REDIV - SILVER CLIFFS – PHASE TWO
INVESTOR UPDATE | MARCH 2026
EXECUTIVE SUMMARY
The Silver Cliffs Phase Two development continues to advance steadily toward its major milestones. Interest payments to investors have been made on schedule through the first quarter of 2026, and the project remains on track for full loan repayment by May 2026. The bonding timeline has been extended to May 2026 — a deliberate move by the development team to maximize property value and ensure the bond proceeds are positioned to not only retire the investor loan in full, but also fund the initial buildout of Phase 1 and Phase 2 of the development. Multiple home builders have expressed strong interest in purchasing finished lots, and a grocery store operator is in active purchase contract negotiations for the commercial parcel. The project is entering its most consequential phase, and the team remains confident in delivering on its commitments to investors.
RECENT KEY ACCOMPLISHMENTS | PRIMARY FOCUS AREAS
Investor Interest Payments
  • Payments for December 2025, January 2026, and February 2026 have all been made and distributed to investors at the agreed-upon 12% annualized rate
  • Payments are expected to continue on schedule each month until the full loan payoff is completed
Bonding Process
  • The infrastructure bonding timeline has been updated to target completion by May 2026
  • This timeline extension was a strategic decision to ensure maximum property value is captured, which directly supports both the full loan repayment and the capital needed to begin Phase 1 and Phase 2 development
  • Bond proceeds remain the primary vehicle for full loan retirement and the launch of construction activity
Builder & Commercial Interest
  • Multiple home builders are actively engaged and are expected to execute full purchase contracts for finished residential lots in May 2026
  • A grocery store operator has entered serious negotiations for the purchase of the commercial property; a purchase contract is expected to be finalized in May with a full purchase anticipated by Summer 2026
CURRENT FOCUS AREAS
Bonding Process Execution
  • Bonding Completion: Coordinating all technical, legal, and financial requirements to finalize the bond by May 2026
  • Purchase Contract Execution: Finalizing terms with residential builders and the commercial grocery operator for contract execution in May 2026
  • Loan Repayment Coordination: Managing the sequencing of bond proceeds and purchase contract activity to ensure full loan payoff to investors by the May 25, 2026 deadline
  • Phase 1 & 2 Transition Planning: Preparing for the transition into active development once capital is secured and contracts are in place
MAJOR MILESTONES
01
Ongoing Through May 2026
  • Monthly interest payments to all investors at 12% annual rate continuing through final payoff
  • Bonding process finalization targeted for May 2026
02
May 2026
  • Full payoff of investor principal and all accrued interest
  • Execution of full purchase contracts with residential home builders for finished lots
  • Finalization of purchase contract with commercial grocery operator
03
Summer 2026 and Beyond
  • Full purchase execution on commercial property
  • First residential lots delivered to builders by end of 2026
  • Project transitions into active Phase 1 and Phase 2 buildout
PROJECT OUTLOOK
The Silver Cliffs Phase Two project is on firm footing as it moves into its final loan repayment phase. All regulatory and zoning work is complete, interest payments are current, and the commercial and residential purchase pipelines are both active and advancing. The decision to extend the bonding timeline to May was made with a clear purpose — to ensure the maximum value is realized from the bond, providing the capital needed to retire the investor loan in full and simultaneously fund the next phase of development.
With home builders lined up for residential lots and a grocery anchor in negotiations for the commercial parcel, the project is demonstrating real market demand across both its residential and commercial components. The team remains on track to deliver first lots to builders by the end of 2026, marking the transition from development to active construction.
Investor returns remain consistent with original projections. The team is confident in meeting all obligations by the May 25, 2026 deadline while preserving the long-term value of the Silver Cliffs development.
EQUITY POSITION — WHAT THIS MEANS FOR YOU
Your Two-Part Investment
Your investment in Silver Cliffs Phase Two includes two components: the loan (which will be fully repaid by May 2026) and an equity stake in the development itself.
Your Equity Remains Intact
Even once the loan is paid off, your pro rata share of the Silver Cliffs development equity continues to be held on your behalf. That equity remains yours until it is either bought out by the development operators or until the property has been fully developed and sold, at which point net distributions would be made to equity holders.
Your equity continues to represent a meaningful long-term interest in a development that includes hundreds of residential lots and commercial property in a growing Southern Utah corridor. No action is required from investors at this time.
IMPORTANT NOTICE FOR INVESTORS
Interest Payments Are Current
Payments for December, January, and February have been distributed. Payments will continue monthly at the 12% annualized rate through the final loan payoff in May 2026.
Questions?
If you have any questions about your investment, payment status, or equity position, please reach out to your investor representative directly.