Even after the initial closing with the sponsor, some offerings can come back up for another opportunity to invest. This is mainly due to the way our Alpine Note Series works: Our Note product allows us to provide the difference between our total commitment to our sponsors and the capital we have raised from our investor base. This helps the Sponsor to begin executing their business plans on time and as projected as they receive their full requested capital within the targeted time frame. As our notes mature, we have select allocations that become available in the offering, and we will reopen to allow investors the opportunity to invest. Their capital takes the place of the Alpine Notes in the deal, and they receive shares in the respective offering just as they would if they participated in the first closing. Please note that when investments are on the platform for another round of funding, this has no correlation with the performance of the property as the sponsor has started their business plan.

By pre-funding offerings early in the life cycle, EM is able to quickly secure a targeted opportunity and provide an effective certainty of execution to the Sponsors—both of which are significant competitive advantages. It also allows us to make a diverse set of offerings available on the platform on a more regular basis.