April 2026 PL Leeward 2 Fund Performance Report: 0.70-0.85% Returns

PL Leeward 2 delivered April returns of 0.70–0.85%*, varying by class. Q2 2026 is off to a steady start, with the Leeward team maintaining consistent portfolio performance and disciplined capital deployment across the investment portfolio.

This applies to all investments into PL Leeward 2 made on or before 4/1/26.

April 2026 Performance

The fund delivered the following returns across all classes:

Class	April Return	YTD Return	Annualized Projection
Class S	0.70%*	0.70%*	8.4%*
Class A	0.75%*	0.75%*	9.0%*
Class B	0.80%*	0.80%*	9.6%*
Class C	0.85%*	0.85%*	10.2%*

Note: April 2026 was the fund's inception month, so YTD reflects a single month. Annualized projections represent a full 12 months at the fund's pace to date.

You can read more about the specifics in the included Update from Leeward at the end of this email. We encourage investors to read the updates and watch the replay of our LIVE Fund Q&A with our sponsors. You can also review materials in the PL Leeward 2 Data Room.

Distribution Details

What will be my return for April?
- Class S: 0.70%*
- Class A: 0.75%*
- Class B: 0.80%*
- Class C: 0.85%*
When will my return be sent? April distributions will be sent by the end of May for PL Leeward 2 investors. Your capital balance, distribution amount, and investor statements are available at any time directly from your Cash Flow Portal. Statements can be generated in real time.
If you elected to reinvest your distributions, the reinvested amount was added to your capital balance and began earning additional returns as of May 1st.

Key Fund Information

Cash Flow Portal: Your investor portal is managed by Property Llama Capital. Returns will be posted to your portal at the time distributions are sent. Statements can be generated in real time, any time, directly from your portal.
- To access your portal, visit [https://investors.propertyllama.com/offering/LEEWARD-OFFERING-ID]. If you do not have access, please reach out to [email protected] or any member of our team.

We value your trust and partnership as an investor. If you have any questions or need further assistance, feel free to contact us at [email protected].

Best regards,

Chris Lopez, Richard McGirr, and the Entire Team at Property Llama Capital

P.S.—Submit your Leeward questions now or anytime to [email protected] so we can discuss them with our sponsors. These calls will be recorded and shared with our investors.