Important disclosure. This report is produced by ntFNDS, an independent research provider. All data is sourced from SEC filings (10-K, 10-Q, NPORT-P) and is provided for informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any security. Performance figures are not guarantees of future results. Non-traded REITs, tender offer funds, interval funds, and BDCs are illiquid, carry substantial fees, and are suitable only for eligible long-term investors. Investors should read each fund’s current prospectus carefully before investing. Distribution Yield: NT-REITs, distributions over the 12 months to the latest NAV ÷ that NAV per share; BDCs, distributions over the 12 months to the latest one reported (no more than a quarter before the latest NAV) ÷ the latest NAV per share; interval funds and private-credit tender offer funds, distributions per share over the twelve months to the latest shareholder report (the latest annual report’s fiscal year, less its first half and plus the following half when a newer semi-annual report exists) ÷ NAV per share at that date, each report checked against its NAV roll-forward; “None” where the fund pays no regular distributions. Expense Ratio: shown excluding interest expense for every fund type, with the total including interest alongside. From the fund’s latest annual report (N-CSR; BDCs: 10-K) filed within 18 months: expenses ÷ average net assets after fee waivers (BDCs also incentive fees); Class I where a fund has share classes. Excluding interest: the report’s excluding-interest ratio, else its total less its interest-expense line, else the total where the latest prospectus fee table shows no interest on borrowings, else the total less the prospectus interest line (labeled an estimate); with no annual report filed within 18 months, the latest prospectus fee table’s estimate for the coming year (filed within 18 months), net of fee waivers and less underlying fund fees, labeled Est. with the prospectus date (annual figures are labeled with their fiscal year); BDCs, the 10-K total less interest and financing costs (cash interest paid where expense isn’t tagged) ÷ average quarter-end net assets (the year’s opening and closing where only year-ends are tagged); labeled “incl. int.” where neither figure is available; NT-REITs, management, incentive and general & administrative expenses ÷ average sponsor-reported NAV over the fiscal year (10-K) (plus DST program financing where the advisory fee is also charged on DST proceeds); interest expense (10-K; cash interest paid where expense isn’t tagged) ÷ the same NAV, shown separately and in the total including interest. Prospectus fees (interval and tender offer funds): management fee, incentive fee and total annual expenses from the latest prospectus fee table (Form N-2 / 486BPOS), Class I or the lowest-cost class, the adviser’s estimate for the coming year as % of net assets; shown if filed within 18 months. Stated fee terms (all fund types): management fee rate and base, incentive or performance fee, hurdle (annualized), catch-up, high-water mark or loss carryforward and any capital-gains incentive, read from the latest prospectus text (N-2 / 486BPOS; NT-REITs: S-11 / POS AM), mostly by pattern matching with a local language model for the rest, a number kept only if it is found in the text; terms for share classes other than Class I / institutional are skipped, and where several rates are stated the lowest is shown; an older prospectus stands until the fund restates its fees; “None” where the prospectus states the fund charges no such fee or describes its incentive fee with no hurdle; N/A where a term can’t be extracted. Leverage: (borrowings + preferred shares + reverse repos and credit lines not in reported borrowings) ÷ net assets, from N-PORT, checked against shareholder-report balance sheets (BDCs: debt at carrying value ÷ net assets; NT-REITs: loan-to-value, fair-value debt ÷ fair-value gross assets). © 2026 ntFNDS · ntfnds.com. Use subject to the Terms of Service at ntfnds.com/legal/termsofservice.html; redistribution prohibited.