You close deals.
I find the words.

The Nashville supply headline is lying to you. Not intentionally. But the number is real and the conclusion is wrong. Here is what the data actually shows: - 94% of new supply coming into Nashville is Class A product - That housing targets renters earning $80,000 or more per year - Class B workforce housing serves renters earning $45,000 to $65,000 per year These are not the same renter. They do not compete for the same unit. A nurse making $52,000 a year is not cross-shopping a luxury high-rise with a rooftop pool. When the headline says "Nashville is overbuilt," it means one specific segment is absorbing a flood of new inventory. Class A operators are competing hard for the same high-income renter. Concessions are rising. Lease-up timelines are stretching. That pressure does not travel down the income ladder. The workforce tenant has fewer options, not more. Affordable Class B stock is not being built at any meaningful scale. The economics do not work for developers without subsidies. So the existing inventory stays tight, occupancy holds, and the operator who bought right and runs a clean asset continues to perform. The lesson here is simple: a market-level headline is not an asset-level thesis. Nashville "overbuilt" and Nashville Class B workforce housing are two different conversations happening in two different rooms. Conflating them is how investors sitting on the sidelines miss the actual opportunity — or how they panic-sell an asset that has no real exposure to the problem they read about. I have watched this dynamic play out across multiple cycles. The investors who outperform are the ones who ask one more question before accepting the narrative. So here is mine for you: when you read a supply warning about a market you operate in, do you break it down by asset class before deciding how to react — or does the headline move you first?

Dear [First Name], This month, I want to address something you have almost certainly seen in the headlines — and something you may have quietly wondered about when you looked at your portfolio statement. Nashville is delivering new apartment units at a pace that looks alarming on paper. Depending on which report you read, the metro is absorbing somewhere between 12,000 and 15,000 new units this cycle. Rent growth in some submarkets has softened. A few national publications have started using words like "oversupply" and "correction" in the same sentence as Nashville. If you follow real estate news at all, you have seen the charts. Here is what those charts almost never tell you. The supply wave hitting Nashville right now is concentrated almost entirely at the top of the market. Class A luxury towers — the kind with rooftop pools, co-working lounges, and rents that start at $2,400 a month. Developers chased that segment aggressively when capital was cheap and institutional appetite was high. Now those units are delivering all at once, and they are competing hard against each other for a shrinking pool of high-income renters. That is a real problem. For those assets. Our assets are not those assets. We own and operate Class B workforce housing — well-maintained, functionally updated properties serving working professionals and families who are not in the market for a luxury high-rise. They never were. The renter choosing our communities is not cross-shopping a $2,400 luxury unit downtown. They are looking for a clean, reliable home at a rent that fits their actual budget. These are two separate markets that happen to share a city name. When luxury supply floods a market, it does not trickle down and displace Class B renters. If anything, the dynamic runs in the opposite direction. As Class A landlords offer concessions to fill units, some renters who were stretching their budgets move up temporarily — which can actually tighten demand in the workforce segment we serve. This is not spin. It is how the market actually works. Across our Nashville assets, occupancy held at 94.2% through the most recent quarter and rent collections remained at 97.8%. The data on the ground is consistent with everything we have outlined above. Here is why that distinction matters for your capital specifically. The headline risk you are reading about is real — for a different investor, in a different part of the market. Our underwriting has always been built around workforce housing fundamentals: stable demand, limited new supply in our price band, and renters who prioritize value over amenity packages. Those fundamentals have not changed. Nashville's job base continues to grow. The population of renters who need a dependable home at a reasonable price is not shrinking. The one risk worth watching honestly is if Class A concessions become so aggressive that the effective rent gap narrows significantly. We are monitoring that. Right now, the gap remains wide enough that it is not a concern we are acting on. I want you to feel clear on this, not just reassured. If you have questions about a specific asset, a specific submarket, or anything you have read recently that gave you pause — reply to this email and I will walk through it with you directly. Ariel Ruiz Vasted Editorial

Meridian Capital Group — Q2 2026 Limited Partner Update Q2 2026 delivered above-budget performance across every material metric. NOI of $192,400 came in 4.6% ahead of plan, collections held at 97.8%, and distributions of $94,600 were paid in full on July 1st. This memo covers financial performance, asset-level operations, capital expenditure progress, and four specific priorities for Q3 2026. Questions may be directed to Daniel Reeves at Meridian Capital Group. F — FINANCIAL PERFORMANCE SNAPSHOT Line Item | Actual | Budget | Variance | Commentary Gross Potential Rent | $387,000 | — | — | Reflects full rent roll across 132 units at both assets. Vacancy & Concessions | ($31,200) | — | — | Driven primarily by three early terminations at Riverside Commons in May. Other Income | $8,400 | — | — | Pet fees and parking revenue consistent with prior quarters. EGI | $364,200 | — | — | Net of vacancy and concessions; reflects strong re-leasing velocity at both assets. Operating Expenses | ($171,800) | — | — | Within budget; no unplanned maintenance or capital events this quarter. NOI | $192,400 | $184,000 | +$8,400 / +4.6% | Outperformance driven by occupancy gains at Oakwood Flats and controlled expense management. Q2 2026 NOI of $192,400 came in $8,400 above the budgeted $184,000 — a 4.6% positive variance driven by accelerated lease-up at Oakwood Flats following the April management transition and operating expenses held flat with no unplanned capital events. Collections rate held at 97.8% across both assets and DSCR strengthened to 1.31, providing comfortable debt service coverage above the underwritten threshold of 1.20. O — OPERATIONS: OAKWOOD FLATS, ATLANTA, GA (78 UNITS) - Occupancy: 96.2% this quarter vs. 91.4% prior quarter (+4.8 pts) - Leasing activity: 14 new units leased, 11 renewals signed, 0 units in lease-up - Management: New property manager onboarded April 2026; performance exceeding expectations — no material operational issues to report The +4.8 percentage point occupancy gain at Oakwood Flats is the primary driver of portfolio outperformance this quarter. The new property manager executed 14 new leases and secured 11 renewals within the first 90 days, bringing the asset to 96.2% occupancy — above the 95% stabilization threshold used in underwriting. Zero units are currently in lease-up. O — OPERATIONS: RIVERSIDE COMMONS, CHARLOTTE, NC (54 UNITS) - Occupancy: 88.7% this quarter vs. 90.1% prior quarter (−1.4 pts) - Early terminations: 3 units vacated in May; all 3 re-leased by June 28th - Delinquency: One tenant with two consecutive late payments being monitored; legal counsel notified as a precautionary measure — resolution in progress The −1.4 percentage point occupancy dip is attributable entirely to three early lease terminations in May. All three units were re-leased before quarter-end and the revenue impact was contained to a partial month of vacancy. One tenant has recorded two consecutive late payments; legal counsel has been engaged and a clear resolution path is being executed. C — CAPITAL EXPENDITURES & FINANCING Project | Property | Total Budget | Spend to Date | % Complete | Projected Completion Exterior Paint & Signage Refresh | Both Assets | $38,000 | $22,400 | 62% | August 2026 The exterior refresh is 62% complete against a $38,000 total budget with $22,400 deployed. The project remains on schedule for August 2026 completion. No budget overruns are projected. Both assets carry fixed-rate debt at a blended rate of 4.85% through 2029. No refinancing activity occurred in Q2 and no near-term refinancing exposure exists. U — Q3 2026 FORWARD PRIORITIES 1. Complete the exterior paint and signage refresh on both properties by the August 2026 deadline. 2. Resolve the delinquent tenant situation at Riverside Commons — legal counsel engaged, resolution path being executed. 3. Begin preliminary underwriting on a third acquisition target in the Nashville market. 4. Drive Riverside Commons occupancy to 95%+ by September 30, 2026. S — STATEMENT OF DISTRIBUTIONS Distribution Amount | Date Paid | Preferred Return Rate | Deferral Status $94,600 | July 1, 2026 | 7.0% | None — paid in full The Q2 2026 distribution of $94,600 was paid on July 1, 2026 as scheduled. All preferred return obligations at 7.0% were met in full with no deferrals. This marks the fourth consecutive quarter of on-schedule, full distributions across the portfolio. CONCLUSION The Meridian Capital Group portfolio delivered a strong Q2 2026 with NOI 4.6% above budget, a 97.8% collections rate, and distributions paid in full on schedule. Q3 priorities are specific and actively being executed — full reporting will follow in the Q3 2026 update. For questions regarding any item in this memo, contact Daniel Reeves directly at Meridian Capital Group.