Accredited Investor Review

Purpose

Why the questionnaire is required

Interests in privately offered real estate and infrastructure projects may be securities that are not registered for public sale. Federal securities exemptions can limit who may receive offering materials or purchase the securities and can require the issuer or sponsor to determine, or reasonably verify, whether a prospective purchaser is an accredited investor.

This questionnaire is an initial screening and relationship-building step. It helps RWLLC understand your claimed qualification category, experience, investment interests, preferred commitment range, and geographic preferences before any project-specific literature is made available.

Current SEC Standards

Who may qualify as an accredited investor

Under Rule 501(a) of Regulation D, an individual may qualify through financial criteria or certain professional or relationship-based categories. Common individual standards include:

• Net worth exceeding $1 million, individually or with a spouse or spousal equivalent, excluding the value of the primary residence and applying the rule's related-liability provisions.
• Individual income exceeding $200,000 in each of the two most recent years, with a reasonable expectation of reaching the same level in the current year.
• Joint income with a spouse or spousal equivalent exceeding $300,000 in each of the two most recent years, with a reasonable expectation of reaching the same level in the current year.
• Holding in good standing a Series 7, Series 65, or Series 82 license.
• Other categories recognized by Rule 501(a), including certain family clients and, for investments in a private fund, knowledgeable employees.

Entities may qualify through categories that include certain regulated financial institutions and investment advisers; entities owning more than $5 million in investments; specified organizations with more than $5 million in assets; qualifying family offices and family clients; or entities whose equity owners are all accredited investors. Additional conditions apply to several categories, including restrictions on entities formed for the specific purpose of acquiring offered securities.

Read the SEC's current explanations of accredited investor categories and the net-worth standard.

Review & Verification

A questionnaire is not final verification

Submitting this form does not establish accredited investor status, approve you to invest, reserve an allocation, or entitle you to confidential offering materials. RWLLC or the applicable project sponsor may request updated representations or project-specific documentation before granting access or accepting an investment.

Verification requirements depend on the exemption and the facts. In a Rule 506(c) offering that uses general solicitation, all purchasers must be accredited investors and the issuer must take reasonable steps to verify that status. A self-certification checkbox, standing alone, is not sufficient. Verification may include a recent written confirmation from a registered broker-dealer, SEC-registered investment adviser, licensed attorney, or certified public accountant, or review of specified financial records. Do not submit tax returns, bank statements, credit reports, Social Security numbers, or other sensitive verification documents through this preliminary questionnaire.

See the SEC's guidance on assessing accredited investors, Rule 506(b), and Rule 506(c).

Future Opportunities

Prospective-Investor Records and Future Communications

An approved applicant may be added to RWLLC's prospective-investor records and, if the applicant separately elects to receive communications, may receive announcements about future projects. Each announcement is informational and may be disregarded if the opportunity does not fit the recipient's objectives.

Approval for the prospective-investor list is not approval for a particular offering. Every project may have separate eligibility standards, minimum commitments, suitability considerations, deadlines, confidentiality requirements, verification procedures, and definitive offering documents. RWLLC may approve, decline, suspend, or request additional information concerning any application in its discretion and subject to applicable law.

Inclusion in RWLLC’s prospective-investor records is discretionary, may be limited or discontinued at any time, and does not create an advisory, fiduciary, contractual, or other relationship with RWLLC.