A. GeneralDescriptionofAdvisoryFirm.
Homestead Capital USA, LLC (“Homestead”) is a Delaware limited liability company. The
principal place of business is in San Francisco, CA. Homestead was formed in July 2012. Gabe
Santos and Daniel Little are the principal owners of Homestead, with each owning a 50%
interest in Homestead.
B. DescriptionofAdvisoryServices
Homestead provides discretionary investment advisory services to private investment
funds, all of which are Delaware limited partnerships: Homestead Capital USA Farmland
Fund I, L.P., Homestead Capital USA Farmland Fund I AIV, L.P. (collectively, “Fund I”),
Homestead Capital USA Farmland Fund II, L.P., Homestead Capital USA Farmland Fund II
AIV, L.P. (collectively, “FundII”), Homestead Capital USA Farmland Fund III, L.P. (“FundIII”)
and Homestead Capital USA Farmland Fund IV, L.P. (“FundIV”, and together with Fund I,
Fund II, and Fund III, the “Funds,” or the “clients”). The Funds are exempt from registration
under the Investment Company Act of 1940, as amended (the “CompanyAct”). Affiliates of
Homestead, Homestead Capital USA Farmland Fund I GP, L.L.C. (the “Fund I General
Partner”), Homestead Capital USA Farmland Fund II GP, L.P. (the “Fund II General
Partner”), Homestead Capital USA Farmland Fund III GP, L.P. (the “Fund III General
Partner”, and Homestead Capital USA Farmland Fund IV GP, L.P. (the “Fund IV General
Partner”, together with the Fund I General Partner, the Fund II General Partner, and the
Fund III General Partner, the “GeneralPartners”) serve as the general partners of Fund I,
Fund II, Fund III and Fund IV respectively. Homestead may provide discretionary
investment advisory services to other private investment funds in the future.
Homestead generally invests the Funds’ assets to opportunistically acquire farmland located
throughout the United
States. The Funds seek to generate attractive risk-adjusted returns
through cash yield driven by rental income, interest income and capital appreciation of the
underlying land value over the investment holding period. Additional information about the
investment objectives and strategy of the Funds are set forth in the Confidential Private
Placement Memorandums (including any supplements thereto) for Fund I, Fund II, Fund III
and Fund IV (the “PPMs”). All capitalized terms used but not defined herein shall have the
meaning ascribed to such term in the PPMs.
In addition, the Funds and the General Partners (without any further act, approval or vote of
any partner in the Funds) have entered into side letters or other similar agreements with
certain limited partners in the Funds (and may do so in the future) that have the effect of
establishing rights under, or altering or supplementing the terms of, the Fund partnership
agreements, including but not limited to membership on the Fund’s Advisory Board, co-
investment rights, limited partners’ ability to disseminate Confidential Information in
accordance with legal requirements and Eleventh Amendment immunities protections.
Homestead may in the future establish separately managed accounts which tailor their
investment objectives, guidelines, restrictions, terms and/or fees to the specific needs of the
client. Such investment objectives, fee arrangements and terms will be individually
negotiated.
C. IndividualizedClientAdvisoryServices
Homestead does not tailor its advisory services to the individual needs of Fund investors.
D. WrapFeePrograms.
Homestead does not participate in any wrap fee programs.
E. ClientAssetsUnderManagement.
As of December 31, 2023, Homestead had approximately $1,768,422.962 of discretionary
client regulatory assets under management.