Investor Presentaiton

Commercial real estate transaction volume is down 60% YOY. . . Monthly Transaction Volume and Pricing $200b 180 180 160 140 120 100 80 50 60 40 20 '18 WISCONSIN SCHOOL OF BUSINESS UNIVERSITY OF WISCONSIN-MADISON TOGETHER FORWARD® JAMES A. GRAASKAMP CENTER for REAL ESTATE '19 '20 "21 Individual Portfolio '22 '23 Entity RCA CPPI 160 140 120 100 80 60 40 00 20 20 Source: Real Capital Analytics, "The Big Picture," August 2023.

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