ACREM is a Delaware limited liability company that was formed in July 2011 and commenced operations in August 2011. ACREM is a wholly owned subsidiary of Ares Management LLC (“Ares Management”), an SEC-registered investment adviser and subsidiary of Ares Management Corporation (“Ares Corp”), a publicly traded, leading global alternative investment manager. The indirect principal owner of Ares Corp is Antony P. Ressler who, together with certain other members of the senior management team of Ares Corp, indirectly controls Ares Corp through intermediate holding companies. ACREM provides investment advisory services to its clients, which are comprised of various pooled investment vehicles, including public and private investment funds, co-investment vehicles and joint ventures (collectively, the “Funds”), other separately managed accounts and other institutional clients (together, with the Funds, the “Clients”). ACREM may in the future provide advisory services to other single investor funds, collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”) and other structured vehicles, special purpose vehicles, alternative investment vehicles and feeder vehicles. ACREM serves as the investment adviser on a discretionary basis to Ares Commercial Real Estate Corporation (“ACRE”), a public specialty finance company that has elected to be classified as a real estate investment trust (“REIT”) for federal income tax purposes. ACRE’s common stock is listed on the New York Stock Exchange, or “NYSE”, under the symbol “ACRE”. ACREM also serves as the investment adviser on a discretionary basis to Ares Real Estate Income Trust Inc. (“AREIT”) and Ares Industrial Real Estate Income Trust Inc. (“AIREIT”), each of which is a publicly registered non-traded REIT (together, our “Non-Traded REITs”). We refer to our Clients other than ACRE and the Non-Traded REITs as our “Private Clients.” ACREM, or an affiliated entity controlled by ACREM, serves as investment adviser, or manager of each of its Clients. References to ACREM in this brochure include, as the context requires, affiliates through which ACREM provides investment advisory services or that act in any capacity referenced in the above sentence. The underlying investors of our Private Clients are generally either accredited investors and qualified purchasers (as noted in Item 7 below) or non-U.S. persons, depending on the applicable eligibility requirements of the respective Client. We refer to the investors in our Clients collectively as the “Underlying Investors.” ACREM’s investment advisory business is focused on real estate equity and debt investing, including investing in real property and income-producing real estate assets, and originating, investing in, managing and servicing commercial real estate debt-related investments, including senior mortgage loans, subordinated debt, preferred equity, mezzanine loans, and other commercial real estate related investments. Its advice is primarily limited to real estate-related investments, and ACREM tailors its advisory services to the specific investment objectives and restrictions of each Client that ACREM manages directly or indirectly through its affiliates. ACREM’s investment advisory business is served by dedicated equity and debt teams within Ares Management’s Real Assets

Group. Our real estate strategy collaborates frequently within and across strategies to enhance sourcing, exchange information to inform underwriting and leverage relationships to drive pricing power. Our real estate equity team focuses on core/core-plus, value- add and opportunistic investing, while our real estate debt team focuses on directly originating a wide range of financing opportunities in the U.S. and Europe. Please see “Item 8. Methods of Analysis, Investment Strategies and Risk of Loss” for further discussion of ACREM’s investment strategies and Ares Management’s real estate strategy. With respect to investments in certain assets, to achieve increased tax efficiency, one or more of ACREM’s Clients may make such investments indirectly through subsidiary entities that elect to be taxed as real estate investment trusts for U.S. federal income tax purposes. Investment advice is provided directly to our Clients, subject to the discretion and control of ACREM or the applicable general partner, and not individually to the Underlying Investors. ACREM tailors its advisory services to the specific investment objectives and restrictions of each Client pursuant to the investment guidelines and restrictions set forth in each Client’s applicable public filings, confidential private placement memorandum, prospectus, limited partnership agreement, advisory agreement, management agreement and other governing documents (the “Governing Documents”). Underlying Investors and prospective investors should refer to the applicable Governing Documents for complete information on the investment objectives, investment restrictions and risks of such Client. Prior performance, while illustrative of ACREM’s investment philosophy and experience, is not indicative of future performance and there is no assurance that any investment objectives will be achieved. In accordance with common industry practice, ACREM or a Client’s general partner, managing member, investment adviser, sub-adviser or manager may enter into “side letters” or similar agreements pursuant to which certain Underlying Investors are granted specific rights, benefits, or privileges (including, without limitation, with respect to differences, including discounts to and/or sharing of, management fees, performance allocations, performance hurdles, withdrawals, access to information, minimum investment amounts, co-investment opportunities, reporting obligations, and other rights or terms including those that may be requested in light of particular investment, legal, regulatory or public policy characteristics of an investor). These rights, benefits or privileges are not always made available to all Underlying Investors nor in some cases are they required to be disclosed to all Underlying Investors. The disclosure and extension of any such rights, benefits or privileges are governed by the corresponding Governing Documents and/or applicable law. ACREM does not participate in any wrap fee programs. As of December 31, 2023, ACREM had regulatory assets under management (“RAUM”) of approximately $26,497,690,869, of which $697,421,657 is managed on a non-discretionary basis. RAUM is calculated by aggregating the gross value of all securities accounts for which ACREM provides continuous and regular supervisory or management services.