The Conservation Fund

CONSERVATION REAL ESTATE ACTIVITIESTHE CONSERVATION FUND WAS FOUNDED ON A STRAIGHTFORWARD CONVICTION: CONSERVATION AND ECONOMIC GROWTH DEPEND ON AND REINFORCE EACH OTHER. FOR MORE THAN 40 YEARS, THE CONSERVATION FUND HAS SECURED AT-RISK LAND WITH HIGH CONSERVATION VALUE TO PROTECT IT FROM DEGRADATION, FRAGMENTATION, OR DEVELOPMENT, WORKING WITH PARTNERS TO PROTECT THE LAND'S LONG-TERM ENVIRONMENTAL AND ECONOMIC VITALITY. TOP RANKED FOR EFFICIENCY AND MISSION EFFECTIVENESS, THE CONSERVATION FUND HAS CONSERVED OVER 9 MILLION ACRES ACROSS ALL 50 STATES INCLUDING WORKING FORESTS, FARMS, WILDLIFE HABITAT, RECREATION AREAS, HISTORIC LANDSCAPES, AND URBAN GREEN SPACES.THE CONSERVATION FUND MOVES QUICKLY AND WITH PURPOSE, DELIVERING LASTING CONSERVATION OUTCOMES FOR NATURE AND PEOPLE. ITS CORE CONSERVATION FUNCTION IS REAL ESTATE ACTIVITY: PURCHASING AT-RISK PROPERTIES AND HOLDING THEM FOR INTERIM PERIODS, PROVIDING THE TIME NEEDED FOR ITS PARTNERS TO SECURE FUNDING TO ACQUIRE, STEWARD, AND PERMANENTLY MANAGE THE PROPERTIES. THIS MODEL ENSURES THAT FUNDING IS AVAILABLE IN TIME TO MEET THE NEEDS OF THE SELLER WHEN A HIGH-CONSERVATION-VALUE PROPERTY GOES UP FOR SALE.FUNDING FOR THE CONSERVATION FUND'S REAL ESTATE ACQUISITIONS LARGELY COMES FROM ITS "REVOLVING FUND" OF CAPITAL, WHICH IS MADE UP OF CHARITABLE GIFTS, PROCEEDS FROM THE SALE OF DONATED SURPLUS LANDS THAT THE ORGANIZATION HAS SOLD FOR CASH, AS WELL AS ACCUMULATED GAINS ON AND CAPITAL RETURNED FROM PAST REAL ESTATE TRANSACTIONS. TARGETED PROGRAM-RELATED INVESTMENTS AND A GREEN BOND ALSO PROVIDE VALUABLE ACQUISITION CAPITAL. SOURCES OF FUNDING FOR DISPOSITIONS TO PARTNERS INCLUDE FEDERAL, STATE, AND LOCAL GOVERNMENT FUNDING PROGRAMS AND PHILANTHROPIC FUNDS FROM FOUNDATIONS, CORPORATIONS, AND PRIVATE INDIVIDUALS. ONCE A PROPERTY HAS BEEN TRANSFERRED TO THE LONG-TERM HOLDER AND THE CONSERVATION FUND RECOUPS ITS INVESTMENT, CAPITAL IS RETURNED TO THE REVOLVING FUND FOR USE IN OTHER CONSERVATION PROJECTS.THE CONSERVATION FUND ALSO PROVIDES EXPERTISE AND SUPPORT TO OTHER ORGANIZATIONS AS THEY SEEK TO ACQUIRE CONSERVATION LAND, AS WELL AS BRIDGE FINANCING AND TECHNICAL ASSISTANCE TO LAND TRUSTS AND OTHER ORGANIZATIONS TO PROTECT CRITICAL NATURAL RESOURCES IN THEIR COMMUNITIES. THESE "CONSERVATION LOANS" HELP THE CONSERVATION FUND'S PARTNERS EXPAND CONSERVATION IMPACT NATIONWIDE. AS OF DECEMBER 31, 2025, THE LOAN PROGRAM HAS HELPED CONSERVE 167,130 ACRES THROUGH 422 LOANS IN 40 STATES. THE PORTFOLIO OF LOANS HAD A PRINCIPAL VALUE OF $7.0 MILLION AS OF DECEMBER 31, 2025.WORKING LANDS. KEEPING WORKING FORESTS AND FARMLAND INTACT AND IN PRODUCTION IS CRITICAL TO ECOSYSTEMS AND THE COMMUNITIES THAT DEPEND ON THEM. THE CONSERVATION FUND PURCHASES AT-RISK FORESTS AND FARMS AND PUTS PROTECTIONS IN PLACE TO ENSURE THESE LANDS ARE SUSTAINABLY MANAGED FOR ENVIRONMENTAL AND ECONOMIC BENEFITS. THE CONSERVATION FUND'S WORKING FOREST PROGRAM CONSERVES LARGE INTACT FORESTS IN THE U.S. SO THEY REMAIN SUSTAINABLY MANAGED, PROVIDING JOBS, CLEAN WATER, CLEAN AIR, HABITAT FOR WILDLIFE AND OUTDOOR RECREATION, AND CLIMATE RESILIENCE BENEFITS. THE WORKING FOREST FUND'S FOCUS IS ON LARGE FORESTS WITH HIGH CONSERVATION VALUE AND OFTEN SIGNIFICANT RISK OF FRAGMENTATION WHEN SOLD ON THE OPEN MARKET. CONSISTENT WITH THE CONSERVATION FUND'S OTHER REAL ESTATE ACTIVITIES, THE WORKING FOREST PROGRAM ACTS AS AN INTERIM OWNER OF THESE FORESTS TO FACILITATE PERMANENT PROTECTION THROUGH THE IMPLEMENTATION AND SALE OF CONSERVATION EASEMENTS OR DIRECT SALES OF THE PROPERTIES TO PUBLIC AGENCIES OR OTHER CONSERVATION BUYERS. AS OF DECEMBER 31, 2025, TCF HAS DEPLOYED OVER $1 BILLION INTO 63 PROJECTS COVERING APPROXIMATELY 1,120,777 ACRES OF CRITICAL FORESTS IN THE U.S. APPROXIMATELY 780,212 ACRES HAVE BEEN TRANSFERRED INTO PERMANENT CONSERVATION AS OF DECEMBER 31, 2025. THE REMAINING ACRES ARE BEING SUSTAINABLY MANAGED BY THE CONSERVATION FUND OR ITS PARTNERS AND ARE AWAITING PERMANENT PROTECTION THROUGH CONSERVATION EASEMENTS OR TRANSFERS TO PUBLIC AGENCIES OR OTHER CONSERVATION PARTNERS.THE CONSERVATION FUND'S FARMS FUND WORKS TO SECURE FARMLAND AT RISK OF DEVELOPMENT ON THE EDGE OF GROWING METROPOLITAN AREAS, MATCHING THAT LAND TO FARMERS WHO LEASE AND STEWARD IT UNTIL AN AGRICULTURAL CONSERVATION EASEMENT CAN BE APPLIED, MAKING THE LAND MORE AFFORDABLE FOR THE FARMERS TO BUY. THIS PATHWAY TO AFFORDABLE LAND OWNERSHIP FOR THE NEXT GENERATION OF AMERICAN FARMERS HELPS MAKE COMMUNITIES HEALTHIER WITH ACCESS TO FRESH FOOD, CLEANER AIR AND WATER, AND IMPROVED CLIMATE RESILIENCE. THE FARMS FUND IS CURRENTLY ACTIVE IN GEORGIA, ILLINOIS, NORTH CAROLINA, AND ARKANSAS. AS OF DECEMBER 31, 2025, THE PROGRAM DEPLOYED $21,947,316 MILLION TO SECURE LAND FOR 26 FARM BUSINESSES THAT WILL HELP PERMANENTLY PROTECT 1,829 ACRES OF AT-RISK FARMLAND.MITIGATION SOLUTIONS. IN PARTNERSHIP WITH DEVELOPERS AND REGULATORY AGENCIES, THE CONSERVATION FUND COMPLETES CONSERVATION ACQUISITIONS AND OTHER PROJECTS TO OFFSET THE IMPACTS ON NATURAL, CULTURAL, AND HISTORIC RESOURCES FROM CONSTRUCTION AND OPERATION OF ENERGY AND INFRASTRUCTURE PROJECTS AND PROVIDES ADVICE ON MITIGATION STRATEGIES BEFORE AND DURING INFRASTRUCTURE PROJECT DEVELOPMENT. THE ORGANIZATION DOES NOT ADVOCATE ON BEHALF OF INFRASTRUCTURE PROJECTS BUT SERVES AS A BRIDGE BETWEEN PROJECT DEVELOPERS AND REGULATORY AGENCIES TO HELP DEVELOP AND THEN IMPLEMENT MITIGATION PLANS. THE CONSERVATION FUND'S MITIGATION ACTIVITIES PROVIDE PRIVATE CAPITAL TO ACHIEVE CONSERVATION PRIORITIES, WITH MORE THAN $330 MILLION RECEIVED TO ACQUIRE LAND AND INTERESTS IN LAND, TO COMPLETE RESTORATION, AND/OR TO TAKE OTHER ACTIONS TO MITIGATE IMPACTS TO RESOURCES. AS OF DECEMBER 31, 2025, THE CONSERVATION FUND HAS SUPPORTED MORE THAN 380 CONSERVATION PROJECTS ACROSS THE COUNTRY, CONSERVING OR RESTORING OVER 417,000 ACRES.

IRS Form 990 Part III, fiscal year 2025, signed under penalty of perjury.

OTHER CONSERVATION SERVICESTHE CONSERVATION FUND'S COMMUNITIES-FOCUSED PROGRAMS ARE DEDICATED TO ADVANCING THE ORGANIZATION'S DUAL MISSION BY INTEGRATING CONSERVATION AND ECONOMIC DEVELOPMENT TO BUILD VIBRANT COMMUNITIES. THESE PROGRAMS FOCUS ON IMPACT AREAS SUCH AS URBAN CONSERVATION, RURAL ECONOMIC DEVELOPMENT, SUSTAINABLE FOOD SYSTEMS, WATER QUALITY/SUPPLY PROTECTION, AND AQUACULTURE. THIS PROGRAM AREA PROVIDES EXPERTISE TO COMMUNITIES ACROSS THE COUNTRY TO ACHIEVE THE MULTIPLE BENEFITS GAINED BY INVESTING IN CLEAN AIR, CLEAN WATER, AND COMMUNITY LIVABILITY. THE CONSERVATION FUND BRINGS TECHNICAL ASSISTANCE AND FLEXIBLE FUNDING TO PARTNERSHIPS IN RURAL COMMUNITIES WHERE WE WORK TO CONSERVE NATURAL ASSETS, HELPING TO STRENGTHEN AND SUSTAIN JOB-CREATING AREAS THAT RELY ON FORESTRY, AGRICULTURE, NATURE AND RECREATION. THE ORGANIZATION'S URBAN CONSERVATION WORK ENHANCES URBAN SUSTAINABILITY AND LIVABILITY BY ADVANCING CREATION OF PARKS AND OTHER INITIATIVES.

IRS Form 990 Part III, fiscal year 2025, signed under penalty of perjury.