• Closed sale of 40 properties for US$60.79 million during the quarter
• Repaid US$35.47 million of Global Atlantic Term Loan, taking year-to-date repayments to US$108.64 million
• Repatriated US$51.2 million to Australia, used to pay 10 cent distribution to security holders

The US Masters Residential Property Group (URF or Group) closed on the sale of 40 properties for total consideration of US$60.79 million during the quarter, bringing total sales for the 9-months to US$179.78 million across 126 properties. The net proceeds generated by the Group's sales programme during the quarter were used to repay US$35.47 million of the Global Atlantic Term Loan (GA Facility) in accordance with the terms of the loan agreement, taking year-to-date repayments to US$108.64 million inclusive of Exempt Property payments made in prior periods. As of 30 September 2025, the balance of the GA Facility was US$114.56 million. Following the amendment to the Tangible Net Worth Covenant in Q2 2025, the US vehicle has now repatriated US$51.2 million to Australia. A large portion of these funds were used to pay a 10 cent distribution to security holders in August 2025. In total, distributions totaling 11 cents have been paid to security holders during 2025. While there were no security buybacks during the quarter, the Group continues to believe that the buyback of securities is an effective means to return capital to security holders depending on the prevailing unit price relative to the underlying Net Asset Value of the Group. During the 9-months ended 30 September 2025, the Group purchased 2.8 million of URF Stapled Securities for total consideration of A$1.1 million. The sales pipeline as of the end of the quarter was US$157.50 million, which includes assets currently being prepared for sale, on the market for sale, in attorney review or under contract for sale. Pleasingly, after taking into account sales that have closed subsequent to quarter end, the Group has now achieved property sales as of 31 October of US$200.98 million, meaning that the Group has already achieved 2025 sales that fall within the range communicated to investors at the beginning of the year.

The Group set a sales target range for the 2025 calendar year of US$200 to $225 million. The Group has recorded US$179.78 million in closed sales as of 30 September 2025, and has an additional US$61.93 million under contract or in attorney review at the end of the quarter. After taking into account sales that have closed subsequent to quarter end, the Group has now achieved property sales of US$200.98 million as of 31 October 2025, meaning that the Group is already within the target sales range previously communicated to investors.