Pelorus Capital Group Secondary Opportunity

Location: Austin, Texas

Pelorus Capital Group Secondary Opportunity Existing LP interests in Pelorus Capital Group are available through a secondary sale at an approximate 50% discount to NAV / face value. Pelorus Capital Group is a cannabis-focused private credit and equity manager with reported total AUM of approximately $270M as of Q1 2026. The opportunity provides exposure to both Pelorus Fund LP interests and Pelorus Growth Fund equity assets, including cannabis real estate loans, REO recovery, and operating company upside. The available secondary pool represents approximately $26.8M of gross LP interests, with an estimated purchase price of approximately $13.4M at the 50% seller discount. The sale is being offered by motivated LPs at a pre-negotiated discount, with transfer approval subject to sponsor review and the applicable LP agreement. Key Highlights • Approximate 50% discount to NAV / face value • Approximately $26.8M available face value • Estimated purchase price of approximately $13.4M at the 50% seller discount • $100K minimum investment • Exposure to Pelorus Fund LP interests and Pelorus Growth Fund equity • Reported $270M total AUM as of Q1 2026 • Reported 9.27% life-to-date net IRR • Pelorus Fund includes $147M in cannabis real estate loans across 24 investments • BBB+ company rating from Egan-Jones • Non-performing loans reduced from a peak of 16 to 3 as of Q1 2026 • Distributable earnings increased 231% in Q1 2026 • Typical close timeline of approximately 60 days Underlying Exposure Pelorus Fund / Credit Portfolio The Pelorus Fund is structured as a cannabis credit / mortgage REIT strategy with exposure to cannabis real estate loans and related real estate assets. According to management-provided materials, the fund includes approximately $147M in cannabis real estate loans across 24 portfolio investments, with real estate collateral securing the loan portfolio. As of Q1 2026, non-performing loans had declined from a peak of 16 to 3. Management materials indicate the fund remains focused on portfolio optimization, asset-level execution, and converting repositioned assets into income-producing properties or monetization opportunities. Pelorus Growth Fund / Equity Assets The Pelorus Growth Fund provides equity exposure through an evergreen structure. Key assets include State House / Standard Golden State, a federally DEA-licensed cannabis facility, international cannabis distribution rights, and a California retail roll-up strategy. Management materials estimate Growth Fund asset value at approximately $1.2B to $1.8B versus a $350M cost basis. These figures are management-provided and available for review during buyer diligence. DEA-Licensed Cannabis Facility The Growth Fund includes exposure to a federally DEA-licensed cannabis facility described in management materials as one of a limited number of federally licensed cannabis facilities in the United States. The facility may support international cannabis distribution rights and regulatory-driven upside as the cannabis market continues to evolve. State House / Standard Golden State The Growth Fund also includes exposure to State House / Standard Golden State, a California cannabis platform. Management materials describe this asset as a core Growth Fund holding and part of the broader equity upside thesis tied to California retail scale, operating company expansion, and potential future liquidity. Investment Rationale The primary buyer thesis is the discounted entry basis. A buyer is acquiring seasoned LP interests at approximately 50 cents on the dollar, creating a more attractive entry point compared with a direct investment at full NAV. Potential return drivers include: • Discounted secondary entry basis • NPL and REO recovery proceeds • Potential distribution restart in late 2026 or early 2027 • Cannabis regulatory catalysts • Operating company and Growth Fund equity upside • Potential future liquidity event, recapitalization, or asset sale • Recovery in cannabis credit and real estate collateral values Why the Opportunity Exists Management materials indicate that early Pelorus Fund investors received an estimated 75% to 80% of their original capital back through cumulative distributions before 2024. A portion of existing LPs also rolled into the Pelorus Growth Fund, showing conviction in the long-term equity upside. The available interests represent motivated secondary supply from LPs seeking liquidity today, creating a potential entry point for new qualified buyers at a pre-negotiated discount. Deal Terms Available Pool: Approximately $26.8M gross face value Estimated Purchase Price: Approximately $13.4M at 50% discount Seller Discount: Approximately 50% Minimum Investment: $100,000 Target Assets: Pelorus Fund LP interests or Pelorus Growth Fund equity Transfer Approval: Subject to sponsor review and applicable LP agreement Typical Close Timeline: Approximately 60 days