Realterm Transportation, LLC (the “Adviser” and together with its affiliated entities “Realterm”) is a private equity real estate investment firm that is focused on the transportation industry. The firm began in Montreal in 1991 when Ken Code and John Cammett, along with two other partners, undertook the buyout of the Adviser’s predecessor entity, Cygnus Development. Realterm acquires, develops, finances, manages and lends against differentiated real estate and infrastructure investments serving global land, air, sea and rail networks. Realterm manages globally diversified real asset strategies that invest in differentiated assets providing the high flow through (“HFT”) operational characteristics in high demand by local, national and global supply chain users. The Adviser is indirectly owned 61.2% by Realterm Holdings, LLC (“Realterm Holdings”), 30.6% owned by RF Investco, LLC and 8.2% by four members of the senior management team of the Adviser. The Adviser provides investment advisory services to commingled investment vehicles and other programs, such as limited partnerships, limited liability companies, joint ventures and other investment vehicles (each an “Investment Fund” or “Fund,” and collectively, together with any future investment vehicles to which the Adviser and/or its affiliates provide investment advisory services, the “Investment Funds” or “Funds”). The Adviser currently manages five transportation-focused private equity fund series: Realterm Airport Logistics Properties (“RALP”), a non-discretionary open-end, core-plus fund investing into North American airport infrastructure; Realterm Logistics Income Fund (“RLIF”), an open- end, core-plus fund, and the Realterm Logistics Fund (“RLF”) Series, a closed-end, value-added fund series, both of which invest into U.S. industrial and logistics real estate with HFT operational characteristics; Realterm Europe Logistics Income Fund (“RELIF,” and collectively with RALP and RLIF, the “Open-End Funds”), an open-end, core-plus fund, and Realterm Europe Logistics Fund (“RELF,” and together with RLF, the “Closed-End Funds”), a closed-end, value-added fund series, both of which invest into industrial and logistics real estate with HFT operational characteristics throughout Europe and the UK. The following general partners or similar entities are affiliated with the Adviser:
• Realterm Europe GP, S.à r.l.
• RELF II GP, S.à r.l..
• RELIF GP S.à r.l.
• Realterm GP II, LLC
• Realterm GP III, LLC
• Realterm GP IV, LLC
• RLIF GP, LLC
• RAL GP, LLC (each a “General Partner,” and collectively, together with any future affiliated general partner, manager or similar entities, the “General Partners,”). Each General Partner is subject to the Advisers Act pursuant to the Adviser’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The Adviser generally provides investment advisory or management services to each Investment Fund in accordance with a limited partnership agreement (or analogous organization document), investment management or advisory agreement, portfolio management agreement, asset management agreement, sub-advisory agreement or a similar type of agreement (each, an “Advisory Agreement” and together with any relevant Memorandum, the “Governing Documents”). Generally, Realterm’s investor base for the Investment Funds includes a range of institutional investors (generally referred to herein as “investors,” “limited partners” or “partners”), including but not limited to public and corporate pension plans, insurance companies, sovereign wealth funds, endowments and foundations, and funds of funds. Many of these investors have their own independent consultants or advisers to assist them in their investment choices. Investors in Realterm’s Investment Funds are generally required to be “accredited investors” within the meaning of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and “qualified purchasers” as defined under the Investment Company Act of 1940, as amended (the “Investment Company Act”). For Realterm’s Investment Funds, investment advice is provided directly to the Investment Funds, subject to the discretion and control of the Investment Funds’ General Partners, and not to investors in Investment Funds based upon their individual needs. Investment restrictions of the Investment Funds, if any, are generally established in the Governing Documents of the applicable Investment Fund and/or side letter agreements negotiated with investors in the applicable Investment Fund. Additionally, from time to time and as permitted by the applicable Governing Documents, the Adviser expects to provide (or agree to provide) investment or co-investment opportunities (including the opportunity to participate in co-investment vehicles) to certain current or prospective investors. Such co-investments typically involve investment and disposal of interests in the applicable portfolio investment at the same time and the same terms as the Investment Fund making the investment. However, from time to time, for strategic and other reasons and, to the extent required by the applicable Governing Documents, subject to approval from the applicable advisory committee(s), a co-investor or co-investment vehicle (including a co-investing Fund) is permitted to purchase a portion of an investment from one or more Investment Funds after such Investment Funds have consummated their investment in the portfolio investment (also known as a post-closing sell-down or transfer), which generally would have been funded through Fund investor capital contributions and/or use of an Investment Fund credit facility. Any such purchase from an Investment Fund by a co-investor or co-investment vehicle generally is expected to occur shortly after the Fund’s completion of the investment, but in certain instances could be well after the Fund’s initial purchase. Where applicable, the Adviser reserves the right in its sole discretion to charge interest on the purchase to the co-investor or co-investment vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to the relevant Investment Fund for related costs. However, to the extent such amounts are not so charged or reimbursed, they generally would be borne by the relevant Investment Fund. Other Services Realterm provides some or all the services (including property management, leasing, construction, development, operational

and other similar services with respect to the Funds’ investments) that would otherwise be performed for the Funds or its investments by third parties on terms as memorialized in the applicable Governing Documents. In such events, such Persons will earn fees (“RE Fees”) or otherwise be reimbursed for performing such services, and no such RE Fees will offset or otherwise reduce any Management Fees (as defined herein). Nevertheless, Realterm is likely to have a conflict of interest in determining the costs of such services that will be charged to the Fund. As to any services provided by Realterm or its affiliates to the Fund(s) or its actual or prospective portfolio projects, neither Realterm nor the Fund(s) can guarantee that these services will be performed in a manner that provides the Fund(s) with services in the same manner, quality, and cost as that provided by an independent third party. Realterm also expects to provide additional services to the Funds and their investments and receive certain supplemental fees and other amounts in connection therewith (collectively with the RE Fees, “Supplemental Fees”): Property Management Fees—Realterm is permitted to provide on-site day-to-day property management services to its Funds, which represents a series of daily performance obligations delivered and consumed by the portfolios over time. The transaction price is generally in the form of a fee (“Property Management Fee”) based on a fixed percentage of gross revenues collected or earned by the managed real estate properties. Leasing Fees—Realterm is permitted to provide landlord leasing services to its Funds, which includes developing leasing plans, marketing of underlying properties, and negotiating leases with potential tenants. Realterm’s performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. The transaction price is generally in the form of a fee (“Leasing Fee”) based on a fixed percentage of the aggregate rent that is due from a property tenant. Construction Management Fees—Realterm provides construction management services to its Funds, which includes project scoping, general contractor sourcing, and project oversight. Typically, Realterm’s performance obligation is to arrange for the completion of various construction projects on behalf of the Funds. The transaction price is generally in the form of a fee (“Construction Management Fee”) based on a fixed percentage of total estimated construction costs. Development Service Fees—Realterm provides development management services to its Funds, which includes feasibility assessment, design, and development oversight. Typically, Realterm’s performance obligation is to arrange for the completion of various development projects on behalf of the Funds. The transaction price is generally in the form of a fee (“Development Service Fee”) based on a fixed percentage of total estimated project costs. Transactional Fees— Realterm, from time to time, expects to receive certain fees (“Transactional Fees”) in connection with the acquisition or disposition of a portfolio investment or potential portfolio investment, including, without limitation, origination fees, commitment fees, acquisition fees, disposition fees, financing fees, breakup fees, or similar consideration (whether payable in cash or in kind). Reimbursements—Realterm is reimbursed for certain administrative and payroll costs directly attributable to the properties or Funds under management. Other Revenues—Per each Fund’s Governing Documents, other revenues are comprised of maintenance services and other miscellaneous income. To the extent provided in a Fund’s Governing Documents, a certain percentage of all Transactional Fees received by Realterm and attributable to the Fund’s investment in a portfolio investment will be credited against Management Fees. To the extent provided in the relevant Fund’s Governing Documents, if such an offset credit would reduce the Management Fee for the relevant period below zero, the excess credit will be carried forward for future application against payable Management Fees and if a credit remains upon liquidation, a payment will be made crediting limited partners unless a limited partner has elected to waive such amount (e.g., where an adverse tax consequence potentially will result). All other Supplemental Fees will be retained by Realterm and will not offset or otherwise reduce any Management Fees. As a matter of practice, the Adviser is typically paid fees of the type referred to in the preceding paragraph from, on behalf of or with respect to co-investors in an investment, as well as other fees relating to the structuring and administration of co-investment arrangements. The receipt of such fees will not reduce the Management Fee payable by any Fund(s) that have also invested in such investment, and, as a result, a Fund will, in most cases, only benefit with respect to its relevant allocable portion on a fully diluted basis of any such fee and not the portion of any fee related to General Partner or affiliated partner commitments or that relates to such co-investors or potential co-investors (which could include co-investment vehicles managed by the Adviser, third parties, portfolio investment management or employees and/or others), which have the potential to be significant. Transactional Fee offsets generally are performed on a net basis, after giving effect to certain taxes and other expenses in connection with the receipt of such fees or the provision of related services, and to the extent Transactional Fees are paid in kind (including through securities, option grants or other interests), Realterm is permitted to calculate the amount of offset based on the then-current value of the in-kind payment, rather than the ultimate value of the interests as of a future date. Unless otherwise agreed with investors, Supplemental Fees generally will be payable during term extensions, even if Management Fees are reduced or eliminated during the extended term. Transactional Fees will be offset only to the extent they are paid during the holding period of the relevant Fund, and investors generally will not receive the benefit of Transactional Fees paid prior to the Fund’s acquisition of the relevant investment. As of December 31, 2023, the Adviser and its affiliates managed on a discretionary and non-discretionary basis approximately $9,209,242,000 in client assets consisting of real estate, private credit, and infrastructure assets held for investment purposes.