Composition and Structure

Like the IRETs, the REIT is not one specific token, but a subset of many tokens, each representing a “submarket”. There will be several subREITs (submarket-Real Estate Index Tokens) and one REIT which will represent the whole market. From the bottom up:

• Every subREIT will be backed by IRETs on our platform. For example, subREIT-MCR is composed of “Miami, Class C, Retail,” IRETs

• More specific subREITs will be used to back more general subREITs. For example, subREIT-MCRs will be used back subREIT-MCA “Miami, Class C, All Properties”

• This process will continue further backing more general subREITs, which will ultimately back the REIT which represents every property on our platform

*For simplicity, we will be referring to REITs and subREITs interchangeably throughout this document. The uppermost REIT, which represents every property on the protocol, will be referred to as “the REIT”.