(1) Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. Distributions are not guaranteed and may be funded from the sources other than cash flow from operations.

(2) 100% of Gray Harbor Capital Government Income REIT’s dividend distributions since inception have been paid as return of capital. Each individual’s tax situation varies. Please seek guidance from a tax advisor. The information presented here should not be construed as investment, legal or tax advice. Return of capital distributions reduce an investor’s basis in the year received, and generally defer tax liabilities until the underlying position is sold. Items such as depreciation and amortization, which are non-cash items, can reduce taxable income for investors in the Gray Harbor Capital Government Income REIT. The Tax Equivalent Yield shown assumes a Florida investor who is currently invested in Gray Harbor Capital Government Income REIT with a maximum federal income tax rate of 37%. While Gray Harbor Capital Government Income REIT’s current distributions are all classified as return of capital, there is no assurance or guarantee that this classification will continue in future time periods and 0% state income tax rate” to “and 0% state income tax rate, net investment income tax of 3.8%, and 0% state income tax rate and a California investor who is currently invested in the Gray Harbor Government Income REIT with a maximum federal income tax rate of 37%, net investment income tax of 3.8%, and 14.4% state income tax rate

(3) This assumes that Gray Harbor Government Income REIT does not generate taxable income. There is no guaranty that Gray Harbor Government Income REIT’s income will not be taxable income in the future. The tax-equivalent yield refers to the pre-tax distribution rate an investor in a hypothetical taxable investment would need to receive to match the 6.0% after-tax distribution rate of Gray Harbor Government Income REIT’s shares. 100% of the Gray Harbor Government Income REIT’s dividend distributions since inception have been paid as return of capital. Each individual’s tax situation varies. Please seek guidance from a tax advisor. The information presented here should not be construed as investment, legal or tax advice. Return of capital distributions reduce an investor’s basis in the year received, and generally defer tax liabilities until the underlying position is sold and an investor may be subject to higher capital gains taxes as a result of a lower cost basis due to the return of capital distributions. Items such as depreciation and amortization, which are non-cash items, can reduce taxable income for investors in the Gray Harbor Government Income REIT. The Tax Equivalent Yield shown assumes a Florida investor who is currently invested in Gray Harbor Government Income REIT with a maximum federal income tax rate of 37%, net investment income tax of 3.8%, and 0% state income tax rate and a California investor who is currently invested in Gray Harbor Government Income REIT with a maximum federal income tax rate of 37%, net investment income tax of 3.8%, and 14.4% state income tax rate. While the Gray Harbor Government Income REIT’s current distributions are all classified as return of capital, there is no assurance or guarantee that this classification will continue in future time periods. The ordinary income tax rate is subject to change in the future. The illustrative example does not include local taxes. Investors could be subject to local income taxes imposed by their municipalities which could lower the after-tax distribution rate received by the investor. Fixed income investments are not the same as an investment in Gray Harbor Government Income REIT’s shares and may have other advantages, including other tax considerations, and individual investors should consult their tax advisors.  Once all of an investor’s capital has been returned, any additional distributions that are not dividends will be treated as capital gains.