This section of the Firm Brochure contains a general description of UBS Realty Investors, LLC (also referred to as “we,” “our,” the “Firm,” or “UBS Realty”), as well as information regarding our ownership structure, the types of advisory services we provide and the investment instruments we use, how we tailor advisory services to client needs, and our participation in managed account programs (wrap fee programs). General description and ownership UBS Realty Investors LLC is organized as a Massachusetts limited liability company and is a wholly owned subsidiary of UBS Americas Inc., which is a wholly owned subsidiary of UBS Americas Holdings LLC, which in turn is owned by UBS AG and ultimately by UBS Group AG, a publicly traded Swiss corporation (SIX and NYSE: UBS) (“UBS”). UBS Realty is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our primary office is in Hartford, CT, with regional offices in San Francisco, CA, Dallas, TX, Chicago, IL and New York, NY. The majority of staff members are located in Hartford, as well as discretionary portfolio management responsibilities. The field offices mainly enable asset management and acquisitions members to serve the markets they cover efficiently. The operational structure of UBS is comprised of the Corporate Center and four business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank. The UBS Asset Management business division was formed through the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998. In 2000, the merger culminated in the integration of the investment teams of the respective asset management businesses: UBS Asset Management, Brinson Partners (Chicago firm established in the 1980s) and Phillips & Drew (London firm established in 1895). In 2002, with the integration complete, the firm rebranded as UBS Global Asset Management, known today as UBS Asset Management. On June 12 2023 UBS announced the legal closure of its acquisition of Credit Suisse. An enhanced offering from UBS’s combination with Credit Suisse should help clients achieve their financial goals, thanks to additional value, scale, services, and global reach. The UBS Asset Management business division is itself divided into multiple separate businesses that provide asset management services globally. 1. UBS Asset Management (Americas) LLC. (“UBS AM”) offers discretionary and non- discretionary investment advisory, investment management and sub-advisory services to various clients through their Equities, Fixed Income, and Investment Solutions platforms and wrap fee programs. 2. UBS O’Connor LLC (“O’Connor”), a wholly owned subsidiary of UBS AM, provides discretionary and non-discretionary investment advisory services to various types of pooled investment vehicles, pension or profit-sharing plans, and institutional separately managed accounts. 3. UBS Hedge Fund Solutions ("HFS"), another wholly-owned subsidiary of UBS AM, offers investment advisory services regarding investments in pooled investment vehicles, some of which are registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as well as institutional and ultra-high net worth investors. 4. Real Estate & Private Markets (“REPM”) includes: UBS Realty, which is the primary U.S. real estate business within REPM and is covered in this Firm Brochure; UBS Farmland Investors LLC (“UBS Farmland”), a subsidiary of UBS Realty which offers advice to clients in connection with the acquisition or sale and management of agricultural real estate is covered within the Brochure for UBS Farmland. The direct infrastructure ("DI") and multi-manager Real Estate; Private Equity; Infrastructure ("MM-RE/PE/Infra") business are covered within the Brochure for UBS AM. 5. UBS Asset Management Trust Company (the "Trust Company") acts as trustee and investment manager to certain collective investment trusts. 6. UBS Fund Management Services ("FMS") provides administrative services primarily to traditional investment funds domiciled outside of the United States. 7. Credit Suisse Asset Management LLC ("CS") is an indirect wholly owned subsidiary of UBS Group AG, a publicly owned foreign bank holding company based in Switzerland. It has complementary and additional products and services to those of UBS AM. The UBS AM, O'Connor, HFS, Farmland, Trust Company FMS and CS businesses are not covered by this Firm Brochure. On March 1, 2024, UBS Asset Management (Americas) Inc. converted its legal form from a Delaware corporation to a Delaware limited liability company and was renamed UBS Asset Management (Americas) LLC. In addition to this company reorganization, UBS Asset Management expects to complete an internal reorganization of certain businesses and to bring together UBS and Credit Suisse investment capabilities within the U.S., intended to streamline operations and bring together investment capabilities. A step in that reorganization will be the merger of O’Connor and HFS with

and into UBS Asset Management (Americas) LLC, on or about April 1, 2024, with UBS Asset Management (Americas) LLC being the surviving legal entity. Upon completion of this merger, O’Connor and HFS will no longer be distinct legal entities but instead will perform the investment advisory services it does today as separate business units of UBS Asset Management (Americas) LLC as certain areas within REPM Americas function today UBS involvement with the real estate asset management business began in 1999, when UBS Asset Management acquired Allegis Realty Investors LLC, (“Allegis”) which was later renamed UBS Realty Investors LLC. Allegis had been formed in 1996 when Aetna Realty Investors Inc., which started this business in 1978, divested its third-party real estate investment management business as part of its strategy to exit the financial services business and focus on health insurance. Since 1978, UBS Realty and its predecessor companies have provided a wide array of real estate investment management services on behalf of our clients, which include corporations, state and municipal governments, foundations, offshore and private investors. Types of advisory services UBS Realty offers investment advisory services to clients including commingled funds (structured by us) that wish to invest in U.S. real property investments and participating mortgages. We are generally the investment manager of such commingled funds and serve as the general partner, managing member or in a similar capacity to the fund. Investors choosing to invest their assets in a commingled fund are purchasing shares of, or units in, a commingled fund. All but one of these funds currently have independent Boards. An independent Board is planned for the remaining fund. UBS Realty specializes in the acquisition, management, development, improvement, leasing, and disposition of direct real estate properties, primarily, without limitation, apartments, office buildings, retail, industrial complexes, and hotels. This has expanded over time, beyond these traditional real estate sectors, to more niche sectors of interest to the Research & Strategy and portfolio teams such as cold storage, self-storage, life sciences and others. UBS Realty also structures and invests in debt such as participating mortgages. UBS Realty utilizes a variety of strategies ranging from acquiring existing unleveraged investments to developing projects with significant leverage and invests primarily through core equity, participating debt, and value-added strategies. These strategies have been implemented through open-end and closed-end funds as well as individual client accounts. Types of instruments UBS Realty manages commingled real estate funds and individually managed real estate accounts. The Firm periodically seeks to offer new closed and open-end funds and separately managed accounts investing in real estate. Tailoring advisory services to client needs Each of UBS Realty’s funds are considered to be a client of the Firm. Accordingly, investors in the funds are not deemed to be advisory clients of the Firm and do not impose restrictions on how we invest the commingled funds above and beyond the restrictions set forth in each funds’ respective governing documents. Clients who invest through individually managed real estate accounts may be viewed as advisory clients if such clients are obtaining securities-related advice with respect to any ancillary cash generated by the real estate. These clients can impose investment guidelines or restrictions tailored to their needs under their advisory agreements. Separately managed real estate account clients determine investment guidelines and restrictions, such as limitations on how much can be invested in a property type or how much can be invested in any one geographic region. Any such guidelines are communicated to us in writing. We then tailor an overall strategy and a real estate investment plan designed to conform to the objectives, guidelines and restrictions. If a real estate investment decision involves any action not permitted under the applicable guidelines, the approval of the client is required prior to taking such action. Providing portfolio management services to wrap fee programs We do not target our advisory services to non-institutional clients, and we do not participate in any wrap fee programs. Assets under management Client regulatory assets under management for UBS Realty as of December 31, 2023 are as follows: U.S. Dollar Amount Discretionary: $ 2,729,665,623 Non-Discretionary $0 Total: $2,729,665,623 When counting and classifying regulatory assets under management only include those accounts and assets where we provide securities related advice or meet the definition of private funds. As of December 31, 2023, we had $17.8 billion of real estate investments through commingled real estate funds, $ 3.9. billion in individually managed discretionary real estate accounts, and $ 229 thousand in non-discretionary real estate asset management accounts. Included in these assets are ancillary cash and cash equivalents generated from the property operations.