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

Moody Village Towers DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

Moody Village Towers DST is an institutional real estate offering sponsored by Moody National Companies, comprising a Class-A office building with retail space developed in 2019 located at 9651 and 9655 Katy Freeway in Houston, Texas. The total acquisition cost for the property is $210,750,000, with a base purchase price of $184,000,000 reflecting an initial acquisition cap rate of 5.07%. The capital structure is funded through $136,250,000 in offering equity alongside $74,500,000 in fixed-rate debt financing. Leverage is conservative with an acquisition and offering loan-to-value ratio of 37.27%. The debt facility carries a fixed interest rate of 5.09%. Front-end offering expenses and fees total $10,900,000, representing an 8% load on the offering price, alongside substantial improvement reserves of $10,848,055 and master tenant reserves of $500,000.

Capital raise

0.0% of the offering is closed

$136,250,000 still available

Closed$0 Reservations$0 Available$136,250,000

$0 of $136,250,000 placed

Total offering equity

$136,250,000

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$136,250,000

Open for subscription

The syndicate seeks to raise $136,250,000 in offering equity from investors. Selling commissions are capped at 6%, with total broker-dealer allowances, placement fees, and reimbursements capped at 8% ($10,900,000) of total sales. The equity raise represents 64.65% of the total $210,750,000 capitalization.

Offering terms

Sector

Other

Investment Category

DST

Projected First Year Cashflow

—

Avg. — over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$136,250,000

Offering Debt

$74,500,000

5.09%

LTV

37.27%

On acquisition price

Units / Tenants

—

9651 and 9655 Katy Freeway, Houston, Texas 77024

Property Age

Village Towers was developed in 2019, indicating a recently constructed Class-A mixed-use property.

The offering features a 2019-vintage Class-A mixed-use office and retail asset located along the Katy Freeway in Houston, Texas. Capitalization consists of $136,250,000 in equity and $74,500,000 in debt, resulting in a low leverage profile of 37.27% LTV. The financing is secured at a fixed interest rate of 5.09%.

Strengths & considerations

Key strengths

Conservative Leverage
37.27% LTV
The debt-to-value ratio is maintained at 37.27% based on a $74,500,000 loan against the $184,000,000 purchase price.
Fixed Borrowing Cost
5.09% Fixed
The debt package carries a fixed interest rate of 5.09%, insulating property cash flows from interest rate volatility.
Substantial Reserve Funding
$10,848,055
Capitalization includes $10,848,055 in dedicated improvement reserves and $500,000 in master tenant reserves.

Key considerations

Upfront Fee Load
$10,900,000
Front-end offering expenses and broker-dealer load equal 8% of the equity raise, totaling $10,900,000.
Transaction Mark-Up
$26,750,000
Total acquisition cost of $210,750,000 exceeds the $184,000,000 property purchase price due to fees, expenses, and reserves.
Initial Acquisition Yield
5.07% Cap Rate
The asset was acquired at an initial cap rate of 5.07%, which sits close to the 5.09% loan interest rate.

Key structural strengths include a conservative leverage profile of 37.27% LTV, which limits debt service exposure. The loan carries a fixed interest rate of 5.09%, providing interest rate certainty. Additionally, the asset is a modern 2019 build backed by substantial capital improvement reserves totaling $10,848,055.

Sources, uses & fee assessment

Capital Sources

Offering Equity
100.0% of offering
$136.25M
Offering Debt
37.27% LTV on acq.
$74.50M

Where the Capital Goes

Acquisition Cost
154.7% of offering
$210.75M
Offering Expenses
8.0% of offering
$10.90M
Reserves
8.3% of offering
$11.35M

Total Offering

$136.25M

All equity — no mortgage debt

Acquisition Cost

$210.75M

154.7% of offering to the property

Total Fees & Expenses

$15.90M

8.00% of offering

Reserves

$11.35M

8.3% of offering

Total uses of $210,750,000 consist of the $184,000,000 acquisition price, $10,900,000 in upfront offering expenses, $3,745,000 in loan and lender expenses, $476,875 in organizational and offering expenses, and $11,348,055 in total reserves ($10,848,055 improvement reserves and $500,000 master tenant reserves). Sources comprise $136,250,000 in equity proceeds and $74,500,000 in loan proceeds.

Risk read

Tone reflects relative strength, not a rating

Leverage & Debt

Conservative

LTV is low at 37.27% on a $74,500,000 loan with a fixed rate of 5.09%.

Fee Structure

High

Total upfront fees and offering expenses are $10,900,000, representing an 8% load.

Negative Spread Risk

Moderate

Acquisition cap rate of 5.07% compares against a 5.09% debt interest rate.

Asset Concentration

Standard Single-Asset

Single 2019-vintage office/retail property in Houston, TX with undisclosed tenant details.

Risks center on the single-asset office and retail focus, exposing investors to office sector operational dynamics. While the 5.07% cap rate provides an initial baseline, upfront fees and transaction expenses total $15,901,945, representing a significant spread between the acquisition price and total cost. Tenancy details, lease terms, and occupancy rates are not disclosed.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load

8.00%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

74.0%

Offering price ÷ acquisition price

Price per Unit

—

Offering price ÷ — units

The transaction capitalization totals $210,750,000 against a property purchase price of $184,000,000, reflecting an acquisition cap rate of 5.07%. Upfront offering fees and load total $10,900,000 (8% of equity), while total transaction fees and expenses reach $15,901,945. Substantial reserves of $10,848,055 for improvements and $500,000 for the master tenant are built into the capitalization.

Sponsor

Moody National Companies

Moody National Companies began as Moody National Mortgage Corporation in 1996. The organization has expanded over more than 25 years into a multi-division commercial real estate sponsor.

Founded 1996Full-Service CRECommercial Sponsor

Portfolio

—

Properties owned or managed

AUM

—

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

Other

Stated strategy

View Sponsor Dossier

Moody National Companies serves as the sponsor, having been founded in 1996 initially as Moody National Mortgage Corporation. The firm has operated for over two decades, evolving into a full-service commercial real estate sponsor managing multiple divisions. Detailed historical performance metrics and AUM are not disclosed in the offering fields.

Sponsor strengths

Operating history dating back to 1996
Established full-service platform with specialized divisions
Experience managing institutional-sized commercial transactions

Sponsor concerns

Specific historical track record metrics not disclosed in fields
AUM and prior full-cycle performance figures not provided

The Property

The property

2019-Vintage Class-A Office/Retail Asset in Houston, TX

$184,000,000 acquisition price

Moody Village Towers DST

office building with retail space

Village Towers was developed in 2019, indicating a recently constructed Class-A mixed-use property.

9651 and 9655 Katy Freeway, Houston, Texas 77024

office building with retail space

$184,000,000

100.0% of portfolio

Seller: —
Property manager: Moody National Companies

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

Loan amount$74.50M54.7% of offering · 37.27% LTV

Offering equity$61.75M45.3% of offering

Loan Amount

$74,500,000

Term

—

Interest Rate

5.09%

Fixed / Variable

Fixed

Prepayment Penalty

—

DSCR

—

Acquisition LTV

37.27%

Offering LTV

37.27%

Strengths

Conservative leverage of 37.27% LTV
Fixed interest rate of 5.09%

Concerns

Loan & lender expenses total $3,745,000
Debt rate exceeds initial cap rate

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$184.00M

Offering price$136.25M+-26.0%

Cap rate spread & load

Acquisition cap rate5.07%

Upfront load (all-equity)8.00%equity = offering price

Load net of reserves3.34%

Acquisition Price

$184,000,000

Offering Price

$136,250,000

Appraised Value

—

Upfront Load

$10,900,000

Load on Equity

—

Load on Offering Price

Acquisition Cap Rate

5.07%

Syndicated Cap Rate

—

Premium / Discount

—

Appraisal / Offering %

—

Less Reserves %

—

Strengths

Modern construction completed in 2019
Institutional scale with $184,000,000 purchase price

Concerns

Acquisition cap rate compressed at 5.07%
$26,750,000 spread between purchase price and total cost

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

$15,901,945

% of offering

8.00%

All-equity offering — load on equity equals load on offering price. · $10,848,055 including reserves (7.96% of offering)

Where the offering proceeds go

Acquisition Cost$210.75M154.7%

Offering Expenses$10.90M8.0%

Reserves$11.35M8.3%

Total fees & expenses

$15.90M

8.00% of offering

Offering expenses

$10.90M

8.00% of offering

Reserves held

$11.35M

8.33% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Reserves (Loan Proceeds)	$10,848,055	7.96%	7.96%
Reserves (Master Tenant)	$500,000	0.37%	0.37%
Reserves (Improvements)	$10,848,055	7.96%	7.96%
Loan & Lender Expenses	$3,745,000	2.75%	2.75%
Total Acquisition Cost	$210,750,000	154.68%	154.68%
Total Acq. Cost (Reserves)	$210,750,000	154.68%	154.68%

Offering Expenses

Item	Amount	% Equity	% Offering
Selling Commissions	$8,175,000	6.00%	6.00%
Placement Agent Fee	$1,362,500	1.00%	1.00%
BD Due Diligence Allowance	$1,362,500	1.00%	1.00%
BD Marketing Allowance	$1,362,500	1.00%	1.00%
O&O Expenses	$476,875	0.35%	0.35%
Third Party DD	$32,000	0.02%	0.02%
Total Offering Expenses	$10,900,000	8.00%	8.00%
Total Fees / Expenses	$15,901,945	11.67%	11.67%
Total Upfront Fees (Reserves)	$10,848,055	7.96%	7.96%

Strengths

$10,848,055 dedicated to improvement reserves
$500,000 funded for master tenant reserve

Concerns

Total non-property costs and reserves equal $26,750,000
$476,875 allocated to O&O expenses

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

Strengths

Total sales commissions and fees capped at 8%
Direct breakdown of BD marketing, DD, and placement fees

Concerns

Total front-end fees reach $10,900,000
Up to 6% paid in direct selling commissions

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

Strengths

Substantial liquidity backstop with $11,348,055 in combined reserves
Master tenant structure in place

Concerns

Operating expense breakdown not disclosed
Historical NOI not provided

Comparative Analysis

52Composite

Standing

25 of 57

Blended percentile across 8 extracted metrics.

Pricing

27th pct

Leverage

67th pct

Cost

46th pct

Ongoing

0th pct

Structure

50th pct

Percentile profile

Pricing

Acquisition cap rateMin 4.00%Med 5.50%Max 7.53%5.07%27th

Leverage

Interest rateMin 3.91%Med 5.13%Max 9.11%5.09%56th

Offering LTVMin 0.00%Med 46.17%Max 77.78%37.27%72nd

Acquisition LTVMin 0.00%Med 46.93%Max 84.00%37.27%74th

Cost

Total upfront loadMin 1.96%Med 5.97%Max 12.05%11.67%4th

Selling commissionMin 0.05%Med 6.00%Max 9.75%6.00%63rd

ReservesMin 0.11%Med 5.53%Max 18.84%8.33%72nd

Ongoing

Structure

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

27th pct

5.07%median 5.50%

Min 4.00%Med 5.50%Max 7.53%

Acquisition LTV

74th pct

37.27%median 46.93%

Min 0.00%Med 46.93%Max 84.00%

Interest rate

56th pct

5.09%median 5.13%

Min 3.91%Med 5.13%Max 9.11%

Total upfront load

4th pct

11.67%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	5.07%	5.50%	5.00% – 6.00%	−0.43%	27th
Acquisition LTVLeverage	37.27%	46.93%	19.88% – 50.20%	−9.66%	74th
Offering LTVLeverage	37.27%	46.17%	2.67% – 49.80%	−8.90%	72nd
Interest rateLeverage	5.09%	5.13%	5.00% – 5.48%	−0.04%	56th
Total upfront loadCost	11.67%	5.97%	4.89% – 9.50%	+5.70%	4th
Selling commissionCost	6.00%	6.00%	5.00% – 6.00%	0.00%	63rd
ReservesCost	8.33%	5.53%	1.67% – 9.03%	+2.80%	72nd
Equity share of capitalStructure	100.00%	97.50%	52.74% – 100.00%	+2.50%	50th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
MCG Gainesville FL BTR DST	Madison Capital Group	—	—	1.74x	—	10 yrs	97%
Velocis Maple Grove BTR DST	Velocis Exchange, LLC	—	47.21%	3.38x	11.93%	10 yrs	92%
LSC Fort Washington MD DST	Livingston Street Capital, LLC	—	49.60%	1.15x	11.03%	2 yrs	89%
Ideal Ecco Park DST	IDEAL Capital Group Holdings, LLC	—	—	1.03x	9.50%	10 yrs	88%
Canyon State Minerals LLC	Montego Minerals	—	—	—	9.50%	—	87%
Fresh Stop II DST	Madison Capital Group Holdings, LLC	—	—	—	11.00%	7 yrs	87%
MCG Arden NC Multifamily DST	Madison Long Shoals Manager, LLC	—	—	1.64x	10.50%	—	85%
Cottonwood Riverfront DST	CC Exchange TRS, Inc.	—	39.26%	2.00x	8.70%	7 yrs	82%

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.