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Analogy 1: A smaller, newer D.R. Horton, building residential properties.
Analogy 2: Like a developing Lennar, focusing on homes.
Analogy 3: A nascent PulteGroup, concentrating on residential construction.

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Safe and Green Development Corporation (symbol: RENX) operates as a real estate development company, focusing on building single and multi-family projects. As such, its customers are primarily buyers of these developed properties rather than a limited set of recurring corporate clients. The company serves a mix of individual and corporate buyers.

The major categories of customers for Safe and Green Development Corporation are:

• Individual Homebuyers: Individuals or families purchasing single-family homes or individual condominium units for primary residence or as personal investment properties.
• Real Estate Investors and Institutional Buyers: This category includes companies, funds, or high-net-worth individuals who acquire entire multi-family buildings (such as apartment complexes) or large blocks of units. These buyers typically intend to hold the properties for rental income, portfolio diversification, or future resale. This category may include Real Estate Investment Trusts (REITs), private equity firms, or professional property management companies.

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David Villarreal - President & Chief Executive Officer

David Villarreal has served as the President and Chief Executive Officer of RenX Enterprises (formerly Safe and Green Development Corporation, or SG DevCo) since February 3, 2023. He was appointed as a director of RenX effective April 11, 2023, and previously served as a director of SGDevCo since May 28, 2021. Mr. Villarreal's career spans over 40 years in various management, business, and leadership roles. His public service began in 1977 as Deputy Mayor and Senior Deputy Economic Development Advisor under Mayor Tom Bradley in the City of Los Angeles. His prior roles include serving as President of Prime Source Mortgage, Inc., Chief Operating Officer of American Resident Funding, Inc., and Chief Administrative Officer of Affinity Partnerships for the National Costco Mortgage Services platform, where he oversaw strategic business development and annual residential mortgage loan production exceeding $8 billion. Mr. Villarreal possesses diverse skills in finance, real estate acquisition, operations, and nonprofit management.

Nicolai Brune - Chief Financial Officer

Nicolai Brune has served as the Chief Financial Officer of RenX Enterprises since February 14, 2023. Since March 2022, Mr. Brune also served as Director of Acquisition for Safe & Green Holdings Corp., where he was responsible for financial evaluation and modeling.

Anthony M. Cialone - Director

Anthony M. Cialone currently serves as President and Chief Operating Officer of Resource Group US, LLC (RSG) since January 2019. He was appointed to the Board of Directors of Safe and Green Development Corporation (now RenX Enterprises) following its acquisition of Resource Group US Holdings LLC, reflecting his integral role in the company's strategic direction. Mr. Cialone brings over 30 years of executive leadership experience, with a strong background in corporate operations, risk management, and strategic planning. At Resource Group, he has led initiatives in biomass-to-industrial energy conversion and composting, developed investor-focused funding strategies and financial models, and advanced growth through targeted acquisitions. Since May 2020, he has also been President and Chief Executive Officer of Microtec Development & Holdings LLC, and since March 2022, President and Chief Operating Officer of AggrePlex, LLC.

James Burnham - Director

James Burnham has served as the President of JDB Consulting Services, Inc. since October 2003. He also holds the position of CFO for Resource Group US, LLC (RSG). Mr. Burnham was appointed to the Board of Directors of Safe and Green Development Corporation (now RenX Enterprises) following its acquisition of Resource Group US Holdings LLC.

Bjarne Borg - Director

Bjarne Borg serves as the Executive Chairman of Index Investment Group, which he co-founded in 1998. Index Investment Group develops real estate and renewable energy projects and provides private equity to invest in complementary businesses. Mr. Borg was appointed to the Board of Directors of Safe and Green Development Corporation (now RenX Enterprises) following the acquisition of Resource Group US Holdings LLC. He brings over 35 years of experience in managing start-ups and multinational corporations, with a focus on real estate, renewable energy, and disruptive equity investments. His expertise includes public markets, having listed bonds on NASDAQ, and serving on advisory boards for banking institutions. Mr. Borg also serves as chairman of the board of publicly traded Hexicon Group.

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The key risks for RenX Enterprises (symbol: RENX), a real estate development company focused on building single and multifamily projects, are primarily related to market conditions, financing, and regulatory hurdles.

1. Real Estate Market Cyclicality and Economic Conditions: As a real estate development company, RenX Enterprises is highly exposed to the inherent cyclicality of real estate markets. Economic downturns, fluctuations in consumer confidence, and changes in employment rates can directly impact the demand for single and multifamily homes. A decline in demand can lead to reduced sales volumes, lower property values, and increased inventory, significantly affecting the company's revenue and profitability.
2. Financing and Capital Availability Risks: Real estate development is a capital-intensive industry that heavily relies on debt and equity financing. RenX Enterprises faces the risk of increased borrowing costs due to rising interest rates, which can reduce project profitability and potentially make it more challenging to secure new loans for ongoing and future projects. Furthermore, a tightening of credit markets or a decrease in investor appetite for real estate ventures could limit the company's access to necessary capital, hindering its ability to commence new developments or complete existing ones.
3. Regulatory and Permitting Risks: Real estate development projects are subject to a complex and often lengthy process of obtaining various permits, approvals, and compliance with local, state, and federal regulations. Delays in zoning approvals, environmental reviews, or construction permits can lead to significant project delays, cost overruns, and potential litigation. Changes in regulatory policies or the imposition of new building codes could also increase development costs and impact project feasibility.

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RenX Enterprises (symbol: RENX) operates in several significant addressable markets within the United States.

For its real estate development activities, which include building single and multifamily projects, the U.S. real estate market was valued at approximately USD 1.8 trillion in 2025 and is projected to reach USD 2.3 trillion by 2034, growing at a compound annual growth rate (CAGR) of 2.98% from 2026 to 2034. The residential property segment alone accounted for a 57.09% revenue share of the U.S. real estate market in 2024.

In its environmental solutions segment, focusing on engineered soils, potting media, soil substrates, and mulch, the relevant market sizes in North America (with the U.S. being a dominant player) are:

• The North America manufactured soil market was valued at USD 2.35 billion in 2023 and is anticipated to grow at a CAGR of 4.61% through 2029.
• The global professional potting soil market, which includes specialized soil blends for horticulture, agriculture, and landscaping, was USD 1.58 billion in 2023 and is projected to expand at over a 5.5% CAGR from 2024 to 2032.
• The U.S. landscaping products market, which encompasses mulch and other materials, was valued at USD 21.71 billion in 2024 and is projected to reach approximately USD 42.66 billion by 2034, with a CAGR of 6.99% from 2025 to 2034.

Regarding its organics processing and logistics platform for biomass, solid waste, and recyclable materials, the addressable markets in the U.S. are:

• The U.S. organic waste management solution market was estimated at USD 5.15 billion in 2024 and is projected to be worth around USD 11.24 billion by 2034, growing at a CAGR of 8.11% from 2025 to 2034.
• The broader U.S. waste and recycling industry (including collection and disposal services) reached an estimated USD 104.63 billion in revenue in 2024. Collection revenues alone constituted two-thirds of this, amounting to USD 69.46 billion in 2024.

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Here are 3-5 expected drivers of future revenue growth for RenX Enterprises (symbol: RENX) over the next 2-3 years:

1. Expansion into Higher-Value Engineered Soils and Renewable Material Products: RenX Enterprises is strategically expanding its product offerings beyond traditional bulk compost to include higher-value engineered soils, potting media, soil substrates, and bagged materials. This move up the value chain, enabled by advanced milling and processing technologies, aims to target consumer-facing end markets with repeatable quality and defined specifications, enhancing unit economics and attracting new customer segments.
2. Enhanced Operational Capacity and Efficiency through Equipment Upgrades: The company anticipates revenue growth from the deployment of new processing equipment, such as the Komptech XL3 trommel screener and the anticipated Microtec mill. These investments are expected to significantly enhance the company's processing capabilities, increase throughput, and improve overall operating efficiency, thereby supporting the scalability of higher-margin product lines and facilitating additional customer acquisition opportunities.
3. Monetization of Legacy Real Estate Assets: RenX Enterprises plans to monetize its portfolio of legacy real estate assets, including properties in locations such as Lago Vista, Texas, Norman Berry in East Point, Georgia, and Durant, Oklahoma. The capital generated from these sales is intended to be redeployed into the company's core environmental processing and sustainable materials platform, fueling further growth in its primary business.
4. Growth in Environmental Processing and Logistics Services: The company expects to drive revenue growth by expanding its contracted inbound volumes for green waste and other biomass, as well as by growing its logistics platform that provides transportation services. This includes securing new green waste removal purchase orders, expanding services in existing markets like Tampa, and penetrating new markets that demand high-quality inputs and offer attractive long-term economics within the environmental solutions sector.

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Capital Allocation Decisions for RenX Enterprises (RENX)

Share Repurchases

• In January 2025, Safe and Green Development Corporation (SGD), now RenX Enterprises, acquired 276,425 shares of its common stock from Safe & Green Holdings Corp. to hold in its treasury, aiming to reduce outstanding shares and potentially mitigate future dilution.

Share Issuance

• In October 2025, Safe and Green Development Corporation (SGD) completed a private investment in public equity (PIPE) financing, raising approximately $9.0 million through the sale of Series B Non-Voting Convertible Preferred Stock and warrants.
• In December 2025, stockholders approved the issuance of up to 53,925,620 common shares upon conversion of Series B Preferred Stock and up to 37,190,083 common shares upon exercise of warrants, both stemming from the October 2025 private placement.
• In February 2026, RenX Enterprises (RENX) conducted a private placement of approximately $6.0 million in 12% Senior Convertible Notes and related warrants, with net proceeds of about $5.4 million intended for working capital.

Inbound Investments

• In February 2025, Safe and Green Development Corporation (SGD) acquired Resource Group, a next-generation engineered soils and composting company, which was expected to strengthen the balance sheet and add significant revenues.
• In January 2026, RenX Enterprises' subsidiary, Resource Group LLC, secured approximately $2.56 million through two financing agreements for the purchase of industrial equipment.

Outbound Investments

• In February 2026, RenX Enterprises (RENX) restructured its investment in the Norman Berry property, converting approximately $600,000 in equity into a secured note and retaining 50% ownership. The company plans a sale in Q1 2026, with proceeds intended for its core environmental processing operations.
• In January 2026, RenX Enterprises restructured approximately $7 million of secured debt related to its Lago Vista, Texas property, transferring the property title to extinguish $5 million of the debt.

Capital Expenditures

• In Q3 2024, Safe & Green Development Corp (SGD) invested $543,000 in capital expenditures for long-term assets and infrastructure.
• In December 2025, the company deployed new industrial processing equipment, including a Komptech Crambo Mobile shredder and a Diamond Z DZH6000 Series grinder, at its Resource Group operations.
• In January 2026, RenX Enterprises completed the purchase of a Komptech Crambo shredder and a Diamond Z horizontal grinder for approximately $2.54 million, with a 30% down payment and the balance financed, to enhance processing capabilities. A Microtec Mill is expected to be delivered in March 2026 to further enhance materials processing capabilities.