UBS Realty Investors LLC

Item 5.           Fees and Compensation

Overview
This section of the Brochure contains information regarding how we are compensated for our
advisory services. We manage assets for clients in separately managed accounts, commingled funds
and/or a combination of both.

Management fees

UBS Realty does not maintain a set fee schedule for separately managed accounts. Fee schedules are
negotiable and vary substantially from one real estate account to another based upon, among other
things: the complexity and value of services chosen; client objectives; the investment amount; the
anticipated number and type of investments involved; the scope and intensity of client servicing; and
reporting.

Clients invested in the same commingled fund pay fees based on the fee schedule disclosed in the
respective fund's offering materials. The fee can be fixed at a flat amount or can be any one or
combination of the following: a percentage of purchase price or sales proceeds; a percentage of assets
under management; a percentage of account income; and a performance-based fee charged in
accordance with Rule 205-3 of the Advisers Act and with applicable state laws and regulations.

Example of fees

    Real Estate ($50 million)                     Other fees

    Asset management fee based on gross           Annual fee of 0.60% - 1.1%
    invested capital

    Asset management fee based on income          7.0% - 8.0%

    Acquisition fee based on gross purchase       0.75% - 1.25%
    price

    Dispositions

    Fixed fee based on gross sales price, e.g.,   0.20% - 1.00%
    1.00%                                         Plus 10% - 20% for amounts
     Or                                           above a threshold return to investors
    Variable fee based on gross sales price

    Financing fee based on debt raised            1.00%

UBS Realty Investors LLC
ADV Part 2A: Firm Brochure

    Out-of-pocket expenses

    Customary reimbursement of all third-party charges and reasonable out-of-pocket
    expenses.

Other fees or ex penses

Clients will pay all costs, expenses and fees incurred in operating the fund or account (including
amounts paid to third parties unaffiliated with the Fund or the Advisor), including costs, expenses and
fees incurred for legal, accounting, audit administration, data processing, market research, third-party
valuation services, insurance and indemnification, preparation of financial statements and reports to
Limited Partners, tax and other consulting services (including engineering and environmental consulting),
and other costs, expenses, and fees incurred in the evaluation, acquisition, financing, leasing,
development, management, operation, valuation, monitoring and disposition of investments (including
such expenses incurred in connection with transactions that are not consummated for any reason).
Costs and expenses related to quarterly offerings of Units will be operating expenses paid by the Fund.
Operating expenses will include costs incurred in connection with formation of underlying subsidiaries
for acquisition of assets. The costs and expenses to operate the Trust (including any fees payable to the
independent trustees on the Board, any meetings of the Board will be paid by the Fund). UBS Realty
utilizes third party providers for fund and investor accounting services, and those expenses are expected
to be charged to the Fund. There are ongoing discussions to include costs of travel to assets and/or
clients also to be charged to the Fund.

In addition, the commingled funds will reimburse reasonable expenses incurred by members of the
fund’s advisory council, which is an advisory committee composed of representatives of certain fund
investors which can be consulted with respect to certain fund matters. We can share a portion of our
management fees with our affiliates and one of our commingled funds operates a founding investor
program where certain investors that met certain minimum investing standards and that constituted the
initial investors in the fund participate in a portion of the variable fees paid to UBS Realty for a limited
period. To the extent a Fund enters into joint ventures, the development and operating partners will
generally be entitled to receive from the joint ventures management and other fees, as well as a
promoted interest, which will be an expense of the Fund.

Asset-based management fees, performance-based fees and applicable expenses/costs are disclosed in
more detail in each fund's confidential offering documents or in the agreement with a client governing
an individual account.

If an account is invested in a pooled investment vehicle or other indirect structure, this account will bear
all fees and expenses associated with investment in the Underlying Fund/Structure. These fees and
expenses include applicable investment advisory fees charged by the investment adviser of the
Underlying Fund/Structure, and fees for administrative, custody, or other service providers as well as the
accounts share of the organizational, operating, and other expenses of the Underlying Fund/Structure.

Acquisition and disposition fees

No supervised person is compensated for the sale of securities or investment products. The Firm,
however, can receive compensation related to the acquisition or disposition of an asset, if that fee is
part of the negotiated fee schedule or is included in the fund or account documents.

The existence of acquisition and disposition fees, if any, can create an incentive to acquire or dispose of
assets based on compensation received versus a client’s needs. The other components of our fee
schedules and the existence of a cross-functional investment committee involved in the approval of each

UBS Realty Investors LLC
ADV Part 2A: Firm Brochure

transaction substantially reduce that risk. Furthermore, no employee of the Firm is directly compensated
on a transactional basis.

Collective Fund costs
...

Item 7.         Types of Clients

Overview
In this section of the Brochure, we provide information about the types of clients to whom we
provide investment advice. We also discuss the conditions we may impose on the management of
client accounts.

General

UBS Realty serves as an investment advisor to commingled real estate funds and real estate separate
accounts. Most clients and fund investors are institutional clients. They include state and local
government pension plans, corporate and labor union pension plans, and other plans including those of
corporations, tax exempt organizations, and charitable organizations.

Investors in our commingled funds must be “Accredited Investors” or “Qualified Purchasers,” each as
defined in the Securities Act of 1933 (the “Securities Act”), or may be non-U.S. persons, depending on
the fund. Clients and investors subject to a fee schedule that includes a performance-based fee must be
a “Qualified Client,” as defined in the Advisers Act.

ERISA Clients

UBS Realty may provide both discretionary investment management services and non-discretionary
investment advisory services to clients that are employee benefit plans covered by ERISA. For ERISA
plan clients, UBS Realty is typically a “covered service provider” to the plan for purposes of ERISA
Section 408(b)(2). We provide services to ERISA plans both as a registered investment adviser under the
Advisers Act and as a fiduciary under Section 3(21) of ERISA. In addition to institutional separate
accounts for ERISA clients, we may serve as an ERISA fiduciary to plans whose assets we manage
through certain investment vehicles (e.g., private funds, collective investment trusts, etc.) whose assets
are treated as plan assets under ERISA.

We typically utilize VCOC/REOCs structures and accordingly we are not managing “plan assets”.
Therefore, for our commingled funds, the ERISA QPAM Exemption is not relevant.

When providing such investment management services to ERISA plan clients, UBS Realty may rely on
Prohibited Transaction Exemption 84-14 (the "QPAM exemption"). To the extent we rely on the QPAM
exemption, we must also comply with individual Prohibited Transaction Exemptions (latest being PTE
2025-03). ERISA plan clients have a right to obtain a copy of the written policies and procedures
developed in connection with the individual PTE's issued by the Department of Labor, which among
other conditions requires UBS Realty to maintain, implement and follow written policies and procedures.

On May 5, 2025, Credit Suisse Services AG, a legacy Credit Suisse wealth management entity unrelated to
the asset management business of UBS, pled guilty in connection with a conviction and a parallel non-
prosecution agreement (“NPA”) with the U.S. Department of Justice to settle a long-running criminal
investigation into Credit Suisse Group’s failure to implement a prior plea agreement from 2014 with respect
to its legacy Switzerland-booked, cross-border wealth management business with U.S. taxpayers (the “CS
Tax Resolution”). UBS was not involved in the underlying conduct, which predated its acquisition of Credit
Suisse Group. The CS Tax Resolution would have constituted disqualifying events under PTE 2025-03, which
would have prevented UBS AMA LLC and certain other Affiliated QPAMs (as defined in PTE 2025-03) from
managing ERISA retirement plan assets (“ERISA Plans”). However, Section I(i) of the QPAM Exemption PTE
84-14 grants a 1-year transition period (the “Transition Period”,) during which UBS AMA LLC can continue
to operate as a QPAM for existing (but not new) ERISA Plan clients under certain conditions. During the

UBS Realty Investors LLC
ADV Part 2A: Firm Brochure

Transition Period, UBS AMA LLC may use PTE 84-14 for ERISA Plan clients that had a pre-existing Written
Management Agreement with UBS AMA LLC as of May 5, 2025. The Transition Period will last until the
earlier of (1) May 5, 2026, or (2) the effective date of a new individual exemption, which, as of the date of
this Brochure, was published by the Department of Labor for comment in draft form (February 26,
2026). The draft exemption, if granted, would be valid for 5 years and stipulates substantially
identical conditions with those under PTE 2025-03. During the Transition Period, UBS will adhere to the
conditions referenced in Section I(i) of PTCE 84-14 as well as the terms of its prior individual exemption, PTE
2025-03, despite that individual exemption technically no longer being in effect as a result of the CS Tax
Resolution

UBS Realty may also rely on exemptions other than the QPAM exemption.

Conditions for managing accounts

Minimum capital commitment size varies from fund to fund. Initial investment in our commingled funds
must generally be at least $1,000,000 and $5,000,000 for our core real estate commingled fund. The
minimum commitment acceptable to establish an individually managed account generally is
$100,000,000. Minimums can vary for different types of investors, and the Firm may waive the
minimum investment amount at our sole discretion.

Tax matters

UBS Realty will not advise or act for a client or investors on tax matters. We encourage clients and
investors (including non-U.S. investors) to consult their own legal and tax advisers for potential U.S.
and/or local country legal or tax implications on any investment.

UBS Realty Investors LLC
ADV Part 2A: Firm Brochure