%	—	8.40%	—	91%
Canyon State Minerals LLC	Montego Minerals	—	—	—	9.50%	—	90%
AEI Healthcare Property VII DST	AEI Capital Corporation	7.00%	—	—	7.62%	—	88%
Essential Income 12 DST	ExchangeRight Real Estate, LLC	—	—	3.02x	5.97%	—	88%
BR Diversified Industrial Portfolio 7 DST	BIGR Exchange 7 TRS, LLC	6.66%	0.00%	—	9.45%	10 yrs	86%
NREX II DST	Nuveen Real Estate Exchange LLC	—	0.00%	—	—	20 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.