AECOM Capital Real Estate, LLC (“ACRE” or the “Company”) is an investment advisory firm based in Los Angeles, California, that was founded in 2018 to manage private investments in commercial real estate projects. ACRE targets co-general partner equity (“Co-GP Equity”) opportunities in development and value-add commercial real estate projects in the United States. ACRE is a wholly- owned subsidiary of AECOM Capital, Inc. (“ACAP”), which is in turn a wholly-owned subsidiary of AECOM. AECOM is a publicly traded (NYSE: ACM) global provider of professional infrastructure consulting services for governments, businesses and organizations throughout the world. Since 2013, ACAP has invested AECOM’s own capital in commercial real estate projects. In connection with a business initiative to offer investment advisory services to third party investors, ACRE entered into a joint venture with Canyon Partners Real Estate LLC (“CPRE,” and, together with ACRE, the “Sponsors”), pursuant to which the Sponsors co-sponsor and co-manage a private real estate fund (together with any related feeder funds, parallel funds and alternative investment vehicles, the “Fund”) that focuses on investing in Co-GP Equity opportunities in development or value-add commercial real estate projects in the United States. The Fund is managed by AECOM- Canyon Partners Real Estate Fund Advisors LLC, a registered investment adviser jointly owned by ACRE and CPRE (the “Manager”). The Fund generally seeks to partner with an experienced local real estate Co-GP partner (“Co-GP Partner”) to form a joint venture (an “Operating Partner JV”) in order to co-develop and jointly lead the execution of a single real estate joint venture project (which may include multiple underlying properties) (a “Project JV”), although the Fund may in some instances act as the sole operating partner. The Co-GP Partner is generally the administrative partner of the Operating Partner JV (and therefore, the Project JV), subject

to the rights of the Fund to approve certain major decisions and to take action in lieu of the Co-GP Partner in certain instances. Where practicable, the Fund’s Operating Partner JVs seek additional passive investment capital (i.e., capital with no control rights over project execution) for the Project JV that is generally provided by a “Project LP.” In some cases, the Project LP may be a co-investment vehicle comprised of Fund investors that will be co-sponsored and co-managed by ACRE and CPRE through the Manager (each, a “Co-Investment Vehicle” and, together with the Fund, the “Clients”) . AECOM provides significant financial support and other services to the commercial real estate projects in which the Clients invest and AECOM is compensated for such services. See “Item 5 – Fees andExpenses” and “Item 10 – OtherFinancialIndustryActivitiesandAffiliations” below. ACRE seeks to invest each Client’s assets in accordance with the applicable limited partnership agreement, private placement memorandum and other governing documents (the “Governing Documents”). ACRE conducts its investment advisory activities so as to comply with the investment objective, guidelines and restrictions set forth in the Governing Documents, as the same may be amended from time to time. ACRE does not tailor its investment activities on behalf of any Client to the needs of any individual investor in such Client. However, in accordance with common industry practice, a Client or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Client or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – MethodsofAnalysis,InvestmentStrategiesandRiskofLoss” below for more details. As of September 30, 2023, ACRE managed $580,671,813 in regulatory assets under management, all on a discretionary basis.