ARA was founded in 1988 and has been registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), since 1990. ARA provides real estate investment management services primarily to institutional clients such as pension plans, trusts, endowments, foundations, and similar entities. ARA sponsors and provides advisory services to various open-end and closed end pooled investment vehicles (also referred to as “commingled funds”) that invest in real estate related investments. The investors in these vehicles are primarily institutional investors. Clients also engage ARA to manage their real estate separate accounts. The amount of client assets ARA managed as of December 31, 2023 on a discretionary basis and non- discretionary basis were $11,758,402,626 and $0, respectively. ARA provides a variety of investment advisory services focused exclusively on real estate related matters and investments. ARA invests in real estate and real estate related investments on behalf of its clients and provides advice regarding real estate investments. ARA generally limits the real estate investments it makes on behalf of its clients to commercial and residential properties. ARA also makes debt investments, enters into structured finance transactions secured, directly or indirectly, by real estate, on behalf of the firm’s clients, or invests in mortgage-backed non-guaranteed certificates on behalf of the firm’s clients. ARA also provides services related to the oversight of the development and redevelopment of real estate assets. ARA manages cash generated from such real estate investments and makes short-term investments (“Short-Term Investments”) for certain of its clients related to their real estate investments. Such Short-Term Investments may include, but are not limited to, commercial paper, money market funds, certificates of deposit or U.S. Government securities. ARA has established a non-discretionary account on behalf of certain of its clients with a broker- dealer to allow it to make such Short-Term Investments. ARA may also utilize a bank or registered investment adviser for that purpose. Such Short-Term Investments are generally made with capital awaiting investment in real estate, undistributed operating cash flow, or proceeds from the sale of real estate or other investments. Short-Term Investments are intended to be temporary, pending distribution of such funds to the client or reinvestment of such funds in new real estate related investments. In addition to ARA’s primary business of investing in real estate, ARA serves as a Qualified Professional Asset Manager (QPAM) under the provisions of Prohibited Transaction Exemption 84-14 issued pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), with regard to various transactions in which the services of a QPAM may be required. ARA also serves as a consultant to various pension

plans, apprenticeship funds, safety and education plans, profit sharing plans, unions or other clients on matters such as:
• reviewing and advising on the client’s proposed real estate transactions;
• evaluating and advising on conflicts of interest in real estate related transactions;
• providing oversight of the development of real estate construction projects; ARA | American Realty Advisors 5
• conducting due diligence for potential real estate investments;
• providing analysis of various strategic decisions associated with leases, investments, development, dispositions and evaluation of investment decisions; and
• evaluating investments which have been completed to determine whether they meet various industry and fiduciary standards. On occasion, ARA provides services as an advisor to separate account and pooled investment vehicle clients who have invested in real estate with another investment manager and who wish to engage ARA to takeover the management of the account or the pooled investment vehicle. These takeover services involve analyzing the assets in the takeover account and addressing historical issues with the assets and developing operating plans for the assets. Advisory services are designed to satisfy the individual needs of each of ARA’s separate account clients as outlined in the investment management agreement negotiated with the client. Typically, ARA’s clients grant ARA discretionary authority to select the real estate investments to be made on behalf of such clients. ARA also generally has discretion to determine when to sell such real estate investments. However, certain clients may impose restrictions in the investment management agreement, in investment guidelines, or in an investment policy statement. Such restrictions may prevent ARA from investing in specific types of investments or limit ARA’s discretionary authority. ARA provides advisory services to the pooled investment vehicles it sponsors tailored to the specific goals, objectives and operating guidelines of each vehicle. For example, ARA’s services can be tailored to accommodate the objective of avoiding unrelated business taxable income or of investing in a diversified portfolio of real estate, both geographically and by property type. ARA does not currently engage in wrap fee programs. The Iezman Family Trust currently owns indirectly 90% of the membership interests of the firm. Under the terms of the Iezman Family Trust agreement, Stanley L. Iezman, the firm’s Chairman & Chief Executive Officer, has exclusive voting control over such membership interests. There are several key employees who share in the profits of ARA. This profit- sharing arrangement provides key employees with additional incentives to help ensure the success of the firm and aligns their interests to the goals of the firm’s clients in the same manner as if they had an economic ownership interest in the firm.