Renewed activity signals disciplined reentry amid improving market conditions

The Bailard Real Estate Fund completed three acquisitions in key U.S. markets during the third quarter of 2025, marking a deliberate return to active capital deployment. With select opportunities emerging as pricing adjusts and fundamentals stabilize, the Fund continues to invest through a disciplined, process-driven lens, focusing on properties that can generate income today and value over time.

Building on late-2024 milestones, including clearing its redemption queue and expanding its investment team, the Fund entered 2025 with a renewed mandate to deploy capital selectively while maintaining liquidity and flexibility.

Expanding Across Property Types and Geographies

The Fund’s recent acquisitions include:

• West Willows Technology Center (Redmond, WA): a 155,830 SF, three-building R&D and data center campus fully leased to AT&T through 2027, providing stable income in a high-demand Seattle corridor.
• El Dorado Self-Storage (El Dorado Hills, CA): a 227,000 SF to-be-built, climate-controlled facility with more than 1,100 storage units and 136 boat and RV spaces in a growing Sacramento suburb.
• 750 Curtiss (Downers Grove, IL): a six-story, 138-unit apartment community under development near the Metra station west of Chicago, offering modern amenities including co-working space, fitness studio, dog wash, and outdoor pool.

Investing with Intention

“We set out to make smart additions to our portfolio,” said James Pinkerton, SVP of Acquisitions & Portfolio Management. “Each asset plays a distinct role, whether it’s locking in income, setting up future growth, or adding diversification.”

Each investment supports the Fund’s strategy for 2025 and beyond: targeting versatile assets in resilient markets, consistent with Bailard’s long-held investment philosophy.

“The portfolio is built to perform across cycles,” said Tess Gruenstein, SVP of Acquisitions & Portfolio Management at Bailard. “That means we look for markets with consistent demand drivers, properties that meet essential needs, and designs that can evolve as tenants do. In this environment, quality and flexibility matter most.”

Carrying Momentum into 2026

With a strong platform in place, the team continues to pursue opportunities that meet the Fund’s high standards for quality, flexibility, and long-term value, keeping the portfolio positioned for both today’s conditions and the recovery ahead.

About the Bailard Real Estate Fund

The Fund is an actively managed, open-end core equity real estate vehicle diversified within property type, major metro areas, and investment life cycle. As of September 30, 2025, the Fund’s Gross Asset Value was $1.4 billion, invested in 31 properties across 21 U.S. markets. An investor in the Bailard Real Estate Fund must be an “accredited investor” as defined in Regulation D and provide documentation verifying such status as requested by the Fund.

About Bailard, Inc.

Founded in 1969, Bailard is an independent, values-driven wealth and asset management firm serving individuals, families, and institutions. Bailard has built a long‐term asset management track record across domestic and international equities, fixed income, and private real estate, along with in-house sustainable, responsible, and impact investing expertise. The firm helps clients align their financial goals with their values. Headquartered in the San Francisco Bay Area, Bailard had over $7.5 billion in assets under management as of 9/30/2025. Bailard is majority employee-owned, woman-led, a Certified B Corporation™, and a UN Principles of Responsible Investing signatory.

Disclosures

Bailard, Inc. (Bailard) is the investment and operating manager of the Bailard Real Estate Investment Trust, Inc. (the “Bailard Real Estate Fund” or the “Fund”); Bailard receives annual fees from the Fund, which are based on the Net Asset Value (NAV). As of 9/30/2025, the Fund’s NAV was $1.0 billion. The Fund invests primarily in real estate and, as a result, an investment in the Fund entails significant risks that are customarily associated with the development and ownership of income-producing real estate, including illiquidity, changes in supply and demand, and inexact valuation. The Fund’s shares fluctuate in value and may be illiquid due to a lack of redemption, the lack of a secondary market and restrictions on transfer. Fees and expenses may offset the return on the investment. The Fund may be leveraged. While projections utilized for acquisitions are based on assumptions that Bailard believes are reasonable under the circumstances, they are subject to uncertainties, changes (e.g., changes in public health, economic, operational, political, legal, tax, and other circumstances), and other risks including, but not limited to, future operating results including rents, occupancy, and other property cash flows, and other expenses. Investors may lose all or a substantial portion of their investment. For a more thorough discussion of the fees and the risks involved in making an investment in the Fund, please refer to its Offering Memorandum. Past performance is no indication of future results. All investments have the risk of loss.

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