ADVISORY BUSINESS Summary Aetos Capital Real Estate, LP (“Aetos Capital Real Estate” or “ACRE”), through several investment advisory subsidiaries, provides discretionary and non-discretionary investment and asset management services primarily to the closed-end, privately offered investment funds described on Schedule D of our Form ADV (each, a “Fund”; collectively, the “Funds”). ACRE and various related entities act as the sponsor, managing member, general partner (or preferred shareholder) and/or investment adviser of the Funds, which are typically organized as limited partnerships, limited liability companies and/or exempted companies formed under the laws of Delaware or the Cayman Islands. The Funds are generally commingled investment vehicles in which large institutions (such as public and corporate pension plans) and other qualified investors have invested through private offerings1. Each Fund may include multiple parallel vehicles that invest side-by-side based on available capital, as well as special purpose investment vehicles formed for tax, legal, regulatory or other reasons to facilitate a Fund’s investment activities. The Funds were organized to invest in real estate assets and portfolios of assets and real estate- related entities in Asia and principally in Japan and Greater China. Fund investments have historically spanned several sectors including office, retail, residential, hospitality, land and other property types and numerous investment structures including standalone real estate assets, portfolios of real estate assets, joint ventures and operating companies, as well as real estate-related debt instruments. Among other things, the Funds have targeted distressed assets for which there appeared to be significant potential to add value through active financial and asset management. In addition to advising the Funds, from time to time Aetos Capital Real Estate enters into arrangements to manage one or more discretionary or non-discretionary separate accounts that make investments in real estate and real estate-related investments (each, a “Client”; collectively with the Funds, “Clients”). Each Client is managed in accordance with its governing agreements and accordingly it should be noted that some responses in this brochure may vary with respect to certain Clients that invest in single investments or a limited number of investments with customized terms. In the case of non-discretionary clients, the underlying investors have reserved some or all of the authority otherwise granted to ACRE by discretionary Clients to acquire, dispose and manage Client assets. The scope of our investment advisory services generally includes: (1) researching investment opportunities and developing strategies and underwriting practices to capitalize on them in a manner appropriate for each Client; (2) identifying, evaluating, performing due diligence of, negotiating, structuring, financing and consummating acquisitions; (3) monitoring and managing existing assets with the goal of maximizing value; (4) managing the disposition of investments; (5) managing a Client’s business affairs including cash management, financial reporting, accounting and tax filings; and (6) providing services for the benefit of the underlying investors in each Client including customary investor relations functions. The services performed for a particular Client may vary in accordance with the specific agreements we enter into with such Client. In providing 1 Throughout this brochure, references to the “Funds” or to “Clients” are distinct from references to the underlying investors in such vehicles. services to Clients, we rely on certain non-U.S. subsidiaries that provide local resources and expertise in the regions in which we invest Client assets. Such non-U.S. subsidiaries are “participating affiliates” as further discussed in Item 10. Our business was established in 2001 in connection with the launch of the first Fund. Today, Aetos Capital Real Estate and its affiliates have offices in Tokyo, Hong Kong, and New York. The firm’s sole principal owner is Scott M. Kelley. Aetos Capital Real Estate is a Delaware limited partnership. Its sole general partner is Aetos Capital Real Estate, LLC, which is also principally owned by Scott M. Kelley. For reasons relating to our historical business structure, we originally registered in the name of ACA II Advisors, LLC (the “Original Registrant”). Each of our affiliated investment advisory and general partner entities were designated as “relying advisors” of the Original Registrant in accordance with the position expressed by the SEC in its no-action letter issued to the American Bar Association on January 18, 2012. Following a reorganization effectuated in August 2013, Aetos Capital Real Estate remained the sole member (or general partner) of each of our affiliated investment advisory entities, ceased to own any interest in other lines of business that did not relate to real estate investment management and changed its name from Aetos Capital, LP. Accordingly, although Aetos Capital Real Estate is listed as a “relying advisor” on our Form ADV, it is the legal parent of our affiliated advisors and the legal employer of our advisory personnel (other than personnel employed directly by a participating affiliate), and would have been the Form ADV registrant if the reorganization had occurred prior to the Original Registrant’s

filing. Each of our related advisory entities intends to conduct its activities in accordance with the U.S. Investment Advisers Act of 1940, as amended, and the rules thereunder (the “Advisers Act”) and any employee acting on behalf of a Client is subject to the supervision and control of Aetos Capital Real Estate. Throughout our Form ADV, references to “Aetos Capital Real Estate”, “ACRE”, “we”, “us” or “our” include our affiliated advisory entities and the advisory personnel associated with them. New York ACRE’s senior management team is based in New York. The senior management team oversees all of the operations of the Aetos Japan and ACRE China teams described below, and is responsible for all investment recommendations to Clients. In addition, our New York office oversees (i) investor relations and fundraising (including identifying prospective investors and communicating with existing and prospective investors regarding the Funds’ investment activities and performance), (ii) investment evaluation and monitoring, (iii) fund finance and reporting and (iv) tax, legal and regulatory matters. In collaboration with our participating affiliates, the New York team is also responsible for identifying opportunities to enhance Client performance and determining strategies with respect to holding periods and disposition timing. Japan Our subsidiary Aetos Japan, LLC (“Aetos Japan”) employs real estate professionals focused on investments in Japan. Aetos Japan provides a full range of acquisition and asset management services and collaborates with ACRE with regard to (1) the sourcing, investigation and evaluation of potential investment opportunities that may be within the scope of a particular Client’s investment strategy and objectives, (2) performing due diligence, advising ACRE as to the condition of potential acquisitions and making pricing recommendations, (3) obtaining debt financing for investments and (4) investment structuring, negotiation and execution. Following the acquisition of an investment, Aetos Japan is integrally involved in developing and executing a business plan for the ongoing management of the investment, consistent with the overall strategy determined by ACRE. Aetos Japan is generally responsible for day-to-day asset management of Client investments in Japan (including leasing and asset repositioning), consistent with the agreed upon business plans, while at all times ACRE’s senior management oversees investment strategy and decisions. China Our subsidiary Aetos Capital Asia Limited (“ACRE China”) employs real estate professionals focused on investments in Greater China. ACRE China provides a full range of acquisition and asset management services, including investment sourcing and due diligence, evaluation and selection of prospective joint venture partners, assistance with financing arrangements and investment structuring, negotiation and execution. With respect to each prospective investment, ACRE China discusses its analysis and conclusions with ACRE’s senior management in New York. After a Client consummates an investment in China, ACRE China is integrally involved in monitoring activities and performs various asset management services such as finance, accounting and oversight services for joint venture and project companies. Customized Advisory Services Our advisory services are tailored to meet the specific investment objectives and requirements set forth in the governing documents applicable to each Client (e.g., partnership agreement, articles of association, investment management agreement). The investment objective may be described in terms of targeting a portfolio of investment opportunities that are expected at the time of underwriting to generate returns within a range typically expected of other “opportunistic”, “value- added” or “core” real estate investments, as the case may be. The governing documents of each Client typically define a strategy and impose certain investment restrictions such as the type and geographic location of investments, typical size, maximum leverage and the percentage of a Client’s assets that may be invested in a single asset. Any such restrictions apply to each Client as a whole. We do not provide investment advice to underlying investors in the Funds based on their individual needs nor do we participate in wrap fee programs. However, we may enter into side letter agreements with certain investors in a Fund which expand or otherwise modify such investors’ rights or obligations under the operating agreements for such Fund subject to its governing documents and applicable law. Assets Under Management As of December 31, 2022, Aetos Capital Real Estate had approximately $233,451,902 of assets under management, all of which was managed on a discretionary basis. Such amounts, and the amounts stated in Item 5 of Part 1, exclude debt incurred by Client subsidiaries in connection with portfolio acquisitions or other activity at the project company level if such activity is not consolidated within the financial statements of the relevant Client pursuant to U.S. generally accepted accounting principles. Based on estimated fair market values, as determined by Aetos Capital Real Estate, we had approximately $233,451,902 of total assets under management as of December 31, 2022 with respect to which we provided investment management services.