The Anchor Document

Harbor Capital has passed many milestones since our founding on February 10, 2021. We have

assembled a portfolio of quality industrial real estate in Texas worth over $135M and built the team,

systems, and processes to support those assets with excellence. We have earned a reputation in the market as a calculated buyer who keeps their word and who only acquires properties that show a

clear path to delivering strong returns to their investors. We have raised $64M in private equity,

generated strong returns for our LPs, and built a best-in-class investor experience that is the

foundation for over 250 trusted partnerships with high-net-worth investors and family offices across

the country.

While we are proud of how far we have come, Harbor Capital is just getting started. To us, each day is

the first day of a long journey, and whether it is February 10, 2021 or February 10, 2121, we will grip just

as tightly to these anchor principles that we were founded on:

The market is unpredictable. Our investment thesis is a solid rock.

Harbor Capital optimizes for two things: cash flow and value increased by our own efforts. Any

market-based appreciation or depreciation is outside of our control. Our deals, therefore, are

structured to afford us the luxury of holding through the lows and selling during the highs, maximizing

for both capital protection and appreciation for our investors.

Today, the entire company is hyper-focused on acquiring and managing functional, versatile, Class

A/B industrial properties in our target markets in Texas. While over the next century we will most

certainly expand both geographically and into other asset classes, we will never enter a market in

which we are unable to become the premier experts.

We’re an inch wide, a mile deep, and always learning more.

Despite our best efforts to be experts, we know that no one bats a thousand, so we always implement

safeguards to protect our assets. Our guarantee to our investors is that Harbor Capital will:

● Always maintain oversized reserve funds.

● Always lever our deals conservatively.

● Never utilize uncapped floating-rate debt.

● Never underwrite unreasonable above-market lease rates.

● Underwrite each deal with the assumption that the market will turn against us.

We structure our deals and have the temperament to hold for the long haul, but are always

opportunistic sellers when that “Godfather” offer comes our way. We believe that holding control of

quality, versatile assets in growing areas over the long run is how our investors win big and how

Harbor Capital will thrive over the next century.

The one thing we do know is that we don’t know everything.

We hold fast to the belief that missteps are our most valuable educators. By fostering a culture of

introspection and unsentimental review, we remain persistent in our pursuit to learn from these

experiences and refine our approach accordingly.

We communicate, communicate, then communicate more.

Investors will never have to guess if our deals are going sideways or have to “see the writing on the

wall” of a shifting market. We are stewards of our investors’ capital, and our duty is to share what we

see on the front lines with full transparency. We will always:

● Share monthly updates on every asset that we own.

● Clearly explain the downside risks of each investment offering, detailing all aspects of the

investment that we don’t like.

● Be upfront and transparent, regardless of if we made a mistake or if market dynamics have

changed since we invested.

● Provide timely communication about ongoing or unfolding situations, even if we have not yet

found a solution.

Better before bigger.

When faced with the choice to either grow our assets under management or to work to increase the

value of those we already own, we will always focus on maximizing returns for our existing investors.

We take the long view, choosing the path where investors' equity in existing deals appreciates the

most it possibly can, even if this means less profit for us in the short term.

Our money is on the team and the tech.

We will always hire the best team we can find and equip them with the most cutting-edge tools and

software available in order to exceptionally source and manage our investments.

We have learned so much, yet we wake up every day looking for the next challenge to decode and

optimize for the better. On this boat in this harbor, we are committed to building a company worth

investing with over and over again across generations.

Here’s to an excellent party in 2121 when our descendants can get together and celebrate Harbor

Capital.

Levi Benkert