Our strategies, transparently

The fund acquired four multifamily properties totaling 15 units in Memphis throughout 2023. All four properties were fully rehabbed with new HVAC, electrical, plumbing, drywall, flooring, kitchens, and bathrooms. Three properties (963 New York St, 2033 Young Ave, and 2375 Forrest Ave) were converted into furnished short-term rentals operating on Airbnb, while 69 N Tucker is being leased as a long-term rental.

The three STR properties have been generating revenue since late 2023, with 2375 Forrest Ave as the strongest performer consistently reaching 73 to 84% occupancy. The team sends detailed monthly investor updates covering occupancy, revenue, expenses, and property-level P&Ls for full transparency.

The fund is currently working to refinance all four properties to lower interest rates and return principal to investors. Distributions remain paused during this process.

Bidwell Capital invested $525,000 as a fund-of-funds participant into Aspen Funds' Upstream Energy Fund VII. The strategy focuses on acquiring producing oil and gas wells (PDP assets) and reinvesting cash flow into new drilling opportunities to increase production and long-term returns. The fund is primarily targeting assets in the Powder River Basin and aims to purchase producing wells at discounted present value multiples.

The fund provides indirect exposure to multiple assets including 92 producing wells in an initial acquisition, 2 Devon-operated wells already drilled and producing, and additional wells through future acquisitions and drilling programs. Underlying operators include Devon Energy, EOG Resources, Continental Resources, and other Powder River Basin operators.

Early drilling investments in Devon-operated offset wells have begun producing and are performing in line with expectations. The fund also includes exposure to proven undeveloped drilling locations that may be developed over time.

Most recent program reflecting our refined operator selection process. Eleven wells with Rush Creek Resources, currently producing at approximately pro forma levels.

Transition toward larger, more established operators. Wells required remediation work after initial operational challenges but are currently producing. Marked a shift in our operator selection approach.

Wells experienced significant mechanical failures and operational issues resulting in a total loss of invested capital. Investors received 100% IDC deductions in the first year. This investment reinforced the importance of operator quality and operational execution when selecting drilling partners.

Continued partnership with the Panex operating team. One well was replaced during drilling due to issues - operator delivered three completed producing wells as planned. Wells remain in production.

Expanded drilling program with Panex. All nine wells successfully drilled, completed, and remain in production with continued distributions.

First drilling program. Three wells successfully drilled and completed, all still producing. Approximately 80% of invested capital returned to investors to date with ongoing production revenue.