Water Infrastructure Investment Analysis

Methodology
Multipliers represent different metrics—some are investment returns (LVA, Yellowstone), others are market pricing differentials (USDA irrigated/dryland) or historical appreciation (CO Front Range).

Data Sources
CO Front Range (5.0x): Colorado-Big Thompson Project water rights appreciated 400% from 2011–2018 driven by housing boom and municipal demand. Source: WestWater Research. USDA MT Irrigated vs Dryland (4.1x): Market pricing differential showing irrigated Montana farmland trades at 4.1x dryland values. Source: USDA NASS Land Values 2025. Yellowstone RCPP (2.5x): NRCS-assisted pivot irrigation conversions showing 15–20% efficiency gains and significant land value increases. Source: NRCS Montana reports. LVA Montana (1.62x): Verified equity multiple on $2.6M total invested capital ($2.1M purchase + $500K infrastructure) achieving $4.2M BOV in 24 months.

Disclaimer: The performance figures shown by LVA Montana represent unaudited, historic results achieved by the Manager before the formation of Land Value Alpha Fund LLC and are provided strictly for illustrative purposes. The account's strategy, risk profile, fees, tax treatment, and market conditions differ from those of the Fund; consequently, the Fund may not achieve similar returns. Past performance is not a guarantee of future results, and all investments involve the risk of loss of principal.