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QUARTERLY MARKET SUMMARY For the Quarter Ended March 31, 2025 Multi-Asset Class Management ALTERNATIVES ►REITs, as measured by the FTSE NAREIT Equity REITs Index, returned 0.9% in the quarter, compared to a -6.2% return in the prior quarter. Three of the nine major sectors saw negative returns. This performance comes as the Fed continued its a more cautious approach to monetary policy easing through the first quarter. Private real estate, as measured by the NCREIF Property Index, gained 0.9% in the fourth quarter of 2024, resulting in a 0.6% return for the year. Q4 marked the second quarter of positive total return in two years as property value declines leveled off across most sectors. Seniors Housing was the top performer, returning 2.1% while office properties continued to fare poorly, returned -0.6%. ►Listed infrastructure, as measured by the S&P Global Infrastructure Index, returned 4.6% in the quarter, compared to a -2.5% decrease in the prior quarter. Performance was mostly positive across the major sectors as interest rates fell. In 2024, 50 private infrastructure funds raised $77.8 billion, a subdued pace against the backdrop of high inflation, elevated interest rates, and uncertain economic and geopolitical environment. Most of the capital went to funds larger than $1 billion seeking to capitalize on secular trends around digitalization, decarbonization, and deglobalization. Infrastructure dry powder has fallen from the previous year and stands at $366.5 billion as of Q2 2024. According to PitchBook, infrastructure funds posted a return of 4.1% in Q3 2024. The asset class has generated an annualized return of 10.8% for the five years ended Q3 2024. ►In 2024, 153 private debt funds raised $196.1 billion. Short of the previous year ’s total after a slow start to the year and disappointing fourth quarter. Private debt dry powder remains above the long-term average at $566.8 billion as of Q2 2024; although over 50% has been outstanding for more than three years. According to PitchBook, private debt funds posted a return of 1.7% in Q3 2024. The asset class has generated an annualized return of 8.4% for the five years ended Q3 2024. ►In 2024, 551 private equity funds raised $492.3 billion – while slower than 2023 this is a solid pace considering a challenging environment. The bulk of the capital raised went to experienced managers raising capital for funds larger than $1 billion. Global private equity dry powder, which accounts for the bulk of private capital dry powder, remains high at $1.7 trillion as of Q2 2024. Recent private equity performance has been muted due to higher borrowing costs and a slowdown in deal activity. According to PitchBook, private equity funds posted a return of 2.8% in Q3 2024. The asset class has generated an annualized return of 17.0% for the five years ended Q3 2024. For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. Source: NCREIF, PitchBook. As of September 30, 2024, the most recent period for which all index data is available. Returns for Private Capital Assets Sources: Pitchbook. * Total capital raised in 2024 as of December 31, 2024 - most recent period for which ALL fundraising data is available. ** Cumulative dry powder and total AUM as of June 30, 2024. *** Excluding open-end, evergreen fund vehicles. Private Capital Fundraising & Dry Powder Private Real Estate Infrastructure Private Debt Private Equity QTD 0.82%4.05%1.66%2.82% YTD -0.32%8.03%5.41%8.09% 1 Year -3.30%11.50%8.70%3.60% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Private Real Estate*** Private Infrastruc ture*** Private Debt Private Equity Venture Capital YTD Fundraising ($B)*$65.30 $95.80 $196.10 $492.30 $160.60 Dry Powder ($B)**$382.10 $366.10 $566.80 $1,650.20 $677.00 Total AUM ($B)**$1,297.80 $1,450.50 $1,821.20 $5,746.50 $3,725.00 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $ Billions2.7