Private Real Estate: Distinct Asset Allocation BenefitsPrivateRealEstate:DistinctAssetAllocationBenefits

Risks—Investing involves risks. Some investments are riskier than others. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. Alternative Investments are not subject to the same regulatory requirements or governmental oversight as mutual funds. The sponsor or manager of any Alternative Investment may not be registered with any governmental agency. Investors are also urged to take appropriate advice regarding any applicable legal requirements and any applicable taxation and exchange control regulations in the country of their citizenship, residence or domicile which may be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any Alternative Investment. Alternative investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. Private investments are subject to liquidity risk which constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange.

Investing in real estate poses certain risks related to overall and specific economic conditions, as well as risks related to individual property, credit, and interest rate fluctuations. Investing in real estate may involve additional risks due to its narrow focus; is nondiversified, so a loss resulting from a particular security or sector will have a greater impact on an investment’s return; invests in derivative securities, which may carry market, credit, and liquidity risks; and invests in foreign securities, which are subject to currency fluctuation and political uncertainty. These risks may increase an investment’s share price volatility. Investment strategies such as diversification and asset allocation do not guarantee a profit or protect against loss in declining markets.

These materials are neither intended as investment advice nor an offer or solicitation with respect to the purchase or sales of any security or financial instruction. These materials are not intended to be an offer with respect to the provision of investment management services.

Certain information in this commentary has been obtained from sources believed to be reliable as of the date presented; however, we cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. The manager has no obligation to update any or all such information, nor do we make any express or implied warranties or representations as to the completeness or accuracy. Any projections or forecasts presented herein are subject to change without notice. Actual data will vary and may not be reflected here. Projections and forecasts are subject to high levels of uncertainty. Accordingly, any projections or forecasts should be viewed as merely representative of a broad range of possible outcomes. Projections or forecasts are estimated, based on assumptions, subject to significant revision, and may change materially as economic and market conditions change.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PIMS and PGIM, Inc. (PGIM) are Prudential Financial companies. PGIM is organized as a limited liability company under the laws of the state of Delaware. PGIM is an indirect, wholly-owned subsidiary of Prudential Financial, Inc. that was organized in 1984. PGIM and PGIM Investments are registered investment advisers.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.

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