Msref Real Estate Advisor, Inc.

• A percentage of assets under your management
• Performance-based fees
• Other

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

Account minimum: $10,000,000

As stated in the firm's Form ADV Part 2A brochure dated May 8, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site

$15,770,404,509 as of October 2026, filing dated July 24, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2006 (19 years)

Employees

Total: 372. Performing investment advisory functions: 170.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

16 other offices, as of the August 2026 filing

Atlanta, GAChicago, ILFrankfurtLondonLos Angeles, CAMadridMilanMumbaiParisSan Francisco, CASeoulShanghaiSingaporeSydneyTokyoWest Kowloon

States registered or notice-filed

1 state or jurisdiction

GA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

3 Reports 3 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.D(1) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $11,354,524,144 in the October 2021 data and $15,770,404,509 in the October 2026 data, up 39%.

Total employees: 258 in October 2021 and 372 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. August 2026
   • Updated its list of owners and control persons (Schedule A).
2. April 2026
   • Employees performing advisory functions went from 171 to 170.
   • Regulatory assets under management went from $11,087,293,675 to $15,770,404,509 (+42%).
   • Changed its office addresses in Atlanta, GA.
   • Changed its office addresses in Chicago, IL.
   • Changed its office addresses in Milan.
   • Changed its office addresses in Singapore.
   • Added an office in West Kowloon.
   • No longer lists an office in Kowloon.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.