Louis Rogers and Whitson Huffman’s Annual Public Letter to Investors: April 2026
Dear Investors:
At Capital Square, we believe that durable performance is the product of discipline: clear priorities, repeatable execution and the conviction to make deliberate decisions grounded in fundamentals. As we look deeper into 2026 and beyond, we do so with gratitude for the partnership of our investor family and with a sharpened focus on what comes next.
Capital Square has evolved from a fast-growing sponsor of tax-advantaged real estate investments into something broader and more powerful: a vertically integrated platform with the ability to originate, capitalize, finance, develop, manage and operate real estate at scale. That transformation didn’t happen overnight. It was built deliberately through investment in people, systems and long-term capabilities that position the firm to compete at the highest level.
Now, we are taking the next step.
Our 2026–2030 Vision
Capital Square has charted a five-year roadmap to strengthen our position as a premier manager of alternative investments, as well as a best-in-class real estate developer and property manager.
The purpose of our Strategic Plan is simple: to grow with intention.
We have built an exceptional platform and have a superior team. But ambition alone is not enough. Our great machine can do more, but only if it is guided by a thoughtful strategy, aligned incentives and the infrastructure to scale without compromising quality.
Our 2026-2030 Strategic Plan is our commitment to that standard and the future.
The Three Pillars of Our Strategy
Our “Invest, Build, Manage” strategy focuses on:
- Robust offering growth via a broad suite of tax-advantaged investment solutions designed to address diverse investor and advisor needs, goals and interests;
- Development projects that expand Capital Square’s investment vehicles and leverage the best-in-class assets we are actively constructing; and
- Optimizing the firm’s vertically integrated structure now in place to drive operational efficiencies, increase profitability and maximize investor returns.
Vertical integration is often discussed. Fewer firms actually achieve it.
At Capital Square, our “build” and “manage” pillars will continue to create the foundation that supports and enhances our “invest” function.
Over the next five years, we will focus on the systems, processes, offerings and accountability required to turn our platform into a compounding advantage that enhances performance, supports scale and increases the durability of our earnings.
“At Capital Square, our “build” and “manage” pillars will continue to create the foundation that supports and enhances our “invest” function.”
The Chassis We Built and the Future We’re Engineering
Capital Square built the distribution model first. We built a chassis: a platform capable of delivering investment solutions through trusted channels, with strong relationships and consistent execution.
A chassis determines what a vehicle can carry. It determines how fast it can go. It determines how well it navigates the bumps in the road and whether it can prevail through the miles ahead.
While Capital Square built our chassis to serve as an investment manager with fundraising through the independent broker-dealer and registered investment advisor channels, we have a platform capable of dramatic growth. Our platform is also capable of serving institutional investors with the same discipline and consistency that has defined our current success.
Our chassis can support countless vehicles, and we’re ready to engineer that future, built upon our many competitive advantages. While we recognize that road conditions can change and fuel supply isn’t always predictable, we have the chassis and the horsepower to support exceptional growth.
By focusing our Strategic Plan on specific targets, including fully supporting all operating segments of the firm through recurring revenue, we create a hybrid infrastructure that will give our vehicle the ability to regenerate energy through many cycles. These targets establish enduring capabilities that remain stable even when market conditions become unpredictable.
“Our chassis can support countless vehicles, and we’re ready to engineer that future, built upon our many competitive advantages.”
Additional 2026-2030 priorities include:
- Strengthening our position through the continued cultivation of the top-tier talent on our expert team — hiring and retaining the most qualified professionals — while advancing training and reinforcing the family fundamentals and across-the-board excellence that power our long-term success
- Elevating our position as a nationally recognized leader in diverse tax-advantaged real estate investments (for example, DSTs, OZs, development funds and REITs) amid the approaching “Great Wealth Transfer,” while remaining agile to increase our fundraising capabilities through new vehicles and partnerships that drive our 2030 goals forward
- Seizing our construction and development expertise to establish new channels for broker-dealer, RIA, wirehouse and institutional investor expansion
- Enhancing investor and partner experiences through personalized engagement and robust educational offerings, tailored to different audience segments
- Leveraging data analytics, innovative technologies and new digital platforms for external relationship growth, internal assessments, asset performance optimization, company advancement and greater fundraising capabilities
With these priorities defined and specific new initiatives already underway, our next chapter is ready to begin – a chapter where Capital Square is no longer defined by a single vehicle but by a motorcade of vehicles.
From Market Leader to Fully Realized Real Estate Platform
Between 2026 and 2030, Capital Square will continue its transformation from a market leader in tax-advantaged real estate into a fully realized, vertically integrated investment, development and management firm.
We are proud of our foundational fundraising expertise and positioned to expand upon this success. We know how to raise capital. We know how to structure offerings. We know how to serve advisors and investors with precision and integrity.
We will not pursue growth for growth’s sake. We will pursue growth that compounds and benefits all stakeholders.
That means focusing on performance and investor outcomes. It means making investments in systems and talent that will define what we can deliver five years from now. It means being deliberate in how we build legacies.
We built the chassis, and we are excited about the road ahead, where we see the growth of our scaled platform that will provide differentiated investment solutions without sacrificing our highest standards of accountability and excellence.
“Between 2026 and 2030, Capital Square will continue its transformation from a market leader in tax-advantaged real estate into a fully realized, vertically integrated investment, development and management firm.”
The years ahead will reward firms that can operate with both flexibility and conviction — firms that can deliver at scale, execute through changing markets and offer tax-advantaged investment solutions built for real-world investor needs.
We believe Capital Square is positioned to do exactly that.
We drive forward in 2026 with momentum, with a stronger platform than ever, and with a plan designed not just to grow but to create lasting value.
Thank you for your continued trust and partnership. We do not take it lightly. We are building for the long term, and we are proud to do it with you.
Regards,
Louis J. Rogers
Founder & Co-Chief Executive Officer
Capital Square
Whitson Huffman
Co-Chief Executive Officer & Chief Investment Officer
Capital Square
Disclosure: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative and illiquid. Diversification does not guarantee profits or protect against losses.
