An anonymous director reports

REAL ESTATE SPLIT CORP. COMPLETES OVERNIGHT OFFERING

Real Estate Split Corp. has completed the overnight offering of Class A and preferred shares for aggregate gross proceeds of approximately $21.5-million. The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A shares) and RS.PR.A (preferred shares).

The Class A shares were offered at a price of $9.15 per Class A share to yield 17.0 per cent and the preferred shares were offered at a price of $10.45 per preferred share to yield 4.6 per cent to maturity. The Class A share and preferred share offering prices were determined so as to be non-dilutive to the net asset value per unit of the company on Sept. 9, 2026, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The company has been designed to provide investors with a diversified, actively managed, high-conviction portfolio comprising securities of leading North American real estate companies.

The company's investment objectives for the:

Class A shares are to provide holders with:

1. Non-cumulative monthly cash distributions;
2. The opportunity for capital appreciation through exposure to the portfolio.

Preferred shares are to:

1. Provide holders with fixed cumulative preferential quarterly cash distributions;
2. Return the original issue price of $10.00 to holders upon maturity.

Middlefield Ltd. provides investment management advice to the company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included National Bank Financial Inc., Canaccord Genuity Corp., Hampton Securities Ltd., BMO Nesbitt Burns Inc., CI Investor Services Inc., iA Private Wealth Inc., Raymond James Ltd., Manulife Wealth Inc., Ventum Financial Corp., Wellington-Altus Private Wealth Inc., Desjardins Securities Inc. and Research Capital Corp.