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2/10/26, 1:19 PM Gmail - 27 pillar situation Calixte Duffaut <yhome937@gmail.com> 27 pillar situation 11 messages Calixte Duffaut <yhome937@gmail.com> To: Max Ball <max@lofty.ai>, Calixte Duffaut <yhome937@gmail.com> Wed, Feb 12, 2025 at 5:50 PM Subject: Urgent: Property Ownership Issue at 27 Pillar Ln Hi Max, I hope this message finds you well. I wanted to bring an important matter to your attention regarding the property located at 27 Pillar Ln. On September 22, 2024, the last token for this p

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2/10/26, 1:19 PM

Gmail - 27 pillar situation

Calixte Duffaut <yhome937@gmail.com>

27 pillar situation
11 messages
Calixte Duffaut <yhome937@gmail.com>
To: Max Ball <max@lofty.ai>, Calixte Duffaut <yhome937@gmail.com>

Wed, Feb 12, 2025 at 5:50 PM

Subject: Urgent: Property Ownership Issue at 27 Pillar Ln
Hi Max,
I hope this message finds you well. I wanted to bring an important matter to your attention regarding the property located
at 27 Pillar Ln. On September 22, 2024, the last token for this property was mistakenly sold to the DAO, which resulted in
my ownership being compromised (0% ownership). It wasn’t until later that I noticed the property was no longer on my
ownership list.
After notifying Max, a thorough investigation was conducted by Luis, who informed me that all my tokens had been sold to
investors. This led me to realize that similar issues might have occurred with my other properties. Consequently, I began
buying back most of my tokens. While I retained my loan pay-downs, I unfortunately lost 10% of my equity across all
properties. I am actively working to recover that 10% for the remaining properties.
However, I lost complete ownership of the Pillar property for seven months, during which I continued to pay the mortgage
despite not being the owner. This has disrupted the co-ownership structure, and all taxes and appreciation during that
period have accrued to the investors. Over the past six months, I have attempted to buy back my tokens, but the costs
have been prohibitively high.
As it stands, the DAO owes me $12,127.50, in addition to extra payments made to investors for a property I no longer
own. I would like a comprehensive calculation of this total debt and request that the ownership issue be rectified. If the
investors are willing, I would like to explore the possibility of refinancing to regain my ownership.
In the meantime, I ask that the cash-on-cash calculations be updated to accurately reflect the true numbers on the site to
prevent further complications. I apologize for not addressing this sooner.
The property does have reserves that can be utilized to help pay down the debt as I work on regaining my ownership.
Legally, the property fully belongs to the investors, even though I am still responsible for the loan payments (hence the
"subject to" situation).
Let’s work together to resolve this matter moving forward.
Best regards,
Cal
Note to Max: I would have been able to fix this faster if I did not have a change of investment strategy.
Max Ball <max@lofty.ai>
To: Calixte Duffaut <yhome937@gmail.com>

Sat, Feb 15, 2025 at 3:25 PM

Hi Cal, I spoke with Jerry and confirmed there will need to be a governance vote for the owners to pay you these funds.
We are unable to legally force the DAO members to pay back these funds. You can include multiple options in the vote
such as lower payment amounts owed, or a schedule to pay off the funds as well. This vote could also be included
alongside a vote to refinance the property too. Like we discussed, it is not the DAO members' fault that these tokens were
sold, so we cannot force this payback––and regardless of equity ownership, the loan agreement states that 100% of the
payments will be paid for by you. I'm sorry I don't have better news––If you have any questions, just let me know.
[Quoted text hidden]

-Max Ball
Co-Founder at Lofty
https://mail.google.com/mail/u/0/?ik=eec7584376&view=pt&search=all&permthid=thread-a:r4039246081538613459&simpl=msg-a:r407890569591890…

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2/10/26, 1:19 PM

Gmail - 27 pillar situation

Email: max@lofty.ai
Website: https://www.lofty.ai/
LinkedIn: https://www.linkedin.com/in/maxball/
Phone: 818-456-6250

Calixte Duffaut <yhome937@gmail.com>
To: Max Ball <max@lofty.ai>

Sun, Feb 16, 2025 at 8:45 AM

Thank you for getting back to me! However, this is what you guys have posted on the site. The mistake that happened is
unfortunate and I am trying to fix it. The reality is this property belongs to the DAO and all the investors. Loans work the
same way, it is a risk to have a loan under my name or my business name, however, the DAO is still responsible to pay
for it if it owns the property. I am sorry also, I will send my info to the investors. On the site it is even advertised that the
DAO can vote to change the structure to have the dao pay for the loan instead of the co-owner.i think it is best that Lofty
covers for the loss and we can charge the investors lower rent moving forward.
[Quoted text hidden]

Max Ball <max@lofty.ai>
To: Calixte Duffaut <yhome937@gmail.com>

Sun, Feb 16, 2025 at 2:49 PM

Hi Cal, unfortunately we're unable to cover the loss. We cannot be involved with any payments/reimbursements
surrounding the properties whatsoever, as this involvement leads us away from being a pure peer-to-peer marketplace
which would make the tokens securities. Even if we were able to, it wouldn't make sense for us to cover the loss, as we
stated adamantly upfront that sellers could only sell 90% of their equity in properties, per our guidelines. This issue has
not happened with any other sellers––plus the fact that we/the investors were notified 6 months after the fact that you're
now owed $12,127.50, with zero warning. Had we known much sooner, we could have come up with a better solution, but
we were under the impression you were in the process of buying back tokens per our initial conversation 6 months ago. In
your governance vote for investors, you can include multiple options such as lower payment amounts owed, or a schedule
to pay off the funds as well. This vote could also be included alongside a vote to refinance the property too. I apologize
that we can't be more helpful here.
[Quoted text hidden]

Calixte Duffaut <yhome937@gmail.com>
To: Max Ball <max@lofty.ai>

Sun, Feb 16, 2025 at 2:53 PM

No problem, I understand.
[Quoted text hidden]

Calixte Duffaut <yhome937@gmail.com>
To: Max Ball <max@lofty.ai>

Wed, Mar 19, 2025 at 4:10 PM

hi
[Quoted text hidden]

Max Ball <max@lofty.ai>
To: Calixte Duffaut <yhome937@gmail.com>, Jerry Chu <jerry@lofty.ai>

Wed, Mar 19, 2025 at 5:32 PM

Hey Cal, Just looping Jerry in here as well so we can get this figured out. We can't be put in a position to choose to take
the funds meant for Sara Ave investors for ourselves, so we'll need to figure out another solution.
The total rent we've paid out for Pillar is $11,149.15. As I mentioned, like with Earl, although he sold 100% of his tokens,
he continued to make the interest payments, because regardless of the equity owned by the seller, they are still
responsible for the loan payments.
https://mail.google.com/mail/u/0/?ik=eec7584376&view=pt&search=all&permthid=thread-a:r4039246081538613459&simpl=msg-a:r407890569591890…

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