Firm Description 
Alidade Capital, based in Bloomfield Hills, Michigan, provides investment advisory services on a 
discretionary basis to two pooled investment vehicles that were formed by Alidade Capital and that invest 
in commercial real estate (each a "Managed Fund," referred to herein as “Fund IV” and "Fund V;" 
collectively referred to as the "Managed Funds"). Alidade Capital sponsored three prior funds (“Fund I”, 
“Fund II,” and “Fund III”) that were fully liquidated, pursuant to their terms, in 2020, 2020, and 2023 
respectively.  
Alidade Capital was established in 2010 by Mark Hammond, Geoff Langdon, and Steve Faliski. Prior to co-
founding Alidade Capital, Mark Hammond had executive management roles with Flagstar Bancorp and 
Flagstar Bank, serving as CEO for seven years, President for 15 years and Vice Chairman of the Board of 
Directors for 18 years. Geoff Langdon had been active in finance, banking, lending and commercial real 
estate management operations for over 15 years prior to 2010. Steve Faliski served as Chief Operating 
Officer of Jamison Management Company beginning in August 2000, a company that owned and managed 
manufactured housing communities. Prior to that role, Mr. Faliski was in corporate banking with a 
predecessor of JPMorgan Chase. 
Description of Advisory Services 
Alidade Capital was originally formed to take advantage of acquisition opportunities in commercial real 
estate markets created by the financial crisis of 2009.
                                        
                                        
                                             Since its formation, Alidade Capital has refined its 
strategy in response to changing market and economic conditions and the Managed Funds currently own 
a portfolio of industrial, flex, retail and office investments located in diverse geographic markets. 
Investments made by the Managed Funds generally take the form of the purchase of leasable commercial 
real  estate,  but there have been occasional acquisitions  of  land,  a limited number of development 
projects, promissory notes and other forms of indebtedness secured and collateralized by commercial 
real estate, or the origination of loans secured and collateralized by commercial real estate (collectively, 
"Real Estate Investments"). To date, Alidade Capital's objective on behalf of the Managed Funds has been 
to maximize risk-adjusted returns to investors, utilizing moderate degrees of leverage, by  creating a 
portfolio of Real Estate Investments that balances near-term cash flow yield, cash flow upside, and future 
appreciation through value-add enhancements (including active asset management, focused property 
management, strategic property upgrades, and improved tenant quality). 
When managing assets for its clients, Alidade Capital remains subject to the guidelines and restrictions 
included in the organizational documents of each Managed Fund. 
Assets under Management 
As of December 31, 2023, Alidade Capital had a total of $600,446,863 of discretionary regulatory assets 
under management.