access capital - jconnelly · benchmarked to the bloomberg barclays securitized index, the access...
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Access cApitAlCommunity Investment Strategy
Where Social Benefits Drive Financial Returns
Community impaCt
Access Capital invests in the building
blocks of stronger communities,
including:
¾ Homeownership and affordable housing
¾ Small business loans
¾ Local healthcare and educational opportunities
innovation & Customization
Access Capital has a history of
first-to-market initiatives,
including:
¾ Ability to target specific geographic regions based on investor preferences
¾ Strategic partnerships with housing finance agencies, philanthropic foundations and government entities
¾ Working directly with originators to create unique securities
CompEtitivE FiXED inComE REtuRns
Market-rate performance
built on:
¾ High-quality, low-volatility securities
¾ Offering daily liquidity and transparency
¾ Focused on capital preservation
Access Capital constructs custom portfolios from bonds many investors already hold and creates new investment opportunities to generate greater impact—both for investors and the communities they care about most.
Access Capital offers:
Access Capital
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Value Proposition
With traditional fixed income investments, impact is incidental to returns. Even most impact investing is purposeful but not personal. Access Capital is uniquely positioned to meet the unique goals of individual investors.
IMpACt Limited and unintentional
AggregateBonDs poRtFolio
traditional Fixed Income
Customize IMpACt Intentional and purposeful
BonDs poRtFolio
Impact Investing
the Access Capital Solution: Making a Market
CustomizeCreate IMpACt Innovative and purposeful
BonDs poRtFolio
Access Capital | Process & Approach
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Access Capital | Innovation & Customization
Access Capital has invested millions to strengthen low- and middle-income communities without forcing investors to sacrifice safety, liquidity or market level returns.
Impact Investing Pioneer
Access Capital President Ron Homer created the first geographically and demographically targeted mortgage backed securities under the Community Reinvestment Act (CRA).
Making an Impact for 20 years
Access Capital was founded in 1997 to bring capital to underserved communities. The strategy was launched one year later with backing from Fannie Mae.
First to Market
The Access Capital Strategies Community Investment Fund (XACSX) was the first to allow retail investors to achieve the double bottom line of competitive financial returns and societal benefits.
Creative Partnerships
We help foundations make an investment impact in addition to their grant distributions.
HistoRy oF innovation
1977
1997
1998
2006
History of Innovation
Community Reinvestment Act passed
Access Capital founded as an independent registered investment adviser
Access Capital Community Investment Strategy launched
Voyageur Asset Management (Royal Bank of Canada) becomes sub-advisor
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> People
> Process
> Performance
Access Capital
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Who We Are
Access Capital
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Access Capital | The Fixed Income Team
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Experience and Depth
Investment team empowered to excel through research-focused, sector-team structure
Institutional Portfolio Managers provide continuous engagement and client communication
Lead Portfolio Managers and sector teams average 19 years of experience
The Fixed Income Team
mike lee, CFaChief Executive Officer, President & Chief Investment Officer
institutional portfolio managers / Client service
John utter Head of Institutional Client Service – US
Bridget tompkins Client Service Manager
Ronald Homer Managing Director President – Access Capital
Catherine Banat Institutional Portfolio Manager
scott Cabalka Institutional Portfolio Manager
Randy Harrison, CFa Institutional Portfolio Manager
stacy Johnson, CFa Institutional Portfolio Manager
amy Carlson Associate Portfolio Manager
Chris Boppre Associate Portfolio Manager
Risk management
Joshua Howard, CFaDirector of Investment Risk
Edith lotterman, CFa Senior Performance Analyst
tiffany Knutson Senior Performance Analyst
steven azar Senior Investment Risk Analyst
patrick sonmene Investment Risk Analyst
sydney seydel Investment Risk Analyst
Joe taffeOperational Risk Analyst
lead portfolio managers
sector teams
Brandon swensen, CFaCo-Head, US Fixed Income
Brian svendhal, CFaCo-Head, US Fixed Income
Raye Kanzenbach, CFa Senior Portfolio Manager
laurie mount Analyst
scott Kirby Senior Portfolio Manager
Eric Hathaway, CFa Portfolio Manager
valnie Dayaljee Junior Analyst
Karen ly Junior Analyst
Jake Rath, CFa Portfolio Manager
James Weinand, CFa Portfolio Manager
alexey Baskakov, CFa Senior Analyst
John northup, CFa Analyst
matt mueller, CFa Analyst
Government & mortgage Research
municipal Research
Credit Reserach
Access Capital Leadership
Ronald A. Homer
Managing Director,
Institutional Portfolio
Manager and President,
Access Capital
Strategies
Ron leads RBC GAM’s impact investing effort.
He is responsible for servicing the firm’s impact
investing clients and ensuring investment
solutions are implemented based on each
client’s customized requirements. Prior to
joining RBC GAM, he was co-founder and
chief executive of Access Capital Strategies
LLC, which was acquired by RBC GAM-US in
2008. He was first introduced to community-
focused impact investing during his 13 years as
president and chief executive officer of Boston
Bank of Commerce.
Catherine Banat
Institutional
Portfolio Manager,
Impact Investing
Catherine Banat
is responsible for
servicing the firm’s impact investing clients
and ensuring that investment solutions are
implemented based on each client’s impact
requirements. Prior to joining RBC GAM,
Catherine managed strategic initiatives,
risk and compliance for The New York City
Retirement Systems, a $150 billion public
pension plan, where she also researched,
developed and implemented the plan’s
Economically Targeted Investment
(ETI) program.
Raye C. Kanzenbach
Chief Financial Officer
Raye Kanzenbach leads
the municipal research
team in RBC GAM’s
fixed income division.
He researches various tax- and revenue-
backed municipal bonds and is a portfolio
manager for several of the firm’s tax-exempt
and community investing mandates and was
instrumental in the launch of the RBC Money
Market Fund.
Investment Management
Access Capital | The Access Capital Team
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Access Capital Leadership
Brandon t. Swensen
Co-Head,
U.S. Fixed Income
Brandon joined RBC
GAM-US in 2000 as a
financial analyst, and
has since served as a portfolio manager on the
mortgage and government team and a research
analyst covering asset-backed securities and
credit. As co-head of the U.S. Fixed Income
team, he helps shape the overall fixed income
philosophy and process.
Scott Kirby
Vice President, Senior
Portfolio Manager
Scott Kirby is a member
of the mortgage and
government research
team in RBC GAM’s fixed-income group and
co-portfolio manager for the community
investment strategy. He joined RBC GAM-US
in 2012 and most recently served as manager
of investments for a large foundation with a
mission of reducing poverty. His experience
includes overseeing a $20 billion portfolio of
agency and non-agency mortgage-backed,
commercial mortgage-backed and asset-
backed securities.
Brian Svendahl
Co-Head,
U.S. Fixed Income
Brian shapes the overall
fixed income philosophy
and process for RBC
GAM-US, overseeing fixed-income research,
portfolio management and trading. He is also
the portfolio manager for the Access Capital
Community Investment Strategy and many of
RBC GAM’s government mandates. He joined
the firm in 2005 and most recently led the
mortgage and government team.
Investment Management
Access Capital | The Access Capital Team
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process & ApproAch
Access Capital
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Access Capital | Process & Approach
INVEStMENt RISK MANAGEM
ENtINVEStMENt RISK MANAGEM
ENt
Principal preservation is the bedrock of our approach
Review Census Data
All mortgage-backed securities (MBS) evaluated according to Area Median Income (AMI) criteria.
Buy Discipline
All securities are screened for impact as well as duration, sector allocation, security characteristics, and other factors.
Risk Management
We use our internally developed analytics platform to assess risk factors in multiple timeframes (daily, weekly, monthly), security types, quality bands and industries.
Source and Create Securities
Over 95% of securities are AAA backed by the full faith and credit of the U.S. Government, and most are created to our specifications.
Research & Analysis
We emphasize rigorous qualitative, quantitative and valuation research, and work directly with originators, brokers and other intermediaries to identify loans that meet our criteria for inclusion in economically-targeted securities.
A Dynamic Portfolio Process
MonitoringSector
Allocation
Client ObjectivesInvestment Universe
Portfolio Construction
Security Analysisand Selection
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Access Capital | Process & Approach
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Impact Bond Creation Process
Access Capital Community Investment StrategySource Impact
Investment Opportunities
Access Capital team sources securities with originators and
local partners.
EvaluateInvestment attributes of all
securities assessed.
Screen for Impact/ Client Fit
Securities analyzed for desired social impact and geography.
ReviewContinual monitoring of client impact preferences to ensure
complete allocation.
AllocationSecurities allocated to
specific clients.
Securitization & trade Execution
Loans are securitized and the transaction is finalized.
coMMunity iMpAct
Access Capital
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Access Capital | Community Impact
Impact investing is a broad term encompassing a vast range of investments, including affordable housing, small business development, education and healthcare projects, alternative energy, sustainable agriculture and more.
Ultimately, impact investing can be a powerful tool that helps investors put their money to work for their financial futures and the broader social good.
Access Capital’s approach to impact investing provides the double bottom line benefit of aiding underserved communities while earning a competitive rate of return.
Having an Impact Where It’s Needed
REal WoRlD impaCt
Access Capital has contributed to impact investments in 48 states and the District of Columbia.
Highlights include:
15,352 low- to moderate-income
home buyers
67,870 affordable rental units
466 nursing home facility beds
455 SBA loans
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Access Capital | Community Impact
Precision Targeting
There’s no substitute for seeing the positive results of your investment. Qualified investors can target their funds according to geographic location and income level in order to support their interests and priorities.
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Delivering coMpetitive FixeD incoMe returns
Access Capital
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Benchmarked to the Bloomberg Barclays Securitized Index, the Access Capital Community Investment Strategy has managed credit risk since its inception by buying only securities backed by the U.S. government or highly rated municipalities. We monitor the portfolio on a daily basis subjecting it to stringent controls for hundreds of risk factors.
Delivering a Market Rate of Return
-3.0%
3.0%
7.0%
9.0%
11.0%
13.0%
-1.0%
1.0%
5.0%
2016 2015 2014 2013 2012 2011 2010 2009 2007 20062008 2005 2004 2002 2001 2000 19992003
Access Capital Community Investment Strategy (Gross) Access Capital Community Investment Strategy (Net) Bloomberg Barclays U.S. Securitized Index*
As of 9.30.16 Source: RBC Global Asset Management, Bloomberg. Inception of the performance record is 7.1.98
*The benchmark was changed on 7.1.08 from a blend of 80% Merrill Lynch Mortgage Index/20% Merrill Lynch U.S. Treasury Index to Bloomberg Barclays U.S. Securitized Index to more accurately reflect the strategy. Presented returns link the Bloomberg Barclays U.S.
Securitized Index returns after 7.1.08 to the previous benchmark prior to that date. Past performance is not indicative of future results. Returns are presented in gross and net of fees and include the reinvestment of all income. Performance and composite information
presented is supplemental to the “GIPS® Compliant Presentation” appendix which contains additional information regarding calculation of performance data.
Access Capital | Competitive Fixed Income Returns
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Access Capital | Competitive Fixed Income Returns
Producing Sustainable Income While Protecting PrincipalWe emphasize rigorous qualitative, quantitative and valuation research of individual high credit quality securities with low volatility. Most of the portfolio is made up of U.S. Government agency securities and securities backed by the full faith and credit of the U.S. Government.
CREDit DistRiButionsECuRity typEs
Customized Agency Guaranteed Single Family Mortgages
(GNMA, Fannie Mae, Freddie Mac)
Agency CMBS
(Fannie Mae DUS and GNMA
Project Loans)
US Government-Guaranteed portion of SBA Loans
Municipal Securities
(Rated AA or higher)
70.1%
30.4%
4%
-4.5%
As of 3.31.17 Source: Citigroup Yield Book
Sector and Credit Distribution charts are based on a representative account. Such data may vary for each client in the strategy and is subject to change. The representative account is the account in the composite that RBC GAM-US believes most closely reflects the current portfolio
management style for this strategy. Credit distribution is based upon the average of the current ratings assigned to each security in the portfolio by Moody’s, Standard and Poor’s and Fitch. If any agency does not provide a rating, an average of the agencies providing a rating is
used. If there are no ratings for a security it will be listed as Not Rated (NR).
Access Capital | Delivering Competitive Fixed Income Returns
Portfolio Characteristics
Access Capital Community
Investment Strategy
Bloomberg Barclays U.S. Securitized
Bond Index
Bloomberg Barclays U.S. Aggregate Bond
Index
CharacteristicsCommunity
Investment PortfolioBroad Market
Effective
Duration4.7 years 4.9 years 5.9 years
Yield to
Maturity2.9% 2.8% 2.6%
Average
Maturity
6.6 years7.1 years 8.2 years
Average
QualityAAA AAA AA
Convexity -1.0 -1.4 0.2
Treasury OAS* +46.8 basis points 27.8 basis point +44 basis points
*OAS (Option Adjusted Spread): The price of an option compared to the spot rate of Treasuries; methodology using option pricing techniques to value the embedded options risk
component of a bond’s total spread.
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Access Capital | Delivering Competitive Fixed Income Returns
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Stronger Together
The targeted investments made by Access Capital provide the common threads that support stable, vibrant communities. While each delivers its own tangible benefits, together they weave a dynamic tapestry that is stronger than any of its individual threads.
Jobs
Housing
Health Care
Education
sustainaBlE BEnEFits
Safe and affordable housing drives physical and mental health benefits, which contribute greatly to educational and employment outcomes that have profound impact over the course of a person’s life.
Close-to-home community
colleges often serve older, lower
income, minority students.
Early and ongoing access to
education leads to more job
opportunities.
Stable job opportunities
improve access to rentals and is
essential to homeownership.
Access Capital
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reAl WorlD iMpAct
Access Capital | Real World Impact
The success of Access Capital’s strategy can be seen across the country, in new homes, job opportunities, healthcare facilities and local economies. Access Capital helps strengthen the building blocks of communities, providing capital to:
¾ Help first-time homebuyers in low- and moderate-income areas
¾ Find, improve and provide affordable housing opportunities
¾ Deliver greater access to healthcare facilities
¾ Support small businesses that meet consumer needs and provide local
employment opportunities
While each of these efforts delivers its own benefits, together they create stronger, self-sustaining communities that are poised for a brighter future.
Impact Investing that Builds Stronger Communities
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Access Capital | Real World Impact
CasE stuDy: tHE DElaWaRE statE HousinG autHoRity
¾ The Delaware State Housing Authority (DSHA) has been providing quality,
affordable housing opportunities and supportive services to low- and moderate-
income Delawareans since 1968.
¾ Serves both as a Public Housing Authority and acts as a Community Development
and Planning Agency.
¾ Makes loans for single-family, owner-occupied homes and first-time home buyers
with below-average median family income.
Owning a home has long been a pillar of the American dream. But would-be homeowners in low- and moderate-income communities are overlooked by the banking industry, even with good credit. Access Capital helps low- and moderate-income home buyers (13,741 to date) access mortgages at prime rates and open the door to their own home.
Homeownership
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Access Capital | Real World Impact
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CasE stuDy: villaGEs at Roll Hill, CinCinnati, oH
¾ 100% Section 8 Housing
¾ Near public transportation
¾ On-site programs for seniors, childcare and parenting
Affordable Housing
Villages at Roll Hill, Cincinnati, OH
Across America, rental housing stock is severely limited and often overpriced. 80% of low-income households pay more than 1/3 of their income for rent, leaving less for food, healthcare and education. Access Capital has invested in the financing of 45,272 affordable rental units, buying first mortgages of multifamily rental units, helping to support renters with income limits, who are further supported by federal, state and housing authority assistance programs.
Access Capital | Real World Impact
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CasE stuDy: ConWay HEaltH anD REsouRCE CEntER, WasHinGton, DC
¾ Comprehensive medical, dental and behavioral healthcare in an underserved area
¾ Expanded healthcare access to 10,000 more residents
¾ Sliding fee scale for low-income or uninsured patients
Healthcare
Conway Health and Resource Center, Washington, DC
Lack of access to comprehensive, quality healthcare services impacts the ability of men, women and children to lead healthy and productive lives. Access Capital invests in a range of healthcare facilities in underserved communities—including nursing homes, community clinics, skilled nursing care and family dentistry—resulting in healthier, more stable and more productive communities.
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CasE stuDy: mEtRopolitan statE CollEGE, DEnvER, Co
¾ Educational opportunity for Denver’s growing Hispanic community
¾ Investment helped expand facility to support increased enrollment
¾ Creation of institutional identity critical to recruiting students, faculty and staff;
increasing student success and retention rates
Education
Metropolitan State College in downtown Denver
Low-income census tracts suffer from a dearth of educational opportunities and particularly access to higher education. Access Capital invests in tax-exempt and taxable bonds to finance capital improvements in education, including new classrooms, labs and technology, providing greater educational and employment opportunities to the community.
Access Capital | Real World Impact
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Access Capital | Real World Impact
CasE stuDy: ClEan, REnEWaBlE EnERGy, st. paul, mn
¾ Full-service solar energy installation solutions for homes and businesses
¾ Has helped over 1,000 families and businesses transition to solar energy
¾ Employment for 52 individuals
Small Businesses
Would-be small business owners often lack the capital to open business that serve the community, like laundry facilities, supermarkets and clinics. Access Capital buys the guaranteed portions of SBA loans to deliver more services to the residents of low- and moderate-income communities and provide more job opportunities within the local economy.
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Access Capital | Real World Impact
Access Capital’s dedication to innovation includes identifying areas for impact investing outside the norm.
Rural and Agricultural Programs
Access Capital purchases rural homeownership securities guaranteed by Ginnie Mae and farm loans guaranteed by the U.S. Department of Agriculture.
State Economic Development Issues
We buy taxable and tax-exempt municipal securities issued by special-purpose government agencies, such as the Delaware State Housing Authority and Arkansas Development Finance Authority.
Green Bonds
We invest in municipal bonds used to finance and refinance energy efficiency loans for single- and multi-family residential properties.
Community Development Structured Finance
Access Capital collaborates with a wide network of capital-markets players interested in one-of-a-kind transactions. Examples include loans to human services facilities and securitizations of loans made by municipal economic development authorities.
Overlooked Opportunities
Access Capital
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sAMple client report
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The requested Designated Target Region (DTR) selection is the 23 counties comprising the Greater Atlanta region. The strategy’s total investment in the state of Georgia as of December 31, 2016 was approximately $10 million. Overall as of the same date the strategy had assets of $1 billion and community investments in 48 states and the District of Columbia.
The client’s requested DTR selection includes 75 loans located in 14 counties and 31 cities and towns in the greater Atlanta region. 65 of these loans support mortgages for low- and moderate-income families, 2 of these support 293 beds in Nursing Home facilities, the Rosemont at Stone Mountain and the New London Health Center, 4 of these loan support 577 affordable rental units of multi-family housing and 4 of these loans support small businesses.
The material on the following pages details the underlying loans within each security. Please note that any loan amount references are estimates of current loan amounts and represent the original mortgage amount adjusted for security factor, which may include prepaid loans; therefore, mortgage amounts presented may no longer be outstanding. Please refer to “Important Disclosures” at the end of this report for additional information for determining estimated current loan information.
Sample Summary
Access Capital | Sample Client Report
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Access Capital | Sample Client Report
The requested Designated Target Region (DTR) selection is the 23 counties comprising the Greater Atlanta region. The strategy’s total investment in the state of Georgia as of December 31, 2016 was approximately $10 million. Overall as of the same date the strategy had assets of $1 billion and community investments in 48 states and the District of Columbia.
The client’s requested DTR selection includes 75 loans located in 14 counties and 31 cities and towns in the greater Atlanta region. 65 of these loans support mortgages for low- and moderate-income families, 2 of these support 293 beds in Nursing Home facilities, the Rosemont at Stone Mountain and the New London Health Center, 4 of these loan support 577 affordable rental units of multi-family housing and 4 of these loans support small businesses.
The material on the following pages details the underlying loans within each security. Please note that any loan amount references are estimates of current loan amounts and represent the original mortgage amount adjusted for security factor, which may include prepaid loans; therefore, mortgage amounts presented may no longer be outstanding. Please refer to “Important Disclosures” at the end of this report for additional information for determining estimated current loan information.
Sample Summary
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Access Capital | Sample Client Report
Sample Allocated Investment Types
Investment type Estimated Current Loan Amount*
Number of Loans Impact
Affordable Multi-Family
Rental Housing
Community Investment Portfolio
4 577 Units
Mortgages for LMI
homebuyers4.7 years 65 65 mortgages
Healthcare Facilities /
Nursing Homes 2.9% 2 Supports 293 beds
Small Business Loans 6.6 years 4 4 small businesses
Total Allocated Investments
$8,774,464
*Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; there-
fore, loans and loan amounts presented in this Report may no longer be outstanding. Please refer to Important Disclosures at the end of this report for additional information about how
estimated current loan amount is determined.
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Access Capital | Sample Client Report
Trade Date Pool Number Cusip RateOriginal Loan
Amount
Estimated Current Loan
Amount* City County StateZip
Code Census Tract
LMI Census Tract Units
Borrower % of Median
Income Details03/06/2007 FN 885724 31410DAZ3 5.50% $166,686 $20,550 Cumming Forsyth GA 30040 1304.02 No 1 54.62%01/07/2015 FN AS4240 3138WDWA5 3.50% $194,999 $153,353 Cumming Forsyth GA 30041 1305.04 No 1 75.91%11/02/2016 FN AS8289 3138WJF78 3.00% $270,200 $269,364 Suwanee Forsyth GA 30024 1306.09 No 1 74.73%02/03/2012 FN AK2386 3138E6UL8 3.50% $149,779 $88,277 Alpharetta Fulton GA 30022 0114.15 No 1 48.81%03/06/2007 FN 885724 31410DAZ3 5.50% $162,001 $19,973 Alpharetta Fulton GA 30004 0115.01 No 1 72.14%11/02/2016 FN AS8289 3138WJF78 3.00% $254,600 $253,812 Alpharetta Fulton GA 30022 0114.27 No 1 74.41%11/02/2016 FN AS8289 3138WJF78 3.00% $256,000 $255,208 Atlanta Fulton GA 30318 0007.00 No 1 74.82%02/03/2012 FN AK2386 3138E6UL8 3.50% $236,659 $139,482 Atlanta Fulton GA 30327 0097.00 No 1 70.63%02/03/2012 FN AK2386 3138E6UL8 3.50% $201,709 $118,883 Atlanta Fulton GA 30328 0102.05 No 1 55.29%11/25/2013 FN AV0679 3138XBXH2 4.00% $126,450 $84,482 Atlanta Fulton GA 30311 0079.00 No 1 45.92%01/07/2015 FN AS4240 3138WDWA5 3.50% $225,200 $177,104 Roswell Fulton GA 30076 0114.17 No 1 79.29%01/07/2015 FN AS4240 3138WDWA5 3.50% $247,500 $194,641 Roswell Fulton GA 30076 0114.17 No 1 65.86%11/02/2016 FN AS8289 3138WJF78 3.00% $260,000 $259,195 Roswell Fulton GA 30075 0114.17 No 1 75.02%11/02/2016 FN AS8289 3138WJF78 3.00% $241,000 $240,254 Roswell Fulton GA 30075 0114.23 No 1 76.05%10/07/2010 FN AE5432 31419GBA1 4.00% $105,414 $44,104 Buford Gwinnett GA 30519 0506.00 No 1 36.27%11/25/2013 FN AV0679 3138XBXH2 4.00% $80,750 $53,949 Buford Gwinnett GA 30519 0506.09 No 1 67.31%03/06/2007 FN 885724 31410DAZ3 5.50% $72,776 $8,972 Duluth Gwinnett GA 30096 0503.14 No 1 54.24%09/13/2010 FN AE5861 31419GQP2 4.00% $160,000 $74,304 Duluth Gwinnett GA 30097 0502.04 No 1 43.18%08/19/2010 FN AE2023 31419CG98 4.00% $68,000 $16,132 Lawrenceville Gwinnett GA 30044 0505.19 No 1 20.70%11/25/2013 FN AV0679 3138XBXH2 4.00% $83,200 $55,586 Lawrenceville Gwinnett GA 30043 0505.47 No 1 63.51%03/06/2007 FN 885724 31410DAZ3 5.50% $99,052 $12,212 Lawrenceville Gwinnett GA 30043 0502.02 No 1 40.74%11/25/2013 FN AV0679 3138XBXH2 4.00% $79,897 $53,379 Lawrenceville Gwinnett GA 30043 0505.11 No 1 30.97%11/25/2013 FN AV0679 3138XBXH2 4.00% $86,000 $57,457 Lawrenceville Gwinnett GA 30043 0502.08 No 1 26.66%03/06/2007 FN 885724 31410DAZ3 5.50% $166,068 $20,474 Norcross Gwinnett GA 30092 0503.10 No 1 61.33%03/06/2007 FN 885724 31410DAZ3 5.50% $206,422 $25,449 Norcross Gwinnett GA 30092 0503.07 No 1 71.56%11/02/2016 FN AS8289 3138WJF78 3.00% $240,000 $239,257 Peachtree Corne Gwinnett GA 30092 0503.08 No 1 78.93%02/03/2012 FN AK2386 3138E6UL8 3.50% $114,831 $67,679 Sugar Hill Gwinnett GA 30518 0501.03 No 1 39.34%11/25/2013 FN AV0679 3138XBXH2 4.00% $84,000 $56,121 Oxford Newton GA 30054 1001.00 No 1 76.71%03/06/2007 FN 885724 31410DAZ3 5.50% $156,180 $19,255 Dallas Paulding GA 30132 1201.00 No 1 45.02%03/06/2007 FN 885724 31410DAZ3 5.50% $148,373 $18,293 Jasper Pickens GA 30143 0505.00 No 1 67.16%03/06/2007 FN 885724 31410DAZ3 5.50% $84,830 $10,459 Tate Pickens GA 30177 0501.00 No 1 24.10%
$5,369,461 65Total - Mortgages for LMI Homebuyers
Sample Investment Details
trade Datepool
NumberCusip Rate
Original Loan Amount
Est.Current Loan
Amount*City County State Zip Code
Census tract
LMI Census
tractUnits
Borrower% of Median
IncomeDetails
* Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; therefore, loans and loan amounts presented in this Report may no longer be outstanding. Please
refer to Important Disclosures at the end of this report for additional information about how estimated current loan amount is determined.
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Access Capital | Sample Client Report
Trade Date Pool Number Cusip RateOriginal Loan
Amount
Estimated Current Loan
Amount* City County StateZip
Code Census Tract
LMI Census Tract Units
Borrower % of Median
Income Details11/25/2013 FN AV0679 3138XBXH2 4.00% $115,851 $77,400 Adairsville Bartow GA 30103 9602.00 Yes 1 34.50%02/03/2012 FN AK2386 3138E6UL8 3.50% $119,823 $70,621 Carrollton Carroll GA 30117 9911.00 No 1 69.94%11/25/2013 FN AV0679 3138XBXH2 4.00% $116,000 $77,500 Canton Cherokee GA 30114 0903.00 No 1 48.43%03/06/2007 FN 885724 31410DAZ3 5.50% $125,223 $15,438 Canton Cherokee GA 30115 0908.01 No 1 65.77%03/06/2007 FN 885724 31410DAZ3 5.50% $178,002 $21,946 Holly Springs Cherokee GA 30115 0908.02 No 1 78.36%06/22/2010 FN AD7272 31418VCJ9 4.50% $144,000 $38,488 Woodstock Cherokee GA 30189 0910.06 No 1 72.54%03/06/2007 FN 885724 31410DAZ3 5.50% $197,918 $24,401 Woodstock Cherokee GA 30189 0910.06 No 1 67.81%11/25/2013 FN AV0679 3138XBXH2 4.00% $90,000 $60,129 Woodstock Cherokee GA 30188 0908.02 No 1 65.45%11/25/2013 FN AV0679 3138XBXH2 4.00% $99,871 $66,724 Woodstock Cherokee GA 30188 0910.01 Yes 1 36.60%03/20/2007 FG A59530 3128KNST1 5.50% $110,000 $16,858 Hampton Clayton GA 30228 0406.07 No 1 78.19%01/07/2015 FN AS4240 3138WDWA5 3.50% $210,000 $165,150 Jonesboro Clayton GA 30236 0406.14 No 1 67.17%11/25/2013 FN AV0679 3138XBXH2 4.00% $138,492 $92,527 Acworth Cobb GA 30101 0302.26 No 1 53.34%11/25/2013 FN AV0679 3138XBXH2 4.00% $131,826 $88,073 Atlanta Cobb GA 30339 0312.11 No 1 72.40%01/07/2015 FN AS4240 3138WDWA5 3.50% $244,900 $192,597 Kennesaw Cobb GA 30144 0302.28 No 1 55.82%03/20/2007 FG A59530 3128KNST1 5.50% $108,815 $16,677 Kennesaw Cobb GA 30144 0303.10 No 1 58.73%06/22/2010 FN AD7272 31418VCJ9 4.50% $130,000 $34,746 Kennesaw Cobb GA 30144 0302.12 No 1 35.67%03/20/2007 FG A59530 3128KNST1 5.50% $65,000 $9,962 Kennesaw Cobb GA 30152 0302.15 No 1 71.37%03/06/2007 FN 885724 31410DAZ3 5.50% $92,907 $11,454 Marietta Cobb GA 30066 0303.24 No 1 64.61%11/25/2013 FN AV0679 3138XBXH2 4.00% $93,000 $62,134 Marietta Cobb GA 30066 0303.24 No 1 79.67%11/25/2013 FN AV0679 3138XBXH2 4.00% $75,100 $50,175 Marietta Cobb GA 30068 0303.19 No 1 35.24%02/03/2012 FN AK2386 3138E6UL8 3.50% $131,017 $77,219 Marietta Cobb GA 30068 0304.01 No 1 58.01%02/03/2012 FN AK2386 3138E6UL8 3.50% $125,000 $73,673 Marietta Cobb GA 30064 0309.02 Yes 1 74.53%11/25/2013 FN AV0679 3138XBXH2 4.00% $125,050 $83,546 Marietta Cobb GA 30062 0303.27 No 1 51.89%02/03/2012 FN AK2386 3138E6UL8 3.50% $196,367 $115,735 Marietta Cobb GA 30062 0303.35 No 1 79.50%03/20/2007 FG A59530 3128KNST1 5.50% $143,000 $21,916 Marietta Cobb GA 30066 0305.01 No 1 74.04%03/06/2007 FN 885724 31410DAZ3 5.50% $162,234 $20,002 Marietta Cobb GA 30068 0303.19 No 1 79.37%03/20/2007 FG A59530 3128KNST1 5.50% $159,852 $24,498 Marietta Cobb GA 30062 0303.35 No 1 69.73%03/06/2007 FN 885724 31410DAZ3 5.50% $150,655 $18,574 Atlanta Dekalb GA 30360 0213.04 Yes 1 65.23%03/06/2007 FN 885724 31410DAZ3 5.50% $130,471 $16,085 Atlanta Dekalb GA 30329 0216.03 No 1 72.23%03/06/2007 FN 885724 31410DAZ3 5.50% $129,741 $15,995 Decatur Dekalb GA 30033 0217.04 No 1 53.05%11/25/2013 FN AV0679 3138XBXH2 4.00% $103,067 $68,859 Decatur Dekalb GA 30033 0223.01 No 1 67.87%01/07/2015 FN AS4240 3138WDWA5 3.50% $250,000 $196,608 Alpharetta Forsyth GA 30004 1306.01 No 1 65.84%11/02/2016 FN AS8289 3138WJF78 3.00% $273,500 $272,654 Cumming Forsyth GA 30028 1303.01 No 1 78.39%12/03/2010 FG A96339 312945BG2 4.00% $125,000 $63,433 Cumming Forsyth GA 30040 1304.01 No 1 48.15%
Sample Investment Details
* Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; therefore, loans and loan amounts presented in this Report may no longer be outstanding. Please
refer to Important Disclosures at the end of this report for additional information about how estimated current loan amount is determined.
trade Datepool
NumberCusip Rate
Original Loan Amount
Est.Current Loan
Amount*City County State Zip Code
Census tract
LMI Census
tractUnits
Borrower% of Median
IncomeDetails
35
Access Capital | Sample Client Report
Sample Investment Details
Trade Date Pool Number Cusip RateOriginal Loan
Amount
Estimated Current Loan
Amount* City County StateZip
Code Census Tract
LMI Census Tract Units
Borrower % of Median
Income Details
04/05/2012 GNR 2012-53 AC 38378BTA7 2.38% $400,000 $314,493 Stone Mountain Dekalb GA 30083 2190.13 Yes Rosemont At Stone Mountain09/12/2012 GNR 2012-112 B 38378BF87 2.70% $250,000 $250,000 Snellville Gwinnett GA 30078 0507.18 No New London Health Center
$564,493
01/12/2016 GNR 2016-11 AD 38379RCR2 2.25% $250,000 $245,207 Atlanta Dekalb GA 30316 0237.00 Yes 100 Columbia Mill04/09/2013 GNR 2013-63 AB 38378KNV7 1.38% $800,000 $589,284 Lithonia Dekalb GA 30058 0233.10 Yes 312 Ashley Vista Apartments04/26/2016 GNR 2016-64 CA 38379USP2 2.30% $500,000 $493,881 Atlanta Fulton GA 30318 0087.00 Yes 101 Manor at Scotts Crossing10/26/2016 GNR 2016-157 AC 38379UZ82 2.00% $500,000 $499,275 Monroe Walton GA 30655 1104.00 Yes 64 Skyline Trace Apartments
$1,827,648 577
05/19/2016 SBA509843 83164L5C1 0.90% $400,000 $391,686 Atlanta Fulton GA 30318 0086.01 Yes Automotive Recycling01/06/2016 SBA522222 83165AVP6 4.45% $40,000 $33,647 Norcross Gwinnett GA 30071 0503.06 Yes Used Car Sales05/19/2016 SBA509843 83164L5C1 0.90% $200,000 $195,843 Mcdonough Henry GA 30252 0703.04 Yes Automotive Repair05/19/2016 SBA509843 83164L5C1 0.90% $400,000 $391,686 Mcdonough Henry GA 30253 0703.04 Yes Child Day Care Service
$1,012,862
$8,774,464
Total - Health Care Facilities / Nursing Homes
Total - Affordable Multi-Family Rental Housing
Total - Small Business Loans
Total - Allocated Investments
trade Datepool
NumberCusip Rate
Original Loan Amount
Est.Current Loan
Amount*City County State Zip Code
Census tract
LMI Census
tractUnits
Borrower% of Median
IncomeDetails
* Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; therefore, loans and loan amounts presented in this Report may no longer be outstanding. Please
refer to Important Disclosures at the end of this report for additional information about how estimated current loan amount is determined.
36
Access Capital | Sample Client Report
Sample Geographic SummaryCounty Estimated Current
Loan Amount*% of total
Bartow $77,400 0.9%
Carroll $70,621 0.8%
Cherokee $304,627 3.5%
Clayton $182,008 2.1%
Cobb $974,932 11.1%
Dekalb $1,268,498 14.5%
Forsyth $975,962 11.1%
Fulton $2,716,880 31.0%
Gwinnett $1,012,604 11.5%
Henry $587,529 6.7%
Newton $56,121 0.6%
Paulding $19,255 0.2%
Pickens $28,751 0.3%
Walton $499,275 5.7%
Total $8,774,464 100.0%
As of 12.31.16 Source: RBC Global Asset Management
Size of investment location on map is reflective of size of estimated current loan amount.
* Estimated current loan amount and information calculated from loan data usually represents the original amount adjusted for security factor, which may include prepaid loans; therefore, loans and loan amounts presented in this Report may no longer be outstanding. Please
refer to Important Disclosures at the end of this report for additional information about how estimated current loan amount is determined.
37
Access Capital | Sample Client Report
RosEmount at stonE mountain
stone mountain, Georgia
¾ 149 beds for seniors with illness or
disabilities
¾ Post-surgical rehab
¾ Alzheimer care programs
Access Capital commitment: $400,000
nEW lonDon HEaltH CEntER snellville, Georgia
¾ 144 bed extended care facility
¾ 24-hr/day care for seniors
¾ Close to Emory Eastside
Medical Center
Access Capital Commitment: $250,000
manoR at sCott’s CRossinG atlanta, Georgia
¾ 101 units
¾ Affordable multi-family housing
¾ Low-income housing in service
since 2012
Access Capital Commitment: $500,000
Sample Case Studies
38
Access Capital | Sample Client Report
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