Ranger Global Real Estate Advisors, LLC

**Background and Expertise:** Ranger Global Real Estate Advisors, LLC is a Delaware Limited Liability Company established on June 9, 2016, and registered with the U.S. Securities and Exchange Commission (SEC). The firm specializes in advising institutional clients on investing in income-producing global real estate through publicly-traded real estate investment trusts (REITs) and real estate operating companies. They manage assets for various pooled investment vehicles, mutual funds, and separate accounts. The firm's investment strategy focuses on fundamental analysis to invest in publicly-traded real estate securities included in specific indices. The firm aims to produce returns meeting or exceeding the FTSE EPRA/NAREIT Developed Global Real Estate Index and the FTSE NAREIT Equity REIT Index. **Consumer-Facing Terms:** - Minimum initial investment for separate accounts: $20,000,000 - Fee structure: Fees are based on contractually specified percentages of assets in the fund or account - Fiduciary duty: The firm has discretionary authority to effect securities transactions on behalf of clients and exercises investment discretion in accordance with client guidelines - Investment discretion: The firm has discretion over client accounts, subject to client guidelines and restrictions - Investment philosophy: Focus on fundamental analysis to invest in publicly-traded real estate securities included in specific indices **Investment Strategies:** The firm's investment strategy involves selecting core securities for global and domestic portfolios based on criteria like market capitalization, liquidity, management quality, leverage, and more. They continuously monitor and evaluate portfolio holdings based on market conditions and stock valuations. Additionally, the firm may write covered call options to enhance income, limited to a certain percentage of the portfolio's net assets. **Risk Factors:** The firm discloses various risk factors associated with real estate securities, including general investment and market risks, availability of suitable investments, accuracy of information, competition, and risks specific to real estate securities and REITs. **Supervision and Compliance:** The firm's Supervised Persons have extensive experience in the real estate securities industry and are subject to supervision and compliance procedures to ensure adherence to regulatory requirements and ethical standards. This summary provides an overview of Ranger Global Real Estate Advisors, LLC's background, expertise, consumer-facing terms, investment strategies, risk factors, and supervision practices.