STOR - Rhizome Partners Q2 2021 Investor Letter

• Rhizome Partners LP, a Delaware limited partnership, aims to achieve long-term capital appreciation while limiting the risk of loss.
• During the second quarter of 2021, Rhizome Partners generated a net return of 7.0% versus 8.5% for the S&P 500 index and 12.0% for the NAREIT index.
• Since inception, our portfolio had 58% market exposure, 27% cash/SPAC holdings, and 12% market neutral investments.
• FRP Holdings represents about 17% of Rhizome Partners’ capital and about 40% of all assets managed by Rhizome Capital Management, the investment manager.
• In 2023, we expect most of the multifamily assets to have 50% loan-to-value non-recourse fixed rate mortgages. This will increase return on equity making it an attractive long-term hold.

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