ACD Fund II

As of December 31, 2024. Past performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable returns or meet its return objectives. Reported net realized performance excludes contributions from unrealized investments. On a hypothetical basis, if the Fund were liquidated as of December 31, 2024, including both realized and unrealized holdings, it would reflect an estimated 14.4% net IRR and a 2.1x net multiple. IRR and MOI at the fund-level or with respect to unrealized investments are estimated internal rates of return that are calculated using the IRR function in Microsoft Excel and multiples of invested capital that are based on the total value to paid-in capital (“TVPI”) methodology derived by dividing total distributions by total contributions. Such returns represent pre-tax returns, compounded annually on the first day of each calendar year, based on, with respect to unrealized investments, (i) actual quarterly fund cash flows (contributions and distributions) through the most recently reported quarter-end and (ii) the estimated values based on updated valuation estimates made solely by the applicable fund general partner as of December 31, 2024 and assuming a disposition as of such date. Such estimated values are not based on third-party appraisals and do not take into account future market conditions and, accordingly, the actual returns on unrealized investments may vary materially from such estimated values. ACD's valuation policy provides for a 1.0x valuation on investments that are held for less than one year (which valuation includes acquisition costs) and, in such case, IRR is shown as 0.0%. IRR and MOI with respect to realized investments represent returns from investments that are fully or substantially realized as of December 31, 2024.

As of December 31, 2024. With respect to ACD Fund I, ACD Fund II and ACD Fund III, (a) gross returns are (i) net of management and acquisition fees, which are paid at the investment-level and (ii) gross of carried interest paid or to be paid to the applicable fund general partner and other fund-level fees, expenses and reserves and (b) net returns are net of management and acquisition fees and carried interest paid or to be paid to the applicable fund general partner and other fund-level fees, expenses and reserves. With respect to ACD Fund IV, (a) gross returns are gross of management and acquisition fees and carried interest paid or to be paid to the applicable fund general partner and other fund-level fees, expenses and reserves and (b) net returns are net of management and acquisition fees and carried interest paid or to be paid to the applicable fund general partner and other fund-level fees, expenses and reserves. Other fund-level fees, expenses and reserves that are not attributable to a particular investment are allocated, with respect to (i) ACD Fund I, ACD Fund II and ACD Fund III, to the cost basis of the investment with the next funding deadline subsequent to the funding deadline of the subject fund-level expense, which resulted in allocations to the following investments: 2727 West Belleview Development, LLC (ACD Fund II), 5140 North Academy Development, LLC (ACD Fund II), 7120 East County Line Development, LLC (ACD Fund II) and Parkway Village Partners, LP (ACD Fund III) and (ii) ACD Fund IV, among the investments pro rata based on the relative unreturned invested capital allocable to such investments immediately prior to such allocation. The allocation methodology employed by ACD Fund I, ACD Fund II and ACD Fund III results in higher returns for certain investments and lower returns for other investments as compared to the ACD Fund IV allocation methodology. ACD Fund I does not charge a management fee and, with respect to six of its investments, served as the manager of co-investment vehicles that invested alongside ACD Fund I in such investments. ACD Fund I made an equity investment in such investments and also received carried interest with respect to the investments of the co-investors in such investments of 40% or 50% after a 6% preferred return with a 100% catch-up, which carried interest generally results in higher returns. ACD Fund III and ACD Fund IV each use a subscription-backed credit facility in lieu of calling capital from time to time, which impacts returns. The ACD Fund I, ACD Fund II and ACD Fund III returns are calculated on the basis of partnership terms, methodologies and fee and carried interest structures that do not apply to ACD Fund IV and, therefore, are not expected to illustrate a sufficiently comparative net return profile for ACD Fund IV or its investments. The ACD Fund IV management fee structure differs from ACD Fund I, ACD Fund II and ACD Fund III in that it is paid at the fund-level and is comprised of a 2% commitment-based management fee during the investment period and a 1.5% invested capital-based fee thereafter, whereas ACD Fund I does not charge a management fee and ACD Fund II and ACD Fund III charge a 2% invested capital-based management fee paid at the investment-level. The carried interest structures that apply to ACD Fund I, ACD Fund II and ACD Fund III are investment-by-investment waterfalls and the carried interest with respect to each investment is either 25%, 30% or 35% depending on whether the loan with respect to such investment has no recourse, partial recourse or full recourse, respectively, to ACD and/or certain ACD partners. The ACD Fund IV distribution waterfall is also on an investment-by-investment basis, comprised of a 20% carried interest with an 80% (general partner)/20% (limited partner) catch-up on each investment after returning the limited partner's capital basis and an 8% preferred return.