This is portion of the transcript of our Investor Webinar: Oasis at Texoma It covers pertinent topics and concerns of the investors that attended.

Thanks for joining today. We've covered the opportunity: a 100+ site luxury RV resort on Lake Texoma, perfectly positioned next to the $6B Preston Harbor / Margaritaville development. Projected 8% preferred return, 16–18% IRR, 2.0–2.2x equity multiple over 5–7 years. Now let's open it up for questions.

Q1: You and your partner are oil & gas landmen. What experience do you have actually operating an RV resort? A: Great question — this is an operations-heavy asset class, and we know that. Neither of us is pretending to be day-to-day resort operators. That's why we've structured this with a professional third-party management company — we're in final negotiations with CRR Hospitality (one of the largest RV resort operators in Texas with a proven track record at high-end properties). They'll handle staffing, marketing, maintenance, and guest experience. Our role as sponsors is asset management, entitlement oversight, and capital improvements — areas where our land acquisition and development timing expertise directly apply. We've budgeted a full management fee (12–15% of revenue) to ensure professional operations from day one.

Q2: Lake Texoma already has several nice RV parks. Why won't this one just add to oversupply? A: The key differentiator is timing and location. Preston Harbor is breaking ground in 2025 — 7,500+ new homes, a Margaritaville resort, golf, marina expansion — all within 10 minutes of our site. We're not competing head-to-head with existing parks; we're capturing the overflow demand that the new development will create. Comps like Thousand Trails Lake Texoma and Lighthouse Resort are routinely at 90%+ occupancy in season and have expanded multiple times. Our site offers a more affordable luxury option than staying at the full Margaritaville resort, so we become the "best alternative" for extended stays and repeat visitors.

Q3: Your occupancy and rate assumptions look aggressive. How did you arrive at them? A: We actually built in conservatism. Year 1: 65–70% occupancy at $75–85 average nightly rate (blended monthly/weekly/daily). That ramps to 85–90% by Year 3. These are below what nearby luxury parks are achieving today. We used third-party data from CBRE's 2024–2025 Outdoor Hospitality report, AirDNA for short-term rental comps in the area, and direct conversations with operators at comparable properties. We also included three scenarios in the deck: base case, downside (55% Year 1 occupancy), and upside. Even the downside still delivers the 8% pref and positive IRR.

Q4: What's the exit strategy? RV parks aren't as liquid as multifamily. A: Outdoor hospitality has become highly institutional over the last 5 years — groups like Sun Communities, Equity Lifestyle Properties (ELS), RHP Properties, and private equity firms are actively acquiring portfolios and standalone high-quality parks. Cap rates for well-located luxury RV resorts are compressing into the 6–7% range. Our plan is a 5–7 year hold with potential refinance at Year 3–4 to return some capital, followed by sale to an institutional buyer or larger regional operator looking to build a Texas portfolio.

Q5: What happens if there's a recession? RV travel is discretionary. A: RVing has proven remarkably resilient — it actually grew during and after the last recession because it's seen as a lower-cost vacation alternative to hotels and air travel. Lake Texoma is drive-to from DFW (1.5 hours), Oklahoma City, and Tulsa — no flights required. We also have strong extended-stay demand from construction workers on Preston Harbor and seasonal "snowbirds." That mix provides a floor on occupancy even in softer economies.

Q6: Why equity and not debt? Could you get bank financing? A: We explored traditional bank debt and could likely get 50–60% LTV construction financing, but the terms (personal guarantees, high interest, short amortization) would reduce investor returns significantly. By raising equity, we keep the capital stack clean, avoid personal recourse, and maximize upside for limited partners. This structure has become standard in the RV resort syndication space for exactly that reason.

Q7: What's the biggest risk you're worried about? A: Honest answer: execution risk on construction timeline and cost overruns. We've mitigated this with fixed-price contracts where possible, a 15% contingency in the budget, and phased development (Phase 1 sites first). The second risk is slower-than-expected ramp-up in occupancy — which we've addressed with conservative modeling and a professional management team incentivized to hit targets.

Closing: We appreciate the tough questions — that's exactly what we want. This is a single-asset deal with real upside, but it's not without risk. If the location story, conservative underwriting, and professional operations resonate with you, we'd love to send over the full PPM and subscription documents. Happy to set up one-on-one calls or site tours for anyone seriously interested.