Monthly Total Returns

⁽¹⁾ Returns reflect Gray Harbor Government Income REIT’s returns after the payment of all fees, expenses and promotional interest if earned by the Advisor. The return information was calculated based on distributions and increase in the net asset value (“NAV”) per share of the common stock of Gray Harbor Government Income REIT. The performance shown includes adding aggregate monthly dividends paid (including those reinvested) and calculating semi-annual increases/ decreases in net asset value, all net of management and incentive fees. Monthly distributions and NAV appreciation and depreciation are calculated and shown at the fund level. Individual results may vary due to, but not limited to, timing of investment, reinvestments of dividends, redemptions, special dividend payments, shareholder dilution, and other factors. The most significant component of NAV consists of estimated fair values of real property assets. As with any real property valuation protocol, the estimated fair values of real properties are based on a number of judgments, assumptions or opinions about future events that may or may not prove to be correct. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. Further, Gray Harbor Government Income REIT shareholders may not realize Gray Harbor Government Income REIT’s most recently computed NAV per share of common stock in the event the shareholder attempts to sell shares or upon the liquidation of Gray Harbor Government Income REIT. See the Memorandum for information about the valuation procedures followed by Gray Harbor Government Income REIT in connection with its determination of NAV. The year 2021 represents a partial year of performance. Past performance is not indicative of future results.

⁽²⁾ The performance shown includes adding aggregate monthly dividends paid (including those reinvested) and calculating semi-annual increases/ decreases in net asset value, all net of management and incentive fees. Monthly distributions and NAV appreciation and depreciation are calculated and shown at the fund level.

⁽³⁾ The Board of Gray Harbor Government Income REIT maintained a net asset value (“NAV”) of the Company’s assets from inception of the Strategy through its first independent third-party NAV appraisal conducted as of December 31, 2023. The Offering price per Share and the Share NAV was maintained at $1,000.

⁽⁴⁾ The Board of Gray Harbor Government Income REIT approved a change in net asset value (“NAV”) of the Company’s assets as of December 31, 2024, based upon an independent third-party NAV appraisal. The Offering price per Share and the Share NAV increased from $1,072 to $1,096.

⁽⁵⁾ The Board of Gray Harbor Government Income REIT approved a change in net asset value (“NAV”) of the Company’s assets as of June 30, 2024, based upon an independent third-party NAV appraisal. The Offering price per Share and the Share NAV increased from $1,049 to $1,072.

⁽⁶⁾ The Board of Gray Harbor Government Income REIT approved a change in net asset value (“NAV”) of the Company’s assets as of December 31, 2023, based upon an independent third-party NAV appraisal. The Offering price per Share and the Share NAV increased from $1,000 to $1,049.

⁽⁷⁾ A special dividend of 0.75% was paid from Gray Harbor Government Income REIT’s operating cash flows to meet Gray Harbor Government REIT’s annual preferred return of 6.0% over the trailing twelve months. As of February 2024, monthly distributions were increased to 0.50% (6.0% annualized yield) with future special dividends eliminated.