Contract

Exhibit 99.3

A. Item 4. Description of the due diligence performed

Certification of Services Performed

Reference is made to that certain Loan Agreement (the “Loan Agreement”), to be entered into by and between Progress Residential Borrower 9, LLC, a Delaware limited liability company (“Borrower”), and Royal Bank of Canada (“Client”). XxxxxXxxxxxx.xxx, Inc. (“Clear Capital”) has been retained by Client. Capitalized terms used herein without definition have the respective meanings ascribed thereto in the Loan Agreement.

I do hereby certify to Borrower and Client, to the best of my knowledge and belief, that Clear Capital has completed the services ordered by Client under that certain Contract for Valuations and Other Services, dated as of September 29, 2021, by and between Clear Capital and Client, in connection with the borrowing of the loan pursuant to the Loan Agreement for the properties (the “Properties” and each, a “Property”) contained in the data tape entitled “ PROG 2024-SFR1 Tape_11.30.23_v2_Tape.xlsx” dated as of December 21, 2023, respectively. Furthermore:

1. Clear Capital has reviewed the BPO Value for each Property and has provided a value reconciliation and / or value rebuttal based on market value analysis of the subject Property as fee simple basis unencumbered with market value defined as the most probable price the subject property would sell for in an open market excluding undue influence (such process, “Value Reconciliation”). Such Value Reconciliation is contained in Schedule A attached hereto.

2. A Value Reconciliation product is a value reconciliation of one Broker Price Opinion, provided to Clear Capital by the Customer. The scope for the review includes address verification by matching the customer supplied address to the address on the BPO provided and to verify that address is valid based on comparison with the USPS database. A third-party licensed or certified appraiser is engaged on an independent contractor basis to review the comparable data provided within the BPO and research supplemental data sources to judge whether, in the appraiser’s opinion, the comparables provided in the BPO are relevant and the most comparable sales and/or listings available in the subject’s market. The appraiser concludes their own independent assessment of value based on the data in the BPO combined with the external data sources. The Value Reconciliation product reflects a professional estimate of value of the subject property by a licensed appraiser working as an independent contractor of Clear Capital, but is not intended as any guarantee of value, characteristics or condition and should not be relied on as such.

3. The Value Reconciliation includes (i) confirmation of subject consistency by comparing photos; (ii) comparison of the property characteristics between reports; (iii) review of sales across report(s) with regards to proximity, age, design, etc.; (iv) opinion as to the quality of the client supplied Broker Price Opinion; (v) review of data including Sitex, County Public Records, RealQuest, Xxxxxxx.xxx and/or Google Earth; (vi) market trend including foreclosures; (vii) identification of external influences; and (viii) an analysis of the Broker Price Opinion report with a conclusion of value.

XxxxxXxxxxxx.xxx, Inc.

By:	/s/ Xxxxx Xxxxxx
	Name: Xxxxx Xxxxxx
	Title: Chief Administrative Officer

Date: January _10__, 2024

B. Item 5. Summary of findings and conclusions of review

[Schedule A – Value Reconciliation]

Loan Number	Valuation Type	Valuation 1	Valuation 1 Date	Reconciled Value	Reconciled  Value Date
135233	BPO	370000	12/6/2023	355000	12/12/2023
127094	BPO	375000	12/6/2023	360000	12/12/2023
1147601	BPO	510000	12/6/2023	495000	12/12/2023
130065	BPO	430000	12/6/2023	420000	12/12/2023
139602	BPO	355000	12/6/2023	350000	12/12/2023
90000895	BPO	370000	12/6/2023	365000	12/12/2023
136993	BPO	292000	12/6/2023	290000	12/12/2023
134338	BPO	400000	12/6/2023	400000	12/12/2023
138916	BPO	367000	12/6/2023	367000	12/12/2023
131991	BPO	327000	12/6/2023	327000	12/12/2023
131249	BPO	422000	12/6/2023	422000	12/12/2023
136564	BPO	428000	12/6/2023	428000	12/12/2023
135609	BPO	400000	12/6/2023	400000	12/12/2023
132883	BPO	356000	12/6/2023	356000	12/12/2023
139420	BPO	400000	12/6/2023	400000	12/12/2023
132923	BPO	350000	12/6/2023	350000	12/12/2023
129780	BPO	350000	12/6/2023	350000	12/12/2023
1133989	BPO	510000	12/6/2023	510000	12/12/2023
135951	BPO	340000	12/6/2023	340000	12/12/2023
136026	BPO	342000	12/6/2023	342000	12/12/2023
140803	BPO	365000	12/6/2023	365000	12/12/2023
1049311	BPO	280000	12/6/2023	280000	12/12/2023
133272	BPO	415000	12/6/2023	415000	12/12/2023
105121	BPO	420000	12/6/2023	420000	12/12/2023
135838	BPO	377000	12/6/2023	377000	12/12/2023
135225	BPO	310000	12/6/2023	310000	12/12/2023
97639	BPO	290000	12/6/2023	290000	12/12/2023
131192	BPO	310000	12/6/2023	310000	12/12/2023
134184	BPO	367000	12/6/2023	367000	12/12/2023
100337	BPO	400000	12/6/2023	400000	12/12/2023
135944	BPO	385000	12/6/2023	385000	12/12/2023
137361	BPO	285000	12/6/2023	285000	12/12/2023
129873	BPO	275000	12/6/2023	275000	12/12/2023

136483	BPO	249000	12/6/2023	249000	12/12/2023
153427	BPO	435000	12/6/2023	435000	12/12/2023
97155	BPO	345000	12/6/2023	345000	12/12/2023
126462	BPO	340000	12/6/2023	340000	12/12/2023
131395	BPO	295000	12/6/2023	295000	12/12/2023
136782	BPO	240000	12/6/2023	240000	12/12/2023
131982	BPO	330000	12/6/2023	330000	12/12/2023
142221	BPO	478000	12/6/2023	478000	12/12/2023
135024	BPO	310000	12/6/2023	310000	12/12/2023
129298	BPO	360000	12/6/2023	360000	12/12/2023
122221	BPO	370000	12/6/2023	370000	12/12/2023
134384	BPO	278000	12/6/2023	278000	12/12/2023
141868	BPO	415000	12/6/2023	415000	12/12/2023
1048487	BPO	315000	12/6/2023	315000	12/12/2023
133504	BPO	370000	12/6/2023	370000	12/12/2023
134340	BPO	288000	12/6/2023	288000	12/12/2023
131644	BPO	260000	12/6/2023	260000	12/12/2023
133789	BPO	295000	12/6/2023	295000	12/12/2023
125228	BPO	395000	12/6/2023	395000	12/12/2023
127535	BPO	495000	12/6/2023	495000	12/12/2023
130162	BPO	395000	12/6/2023	395000	12/12/2023
138116	BPO	390000	12/6/2023	390000	12/12/2023
135648	BPO	306000	12/6/2023	306000	12/12/2023
88115	BPO	387000	12/6/2023	387000	12/12/2023
102052	BPO	430000	12/6/2023	430000	12/12/2023
129106	BPO	335000	12/6/2023	335000	12/12/2023
137575	BPO	470000	12/6/2023	470000	12/12/2023
137855	BPO	375000	12/6/2023	375000	12/12/2023
134907	BPO	352000	12/6/2023	352000	12/12/2023
1161957	BPO	330000	12/6/2023	330000	12/12/2023
133929	BPO	440000	12/6/2023	440000	12/12/2023
132037	BPO	315000	12/6/2023	315000	12/12/2023
134994	BPO	350000	12/6/2023	350000	12/12/2023
135793	BPO	310000	12/6/2023	310000	12/12/2023
121890	BPO	380000	12/6/2023	380000	12/12/2023
109823	BPO	315000	12/6/2023	315000	12/12/2023
132747	BPO	315000	12/6/2023	315000	12/12/2023
132245	BPO	355000	12/6/2023	355000	12/12/2023
127568	BPO	330000	12/6/2023	330000	12/12/2023
137458	BPO	296500	12/6/2023	296500	12/12/2023
139919	BPO	400000	12/6/2023	400000	12/12/2023

129598	BPO	410000	12/6/2023	410000	12/12/2023
130359	BPO	370000	12/6/2023	370000	12/12/2023
129091	BPO	330000	12/6/2023	330000	12/12/2023
124708	BPO	280000	12/6/2023	280000	12/12/2023
86880	BPO	355000	12/6/2023	355000	12/12/2023
109837	BPO	420000	12/6/2023	420000	12/12/2023
106237	BPO	435000	12/6/2023	435000	12/12/2023
138459	BPO	345000	12/6/2023	345000	12/12/2023
96665	BPO	760000	12/6/2023	760000	12/12/2023
134334	BPO	430000	12/6/2023	430000	12/12/2023
134757	BPO	480000	12/6/2023	480000	12/12/2023
138821	BPO	312000	12/6/2023	312000	12/12/2023
154796	BPO	450000	12/6/2023	450000	12/12/2023
122345	BPO	290000	12/6/2023	290000	12/12/2023
90001096	BPO	240000	12/6/2023	240000	12/12/2023
136367	BPO	565000	12/6/2023	565000	12/12/2023
131812	BPO	390000	12/6/2023	390000	12/12/2023
138794	BPO	332000	12/6/2023	332000	12/12/2023
130866	BPO	350000	12/6/2023	350000	12/12/2023
55944	BPO	405000	12/6/2023	405000	12/12/2023
129875	BPO	400000	12/6/2023	400000	12/12/2023
48816	BPO	330000	12/6/2023	330000	12/12/2023
143036	BPO	465000	12/6/2023	465000	12/12/2023
130339	BPO	425000	12/6/2023	425000	12/12/2023
135857	BPO	255000	12/6/2023	255000	12/12/2023
130671	BPO	362000	12/6/2023	362000	12/12/2023
139030	BPO	450000	12/6/2023	450000	12/12/2023
125617	BPO	357500	12/6/2023	357500	12/12/2023
130447	BPO	505000	12/6/2023	505000	12/12/2023
128969	BPO	265000	12/6/2023	265000	12/12/2023
1033504	BPO	360000	12/6/2023	360000	12/12/2023
122488	BPO	375000	12/6/2023	375000	12/12/2023
134573	BPO	303000	12/6/2023	303000	12/12/2023
90001560	BPO	320000	12/6/2023	320000	12/12/2023
138466	BPO	311000	12/6/2023	311000	12/12/2023
133901	BPO	350000	12/6/2023	350000	12/12/2023
126510	BPO	335000	12/6/2023	335000	12/12/2023
127855	BPO	410000	12/6/2023	410000	12/12/2023
132486	BPO	390000	12/6/2023	390000	12/12/2023
102415	BPO	415000	12/6/2023	415000	12/12/2023
132047	BPO	370000	12/6/2023	370000	12/12/2023

128778	BPO	300000	12/6/2023	300000	12/12/2023
127945	BPO	340000	12/6/2023	340000	12/12/2023
127434	BPO	435000	12/6/2023	435000	12/12/2023
131304	BPO	340000	12/6/2023	340000	12/12/2023
1124948	BPO	352000	12/6/2023	352000	12/12/2023
135889	BPO	300000	12/6/2023	300000	12/12/2023
131074	BPO	340000	12/6/2023	340000	12/12/2023
136538	BPO	400000	12/6/2023	400000	12/12/2023
136162	BPO	350000	12/6/2023	350000	12/12/2023
136623	BPO	380000	12/6/2023	380000	12/12/2023
134417	BPO	510000	12/6/2023	510000	12/12/2023
128529	BPO	315500	12/6/2023	315000	12/13/2023
99912	BPO	360000	12/6/2023	360000	12/12/2023
103965	BPO	392000	12/6/2023	392000	12/12/2023
139640	BPO	420000	12/6/2023	420000	12/12/2023
142229	BPO	435000	12/6/2023	435000	12/12/2023
129918	BPO	280000	12/6/2023	280000	12/12/2023
96560	BPO	320000	12/6/2023	320000	12/12/2023
138108	BPO	350000	12/6/2023	350000	12/12/2023
125825	BPO	385000	12/6/2023	385000	12/12/2023
133355	BPO	410000	12/6/2023	410000	12/12/2023
133748	BPO	400000	12/6/2023	400000	12/12/2023
129291	BPO	360000	12/6/2023	360000	12/12/2023
123071	BPO	288000	12/6/2023	288000	12/12/2023
127803	BPO	455000	12/6/2023	455000	12/12/2023
125669	BPO	390000	12/6/2023	390000	12/12/2023
8115	BPO	400000	12/6/2023	400000	12/12/2023
102350	BPO	410000	12/6/2023	410000	12/12/2023
136617	BPO	315000	12/6/2023	315000	12/12/2023
73086	BPO	534000	12/6/2023	534000	12/12/2023
131118	BPO	330000	12/6/2023	330000	12/12/2023
132857	BPO	475000	12/6/2023	475000	12/12/2023
137998	BPO	440000	12/6/2023	440000	12/12/2023
126591	BPO	386000	12/6/2023	386000	12/12/2023
134712	BPO	280000	12/6/2023	280000	12/12/2023
141118	BPO	375000	12/6/2023	375000	12/12/2023
139823	BPO	385000	12/6/2023	385000	12/12/2023
131137	BPO	340000	12/6/2023	340000	12/12/2023
136711	BPO	320000	12/6/2023	320000	12/12/2023
133037	BPO	355000	12/6/2023	355000	12/12/2023
105406	BPO	370000	12/6/2023	370000	12/12/2023

141864	BPO	370000	12/6/2023	370000	12/12/2023
109713	BPO	260000	12/6/2023	260000	12/12/2023
135746	BPO	345000	12/6/2023	345000	12/12/2023
128946	BPO	430000	12/6/2023	430000	12/12/2023
132467	BPO	420000	12/6/2023	420000	12/12/2023
90000589	BPO	420000	12/6/2023	420000	12/12/2023
130941	BPO	415000	12/6/2023	415000	12/12/2023
132355	BPO	425000	12/6/2023	425000	12/12/2023
136805	BPO	460000	12/6/2023	460000	12/12/2023
133372	BPO	332000	12/6/2023	332000	12/12/2023
128232	BPO	335000	12/6/2023	335000	12/12/2023
130701	BPO	372000	12/6/2023	372000	12/12/2023
123756	BPO	345000	12/6/2023	345000	12/12/2023
137232	BPO	374000	12/6/2023	374000	12/12/2023
89182	BPO	310000	12/6/2023	310000	12/12/2023
90001041	BPO	410000	12/6/2023	410000	12/12/2023
140222	BPO	315000	12/6/2023	315000	12/12/2023
132846	BPO	360000	12/6/2023	360000	12/12/2023
36892	BPO	320000	12/6/2023	320000	12/12/2023
134531	BPO	405000	12/6/2023	405000	12/12/2023
139320	BPO	316000	12/6/2023	316000	12/12/2023
134299	BPO	390000	12/6/2023	390000	12/12/2023
136763	BPO	265000	12/6/2023	265000	12/12/2023
138910	BPO	350000	12/6/2023	350000	12/12/2023
123759	BPO	460000	12/6/2023	460000	12/12/2023
123646	BPO	390000	12/6/2023	390000	12/12/2023
120700	BPO	385000	12/6/2023	385000	12/12/2023
132918	BPO	510000	12/6/2023	510000	12/12/2023
90000148	BPO	350000	12/6/2023	350000	12/12/2023
135777	BPO	350000	12/6/2023	350000	12/12/2023
137865	BPO	340000	12/6/2023	340000	12/12/2023
141189	BPO	305000	12/6/2023	305000	12/12/2023
129936	BPO	373000	12/6/2023	373000	12/12/2023
131854	BPO	360000	12/6/2023	360000	12/12/2023
103639	BPO	348000	12/6/2023	348000	12/12/2023
59990	BPO	295000	12/6/2023	295000	12/12/2023
130666	BPO	350000	12/6/2023	350000	12/12/2023
134583	BPO	265000	12/6/2023	265000	12/12/2023
128863	BPO	355000	12/6/2023	355000	12/12/2023
108397	BPO	365000	12/6/2023	365000	12/12/2023
71886	BPO	492000	12/6/2023	492000	12/12/2023

134908	BPO	280000	12/6/2023	283000	12/12/2023
132807	BPO	260000	12/6/2023	263000	12/12/2023
134647	BPO	340000	12/6/2023	345000	12/12/2023
90000131	BPO	570000	12/6/2023	580000	12/12/2023
134642	BPO	285000	12/6/2023	290000	12/12/2023
128941	BPO	235000	12/6/2023	240000	12/12/2023
1043243	BPO	340000	12/6/2023	348000	12/12/2023
96289	BPO	295000	12/6/2023	305000	12/12/2023
140187	BPO	280000	12/6/2023	290000	12/12/2023
130579	BPO	275000	12/6/2023	285000	12/12/2023
134212	BPO	410000	12/6/2023	425000	12/12/2023
135217	BPO	430000	12/6/2023	420000	12/11/2023
138461	BPO	342000	12/6/2023	335000	12/11/2023
128150	BPO	280000	12/6/2023	275000	12/11/2023
90000675	BPO	425000	12/6/2023	425000	12/11/2023
74840	BPO	445000	12/6/2023	445000	12/11/2023
138789	BPO	392000	12/6/2023	392000	12/11/2023
109309	BPO	355000	12/6/2023	355000	12/11/2023
128975	BPO	239000	12/6/2023	239000	12/11/2023
127123	BPO	345000	12/6/2023	345000	12/11/2023
135955	BPO	350000	12/6/2023	350000	12/11/2023
133105	BPO	320000	12/6/2023	320000	12/11/2023
55102	BPO	385000	12/6/2023	385000	12/11/2023
57378	BPO	380000	12/6/2023	380000	12/11/2023
131207	BPO	274000	12/6/2023	274000	12/11/2023
128085	BPO	340000	12/6/2023	340000	12/11/2023
132115	BPO	390000	12/6/2023	390000	12/11/2023
102336	BPO	420000	12/6/2023	420000	12/11/2023
137433	BPO	385000	12/6/2023	385000	12/11/2023
139897	BPO	340000	12/6/2023	340000	12/11/2023
132009	BPO	310000	12/6/2023	310000	12/11/2023
139535	BPO	310000	12/6/2023	310000	12/11/2023
137360	BPO	250000	12/6/2023	250000	12/11/2023
127693	BPO	255000	12/6/2023	255000	12/11/2023
125661	BPO	390000	12/6/2023	390000	12/11/2023
1184842	BPO	370000	12/6/2023	370000	12/11/2023
138244	BPO	410000	12/6/2023	410000	12/11/2023
108574	BPO	365000	12/6/2023	365000	12/11/2023
134508	BPO	375000	12/6/2023	375000	12/11/2023
123914	BPO	360000	12/6/2023	360000	12/11/2023
129866	BPO	305000	12/6/2023	305000	12/11/2023

139710	BPO	353000	12/6/2023	353000	12/11/2023
1052884	BPO	325000	12/6/2023	325000	12/11/2023
130212	BPO	330000	12/6/2023	330000	12/11/2023
131881	BPO	390000	12/6/2023	390000	12/11/2023
124427	BPO	360000	12/6/2023	360000	12/11/2023
133601	BPO	380000	12/6/2023	380000	12/11/2023
124774	BPO	415000	12/6/2023	415000	12/11/2023
123875	BPO	360000	12/6/2023	360000	12/11/2023
138818	BPO	377000	12/6/2023	377000	12/11/2023
139340	BPO	390000	12/6/2023	390000	12/11/2023
36646	BPO	320900	12/6/2023	320900	12/11/2023
106484	BPO	375000	12/6/2023	375000	12/11/2023
136565	BPO	382000	12/6/2023	382000	12/11/2023
121895	BPO	355000	12/6/2023	355000	12/11/2023
133911	BPO	395000	12/6/2023	395000	12/11/2023
843238	BPO	312000	12/6/2023	312000	12/11/2023
126400	BPO	420000	12/6/2023	420000	12/11/2023
134777	BPO	343000	12/6/2023	343000	12/11/2023
129464	BPO	365000	12/6/2023	365000	12/11/2023
1040686	BPO	393000	12/6/2023	393000	12/12/2023
131637	BPO	392000	12/6/2023	392000	12/11/2023
137319	BPO	390000	12/6/2023	390000	12/11/2023
127900	BPO	341000	12/6/2023	341000	12/11/2023
135443	BPO	225000	12/6/2023	225000	12/11/2023
124447	BPO	330000	12/6/2023	330000	12/11/2023
90000888	BPO	332000	12/6/2023	332000	12/11/2023
135890	BPO	415000	12/6/2023	415000	12/11/2023
137069	BPO	345000	12/6/2023	345000	12/11/2023
147595	BPO	370000	12/6/2023	370000	12/11/2023
125665	BPO	366000	12/6/2023	366000	12/11/2023
134903	BPO	325000	12/6/2023	325000	12/11/2023
95274	BPO	430000	12/6/2023	430000	12/11/2023
1046921	BPO	270000	12/6/2023	270000	12/11/2023
137756	BPO	400000	12/6/2023	400000	12/11/2023
130901	BPO	340000	12/6/2023	340000	12/11/2023
137800	BPO	390000	12/6/2023	390000	12/11/2023
90000540	BPO	275000	12/6/2023	275000	12/11/2023
128811	BPO	320000	12/6/2023	320000	12/11/2023
105755	BPO	352000	12/6/2023	352000	12/11/2023
134563	BPO	293000	12/6/2023	293000	12/11/2023
99361	BPO	350000	12/6/2023	350000	12/11/2023

121934	BPO	308000	12/6/2023	308000	12/11/2023
136140	BPO	365000	12/6/2023	365000	12/11/2023
137723	BPO	345000	12/6/2023	345000	12/11/2023
133910	BPO	350000	12/6/2023	350000	12/11/2023
133822	BPO	325000	12/6/2023	325000	12/11/2023
94701	BPO	360000	12/6/2023	360000	12/11/2023
131208	BPO	363000	12/6/2023	363000	12/11/2023
130677	BPO	340000	12/6/2023	340000	12/11/2023
124073	BPO	360000	12/6/2023	360000	12/11/2023
131123	BPO	390000	12/6/2023	390000	12/11/2023
104859	BPO	318000	12/6/2023	318000	12/11/2023
132661	BPO	440000	12/6/2023	440000	12/11/2023
129677	BPO	365000	12/6/2023	365000	12/11/2023
103125	BPO	525000	12/6/2023	525000	12/11/2023
135124	BPO	230000	12/6/2023	230000	12/11/2023
137219	BPO	495000	12/6/2023	495000	12/11/2023
127578	BPO	520000	12/6/2023	520000	12/11/2023
137330	BPO	290000	12/6/2023	290000	12/11/2023
127323	BPO	345000	12/6/2023	345000	12/11/2023
149936	BPO	480000	12/6/2023	489000	12/11/2023
128136	BPO	265000	12/6/2023	275000	12/11/2023