• Portfolio value decrement of 2.84%, mainly driven by 4.38% decline in New York Premium segment
• Sales of $70.92 million in Q2 2025, taking 2025 YTD sales to $118.99 million
• $51.2 million repatriated to Australia after TNW Covenant amendment

The US Masters Residential Property Group (URF or Group) released its Quarterly Report for the period 1 April 2025 to 30 June 2025. The Group completed its semi-annual portfolio appraisal process, recognizing a decrement of US$9.2 million, or 2.84%, across the portfolio, with the majority of the decrement stemming from the New York Premium segment, which saw a US$7.4 million, or 4.38%, decrement. The appraisal result in the New York Premium segment reflects the Group's recent selling experience in New York, where the pace of sales has slowed slightly amidst uncertainty following the nomination of Zohran Mamdani for NYC mayor. However, the Group has continued to execute contracts at a strong velocity in both New York and New Jersey. During the second quarter, the Group closed on the sale of 47 properties for total consideration of US$70.92 million, bringing total sales for the half-year period to US$118.99 million across 86 properties. The net proceeds were used to repay US$40.88 million of the Global Atlantic Term Loan, taking year-to-date repayments to US$72.37 million. Following an amendment to the Tangible Net Worth (TNW) Covenant, the US vehicle repatriated US$51.2 million (including amounts repatriated subsequent to quarter end) to Australia. Distributions totaling 11 cents per security have now been paid to security holders during 2025. The Group also purchased 2.8 million of URF Stapled Securities for total consideration of A$1.1 million in the half-year period.