RREEF Property Trust Inc.

08/19/2026 | Press release | Distributed by Public on 08/19/2026 15:15

Supplemental Prospectus (Form 424B3)

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-268995
RREEF PROPERTY TRUST, INC.
SUPPLEMENT NO. 11 DATED AUGUST 19, 2026
TO THE PROSPECTUS DATED APRIL 14, 2026

This document supplements, and should be read in conjunction with, our prospectus dated April 14, 2026, as supplemented by Supplement No. 1 dated April 17, 2026, Supplement No. 2 dated May 1, 2026, Supplement No. 3 dated May 15, 2026, Supplement No. 4 dated May 20, 2026, Supplement No. 5 dated June 1, 2026, Supplement No. 6 dated June 16, 2026, Supplement No. 7 dated July 1, 2026, Supplement No. 8 dated July 20, 2026, Supplement No. 9 dated August 4, 2026 and Supplement No. 10 dated August 18, 2026. Unless otherwise defined herein, capitalized terms shall have the same meanings as set forth in the prospectus.

The purpose of this supplement is to disclose:

•an update to the valuation of our properties;
•an update to the "Experts" section of our prospectus;
•our Quarterly Report on Form 10-Q, excluding exhibits, for the quarterly period ended June 30, 2026;
•an update to the "Suitability Standards" section of our prospectus; and
•an update to the "Appendix B: Form of Subscription Agreement" and "Appendix C: Form of Additional Subscription Agreement" sections of our prospectus.

Valuation of Properties

The estimated value of our investments in real estate as of June 30, 2026 was $448,400,000. Altus Group U.S. Inc. ("Altus Group") serves as our independent valuation advisor. Altus Group is responsible for providing an opinion of fair value in individual appraisal reports or expressing an opinion as to the reasonableness of the value expressed in individual third-party appraisal reports based on its review of the underlying reports. Altus Group does not calculate and is not responsible for our daily NAV per share for any class of our shares.

Experts

The following disclosure is added to the "Experts" section of our prospectus.

The estimated value of our investments in real estate as of June 30, 2026 presented on page 1 of this Supplement No. 11 under the section "Valuation of Properties" has been reviewed by Altus Group, an independent valuation firm, and represents the sum of the estimated values of our investments in real estate as of June 30, 2026 as derived from property valuations, appraisals and acquisitions contained in a schedule submitted by Altus Group in accordance with the process described in our prospectus under the captions "Net Asset Value Calculation and Valuation Guidelines-Our Independent Valuation Advisor" and "Net Asset Value Calculation and Valuation Guidelines-Valuation of Properties," and is included in this Supplement No. 11 given the authority of such firm as experts in property valuations and appraisals. Altus Group is responsible for providing an opinion of fair value in individual appraisal reports or expressing an opinion as to the reasonableness of the value expressed in individual third-party appraisal reports based on its review of the underlying reports. Altus Group does not calculate and is not responsible for our daily NAV per share for any class of our shares.







Quarterly Report on Form 10-Q

The prospectus is hereby supplemented with our Quarterly Report on Form 10-Q, excluding exhibits, for the quarterly period ended June 30, 2026 that was filed with the SEC on August 13, 2026, a copy of which is attached to this Supplement No. 11 as Appendix A.

Suitability Standards

The suitability standards paragraph for investors in the state of Pennsylvania under the section "Suitability Standards" beginning on page iii of our prospectus is deleted.

Appendix B: Form of Subscription Agreement and Appendix C: Form of Additional Subscription Agreement

The following Appendix B and Appendix C supersedes and replaces the sections of our prospectus titled "Appendix B: Form of Subscription Agreement" and "Appendix C: Form of Additional Subscription Agreement."

Appendix A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
Form 10-Q
_________________________________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____

Commission file number 000-55598
__________________________________________
RREEF Property Trust, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________
Maryland 45-4478978
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer Identification Number)
875 Third Avenue, 26th Floor, New York, NY 10022
(212) 454-4500
(Address of principal executive offices; zip code) (Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o
Non-accelerated filer x Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of August 11, 2026, the registrant had 2,923,675 shares of Class A common stock, $.01 par value, outstanding, 7,944,793 shares of Class I common stock, $.01 par value, outstanding, 7,154 shares of Class T common stock, $.01 par value, outstanding, 1,426,826 shares of Class D common stock, $.01 par value, outstanding, 533,528 shares of Class N common stock, $.01 par value, outstanding, 396,424 shares of Class M-I common stock, $.01 par value, outstanding, 548,947 shares of Class T2 common stock, $.01 par value, outstanding, 1,440,629 shares of Class Z common stock, $.01 par value and no shares of Class S common stock, $.01 par value, outstanding.


Table of Contents
RREEF PROPERTY TRUST, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2026

TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Unaudited Financial Statements
5
Consolidated Balance Sheets
5
Consolidated Statements of Operations
4
Consolidated Statements of Stockholders' Equity
5
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
38
Item 3. Quantitative and Qualitative Disclosures About Market Risk
56
Item 4. Controls and Procedures
57
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
58
Item 1A. Risk Factors
58
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
58
Item 3. Defaults Upon Senior Securities
59
Item 4. Mine Safety Disclosures
59
Item 5. Other Information
59
Item 6. Exhibits
60
Signatures
61

4
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PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RREEF PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30, 2026 (unaudited) December 31, 2025
ASSETS
Investment in real estate assets:
Land
$ 93,581 111,348
Buildings and improvements, less accumulated depreciation of $60,464 and $59,070, respectively
214,124 227,492
Furniture, fixtures and equipment, less accumulated depreciation of $4,100 and $3,764, respectively
1,742 1,621
Acquired intangible lease assets, less accumulated amortization of $32,629 and $35,612, respectively
6,757 11,927
Investment in real estate assets, net $ 316,204 $ 352,388
Investment in marketable securities 144 123
Cash and cash equivalents 6,019 7,110
Restricted cash - 126
Receivables, net of allowance for doubtful accounts of $117 and $111, respectively
6,164 7,834
Deferred leasing costs, net of amortization of $2,087 and $1,957, respectively
1,919 2,036
Prepaid and other assets 3,167 2,859
Total assets $ 333,617 $ 372,476
LIABILITIES AND STOCKHOLDERS' EQUITY
Line of credit, net $ 74,532 $ 77,380
Mortgage loans payable, net 172,195 188,292
Accounts payable and accrued expenses 4,668 6,390
Due to affiliates 15,948 16,572
Note to affiliate 5,383 5,383
Acquired below market lease intangibles, less accumulated amortization of $8,166 and $10,865, respectively
424 7,018
Other liabilities 1,684 1,995
Total liabilities 274,834 303,030
Stockholders' Equity:
Class A common stock, 2,929,920 and 3,184,801 issued and outstanding, respectively
29 31
Class D common stock, 1,432,620 and 1,577,740 issued and outstanding, respectively
14 16
Class I common stock, 8,029,641 and 8,785,376 issued and outstanding, respectively
80 87
Class M-I common stock, 400,047 and 518,159 issued and outstanding, respectively
4 5
Class N common stock, 551,959 and 565,373 issued and outstanding, respectively
6 6
Class T common stock, 7,119 and 34,820 issued and outstanding, respectively
1 1
Class T2 common stock, 555,226 and 657,255 issued and outstanding, respectively
6 6
Class Z common stock, 1,440,629 and 224,944 issued and outstanding, respectively

14 2
Additional paid in capital 172,797 176,013
Deficit (114,168) (106,721)
Total stockholders' equity 58,783 69,446
Total liabilities and stockholders' equity $ 333,617 $ 372,476
The accompanying notes are an integral part of these consolidated financial statements.
5
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RREEF PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Revenues
Property related income $ 8,539 $ 10,387 $ 17,232 $ 20,440
Interest income 20 32 64 78
Investment income on marketable securities 1 1 2 2
Total revenues 8,560 10,420 17,298 20,520
Expenses
General and administrative expenses 540 561 1,416 1,225
Property operating expenses 2,522 3,083 4,654 6,424
Advisory fees 519 575 1,027 1,166
Depreciation 2,322 2,512 4,706 4,885
Amortization 343 459 764 919
Total operating expenses 6,246 7,190 12,567 14,619
Net realized gain (loss) upon sale of real estate - - 231 (91)
Net realized loss upon sale of marketable securities - (2) (1) (1)
Net unrealized change in fair value of investment in marketable securities 12 (1) 19 (4)
Operating income 2,326 3,227 4,980 5,805
Interest expense (2,809) (3,484) (5,888) (6,860)
Net loss $ (483) $ (257) $ (908) $ (1,055)
Basic and diluted net loss per share:
Class A common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class I common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class T common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class D common stock $ (0.03) $ (0.02) $ (0.06) $ (0.06)
Class N common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class M-I common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class T2 common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)
Class Z common stock $ (0.03) $ (0.01) $ (0.06) $ (0.06)

The accompanying notes are an integral part of these consolidated financial statements.

4
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RREEF PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands, except share and per share data)
Preferred Stock Common Stock Additional Paid-in Capital Deficit Total
Stockholders'
Equity
Number of
Shares 		Par
Value 		Number of
Shares 		Par
Value
Balance, December 31, 2025 - $ - 15,548,468 $ 154 $ 176,013 $ (106,721) $ 69,446
Issuance of common stock - - 1,176,605 12 15,458 - 15,470
Issuance of common stock through the distribution reinvestment plan - - 93,561 1 1,215 - 1,216
Redemption of common stock - - (774,894) (6) (10,136) - (10,142)
Distributions to investors - - - - - (3,258) (3,258)
Offering costs - - - - (344) - (344)
Share-based compensation - - 1,385 - 18 - 18
Net loss - - - - - (425) (425)
Balance, March 31, 2026 - $ - 16,045,125 $ 161 $ 182,224 $ (110,404) $ 71,981
Issuance of common stock - - 17,457 - 230 - 230
Issuance of common stock through the distribution reinvestment plan - - 88,740 1 1,163 - 1,164
Redemption of common stock - - (805,537) (8) (10,577) - (10,585)
Distributions to investors - - - - - (3,281) (3,281)
Offering costs - - - - (261) - (261)
Share-based compensation - - 1,376 - 18 - 18
Net loss - - - - - (483) (483)
Balance, June 30, 2026 - $ - 15,347,161 $ 154 $ 172,797 $ (114,168) $ 58,783
The accompanying notes are an integral part of these consolidated financial statements.

5
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RREEF PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands, except share and per share data)
Preferred Stock Common Stock Additional Paid-in Capital Deficit Total
Stockholders'
Equity
Number of
Shares 		Par
Value 		Number of
Shares 		Par
Value
Balance, December 31, 2024 - $ - 17,754,287 $ 179 $ 206,837 $ (111,903) $ 95,113
Issuance of common stock - - 489,108 4 6,601 - 6,605
Issuance of common stock through the distribution reinvestment plan - - 115,047 1 1,540 - 1,541
Redemption of common stock - - (885,632) (10) (11,925) - (11,935)
Distributions to investors - - - - - (3,663) (3,663)
Offering costs - - - - (246) - (246)
Share-based compensation - - 1,343 - 19 - 19
Net loss - - - - - (798) (798)
Balance, March 31, 2025 - $ - 17,474,153 $ 174 $ 202,826 $ (116,364) $ 86,636
Issuance of common stock - - 104,407 1 1,399 - 1,400
Issuance of common stock through the distribution reinvestment plan - - 105,977 1 1,415 - 1,416
Redemption of common stock - - (881,559) (9) (11,771) - (11,780)
Distributions to investors - - - - - (3,549) (3,549)
Offering costs - - - - (585) - (585)
Share-based compensation - - 1,289 - 18 - 18
Net loss - - - - - (257) (257)
Balance, June 30, 2025 - $ - 16,804,267 $ 167 $ 193,302 $ (120,170) $ 73,299
The accompanying notes are an integral part of these consolidated financial statements.



6

RREEF PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Six Months Ended June 30,
2026 2025
Cash flows from operating activities:
Net loss $ (908) $ (1,055)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 4,706 4,885
Net realized (gain) loss upon sale of real estate (231) 91
Net realized loss from sale of marketable securities 1 1
Net unrealized (gain) loss on investments held at fair value (19) 4
Share-based compensation 36 37
Amortization of intangible lease assets and liabilities 680 742
Amortization of deferred financing costs 281 483
Straight line rent (276) (803)
Amortization of discount on note to affiliate - 79
Changes in assets and liabilities:
Receivables, net (35) (37)
Deferred leasing costs (115) (242)
Prepaid and other assets (363) (480)
Accounts payable and accrued expenses (82) 520
Other liabilities (324) 162
Due to affiliates (28) 197
Net cash provided by operating activities 3,323 4,584
Cash flows from investing activities:
Proceeds from sale of real estate assets 25,736 4,574
Improvements to real estate assets (1,050) (2,701)
Investment in marketable securities (38) (47)
Proceeds from sale of marketable securities 35 44
Net cash provided by investing activities 24,683 1,870
Cash flows from financing activities:
Proceeds from line of credit 14,700 12,400
Repayment of line of credit (17,750) -
Repayment of mortgage loans payable (16,176) (244)
Proceeds from issuance of common stock 15,700 7,870
Payment of offering costs (1,209) (1,239)
Distributions to investors (3,710) (4,256)
Redemption of common stock (20,778) (23,870)
Net cash used in financing activities (29,223) (9,339)
Net (decrease) increase in cash, cash equivalents, and restricted cash (1,217) (2,885)
Cash, cash equivalents, and restricted cash beginning of period 7,236 8,506
Cash, cash equivalents, and restricted cash end of period $ 6,019 $ 5,621
The accompanying notes are an integral part of these consolidated financial statements.
7

RREEF PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)
(Unaudited)
Six Months Ended June 30,
Supplemental Disclosures of Non-Cash Investing and Financing Activities: 2026 2025
Common stock issued through the distribution reinvestment plan $ 2,380 2,957
Proceeds from issuance of common stock not yet received - 135
Redemption of common stock not yet paid 2,117 2,356
Accrued offering costs not yet paid 2 316
Capital expenditures not yet paid 217 455
Supplemental Cash Flow Disclosures:
Interest paid $ 5,691 $ 6,269

The accompanying notes are an integral part of these consolidated financial statements.

8
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2026
(Unaudited)
(in thousands except share and per share data)

NOTE 1 - ORGANIZATION

RREEF Property Trust, Inc. (the "Company") was formed on February 7, 2012 as a Maryland corporation and has elected to qualify as a real estate investment trust ("REIT") for federal income tax purposes. Substantially all of the Company's business is conducted through RREEF Property Operating Partnership, LP, the Company's operating partnership (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. RREEF Property OP Holder, LLC, a wholly-owned subsidiary of the Company, is the limited partner of the Operating Partnership. The Company's sponsor and advisor is RREEF America L.L.C. ("RREEF America").

The Company invests in a diversified portfolio consisting primarily of high-quality, income-producing commercial real estate located in the United States, including, without limitation, office, industrial, retail and residential properties ("Real Estate Properties"). The Company also invests in common and preferred stock of REITs and other real estate companies ("Real Estate Equity Securities") and in debt investments backed principally by real estate ("Real Estate Loans" and, together with Real Estate Equity Securities, "Real Estate-Related Assets").

The Company raises capital through a combination of public and private offerings of its shares of common stock. On January 3, 2013, the Company commenced its initial public offering, which continued until June 30, 2016 (the "Initial Public Offering"). On July 12, 2016, the Company commenced its second public offering, which continued until January 8, 2020 (the "Second Public Offering"). On January 8, 2020, the Company commenced its third public offering, which continued until August 10, 2023 (the "Third Public Offering").

On August 10, 2023, the Company commenced its fourth public offering, which is currently ongoing (the "Fourth Public Offering"). In the Fourth Public Offering, the Company is offering to the public up to $2,000,000 in various classes of common stock: Class A shares, Class I shares, Class M-I shares, Class N shares, Class S shares, Class T shares and Class T2 shares. The Class N and Class T shares are available for purchase only through the Company's distribution reinvestment plan (also see Note 9).

On July 27, 2026, the Company filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission (the "SEC") for its fifth public offering of up to $1,950,000 in shares of common stock, consisting of up to $1,750,000 in shares in its primary offering and up to $200,000 in shares pursuant to its distribution reinvestment plan, which has not yet been declared effective.

The Company and its Operating Partnership entered into a dealer manager agreement (the "Dealer Manager Agreement") with DWS Distributors, Inc. (the "Dealer Manager"), a registered broker-dealer and an affiliate of RREEF America, to conduct the Company's public offerings (also see Note 8).

The Company also has an ongoing private offering of up to a maximum of $350,000 in Class D shares under Regulation D of the Securities Act of 1933 (the "Reg D Private Offering") and a separate ongoing private offering of up to a maximum of $300,000 in Class D shares under Regulation S of the Securities Act of 1933 (the "Reg S Private Offering" and, together with the Reg D Private Offering, the "Private Offerings"). In addition, the Company's charter authorizes Class Z shares, which have been and are expected to be offered only in a private offering to RREEF America.

Together, the Initial Public Offering, the Second Public Offering, the Third Public Offering, the Fourth Public Offering and the Private Offerings are collectively referred to as the "Offerings."

Shares of the Company's common stock are sold at the Company's net asset value ("NAV") per share, plus, for Class A, Class S, Class T2 and Class D shares only, applicable selling commissions. Each class of shares have a different NAV per share because of certain class-specific fees. NAV per share is calculated by dividing the NAV at the end of each business day for each class by the number of shares outstanding for that class on such day.
9
Table of Contents
RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)

The Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2, and Class N shares is posted to the Company's website at www.rreefpropertytrust.com after the stock market close each business day. Additionally, the Company's NAV per share for its Class A, Class I, Class T, Class D, Class M-I, Class T2, and Class N shares is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX, ZRPTIX, ZRPTTX, ZRPTDX, ZRPTMX, ZRPTUX, and ZRPTNX, respectively. The Company's NAV per share for its Class S shares will be available on the Company's website and via NASDAQ's Mutual Fund Quotation System once the first sale of shares for the share class has occurred.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), the authoritative reference for U.S. generally accepted accounting principles ("GAAP"). There have been no significant changes to the Company's significant accounting policies during the six months ended June 30, 2026. The interim financial data as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 is unaudited. In the Company's opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts.

The Company includes restricted cash with cash and cash equivalents on the consolidated statements of cash flows in accordance with Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amount of restricted cash included therein was zero and $126 as of June 30, 2026 and December 31, 2025, respectively. Restricted cash as of December 31, 2025 was an escrow holdback resulting from the sale of the Hialeah II property, which was resolved in March 2026.

Real Estate Investments and Lease Intangibles

Entities are required to evaluate whether transactions should be accounted for as acquisitions (and dispositions) of assets or businesses. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. Generally, a real estate asset and its related leases will be considered a single identifiable asset and therefore will not meet the definition of a business. If the real estate and related leases in an acquisition are determined to be an asset and not a business, then the acquisition related costs would be capitalized onto the consolidated balance sheets. Otherwise, such costs will be expensed upon completion of the transaction.

The Company assesses the carrying values of real estate investments whenever events or changes in circumstances indicate that the carrying amount of these assets may not be fully recoverable, such as a reduction in the expected holding period of a property. A real estate investment is potentially impaired if the undiscounted cash flows to be realized over the expected hold period are less than the real estate investment's carrying amount. In this
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
case, an impairment loss will be recorded to the extent that the estimated fair value is lower than the real estate investment's carrying amount. The estimated fair value is determined primarily using information contained within independent appraisals obtained quarterly by the Company from its independent valuation agent. Real estate investments that are expected to be disposed of are valued at the lower of carrying amount or estimated fair value less costs to sell. During the three and six months ended June 30, 2026 and 2025, the Company recorded no provision for impairment of real estate investments.

Organization and Offering Costs

Organizational expenses and other expenses which do not qualify as offering costs are expensed as incurred. Offering costs are those costs incurred by the Company, RREEF America and its affiliates on behalf of the Company which relate directly to the Company's activities of raising capital in the Offerings, preparing for the Offerings, the qualification and registration of the Offerings and the marketing and distribution of the Company's shares. This includes, but is not limited to, accounting and legal fees, including the legal fees of the dealer manager for the public offerings, costs for registration statement amendments and prospectus supplements, printing, mailing and distribution costs, filing fees, amounts to reimburse RREEF America as the Company's advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse the dealer manager for amounts that it may pay to reimburse the bona fide due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, telecommunication costs, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers) and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers. Offering costs will be paid from the proceeds of the Offerings. These costs will be treated as a reduction of the total proceeds. Total organization and offering costs incurred by the Company with respect to a particular public offering will not exceed 15% of the gross proceeds from such particular public offering. In addition, the Company will not reimburse RREEF America or the dealer manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation to exceed 10% of the gross proceeds from the primary portion of each public offering.

Included in offering costs are (1) distribution fees paid on a trailing basis at the rate of (a) 0.50% per annum on the NAV of the outstanding Class A Shares, (b) 1.00% per annum on the NAV of the outstanding Class T Shares, and (c) 0.85% per annum on the NAV of the outstanding Class S and Class T2 Shares, and (2) dealer manager fees paid on a trailing basis at the rate of 0.55% per annum on the NAV of the outstanding Class A and Class I Shares (collectively, the "Trailing Fees"). The Trailing Fees are computed daily based on the respective NAV of each share class as of the beginning of each day and paid monthly. However, at each reporting date, the Company accrues an estimate for the amount of Trailing Fees that ultimately may be paid on the outstanding shares. Such estimate reflects the maximum amount of underwriting compensation that could be paid based on the amount of capital raised as of the reporting date for the primary portion of each separate public offering. Changes in this estimate will be recorded prospectively as an adjustment to additional paid-in capital. As of June 30, 2026 and December 31, 2025, the Company has accrued $15,652 and $16,238, respectively, in Trailing Fees to be payable in the future, which was included in due to affiliates on the consolidated balance sheets.

Revenue Recognition

In accordance with FASB Topic 842, Leases (ASC 842), and related ASU's that amended or clarified certain provisions of ASC 842, the Company elected a practical expedient to not separate lease and non-lease components of a lease and instead accounts for them as a single component if two criteria are met: (i) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company has evaluated the lease and non-lease components within its leases under the practical expedient and reports rental and other property income and
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
common area expense reimbursement income as a single component on the Company's consolidated statements of operations.

Contractual base rental revenue from real estate leases is recognized on a straight-line basis over the terms of the related leases. The differences between contractual base rental revenue earned from real estate leases on a straight-line basis and amounts due under the respective lease agreements are amortized or accreted, as applicable, to deferred rent receivable. Property related income will also include amortization of above- and below-market leases as well as amortization of lease incentives. Revenues relating to lease termination fees for the termination of an entire lease will be recognized at the time that a tenant's right to occupy the leased space beyond a specified date is terminated and collectibility is reasonably assured. Lease termination fees may be recognized on a straight-line basis over the remaining term of the lease.

Under ASC 842, the future revenue stream from leases must be evaluated for collectibility. Pursuant to these provisions, if an entity has determined that the collectibility of substantially all future lease payments from a particular lease is not at least probable, then the entity must write off its existing receivable balances (except receivable amounts which are under dispute by the tenant), including any deferred rent amounts recognized on a straight-line basis, and instead begin recognizing revenue from such lease on cash basis. The factors used to evaluate the collectibility of future lease payments for each lease may include, but not be limited to, the tenant's payment history, current payment status, publicly available information about the financial condition of the tenant and other information about the tenant of which the entity may be aware. In addition, the Company may consider the impact of current macroeconomic conditions, such as inflation and recent increases in interest rates. As of June 30, 2026, the Company has assessed that substantially all of its future lease payments are at least probable of collection.

To the extent the Company's revenues do not qualify for treatment under ASC 842 or under other specific guidance, the Company is required to recognize revenue in its financial statements in a manner that depicts the transfer of the promised goods or services to its customers in an amount that reflects the consideration to which the Company is entitled at the time of transfer of those goods or services. Such treatment may apply to other types of real estate related contracts, such as for dispositions or development of real estate.

Investment income from marketable securities is accrued at each distribution record date.

Reportable Segments

The Company intends to operate in three reportable segments: (1) Real Estate Properties, (2) Real Estate Equity Securities and (3) Real Estate Loans. For the three and six months ended June 30, 2026 and 2025, the Company had no Real Estate Loans. Also see Note 13.

Net Earnings or Loss Per Share
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)

Net earnings or loss per share is calculated using the two-class method. The two-class method is utilized when an entity (1) has different classes of common stock that participate differently in net earnings or loss, or (2) has issued participating securities, which are securities that participate in distributions separately from the entity's common stock. Pursuant to the advisory agreement between the Company, the Operating Partnership and RREEF America (see Note 8), RREEF America may earn a performance component of the advisory fee which is calculated separately for each class of common stock which therefore may result in a different allocation of net earnings or loss to each class of common stock. In addition, the Company grants restricted Class D common stock to its independent directors (see Note 9), which qualify as participating securities.

Risks and Uncertainties

As of June 30, 2026 and December 31, 2025, the Company had cash on deposit at multiple financial institutions which were in excess of federally insured levels. The Company limits significant cash holdings to accounts held by financial institutions with a high credit standing. Therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.

The Company is subject to various risks and uncertainties, including but not limited to interest rates, inflation and impacts from national or global events such as the wars in Ukraine and the Middle East, pandemics or actual or perceived instability in the U.S. banking system. The extent to which any such conditions or events impact the Company's investments and operations is uncertain and cannot be predicted with confidence. Among the cash on hand, ongoing capital raise and availability under the Wells Fargo Line of Credit (as defined below), the Company endeavors to maintain sufficient liquidity at all times to satisfy its operational needs and the maximum monthly limits on redemptions under its share redemption plan. In addition, if necessary, the Company may consider various options, including reducing its distributions, selling its investments or limiting its share redemption plan. Also see Notes 7 and 9.

NOTE 3 - FAIR VALUE MEASUREMENTS
Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures, establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity's own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
The Company's investments in marketable securities are valued using Level 1 inputs as the securities are publicly traded on major stock exchanges.
The following table details the Company's assets measured at fair value on a recurring basis.
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
June 30, 2026
Level 1 Level 2 Level 3 Total
Assets
Investment in marketable securities $ 144 $ - $ - $ 144
December 31, 2025
Level 1 Level 2 Level 3 Total
Assets
Investment in marketable securities $ 123 $ - $ - $ 123
Certain of the Company's assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore such assets are measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable.
The fair value of the Company's line of credit and mortgage loans payable are determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate, property valuation and other assumptions that estimate current market conditions. The Company estimated the fair value of the Company's line of credit, exclusive of deferred financing costs, at $75,289 and $78,300 as of June 30, 2026 and December 31, 2025, respectively. The Company estimated the fair value of the Company's mortgage loans payable at $166,822 and $183,521 as of June 30, 2026 and December 31, 2025, respectively. If the valuation of the Company's properties as of June 30, 2026 were significantly lower, the market interest rate assumption could be higher (due to higher loan-to-value ratios), potentially resulting in a significantly lower estimated fair value for these liabilities.
The fair value of the Company's note to affiliate is determined using Level 2 and Level 3 inputs and a discounted cash flow approach with an interest rate and other assumptions that estimate current market conditions. The Company has estimated the fair value of its note to affiliate at approximately $5,000 and $4,200 as of June 30, 2026 and December 31, 2025, respectively. The estimated market interest rate is impacted by a number of factors. Material changes in those factors may cause a material change to the estimated market interest rate, thereby materially affecting the estimated fair value of the note to affiliate. The Company has estimated the fair value of the note to affiliate in the middle of the range of reasonably estimable values.
The following shows certain information about the estimated fair value and the unobservable inputs for the Company's debt obligations as of June 30, 2026 and December 31, 2025.
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Range
Fair Value at June 30, 2026 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average
Line of Credit $ 75,289 Discounted cash flow Loan to value 50.0 % 50.0 % 50.0 %
Market interest rate 5.74 % 5.74 % 5.74 %
Mortgage Loans Payable 166,822 Discounted cash flow Loan to value 47.5 % 67.3 % 57.9 %
Market interest rate 5.57 % 7.48 % 6.39 %
Note to Affiliate 5,000 Discounted cash flow Market interest rate 6.00 % 6.00 % 6.00 %
Range
Fair Value at December 31, 2025 Primary Valuation Techniques Significant Unobservable Inputs Minimum Maximum Weighted Average
Line of Credit $ 78,300 Discounted cash flow Loan to value 53.6 % 53.6 % 53.6 %
Market interest rate 6.27 % 6.27 % 6.27 %
Mortgage Loans Payable 183,521 Discounted cash flow Loan to value 48.5 % 67.2 % 59.0 %
Market interest rate 3.89 % 6.56 % 5.66 %
Note to Affiliate 4,200 Discounted cash flow Market interest rate 6.75 % 6.75 % 6.75 %
The Company's financial instruments, other than those referred to above, are generally short-term in nature and contain minimal credit risk. These instruments consist of cash and cash equivalents, accounts and other receivables and accounts payable. The carrying amounts of these assets and liabilities in the consolidated balance sheets approximate their fair value.

NOTE 4 - REAL ESTATE INVESTMENTS
Shown below are details of the Company's investments in real estate.

June 30, 2026 December 31, 2025
Land $ 93,581 $ 111,348
Buildings and improvements, less accumulated depreciation of $60,464 and $59,070, respectively
214,124 227,492
Furniture, fixtures and equipment, less accumulated depreciation of $4,100 and $3,764, respectively
1,742 1,621
Acquired intangible lease assets, less accumulated amortization of $32,629 and $35,612, respectively
6,757 11,927
Investment in real estate assets, net $ 316,204 $ 352,388
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)

The Company acquired no real estate property during six months ended June 30, 2026 and 2025.

On February 28, 2025, the Company sold Heritage Parkway to an entity which is not affiliated with the Company, RREEF America, or any of its affiliates, for $5,000. The Heritage Parkway sale resulted in a net realized loss of $91.

On March 17, 2026, the Company sold Elston Plaza to an entity which is not affiliated with the Company, RREEF America, or any of its affiliates, for $27,000. The Elston Plaza sale resulted in a net realized gain of $231.

NOTE 5 - RENTALS UNDER OPERATING LEASES

As of June 30, 2026, the Company owned 8 properties with a total of 37 commercial leases. As of June 30, 2025, the Company owned 11 properties with a total of 50 commercial leases. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments is comprised of the following:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Lease revenue (1)
$ 8,404 $ 9,872 $ 16,877 $ 19,462
Straight-line revenue 144 428 276 803
Above- and below-market lease amortization, net 17 113 131 227
Lease incentive amortization (26) (26) (52) (52)
Property related income $ 8,539 $ 10,387 $ 17,232 $ 20,440
(1) Lease revenue includes $798 and $1,340 of variable income from tenant reimbursements for the three months ended June 30, 2026 and 2025, respectively and $1,283 and $2,614 of variable income from tenant reimbursement for the six months ended June 30, 2026 and 2025, respectively.

The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of June 30, 2026 are as follows:
Year Amount
2026 (remainder) $ 9,434
2027 17,783
2028 16,161
2029 13,231
2030 9,778
Thereafter 68,657
$ 135,044
The above future minimum rentals exclude the Company's residential leases, which typically have terms of approximately one year. Such leases accounted for $5,704 of lease revenue for the six months ended June 30, 2026.
Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the three and six months ended June 30, 2026 and 2025 are shown below.
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Percent of property related income
Property Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Commerce Corner, Logan Township, NJ 20.2 % 20.6 %
The Glenn, Centennial, CO 19.9 19.9
Providence Square, Marietta, GA 15.2 14.8
Flats at Carrs Hill, Athens, GA 13.4 13.2
Seattle East Industrial, Redmond, WA 12.7 12.6
Total 81.4 % 81.1 %
Percent of property related income
Tenant Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Performance Food Group, Inc. - Commerce Corner 17.9 % 18.2 %
FedEx Ground - Seattle East Industrial 12.7 12.6
Total 30.6 % 30.8 %

Percent of property related income
Property Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
The Glenn, Centennial, CO 18.2 % 17.9 %
Commerce Corner, Logan Township, NJ 17.8 17.4
Flats at Carrs Hill, Athens, GA 11.6 11.7
Providence Square, Marietta, GA 11.3 11.3
Seattle East Industrial, Redmond, WA 10.5 10.7
Total 69.4 % 69.0 %
Percent of property related income
Tenant Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
Performance Food Group, Inc. - Commerce Corner 13.7 % 14.3 %
FedEx Ground - Seattle East Industrial 10.5 10.7
Total 24.2 % 25.0 %
The Company's tenants representing more than 10% of in-place annualized base rental revenues as of June 30, 2026 and 2025 were as follows:
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Percent of in-place annualized base rental revenues as of
Property June 30, 2026 June 30, 2025
Performance Food Group, Inc. - Commerce Corner 14.6 % 12.3 %
FedEx Ground - Seattle East Industrial 13.7 12.0
Northrop Grumman Systems Inc. - Loudoun Gateway 11.2 9.5
Total 39.5 % 33.8 %

NOTE 6 - MARKETABLE SECURITIES

The following is a summary of the Company's marketable securities held as of the dates indicated, which consisted entirely of publicly-traded shares of common stock in REITs as of each date.
June 30, 2026 December 31, 2025
Marketable securities-cost $ 101 $ 99
Unrealized gains 44 28
Unrealized losses (1) (4)
Net unrealized gain 43 24
Marketable securities-fair value $ 144 $ 123

Upon the sale of a particular security, the realized net gain or loss is computed assuming the shares with the highest cost are sold first. During the three months ended June 30, 2026 and 2025, marketable securities sold generated proceeds of $19 and $20, respectively, resulting in gross realized gains of $2 and $1, respectively, and gross realized losses of $2 and $3, respectively. During the six months ended June 30, 2026 and 2025, marketable securities sold generated proceeds of $36 and $45, respectively, resulting in gross realized gains of $3 and $4, respectively, and gross realized losses of $4 and $5, respectively.

NOTE 7 - NOTES PAYABLE

Wells Fargo Line of Credit

On January 27, 2023, the Company, as limited guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, amended and restated its secured revolving credit facility (the "Wells Fargo Line of Credit") with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. On December 27, 2023, the Wells Fargo Line of Credit was amended to add CIBC Inc. ("CIBC") to the credit facility as an additional lender; increase the maximum commitment amount from $100,000 to $120,000; revise or suspend certain covenants; and extend the maturity date to December 27, 2025. The maximum commitment of $120,000 is allocated 70.83% to Wells Fargo and 29.17% to CIBC. The interest rate under the Wells Fargo Line of Credit is based on the 30-day average of the secured overnight financing rate ("SOFR") plus a spread of 225 basis points. The Company continued to serve as limited guarantor to the Wells Fargo Line of Credit only with respect to specified bad acts.

On August 25, 2025, the Wells Fargo Line of Credit was amended (the "Fifth Amendment") to: (a) extend the maturity date from December 27, 2025 to April 1, 2028; (b) amend the calculation of the Borrowing Base Value (described below); (c) require that the Company maintain a minimum liquidity amount of at least $1,000; (d) decrease the maximum commitment amount from $120,000 to $105,000; and (e) revise or eliminate certain covenants. Pursuant to the Fifth Amendment, the Borrowing Base Value is based on the sum of (1) the Loudoun Borrowing Base Value (described below) and (2) the lesser of (a) an amount equal to 65% of the aggregate value of
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
all other properties in the collateral pool as determined by lender appraisals; and (b) an amount that results in a minimum debt service coverage ratio of 1.20:1.00 as determined under the Fifth Amendment. The interest rate under the Wells Fargo Line of Credit remains at SOFR plus a spread of 225 basis points.

A wholly owned subsidiary of the Company that is a borrower under the Wells Fargo Line of Credit has entered into a contract to sell the Loudoun Gateway property to a third party unaffiliated with the Company or its advisor (the "Loudoun Sale"). The completion of the Loudoun Sale is subject to certain conditions including but not limited to the ability of the buyer to receive a zoning exception from the relevant authorities allowing Loudoun Gateway to be converted to a data center use, which is subject to numerous conditions. As such, the completion of the Loudoun Sale remains uncertain and the closing date likely would not occur until late 2026 or early 2027.

The "Loudoun Borrowing Base Value" is equal to (a) prior to June 1, 2026, $12,513; (b) thereafter until July 31, 2027, an amount equal to $12,513 as reduced on the first day of every calendar month from and after June 1, 2026 by $500, provided however that such monthly reduction of the Loudoun Borrowing Base Value would increase to $1,000 in the event the Loudoun Sale has been terminated prior to its completion; and (c) from and after August 1, 2027, zero.

In exchange for keeping Loudoun Gateway as part of the pool of properties upon which the Borrowing Base Value is determined, on August 25, 2025 the Company entered into the Amended and Restated Guaranty Agreement, under which the Company will provide, for a limited time, a full repayment guaranty rather than a limited guaranty (the "Guaranty"). The provisions relating to the full repayment guaranty will automatically terminate once either (a) Loudoun Gateway has been released from the Wells Fargo Line of Credit, or (b) the Loudoun Borrowing Base Value has been reduced to zero (the "Loudoun Release"). Upon the occurrence of the Loudoun Release, the Guaranty will become a non-recourse limited guaranty. Upon entering into the Guaranty and until the Loudoun Release, the Company is not allowed to sell or transfer, but may encumber or finance under specified conditions, any of the following properties: Commerce Corner, The Glenn, Seattle East Industrial, Providence Square and The Flats at Carrs Hill (the "Significant Properties"). Upon the occurrence of the Loudoun Release, the restrictions related to the Significant Properties shall no longer be in effect. Notwithstanding, in no event shall the Commerce Corner property be eligible for release from the Wells Fargo Line of Credit until the Wells Fargo Line of Credit is repaid in full and all commitments have been terminated.

As of June 30, 2026 and December 31, 2025, the borrowers' maximum borrowing capacity was $85,499 and $82,324, respectively, and the borrowers' outstanding balance was $75,250 and $78,300, respectively. As of June 30, 2026 and December 31, 2025, the weighted average interest rate was 5.84% and 6.27%, respectively.

The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants. The Company was in compliance with all applicable financial covenants as of June 30, 2026.

The following is a reconciliation of the carrying amount of the Wells Fargo Line of Credit at June 30, 2026 and December 31, 2025.
Balance at
Lender June 30, 2026 December 31, 2025
Wells Fargo/CIBC $ 75,250 $ 78,300
Deduct: Deferred financing costs, less accumulated amortization (718) (920)
Line of credit, net $ 74,532 $ 77,380

Mortgage Loans
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)

Certain wholly owned subsidiaries of the Company are obligors on various mortgage loans. Such mortgage loans contain fixed interest rates, allow for one-time transfer to another borrower subject to lender discretion and payment of applicable fees, and allow for full prepayment at certain times with payment of applicable penalties, if any. The following is a reconciliation of the carrying amount of the mortgage loans payable at June 30, 2026 and December 31, 2025.

Balance at
Lender Encumbered Property June 30, 2026 December 31, 2025 Interest Rate Maturity Date
State Farm Life Insurance Company¹ Elston Plaza $ - $ 16,107 3.89 % July 1, 2026
Massachusetts Mutual Life Insurance Company The Glenn 66,000 66,000 3.02 December 1, 2028
Transamerica Life Insurance Company Wallingford Plaza 6,284 6,353 4.56 January 1, 2029
Nationwide Life Insurance Company Providence Square 29,700 29,700 3.67 October 5, 2029
JPMorgan Chase Bank Seattle East Industrial 45,140 45,140 3.87 January 1, 2030
Nationwide Life Insurance Company The Flats at Carrs Hill 25,500 25,500 5.51 July 1, 2030
$ 172,624 $ 188,800
Deduct: Deferred financing costs, less accumulated amortization (429) (508)
Mortgage loans payable, net $ 172,195 $ 188,292

¹On March 17, 2026, the Company sold Elston Plaza. The sales proceeds were used to fully repay the outstanding balance of the State Farm Life Insurance Company loan and reduce the outstanding balance under the Wells Fargo Line of Credit.

Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of June 30, 2026 are as follows:
Year Amount
2026 (remainder) $ 70
2027 145
2028 147,319
2029 74,840
2030 25,500
Thereafter -
Total $ 247,874






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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
NOTE 8 - RELATED PARTY ARRANGEMENTS

Advisory Agreement

RREEF America is entitled to compensation and reimbursements in connection with the management of the Company's investments in accordance with an advisory agreement between RREEF America, the Operating Partnership and the Company (the "Advisory Agreement"). The Advisory Agreement has a one-year term and is renewable annually upon the review and approval of the Company's board of directors, including the approval of a majority of the Company's independent directors. The Advisory Agreement has a current expiration date of August 2, 2027. There is no limit to the number of terms for which the Advisory Agreement can be renewed.
Fees

Under the Advisory Agreement, RREEF America can earn an advisory fee comprised of two components as described below.
1.The fixed component accrues daily in an amount equal to 1/365th of 1.0% of the NAV of the outstanding shares of each class of common stock for such day. The fixed component of the advisory fee is payable monthly in arrears.
2.The performance component is calculated for each class of common stock on the basis of the total return to stockholders and is measured by the total distributions per share paid to such class plus the change in the NAV per share for such class.
a.For Class A, Class I, Class T, Class D, Class N and Class Z Shares, for any calendar year in which the total return per share allocable to a class exceeds 6% per annum (the "Hurdle Amount"), RREEF America will receive up to 10% of the aggregate total return allocable to such class with a Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Hurdle Amount, 25% of such total return in excess of the Hurdle Amount (the "Excess Profits") until the total return reaches 10% (commonly referred to as a "Catch-Up"); and second, to the extent there are remaining Excess Profits, 10% of such remaining Excess Profits.
b.For Class M-I, Class S, and Class T2 Shares, for any calendar year in which the total return per share allocable to a class exceeds 5% per annum (the "Alternative Hurdle Amount"), RREEF America will receive up to 12.5% of the aggregate total return allocable to such class with an Alternative Catch-Up (defined below) calculated as follows: first, if the total return for the applicable period exceeds the Alternative Hurdle Amount, 100% of such total return in excess of the Alternative Hurdle Amount (the "Alternative Excess Profits") until the total return reaches 5.715% (commonly referred to as a "Alternative Catch-Up"); and second, to the extent there are remaining Alternative Excess Profits, 12.5% of such remaining Alternative Excess Profits.
In the event that the NAV per share decreases below $12.00 for any share class, the performance component will not be earned on any increase in NAV per share up to $12.00 with respect to that class of shares. The performance component is payable annually in arrears.
The performance component is calculated daily on a year-to-date basis by reference to a proration of the per annum hurdle as of the date of calculation. Any resulting performance component as of a given date is deducted from the Company's published NAV per share for such date. At each interim balance sheet date, the Company considers the estimated performance component that is probable to be due as of the end of the current calendar year in assessing whether the calculated performance component as of the interim balance sheet date meets the threshold for recognition in accordance with GAAP in the Company's consolidated financial statements. The ultimate amount of the performance component as of the end of the current calendar year, if any, may be more or less than the
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
amount recognized by the Company as of any interim date and will depend on a variety of factors, including but not limited to, the performance of the Company's investments, interest rates, capital raise and redemptions.
The advisory fees earned by RREEF America are shown below.
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Fixed component $ 519 $ 575 $ 1,027 $ 1,166
Performance component - - - -
$ 519 $ 575 $ 1,027 $ 1,166

Expense Reimbursements

Under the Advisory Agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates that were not incurred under the Expense Support Agreement, as defined and described below. Costs eligible for reimbursement, if they were not incurred under the Expense Support Agreement, include most third-party operating expenses, salaries and related costs of RREEF America's employees who perform services for the Company (but not those employees for which RREEF America earns a separate fee or those employees who are executive officers of the Company) and travel related costs for RREEF America's employees who incur such costs on behalf of the Company. Reimbursement payments to RREEF America are subject to the limitations described below under "Reimbursement Limitations."

For the three months ended June 30, 2026 and 2025, RREEF America incurred $43 and $49 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. For the six months ended June 30, 2026 and 2025, RREEF America incurred $97 and $102 of reimbursable operating expenses and offering costs, respectively, that were subject to reimbursement under the Advisory Agreement. As of June 30, 2026 and December 31, 2025, the Company had a payable to RREEF America of $45 and $65, respectively, of operating expenses and offering costs reimbursable under the Advisory Agreement.

Expense Support Agreement

Pursuant to the terms of the expense support agreement, as most recently amended on January 20, 2016 (the "Expense Support Agreement"), and as further modified on March 24, 2020 by a letter agreement (the "Letter Agreement"), the Company's obligations to reimburse RREEF America for amounts paid by RREEF America (the "Expense Payments") under the Expense Support Agreement are suspended until the first calendar month following the month in which the Company has reached $500,000 in offering proceeds from the Offerings (the "ESA Commencement Date"). As of June 30, 2026, the Company owed $5,383 to RREEF America under the Expense Support Agreement which is reflected as a note to affiliate on the Company's consolidated balance sheet (the "Note to Affiliate"). Pursuant to the Letter Agreement, beginning the month following the ESA Commencement Date, reimbursements to RREEF America will be made in the amount of $250 per month for 12 months, followed by reimbursements of $198 per month for 12 months, which will fully satisfy the principal balance owed. The Company's cumulative offering proceeds from the Offerings exceeded $500,000 during the month of July 2026, thereby establishing July 2026 as the ESA Commencement Date. As a result, reimbursements to RREEF America of the Expense Payments commenced in August 2026 in the amount of $250 per month.

In connection with the Letter Agreement, the Company recorded a discount on the Note to Affiliate in the amount of $946 based on an estimated market interest rate of 3.75%. The discount was being amortized using the effective interest method over the expected term of the Note to Affiliate. For the three months ended June 30, 2026 and 2025, the Company amortized zero and $29, respectively, of the discount on the Note to Affiliate into interest expense. For the six months ended June 30, 2026 and 2025, the Company amortized zero and $79, respectively, of
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
the discount on the Note to Affiliate into interest expense. As of June 30, 2025, the discount on the Note to Affiliate was fully amortized.

In addition, pursuant to the Letter Agreement, if RREEF America is serving as the Company's advisor at the time that the Company or the Operating Partnership undertakes a liquidation, the Company's remaining obligations to reimburse RREEF America for the unreimbursed Expense Payments under the Expense Support Agreement shall be waived.

Dealer Manager Agreement

The Company and its Operating Partnership entered into the Dealer Manager Agreement with the Dealer Manager, which was initially entered into on July 1, 2016 and most recently amended on August 2, 2023. The Dealer Manager Agreement, as most recently amended and restated on August 2, 2023, governs the distribution by the Dealer Manager of the Company's shares of common stock in the Third Public Offering and any subsequent registered public offering. In connection with the ongoing Trailing Fees to be paid in the future, the Company and the Dealer Manager entered into an agreement whereby the Company will pay to the Dealer Manager the Trailing Fees that are attributable to the Company's shares issued in the Company's initial public offering that remain outstanding. In addition, pursuant to the Dealer Manager Agreement, as amended and restated from time to time, the Company is obligated to pay to the Dealer Manager Trailing Fees that are attributable to the Company's shares issued in the Second Public Offering, the Third Public Offering and the Fourth Public Offering. As of June 30, 2026 and December 31, 2025, the Company has accrued $83 and $94, respectively, in Trailing Fees currently payable to the Dealer Manager, and $15,652 and $16,238, respectively, in Trailing Fees estimated to become payable in the future to the Dealer Manager, both of which are included in Due to affiliates on the consolidated balance sheets. The Company also pays the Dealer Manager upfront selling commissions and upfront dealer manager fees in connection with its Offerings, as applicable. For the three months ended June 30, 2026 and 2025, the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling zero and $5, respectively. For the six months ended June 30, 2026 and 2025, the Dealer Manager earned upfront selling commissions and upfront dealer manager fees totaling zero and $15, respectively.

Under the Dealer Manager Agreement, the Company is obligated to reimburse the Dealer Manager, if requested, for certain offering costs incurred by the Dealer Manager on the Company's behalf, including but not limited to broker-dealer sponsorships, attendance fees for retail seminars conducted by broker-dealers or the Dealer Manager, legal fees, and travel costs for certain personnel of the Dealer Manager related to the distribution of the Company's shares of common stock. For the three and six months ended June 30, 2026 and 2025, the Company did not reimburse the Dealer Manager for any such costs and there were no amounts included in Due to Affiliates on the consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Reimbursement Limitations

Organization and Offering Costs
The Company will not reimburse RREEF America under the Advisory Agreement or the Expense Support Agreement and will not reimburse the Dealer Manager under the Dealer Manager Agreement for any organization and offering costs which would cause the Company's total organization and offering costs with respect to a public offering to exceed 15% of the gross proceeds from such public offering. Further, the Company will not reimburse RREEF America or the Dealer Manager for any underwriting compensation (a subset of organization and offering costs) which would cause the Company's total underwriting compensation with respect to a public offering to exceed 10% of the gross proceeds from the primary portion of such public offering.
For the Initial Public Offering that ended on June 30, 2016, the Company raised $102,831 in gross proceeds and incurred $15,424 in organization and offering costs, including, as of June 30, 2026, estimated accrued Trailing Fees payable in the future of $1,296.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
For the Second Public Offering that ended on January 8, 2020, the Company raised $132,994 in gross proceeds and incurred $16,861 in organization and offering costs, including, as of June 30, 2026, estimated accrued Trailing Fees payable in the future of $5,366.
For the Third Public Offering that ended on August 10, 2023, the Company raised $149,580 in gross proceeds and incurred $16,587 in organization and offering costs, including, as of June 30, 2026, estimated accrued Trailing Fees payable in the future of $8,148.
For the Fourth Public Offering, as of June 30, 2026, the Company had raised $31,129 in gross proceeds and incurred $3,958 in organization and offering costs, including estimated accrued Trailing Fees payable in the future of $842.
Operating Expenses
Pursuant to the Company's charter, the Company may reimburse RREEF America, at the end of each fiscal quarter, for total operating expenses incurred by RREEF America, whether under the Expense Support Agreement or otherwise. However, the Company may not reimburse RREEF America at the end of any fiscal quarter for total operating expenses (as defined in the Company's charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company's assets for that period (the "2%/25% Guidelines"). Notwithstanding the foregoing, the Company may reimburse RREEF America for expenses in excess of the 2%/25% Guidelines if a majority of the Company's independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. For the four fiscal quarters ended June 30, 2026, total operating expenses of the Company were $4,593, which did not exceed the 2%/25% Guidelines.

Due to Affiliates and Note to Affiliate

In accordance with all the above, as of June 30, 2026 and December 31, 2025, the Company owed its affiliates the following amounts:

June 30, 2026 December 31, 2025
Reimbursable under the Advisory Agreement $ 45 $ 65
Advisory fees 168 175
Accrued Trailing Fees 15,735 16,332
Due to affiliates $ 15,948 $ 16,572
Note to Affiliate $ 5,383 $ 5,383

NOTE 9 - CAPITALIZATION

Under the Company's charter, the Company has the authority to issue 1,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company's authorized shares of common stock are allocated between classes as follows:
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Common Stock No. of Authorized Shares
Class A Shares 45,000,000
Class D Shares 45,000,000
Class I Shares 200,000,000
Class M-I Shares 200,000,000
Class N Shares 150,000,000
Class S Shares 200,000,000
Class T Shares 5,000,000
Class T2 Shares 150,000,000
Class Z Shares 5,000,000
1,000,000,000

Class A shares are subject to selling commissions of up to 3% of the purchase price, and annual dealer manager fees of 0.55% and distribution fees of 0.50% of NAV, both paid on a trailing basis. Class I shares are subject to annual dealer manager fees of 0.55% of NAV paid in a trailing basis, but are not subject to any selling commissions or distribution fees. Class M-I shares will not incur any up-front commissions or trailing fees. Class S shares are subject to selling commissions of up to 3% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately seven years. Class T2 shares are subject to selling commissions of up to 3% of the purchase price, an up-front dealer manager fee of up to 0.50% of the purchase price, and annual distribution fees of 0.85% of the NAV paid on a trailing basis for approximately six years. Class D shares sold in the Private Offerings are subject to selling commissions of up to 1.0% of the purchase price, but do not incur any dealer manager or distribution fees.

Class T and Class N shares are not sold in the primary portion of the Fourth Public Offering. Class T shares were sold in the primary portion of the Second Public Offering and the Third Public Offering. Class T shares are subject to annual distribution fees of 1.0% of NAV paid on a trailing basis for approximately three years from the date of purchase. Class N shares will be issued upon conversion of an investor's Class T shares upon the earliest of (i) the investor's Class T share account has incurred a maximum of 8.5% of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to a public offering exceeds 10% of the gross proceeds from the primary portion of such offering; (iii) a listing of the Class N shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company's assets. For the three and six months ended June 30, 2026, 4,027 and 23,278 Class T shares were converted to 4,073 and 23,508 Class N shares, respectively. For the three and six months ended June 30, 2025, 1,809 and 13,314 Class T shares were converted to 1,824 and 13,426 Class N shares, respectively.

Class S and Class T2 shares will convert to Class M-I shares upon the earliest of (i) the investor's Class S or Class T2 share account has incurred a maximum of 8.75% (or such lower percentage as set forth in an agreement between our dealer manager and a participating broker-dealer in effect at the time such Class S or Class T2 shares were first issued to such account) of commissions, dealer manager fees and distribution fees; (ii) the total underwriting compensation from whatever source with respect to a public offering exceeds 10% of the gross proceeds from the primary portion of such offering; (iii) a listing of the Class S shares or Class T2 shares; or (iv) the Company's merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company's assets. For the three and six months ended June 30, 2026, 16 Class T2 shares were converted to 16 Class M-I shares. No Class T2 shares were converted during the three and six months ended June 30, 2025.

Class Z shares are expected to be sold only in a private offering to RREEF America. Class Z shares do not incur any sales commissions, dealer manager fees or distribution fees. On January 28, 2025, 75,000 Class I shares owned by RREEF America were exchanged for 74,944 Class Z shares. On October 7, 2025, 75,000 additional Class I
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
shares owned by RREEF America were exchanged for 75,000 Class Z shares. On May 20, 2026, 75,000 additional Class I shares owned by RREEF America were exchanged for 75,000 Class Z shares. On February 26, 2026, RREEF Fund Holding LLC, an affiliate of the Company's advisor, purchased $15,000 of Class Z shares.

The Company's board of directors is authorized to amend its charter from time to time, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of common stock or the number of shares of any class or series that the Company has authority to issue.

Stock Issuance

During six months ended June 30, 2026 and 2025, the Company issued common stock, excluding shares issued in the distribution reinvestment plan, as follows:

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
No. of shares
Amount
No. of shares
Amount
Class A Shares 740 $ 10 - $ -
Class D Shares - - 370,645 5,000
Class I Shares 52,407 690 190,723 2,565
Class M-I Shares - - - -
Class N Shares converted from Class T Shares, net 230 - 112 -
Class T Shares - - - -
Class T2 Shares - - 32,035 440
Class Z Shares 1,140,685 15,000 - -
Total
1,194,062 $ 15,700 593,515 $ 8,005

There were no Class S Shares issued as of June 30, 2026.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan that allows stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company's distribution reinvestment plan at the NAV per share applicable to that class, calculated as of the distribution date and after giving effect to all distributions. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company's common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of the Company's common stock in cash.

Share Redemption Plan

In an effort to provide the Company's stockholders with liquidity in respect of their investment in shares of the Company's common stock, the Company has adopted a share redemption plan (the "SRP"). Pursuant to the SRP, stockholders of the Company may request, on a monthly basis, that the Company redeem all or any portion of their shares of common stock, provided that such redemptions (i) will be effected at a redemption price (the "Redemption Price") equal to the NAV per share for such applicable class of shares as of a date (the "Redemption Pricing Date") that is at least ten business days before their redemption (the "Redemption Date") and (ii) will be limited to no more than 2.0% of the Company's combined NAV per month and no more than 5.0% of the Company's combined NAV per calendar quarter, with the Company's combined NAV for each limit to be calculated as of the last calendar day
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
of the prior quarter. After the close of business on the Redemption Pricing Date, and in any event no later than the opening of business on the immediately following business day, the Company will post the Redemption Price for each class of shares of common stock on its website. In the event that there is a material change in the NAV per share between the Redemption Pricing Date and the Redemption Date, the Company may determine that the previously-disclosed Redemption Price is no longer appropriate. If the Redemption Price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no redemption requests will be accepted for such month and stockholders who wish to have their shares redeemed the following month must resubmit their redemption requests.

Each redemption request will be evaluated by the Company in consideration of rules and regulations promulgated by the Internal Revenue Service with respect to dividend equivalent redemptions. Redemptions that may be considered dividend equivalent redemptions may adversely affect the Company or its stockholders. Accordingly, the Company may reject any redemption request that it reasonably believes may be treated as a dividend equivalent redemption.

While there is no minimum holding period, purchased shares (excluding shares acquired via the Company's distribution reinvestment plan) redeemed within 365 days of the date of purchase will be redeemed at the Company's NAV per share of the class of shares being redeemed on the Redemption Date less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to such purchased shares which are being redeemed.

In the event that any stockholder fails to maintain a minimum balance of $500 (not in thousands) worth of shares of common stock, the Company may redeem all of the shares held by that stockholder at the Redemption Price in effect for the month in which such shares are redeemed by the Company, less the short-term trading discount of 2%, if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV.

Under the SRP, redemptions requested for the month of January 2026 and for each of the months from March 2026 through June 2026 exceeded the applicable monthly or quarterly limit as described above. Accordingly, stockholders received 71.3%, 79.4%, 95.6%, 97.5%, and 67.6% of the amount requested for the months of January, March, April, May and June 2026, respectively. For the months of February and July 2026, redemptions requested were below the 2% monthly limit, and therefore 100% of all redemption requests received were honored.

During the three and six months ended June 30, 2026 and 2025, redemptions were as shown below. The Company funded these redemptions with cash flow from operations, asset sales, proceeds from its Offerings or borrowings. The weighted average redemption prices are shown before allowing for any applicable 2% short-term trading discounts.

Three Months Ended June 30, 2026 Shares Weighted Average Share Price Amount
Class A 154,166 $ 13.10 $ 2,020
Class I 378,935 13.19 4,999
Class T - - -
Class D 50,835 13.21 672
Class N 23,678 13.10 310
Class M-I 115,798 13.09 1,515
Class T2 82,125 13.02 1,069

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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Six Months Ended June 30, 2026 Shares Weighted Average Share Price Amount
Class A 302,828 $ 13.07 $ 3,959
Class I 834,993 13.15 10,978
Class T 4,652 13.15 61
Class D 150,228 13.15 1,976
Class N 45,311 13.05 591
Class M-I 131,360 13.07 1,717
Class T2 111,059 13.01 1,445

Three Months Ended June 30, 2025 Shares Weighted Average Share Price Amount
Class A 316,912 $ 13.30 $ 4,215
Class I 281,441 13.39 3,770
Class T - - -
Class D 259,283 13.42 3,480
Class N 20,602 13.17 271
Class M-I 1,231 13.28 16
Class T2 2,090 13.25 28

Six Months Ended June 30, 2025 Shares Weighted Average Share Price Amount
Class A 517,839 $ 13.34 $ 6,908
Class I 726,174 13.46 9,771
Class T 535 13.50 7
Class D 489,239 13.46 6,587
Class N 23,446 13.20 309
Class M-I 6,216 13.34 83
Class T2 3,742 13.28 50

The Company's board of directors has the discretion to suspend or modify the SRP at any time, including in circumstances in which it (1) determines that such action is in the best interest of the Company's stockholders, (2) determines that it is necessary due to regulatory changes or changes in law or (3) becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed. In addition, the Company's board of directors may suspend the Offerings and the redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company's assets.

Share-Based Compensation

The Company has in place an incentive compensation plan and an independent directors compensation plan (the "Compensation Plans"). The Compensation Plans were created to attract, retain and compensate highly-qualified individuals, who are not employees of the Company or any of its subsidiaries or affiliates, for service as members of the board by providing them with competitive compensation.
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)

Pursuant to the independent directors compensation plan, upon completion of each annual stockholder meeting, the Company grants shares of restricted Class D common stock to each of the Company's independent directors (the "Annual Share Grant Awards"). The fair value of the Annual Share Grant Awards will be determined using the Company's share price for the class of shares granted on the date of grant. The Annual Share Grant Awards shall vest and become non-forfeitable at the next annual stockholder meeting (approximately one year from issue date). The Company has elected to account for any forfeitures of restricted stock awards as they occur.

Below is a summary of the activity, per share value and recognized expense for the stock awards.

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value
Outstanding, beginning of period 5,613 $ 13.36 5,613 $ 13.36
Changes during the period:
Granted 5,673 13.22 5,673 13.22
Vested (5,613) 13.36 (5,613) 13.36
Forfeited - - - -
Outstanding, end of period 5,673 13.22 5,673 13.22
Amount included in general and administrative expenses $ 18 $ 36

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
Stock Awards Class D Shares Weighted Average Grant Date Fair Value Class D Shares Weighted Average Grant Date Fair Value
Outstanding, beginning of period 5,442 $ 13.78 5,442 $ 13.78
Changes during the period:
Granted 5,613 13.36 5,613 13.36
Vested (5,442) 13.78 (5,442) 13.78
Forfeited - - - -
Outstanding, end of period 5,613 13.36 5,613 13.36
Amount included in general and administrative expenses $ 18 $ 37


NOTE 10 - NET INCOME (LOSS) PER SHARE

The Company computes net income (loss) per share for each class of common stock with shares outstanding using the two-class method. RREEF America may earn a performance component of the advisory fee (see Note 9) which may impact the net income (loss) of each class of common stock differently. The performance component and the impact on each class of common stock, if any, are shown below.
Basic and diluted net income (loss) per share for each class of common stock is computed using the weighted-average number of common shares outstanding during the period for each class of common stock. The Annual Share Grant Awards granted to the Company's independent directors (see Note 9) qualify as participating securities and
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
therefore also require use of the two-class method for computing net income (loss) per share. The unvested Annual Share Grant Awards were anti-dilutive or immaterially dilutive for the three and six months ended June 30, 2026 and 2025.
The following table sets forth the computation of basic and diluted net income (loss) per share for each class of the Company's common stock which had shares outstanding during the relevant period.
Three Months June 30, 2026
Class A Class I Class T Class D Class N Class M-I Class T2 Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee $ (92) $ (254) $ - $ (45) $ (17) $ (14) $ (18) $ (43)
Allocation of performance fees - - - - - - - -
Total numerator $ (92) $ (254) $ - $ (45) $ (17) $ (14) $ (18) $ (43)
Denominator - weighted average number of common shares outstanding 3,004,472 8,276,289 9,660 1,459,997 561,876 462,162 600,760 1,400,244
Basic and diluted loss per share: $ (0.03) $ (0.03) $ (0.03) $ (0.03) $ (0.03) $ (0.03) $ (0.03) $ (0.03)
Six Months Ended June 30, 2026
Class A Class I Class T Class D Class N Class M-I Class T2 Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee $ (177) $ (487) $ (1) $ (86) $ (33) $ (28) $ (36) $ (60)
Allocation of performance fees - - - - - - - -
Total numerator $ (177) $ (487) $ (1) $ (86) $ (33) $ (28) $ (36) $ (60)
Denominator - weighted average number of common shares outstanding 3,079,521 8,461,349 16,997 1,493,024 564,295 488,066 626,769 1,036,415
Basic and diluted loss per share: $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06)
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30, 2025
Class A Class I Class T Class D Class N Class M-I Class T2 Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee $ (54) $ (141) $ (1) $ (31) $ (9) $ (8) $ (11) $ (2)
Allocation of performance fees - - - - - - - -
Total Numerator $ (54) $ (141) $ (1) $ (31) $ (9) $ (8) $ (11) $ (2)
Denominator - weighted average number of common shares outstanding 3,601,611 9,470,237 38,964 2,105,922 617,928 512,305 722,961 149,944
Basic and diluted loss per share: $ (0.01) $ (0.01) $ (0.01) $ (0.02) $ (0.01) $ (0.01) $ (0.01) $ (0.01)
Six Months Ended June 30, 2025
Class A Class I Class T Class D Class N Class M-I Class T2 Class Z
Basic and diluted net loss per share:
Allocation of net loss before performance fee $ (224) $ (577) $ (3) $ (132) $ (37) $ (31) $ (43) $ (8)
Allocation of performance fees - - - - - - - -
Total Numerator $ (224) $ (577) $ (3) $ (132) $ (37) $ (31) $ (43) $ (8)
Denominator - weighted average number of common shares outstanding 3,724,585 9,574,261 43,718 2,198,282 611,316 510,179 715,838 138,765
Basic and diluted net loss per share: $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06) $ (0.06)
NOTE 11 - DISTRIBUTIONS

In order to qualify as a REIT, the Company is required, among other things, to distribute dividends each taxable year of at least 90% of its taxable income determined without regard to the dividends-paid deduction and excluding net capital gains, and to meet certain tests regarding the nature of the Company's income and assets. In addition, the Company must distribute 100% of its net realized capital gains to avoid paying income tax on any undistributed net realized capital gains. The Company expects that its board of directors will continue to declare distributions payable monthly in arrears. Any distributions the Company makes will be at the discretion of its board of directors, considering factors such as its earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. The Company commenced operations on May 30, 2013 and elected taxation as a REIT for the year ended December 31, 2013. Distributions for each month are payable on the first business day following the record date. Any distributions reinvested by the stockholders in accordance with the Company's dividend reinvestment plan are reinvested at the per share NAV of the same class determined at the close of business on the first business day following the record date.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
The tables below show the aggregate declared distribution amount for each period presented based on the actual amounts paid for such period.
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Declared distribution amount per share, before adjustment for class-specific fees $ 0.22489
Distributions paid or payable in cash $ 2,117 $ 4,159
Distributions reinvested 1,164 2,380
Distributions declared $ 3,281 $ 6,539
Class A Shares issued upon reinvestment 23,231 47,207
Class I Shares issued upon reinvestment 49,838 101,851
Class T Shares issued upon reinvestment 87 229
Class D Shares issued upon reinvestment 1,170 2,347
Class N Shares issued upon reinvestment 4,071 8,389
Class M-I Shares issued upon reinvestment 6,099 13,232
Class T2 Shares issued upon reinvestment 4,244 9,046

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
Declared distribution amount per share, before adjustment for class-specific fees $ 0.22490
Distributions paid or payable in cash $ 2,134 $ 4,256
Distributions reinvested 1,416 2,957
Distributions declared $ 3,550 $ 7,213
Class A Shares issued upon reinvestment 25,207 55,824
Class I Shares issued upon reinvestment 59,797 123,485
Class T Shares issued upon reinvestment 176 467
Class D Shares issued upon reinvestment 1,466 3,137
Class N Shares issued upon reinvestment 5,444 10,642
Class M-I Shares issued upon reinvestment 7,287 14,436
Class T2 Shares issued upon reinvestment 6,600 13,033

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Class A $ 572 $ 1,178
Class I 1,716 3,513
Class T 1 7
Class D 330 674
Class N 127 253
Class M-I 104 219
Class T2 118 246
Class Z 313 449
Distributions declared $ 3,281 $ 6,539
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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
Class A $ 683 $ 1,417
Class I 1,957 3,958
Class T 7 16
Class D 475 977
Class N 138 274
Class M-I 115 229
Class T2 141 280
Class Z 34 62
Distributions declared $ 3,550 $ 7,213


NOTE 12 - INCOME TAXES

The Company believes that it has operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes beginning with the taxable year ended December 31, 2013, when it first elected REIT status. In each calendar year that the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal income tax to the extent it meets certain criteria and distributes its REIT taxable income to its stockholders. Distributions declared and paid by the Company may consist of ordinary income, qualifying dividends, return of capital, capital gains or a combination thereof. The characterization of the distributions into these various components will impact how the distributions are taxable to the stockholder who received them. Distributions that constitute a return of capital generally are non-taxable and will reduce the stockholder's basis in the shares. The characterization of the distributions is generally determined during the month of January following the close of the tax year.

Net worth and similar taxes paid to certain states where the Company owns real estate properties were zero for each of the three months ended June 30, 2026 and 2025. Net worth and similar taxes paid to certain states where the Company owns real estate properties were $15 for each of the six months ended June 30, 2026 and 2025.


NOTE 13 - SEGMENT INFORMATION

The Company intends to operate in three reportable segments: (1) Real Estate Properties, (2) Real Estate Equity Securities and (3) Real Estate Loans. For the three and six months ended June 30, 2026 and 2025, the Company had two reportable segments with separately reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment and investment strategies and objectives. The Company's Chief Operating Decision Makers ("CODMs") are its Chief Executive Officer and President and its Chief Financial Officer. The CODMs utilize the operating income or loss of each segment, as shown below, to assess the performance and cash flows of each segment and to allocate resources among the segments.

The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of June 30, 2026 and December 31, 2025 and net income (loss) for the three and six months ended June 30, 2026 and 2025.

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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Real Estate Properties Real Estate Equity Securities Total
Carrying value as of June 30, 2026 $ 316,204 $ 144 $ 316,348
Receivables 6,154 1 6,155
Deferred leasing costs 1,919 - 1,919
Prepaid and other assets 1,639 - 1,639
Subtotal $ 325,916 $ 145 $ 326,061
Reconciliation to total assets of June 30, 2026
Carrying value per reportable segments $ 326,061
Other assets 7,556
Total assets $ 333,617
Carrying value as of December 31, 2025 $ 352,388 $ 123 $ 352,511
Receivables 7,810 - 7,810
Deferred leasing costs 2,036 - 2,036
Prepaid and other assets 1,592 - 1,592
Subtotal $ 363,826 $ 123 $ 363,949
Reconciliation to total assets of December 31, 2025
Carrying value per reportable segments $ 363,949
Other assets 8,527
Total assets $ 372,476

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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30, 2026 Real Estate Properties Real Estate Equity Securities Total
Property related income $ 8,539 $ - $ 8,539
Investment income on marketable securities - 1 1
Total revenues 8,539 1 8,540
Property operating expenses (2,522) - (2,522)
Administration expenses - (6) (6)
Net unrealized change in fair value of investment in marketable securities - 12 12
Operating income - segments $ 6,017 $ 7 $ 6,024
Three Months Ended June 30, 2025
Property related income $ 10,387 $ - $ 10,387
Investment income on marketable securities - 1 1
Total revenues 10,387 1 10,388
Property operating expenses (3,083) - (3,083)
Administration expenses - (4) (4)
Net realized loss upon sale of marketable securities - (2) (2)
Net unrealized change in fair value of investment in marketable securities - (1) (1)
Operating income (loss) - segments $ 7,304 $ (6) $ 7,298


Three Months Ended June 30,
Reconciliation to net loss
2026
2025
Operating income - segments $ 6,024 $ 7,298
Interest income 20 32
General and administrative expenses (534) (557)
Advisory expenses (519) (575)
Depreciation (2,322) (2,512)
Amortization (343) (459)
Operating income 2,326 3,227
Interest expense (2,809) (3,484)
Net loss $ (483) $ (257)

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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)
Six Months Ended June 30, 2026 Real Estate Properties Real Estate Equity Securities Total
Property related income $ 17,232 $ - $ 17,232
Investment income on marketable securities - 2 2
Total revenues 17,232 2 17,234
Property operating expenses (4,654) - (4,654)
Administration expenses - (12) (12)
Net realized gain on sale of real estate 231 - 231
Net realized loss upon sale of marketable securities - (1) (1)
Net unrealized change in fair value of investment in marketable securities - 19 19
Operating income - segments $ 12,809 $ 8 $ 12,817
Six Months Ended June 30, 2025
Property related income $ 20,440 $ - $ 20,440
Investment income on marketable securities - 2 2
Total revenues 20,440 2 20,442
Property operating expenses (6,424) - (6,424)
Administration expenses - (10) (10)
Net realized loss on sale of real estate (91) - (91)
Net realized loss upon sale of marketable securities - (1) (1)
Net unrealized change in fair value of investment in marketable securities - (4) (4)
Operating income (loss) - segments $ 13,925 $ (13) $ 13,912


Six Months Ended June 30,
Reconciliation to net loss 2026 2025
Operating income - segments $ 12,817 $ 13,912
Interest income 64 78
General and administrative expenses (1,404) (1,215)
Advisory expenses (1,027) (1,166)
Depreciation (4,706) (4,885)
Amortization (764) (919)
Operating income 4,980 5,805
Interest expense (5,888) (6,860)
Net loss $ (908) $ (1,055)

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RREEF PROPERTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
June 30, 2026
(Unaudited)
(in thousands, except share and per share data)




NOTE 14 - ECONOMIC DEPENDENCY
The Company depends on RREEF America and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company's shares of common stock, asset acquisition and disposition decisions and other general and administrative responsibilities. In the event that RREEF America or the Dealer Manager is unable to provide such services, the Company would be required to find alternative service providers.

NOTE 15 - COMMITMENTS AND CONTINGENCIES
In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of real estate investments. In the Company's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.
The Company, as an owner of real estate, is subject to various environmental laws of federal and local governments. All of the Company's properties were subject to assessments, involving visual inspections of the properties and their neighborhoods. The Company carries environmental liability insurance on its properties that provides coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company does not believe such environmental assessments will have a material adverse impact on the Company's consolidated financial position or results of operations in the future.

NOTE 16 - SUBSEQUENT EVENTS

On August 7, 2026, the Company sold Terra Nova Plaza to an entity not affiliated with the Company, RREEF America or any of their respective affiliates, for $30,400, before closing costs. Proceeds from the sale were used to reduce outstanding balances on the Wells Fargo Line of Credit.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements, the notes thereto and the other unaudited financial data included in this Quarterly Report on Form 10-Q, or this Quarterly Report. The following discussion should also be read in conjunction with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. We further invite you to visit our website, www.rreefpropertytrust.com, where we routinely post additional information about our Company, such as, without limitation, our daily net asset value, or NAV, per share. The contents of our website may be deemed material and are not incorporated by reference. The terms "we," "us," "our" and the "Company" refer to RREEF Property Trust, Inc. and its subsidiaries.

The NAV per share is published daily via NASDAQ's Mutual Fund Quotation System under the symbols ZRPTAX, ZRPTIX, ZRPTMX, ZRPTNX, ZRPTTX, ZRPTUX and ZRPTDX for our Class A shares, Class I shares, Class M-I shares, Class N shares, Class T shares, Class T2 shares and Class D shares, respectively. The NAV per share for our Class S shares will be available on the Company's website and via NASDAQ's Mutual Fund Quotation System once the first sale of shares for this share class has occurred.

All dollar amounts included in this Quarterly Report on Form 10-Q are presented in thousands, except for per share data.

Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, or Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about our plans, strategies and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guaranty of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," "plan," "potential," "predict" or other similar words.

The forward-looking statements included herein are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.

Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We caution readers not to place undue reliance on forward-looking statements, which reflect our management's view only as of the date this Quarterly Report on Form 10-Q is filed with the Securities and Exchange Commission, or the SEC. We make no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained in this Quarterly Report on Form 10-Q. Additionally, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. The forward-looking statements should be read in light of the risk factors identified in "Risk Factors" of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025.

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Overview

We are a Maryland corporation formed on February 7, 2012, our inception date, to invest in a diversified portfolio of high-quality, income-producing commercial real estate properties and other real estate-related assets. We are an externally advised, perpetual-life corporation that initially elected to be taxed as a REIT for federal income tax purposes for the calendar year ended December 31, 2013. We invest primarily in the office, industrial, retail and residential sectors of the commercial real estate industry in the United States and may also invest in the self-storage sector. We also invest in real estate-related assets, which include common and preferred stock of publicly-traded REITs and other real estate companies, which we refer to as "real estate equity securities," and debt investments backed by real estate, which we refer to as "real estate loans." We hold our properties, real estate-related assets and other investments through RREEF Property Operating Partnership, LP, or our operating partnership, of which we are the sole general partner.

Our board of directors has ultimate oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to our advisory agreement, our board of directors has delegated to RREEF America L.L.C., or our advisor, authority to manage our day-to-day business in accordance with our investment objectives, strategy, guidelines, policies and limitations. Our advisory agreement is renewable annually upon approval by our board of directors, including a majority of our independent directors. The current term expires on August 2, 2027.

We raise capital through a combination of public and private offerings of our shares of common stock. Our initial public offering commenced on January 3, 2013, through which we raised $102,831 (the "Initial Public Offering"). Our second public offering commenced on July 12, 2016, through which we raised $132,994 (the "Second Public Offering"). Our third public offering commenced on January 8, 2020, through which we raised $149,580 (the "Third Public Offering"). Our fourth public offering commenced on August 10, 2023, through which we raised $31,129 as of June 30, 2026 (the "Fourth Public Offering"). We have registered for sale in our Fourth Public Offering up to $2,000,000 of shares of our common stock to be sold on a "best efforts" basis in any combination of Class A, Class I, Class M-I, Class N, Class S, Class T or Class T2 common stock. On July 27, 2026, we filed a registration statement on Form S-11 for our fifth public offering of up to $1,950,000 in shares of common stock, consisting of up to $1,750,000 in shares in our primary offering and up to $200,000 in shares pursuant to our distribution reinvestment plan, which has not yet been declared effective.

On January 20, 2016, we launched a private offering of up to a maximum of $350,000 of our Class D shares (the "Reg D Private Offering"). The Reg D Private Offering is being conducted pursuant to Rule 506(c) of Regulation D promulgated under the Securities Act.

On November 17, 2020, we commenced a separate private offering of up to a maximum of $300,000 in Class D shares under Regulation S promulgated under the Securities Act (the "Reg S Private Offering" and, together with the Reg D Private Offering, the "Private Offerings"). We refer to the Initial Public Offering, Second Public Offering, Third Public Offering, Fourth Public Offering and the Private Offerings collectively as our "offerings."

The per share purchase price of our common stock varies from day-to-day, and on any given business day, for a given share class, is equal to our NAV of such share class divided by the number of shares of our common stock outstanding for such share class as of the end of business on such day, plus, for Class A, Class D, Class S and Class T2 shares only, applicable selling commissions and dealer manager fees.

We are structured as a perpetual-life, non-exchange traded REIT. This means that, subject to regulatory approval of our filing for additional offerings, we intend to sell shares of our common stock on a continuous basis and for an indefinite period of time. We will endeavor to take all reasonable actions to avoid interruptions in the continuous public offering of our shares of common stock. There can be no assurance, however, that we will not need to suspend our continuous public offering. The public offering must be registered in every state in which we offer or sell shares. Generally, such registrations are for a period of one year. Thus, we may have to stop selling shares in our public offering in any state in which our registration is not renewed or otherwise extended annually.
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We reserve the right to terminate the Fourth Public Offering at any time and to extend the Fourth Public Offering's term to the extent permissible under applicable law.

Portfolio Information

Real Estate Property Portfolio

As of June 30, 2026, we owned 8 properties diversified across geography and sector. Excluding our residential properties with leases that roll over approximately every year, as of June 30, 2026, our weighted average remaining lease term for active leases was 6.5 years. The following table sets forth certain additional information about the properties we owned as of June 30, 2026:
Property Location Rentable Square Feet Number of Leases/Units
Leased(1)
Office Properties
Loudoun Gateway Sterling, VA 102,015 1 100.0
Office Total 102,015 1 100.0
Retail Properties
Wallingford Plaza(2)
Seattle, WA 30,761 4 90.9
Terra Nova Plaza(3)
Chula Vista, CA 96,114 2 100.0
Providence Square(4)
Marietta, GA 222,805 27 100.0
Retail Total 349,680 33 99.0
Industrial Properties
Commerce Corner
Logan Township, NJ 400,901 2 100.0
Seattle East Industrial
Redmond, WA 210,321 1 100.0
Industrial Total 611,222 3 100.0
Residential Properties
The Flats at Carrs Hill Athens, GA 135,896 138 95.9
The Glenn Centennial, CO 274,688 306 91.5
Residential Total 410,584 444 93.0
Grand Total 1,473,501 37/444 97.4 %
(1) Leased percentage is based on executed leases as of June 30, 2026, is calculated based on square footage for a single property and is weighted by relative property value when calculated for more than one property together.
(2) Wallingford Plaza is ground floor retail plus two floors of office space.
(3) Terra Nova was sold to a third party on August 7, 2026.
(4) The total square footage for Providence Square includes a freestanding restaurant of 5,779 square feet that is subject to a ground lease to a single tenant.

Real Estate Equity Securities Portfolio

As of June 30, 2026, our real estate equity securities portfolio consisted of publicly-traded common stock of 33 REITs with a value of $144 allocated across multiple property type sectors. We believe that investing a portion of our proceeds from our offerings into a diversified portfolio of common and preferred shares of REITs and other real estate operating companies will provide the overall portfolio some flexibility with near-term liquidity as well as potentially enhance our NAV over a longer period. Our real estate equity securities portfolio is regularly reviewed and evaluated to determine whether the securities held continue to serve their original intended purposes.

Real Estate Loan Portfolio

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In October 2022, we invested in certain certificates of commercial mortgage backed securities securitized through a trust. We sold all of these real estate loan investments between February and July 2024. Since July 2024, we have not owned any real estate loan investments.

Market Outlook

As reported by the National Council of Real Estate Investment Fiduciaries ("NCREIF") as of June 2026, U.S. commercial real estate remained stable in the second quarter of 2026 as evidenced by: property returns being positive for an eighth consecutive quarter, totaling 5% on a trailing four-quarter basis; the retail sector with returns of 6.7% maintained a lead over other sectors, which clustered in the 4%-5% range, on a trailing four-quarter basis; and capitalization rates changed little, while fundamentals broadly improved, with all major sectors posting occupancy gains.

While positive returns are welcome, we believe that to break out of the recent holding pattern, one or both of two things need to occur: either capitalization rates need to fall, or fundamentals need to tighten. We are cautious regarding the former, but more optimistic concerning the latter.

In our view, capitalization rates are largely driven by interest rates. Over the past 60 years, they have displayed a 0.88 correlation with long-term BAA bond yields, according to Moody's Analytics in March 2026. According to Moody's Analytics in March 2026, interest rates have oscillated this year, and whipsawed, in our view, by geopolitical events, which have roiled inflation expectations. Abstracting from the daily volatility, the direction of travel is highly uncertain, in our view. On one hand, there is an argument that deglobalization, fiscal deficits, and artificial intelligence-fueled demand for capital will lift interest rates, while on the other, there is an argument that demographics via an aging population and artificial intelligence-supported disinflation will lower them. In its latest Summary of Economic Projections in June 2026, the Federal Reserve anticipated modest rate reductions over the next few years, which could exert downward pressure on long-term bond yields and capitalization rates. However, we believe that the outlook is highly uncertain.

Prospects for fundamentals appear more decidedly favorable, in our view. Real estate absorption weighted across sectors is tied to the economy based on a correlation over the past 30 years of 0.83, according to the Bureau of Economic Analysis ("BEA") in March 2026. Further, the BEA in March 2026 reported that the COVID pandemic unleashed shockwaves, such as remote work, that disrupted the connection, but demand as reported by CBRE Econometric Advisors ("CBRE-EA") in March 2026 recoupled to GDP over the past year. Provided that economic growth remains on track - consistent with consensus expectations - real estate demand should follow suit, according to Moody's Analytics in July 2026. Meanwhile, the supply side of the fundamentals is unambiguously positive, in our view. In the second quarter 2026, CBRE-EA reported that apartment and industrial sector deliveries as a share of inventory dropped to their lowest levels since COVID and 2014, respectively. Further, CoStar reported in June 2026 that construction starts weighted across sectors were down 58% from their 2022 peak, pointing to subdued supply for at least two years, and possibly longer.

The real estate outlook is subject to risks, not least from geopolitics, in our view. However, we believe that underlying fundamentals augur well for the asset class over the medium term.


Results of Operations

As of June 30, 2026, we owned 8 properties and invested in real estate equity securities as described above under "Portfolio Information." We expect to continue to raise additional capital, increase our borrowings and make future investments in our targeted segments of real estate properties, real estate equity securities and real estate loans, which we believe will have a significant impact on our future results of operations.

The following table illustrates the changes in our income statement components for the three and six months ended June 30, 2026 and 2025.


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Three Months Ended June 30, Six Months Ended June 30,
2026 2025 Change 2026 2025 Change
Revenues
Property related income $ 8,539 $ 10,387 $ (1,848) $ 17,232 $ 20,440 $ (3,208)
Interest income 20 32 (12) 64 78 (14)
Investment income on marketable securities 1 1 - 2 2 -
Total revenues 8,560 10,420 (1,860) 17,298 20,520 (3,222)
Expenses
General and administrative expenses 540 561 (21) 1,416 1,225 191
Property operating expenses 2,522 3,083 (561) 4,654 6,424 (1,770)
Advisory fees 519 575 (56) 1,027 1,166 (139)
Depreciation 2,322 2,512 (190) 4,706 4,885 (179)
Amortization 343 459 (116) 764 919 (155)
Total operating expenses 6,246 7,190 (944) 12,567 14,619 (2,052)
Net realized gain (loss) upon sale of real estate - - - 231 (91) 322
Net realized loss upon sale of marketable securities - (2) 2 (1) (1) -
Net unrealized change in fair value of investment in marketable securities 12 (1) 13 19 (4) 23
Operating income
2,326 3,227 (901) 4,980 5,805 (825)
Interest expense (2,809) (3,484) 675 (5,888) (6,860) 972
Net loss $ (483) $ (257) $ (226) $ (908) $ (1,055) $ 147

Three and Six Months Ended June 30, 2026 and 2025

Property Related Income

Property related income for the three and six months ended June 30, 2026 decreased compared to the 2025 periods primarily due to the decreased base rent at Miami Industrial properties (Palmetto Lakes and Hialeah II) and Elston Plaza due to their dispositions that occurred in September 2025 and March 2026, respectively.

Interest Income

Our interest income is generated from automated, overnight sweeps of cash to an interest-bearing account.

Investment Income on Marketable Securities

As of June 30, 2026 and 2025, our real estate equity securities portfolio consisted of publicly-traded common stock with fair value of $144 and $120, respectively, which pays distributions of approximately 3.8% per annum.

General and Administrative Expenses

Our general and administrative expenses include a variety of corporate expenses, the largest of which generally are directors and officers insurance, audit fees, board of director compensation and legal costs. Compared to the three months ended June 30, 2025, the 2026 period saw lower general and administrative expenses which were
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driven by lower appraisal fees, audit fees and legal expenses, offset by higher professional fees. Compared to the six months ended June 30, 2025, the 2026 period saw higher professional fees and legal expenses, offset by lower audit fees.

Property Operating Expenses

Property operating expenses for the three and six months ended June 30, 2026 decreased compared to the same periods in 2025. The decline was primarily driven by property dispositions, including Heritage Parkway, Palmetto and Hialeah II in 2025, as well as Elston Plaza in 2026. The reduction in expenses for the three months ended June 30, 2026 was mainly attributable to decreases in real estate taxes, insurance, marketing expenses and maintenance and repairs. Property operating expenses for the six months ended June 30, 2026 decreased from the 2025 period due to lower real estate taxes, insurance, maintenance and repairs.

Advisory Fees

The fixed component of the advisory fee pursuant to the advisory agreement is equal to 1% per annum of the NAV for each share class and is calculated and accrued daily and reflected in our NAV per share. The fixed component of the advisory fee was lower in the 2026 period compared to the 2025 period which is commensurate with the overall decrease in our average NAV due to fulfilling elevated share redemption requests and reduced capital raising.

In accordance with our advisory agreement, our advisor can earn the performance component of the advisory fee when the total return to stockholders of a particular share class exceeds a required per annum hurdle for such share class (the "Hurdle Amount"). The performance component is calculated separately for each share class and is comprised of the distributions paid to stockholders in each share class combined with the change in the price per share of each share class. For any calendar year in which the total return per share allocable to a class exceeds the Hurdle Amount for such class, RREEF America will receive a percentage of the aggregate total return allocable to such class. The performance component of the advisory fee is payable annually based on the results for the entire calendar year. The actual performance component that our advisor could earn in the current calendar year depends on several factors, including but not limited to the performance of our investments, our expenses and interest rates. For the three and six months ended June 30, 2026 and 2025, the performance fees did not meet the criteria for accrual in accordance with GAAP, resulting in no performance component of the advisory fee.

Depreciation and Amortization

Depreciation expense decreased for the three and six months ended June 30, 2026 when compared to the same periods in 2025. Depreciation decreased for the 2026 periods due to property dispositions since 2025. Amortization decreased for the three and six months ended June 30, 2026 compared to the corresponding periods in 2025, primarily due to the dispositions.

Sale of Real Estate

On February 28, 2025, we sold Heritage Parkway for $5,000, resulting in a net realized loss of $91.

On March 17, 2026, we sold Elston Plaza for $27,000, resulting in a net realized gain of $231.

Marketable Securities

Our portfolio of publicly-traded REIT securities is rebalanced on a quarterly basis, resulting in a net realized gain or loss. Further, our securities portfolio is reported at fair value resulting in unrealized gains and losses being recognized in income.

Interest Expense

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The decrease in interest expense for the three and six months ended June 30, 2026 compared to the 2025 periods was primarily due to a lower total weighted average outstanding balance for all loans combined, along with a lower weighted average interest rate on the Wells Fargo Line of Credit and reduced finance cost amortization. Our total outstanding loan balance as of June 30, 2026 consisted of 70% fixed rate loans and 30% floating rate loans.

We expect our interest expense to increase in future periods because we anticipate acquiring additional properties or making real estate debt investments with borrowings, including by utilizing additional property-specific debt as a form of permanent financing along with continuing to use the Wells Fargo Line of Credit. Interest rates available for both fixed and floating rate financing of property acquisitions are subject to numerous factors, including but not limited to higher U.S. Treasury rates, higher inflation, tariffs, bank failures and war, as well as other general economic and/or geopolitical conditions. Consequently, higher interest rates will cause us to incur higher interest costs on our floating rate line of credit, and may reduce the availability of reasonable financing rates relative to yields on property investments. Moreover, actual availability of financing capital may be reduced at any given time, which may occur as a result of inflation, higher interest rates or an anticipated or actual recession.

Inflation

The rate of inflation as measured by the consumer price index is subject to countless economic, regulatory, geopolitical and population driven variables. The spike in inflation that occurred from mid-2021 through mid-2023 may recur in the future. Additionally, the economic impacts of the war in Iran, may have an impact on our property operating expenses.

With the exception of leases with tenants in residential properties, we seek to include provisions in our tenant leases designed to protect us from the impact of inflation. These provisions include annual contractual base rent increases, reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements, or in some cases, annual reimbursement of operating expenses above a certain allowance. Notwithstanding these provisions, periods of excessive or prolonged inflation, as well as higher tariffs, interest rates and oil prices may negatively impact our tenants' businesses, resulting in increased vacancy, concessions or bad debt expense, which may adversely and materially affect our net operating income and NAV. Due to the generally long-term nature of our commercial leases, and inflation, both from mid-2021 through mid-2023 and future inflation, contractual annual rent increases may not have been, and may not in the future be, sufficient to cover inflation and may result in rental rates that are below market. Leases in residential properties generally expire on an annual basis and do not typically present the same concerns regarding inflation protection due to their short-term nature and our ability to increase rents in an attempt to keep up with inflation.

In addition, prices for certain construction materials have risen significantly over the past few years. While we have incurred typical ongoing capital expenditures for property improvements and maintenance, such costs have been relatively immaterial to date. We currently have no ongoing development projects. Future significant capital projects may be impacted by increased material and/or labor costs.

NAV per Share

Our NAV per share is calculated by The Bank of New York ("BNY") in accordance with the valuation guidelines approved by our board of directors for the purposes of establishing a purchase price for our shares sold in our offerings as well as establishing a redemption price for our share redemption plan ("SRP"). Our advisor is responsible for overseeing, and is ultimately responsible for, the calculation of our NAV and our NAV per share as performed by BNY.

Each class of our common stock has an undivided interest in our assets and liabilities, other than class-specific liabilities. In accordance with the valuation guidelines, BNY calculates our NAV per share for each class after the end of each business day, using a process that reflects several components, including, but not limited to, (1) estimated values of each of our properties based upon individual appraisal reports provided periodically by our independent valuation advisor and other third-party independent valuation firms, (2) the value of our liquid assets for which third party market quotes are available, (3) estimated values of our other real estate equity securities and
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non-held-to-maturity real estate loan investments, as provided by independent valuation agents, and (4) estimated accruals and amortizations of our operating revenues and expenses, including our organization and offering expenses. No rule or regulation requires that we calculate NAV in a certain way. While we believe our NAV calculation methodologies are consistent with standard industry principles, there is no established practice among public REITs, whether listed or not, for calculating NAV in order to establish a purchase or redemption price. As a result, other public REITs may use different methodologies or assumptions to determine NAV.

At the end of each business day, before taking into consideration additional issuances of shares of capital stock, redemptions or class-specific fee accruals for that day, any change in our aggregate NAV (whether an increase or decrease) is allocated among each class of shares based on each class's relative percentage of the previous aggregate NAV. Changes in our daily NAV will include, without limitation and as applicable, daily accruals and amortizations of our net portfolio income, interest expense, unrealized/realized gains and losses on assets, offering costs and any expense reimbursements. In addition, offering costs associated with all of our offerings (including any private offerings) will be allocated to all classes, on a pro rata basis. The net portfolio income will be calculated and accrued on the basis of data extracted from (1) the monthly budget for each property and at the company level, including organization and offering expenses and certain operating expenses, (2) interest accruals and premium or discount amortization on real estate loans, (3) material, unbudgeted non-recurring income and expense events such as capital expenditures, prepayment penalties, assumption fees, tenant buyouts, lease termination fees and tenant turnover with respect to our properties when our advisor becomes aware of such events and the relevant information is available, (4) material investment acquisitions and dispositions occurring during the month and (5) reports from other vendors impacting our aggregate NAV. Acquisition costs with respect to each acquired property are amortized on a daily basis into our NAV over a five-year period following the acquisition date. Costs of purchasing or originating real estate loan investments will be amortized over the term of the investment. On an ongoing basis, BNY will adjust the accruals to reflect actual operating results and the outstanding receivable, payable and other account balances resulting from the accumulation of daily accruals for which financial information is available.

Pursuant to the terms of our expense support agreement, as most recently amended on January 20, 2016 (the "Expense Support Agreement"), and as further modified on March 24, 2020 by a letter agreement (the "Letter Agreement") with our advisor described elsewhere in this report, our advisor has incurred expenses related to our offerings and operations, which we refer to as expense payments (the "Expense Payments"). Expense Payments made by our advisor in accordance with the Expense Support Agreement will not be recognized as expenses and reflected in our daily NAV until we reimburse our advisor for these costs. Each monthly reimbursement of Expense Payments to our advisor will be allocated to all classes of shares of our common stock on a pro rata basis and be amortized into the calculation of the daily NAV for each class across the first ten calendar days of the month in which each reimbursement to our advisor is paid. Prior to the initiation of our current follow-on offering period, and prior to initiation of future follow-on offering periods, we have incurred and will incur certain costs in preparation for such follow-on offering periods, which we refer to as prepaid offering costs. Such costs will benefit the entire follow-on offering period to which they relate and as such will be amortized on a straight-line basis over the anticipated follow-on offering period into the NAV for each class of shares beginning upon commencement of each particular follow-on offering. Organization and offering costs incurred during an active follow-on offering period will be deducted from our NAV on an accrual basis as they are incurred. In the event our advisor agrees to pay some or all of our organization and offering costs prior to the commencement of an offering period and agrees to defer reimbursement of such costs, then such costs will be amortized into the daily NAV calculation as such costs are reimbursed to our advisor. We will allocate all of our offering costs to all outstanding shares of all classes on a pro rata basis, each day that we calculate a NAV for a given class of shares. Similarly, any payments made by our dealer manager of reimbursable offering costs in connection with our offerings on our behalf will also be recognized and reflected in our daily NAV for all share classes on a pro rata basis.

Following the aggregation of the net asset values of our investments, the addition of any other assets (such as cash on hand), the deduction of any other liabilities and the allocation of income and expenses, BNY will incorporate any class-specific adjustments to our NAV, including additional issuances and redemptions of our common stock and accruals of class-specific fees such as distribution fees. Our share classes may have different fee accruals associated with the advisory fee we will pay our advisor because the performance component of our advisory fee is calculated separately with respect to each class. At the close of business on the date that is one
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business day after each record date for any declared distribution, which we refer to as the "distribution adjustment date," our NAV for each class will be reduced to reflect the accrual of our liability to pay the distribution to our stockholders of record of each class as of the record date. NAV per share for each class is calculated by dividing such class's NAV at the end of each trading day by the number of shares outstanding for that class on such day.

The following table provides a breakdown of the major components of our total NAV and NAV per share as of June 30, 2026:
Components of NAV Total NAV Per Class A Share Per Class I Share Per Class T Share Per Class D Share Per Class N Share Per Class M-I Share Per Class T2 Share Per Class Z Share
Investments in real estate(1)
$ 448,400 $ 29.07 $ 29.27 $ 29.47 $ 29.33 $ 29.06 $ 29.05 $ 28.91 $ 29.24
Investments in real estate equity securities (2)
144 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Other assets, net (3)
10,062 0.65 0.66 0.66 0.66 0.65 0.65 0.65 0.66
Line of credit (4)
(75,250) (4.88) (4.91) (4.93) (4.92) (4.88) (4.87) (4.85) (4.91)
Mortgage loans payable (4)
(172,624) (11.19) (11.27) (11.30) (11.29) (11.19) (11.17) (11.12) (11.27)
Other liabilities, net (3)
(7,674) (0.50) (0.50) (0.61) (0.50) (0.49) (0.53) (0.52) (0.48)
Net asset value $ 203,058 $ 13.16 $ 13.26 $ 13.30 $ 13.29 $ 13.16 $ 13.14 $ 13.08 $ 13.25
Note: No Class S shares were outstanding as of June 30, 2026.

(1) Our investments in real estate are included at fair value as determined by our advisor based on appraisals completed by our independent valuation advisor or another independent third-party appraiser. Although our independent valuation advisor performs the majority of the valuations, our valuation guidelines require that on a rotating basis, approximately 1/12th of our properties in any particular month must be appraised by one or more independent third-party appraisers who are not affiliated with us, our advisor or our independent valuation advisor. Newly acquired, consolidated properties are initially valued at cost and thereafter join the daily valuation process during the first full quarter in which we own the property. On an ongoing basis, our advisor monitors our properties for events that our advisor believes may be expected to have a material impact on the most recent estimated values provided by our independent appraisers, and notifies our independent valuation advisor of such events, if any. If, on any given day, in the opinion of our independent valuation advisor, an event identified by our advisor, or an event that becomes known to our independent valuation advisor through other means, is likely to have a material impact on previously provided estimated values of the affected properties, our independent valuation advisor will prepare a revised valuation for such properties. As of June 30, 2026, the value of our investments in real estate was approximately 9.7% more than their historical cost.

(2) As of June 30, 2026, our investments in real estate equity securities consisted entirely of common stock of publicly traded REITs, which are included in our NAV at fair value based on publicly available pricing information provided by third parties. As of June 30, 2026, the value of our investments in real estate equity securities was approximately 42.8% more than their historical cost.

(3) Other assets and other liabilities include normal operating items such as cash, restricted cash, accounts receivable, prepaids, accounts payable and due to affiliates, and other accrued liabilities. Each of these are valued at their current carry value as they are typically short term in nature. Liabilities allocable to a specific class of shares will only be included in the NAV calculation for that class.

(4) Our line of credit is valued at cost. Any other debt obligations originated by us will be valued at amortized cost, while any debt obligations assumed by us in connection with a transaction will be valued at the time of assumption pursuant to the purchase price allocation as required by GAAP. Thereafter, assumed debt will not be revalued but rather the discount or premium that resulted from the purchase price allocation will be amortized over the remaining term of the instrument.
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Set forth below are the weighted averages of the key assumptions used in the appraisals of the properties by type as of June 30, 2026. This information will be provided for our office properties once we own at least two office properties.
Discount Rate Exit Capitalization Rate
Retail properties 7.38 % 6.42 %
Industrial properties 6.96 % 5.53 %
Residential properties 7.00 % 5.34 %

These assumptions are determined by our independent valuation advisor or by separate third-party appraisers. A change in these assumptions would impact the calculation of the value of our property investments. The table below shows the approximate decrease in the value of our property investments assuming an increase of 0.25% in the weighted-average discount rate or the weighted-average exit capitalization rate as of June 30, 2026.

Discount Rate Exit Capitalization Rate
Retail properties 1.8 % 2.2 %
Industrial properties 1.9 % 2.6 %
Residential properties 1.9 % 2.8 %

The table below sets forth a reconciliation of our stockholders' equity to our NAV, which we calculate for the purpose of establishing the purchase and redemption price for our shares, as of June 30, 2026.
Total NAV Per Class A Share Per Class I Share Per Class T Share Per Class D Share Per Class N Share Per Class M-I Share Per Class T2 Share Per Class Z Share
Total stockholders' equity $ 58,783 $ 3.82 $ 3.85 $ 3.85 $ 3.85 $ 3.80 $ 3.80 $ 3.79 $ 3.84
Plus:
Unrealized gain on real estate investments (1)
39,586 2.56 2.58 2.59 2.59 2.57 2.56 2.55 2.58
Accumulated depreciation (2)
64,564 4.18 4.21 4.23 4.22 4.19 4.18 4.16 4.21
Accumulated amortization (2)
26,550 1.72 1.73 1.74 1.74 1.72 1.72 1.71 1.73
Deferred offering costs and expenses (3)
19,133 1.24 1.25 1.25 1.25 1.24 1.24 1.23 1.25
Less:
Deferred rent receivable (4)
(5,558) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36)
Net asset value $ 203,058 $ 13.16 $ 13.26 $ 13.30 $ 13.29 $ 13.16 $ 13.14 $ 13.08 $ 13.25
Note: No Class S shares were outstanding as of June 30, 2026.

(1) Our investments in real estate are presented under historical cost in our GAAP consolidated financial statements. As such, any increases in the fair value of our investments in real estate are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate are recorded at fair value.

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(2) Recording of depreciation and amortization are required under GAAP for historical cost financial statements. Because we include our investments in real estate at fair value when determining our NAV, the accumulated depreciation and amortization recorded under GAAP are eliminated for purposes of determining our NAV.

(3) The deferred costs and expenses of $19,133 include amounts that have been accrued as a liability under GAAP but are initially excluded from the NAV calculation. The deferred costs and expenses include $15,652 in estimated future trailing fees that will be deducted from the NAV on a daily basis as and when they become payable to DWS Distributors, Inc., or the dealer manager. Additionally, the deferred costs and expenses include the $5,383 note to affiliate on our consolidated balance sheet but is not payable as of June 30, 2026 and will be deducted from the NAV as and when it is reimbursed to our advisor in accordance with the advisory agreement, the Expense Support Agreement and the Letter Agreement. Lastly, the deferred cost and expenses above is net of the difference in recognition between GAAP and our NAV calculation, as applicable, for (i) certain offering costs, (ii) performance fees and (iii) compensation costs related to the shares granted to our independent directors.

(4) Under GAAP, rental revenue is recorded on a straight-line basis where the total contractual revenue for a given lease is recognized for the same average amount per month over the lease term. The estimate of fair value for real estate generally does not reflect this straight-line concept and as such, the amount of rent accrued but not yet billed to the tenants (deferred rent receivable) is not considered in determining our NAV.

Limitations and Risks

As with any valuation methodology, our methodology is based upon a number of estimates and assumptions that may not be accurate or complete. Different parties with different assumptions and estimates could derive a different NAV per share. Accordingly, with respect to our NAV per share, we can provide no assurance that:

•a stockholder would be able to realize this NAV per share upon attempting to resell his or her shares;
•we would be able to achieve, for our stockholders, the NAV per share, upon a listing of our shares of common stock on a national securities exchange, selling our real estate portfolio, or merging with another company; or
•the NAV per share, or the methodologies relied upon to estimate the NAV per share, will be found by any regulatory authority to comply with any regulatory requirements.

Furthermore, the NAV per share was calculated as of a particular point in time. The NAV per share will fluctuate over time in response to, among other things, global, national or regional events, such as the wars in Ukraine and the Middle East, tariffs, government shutdowns, higher interest rates, inflation, changes in real estate market fundamentals, capital markets activities, and attributes specific to the properties and leases within our portfolio. The extent to which these events impact our investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence.

Funds from Operations and Adjusted Funds from Operations

We believe that funds from operations, or FFO, and adjusted funds from operations, or AFFO, in combination with net income or loss and cash flows from operating activities, as defined by GAAP, are useful supplemental performance measures that we use to evaluate our operating performance. However, these supplemental, non-GAAP measures should not be considered as an alternative to net income or loss or to cash flows from operating activities, both as determined by GAAP, as an indication of our performance and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. No single measure can provide users of financial information with sufficient information, and only our disclosures read as a whole can be relied upon to adequately portray our financial position, liquidity and results of operations. In addition, other REITs may define FFO and AFFO measures differently and thus choose to treat certain accounting line items in a manner different from us due to differences in investment and operating strategy or for other reasons.

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FFO

As defined by the National Association of Real Estate Investment Trusts ("Nareit"), FFO is a non-GAAP supplemental financial performance measure that excludes certain items such as real estate-related depreciation and amortization and the impact of certain non-recurring items such as impairment write-downs of real estate investments and realized gains and losses on sales of certain real estate assets. We believe FFO is a meaningful supplemental financial performance measure of our operating performance that is useful to investors because depreciation and amortization in accordance with GAAP implicitly assume that the value of real estate assets diminishes predictably over time. Additionally, impairment write-downs related to a material decline in the value of a real estate investment and realized gains and losses on sales of certain real estate assets (such as real property or real estate related debt investments) generally occur infrequently. As a result, excluding these items from FFO aids our analysis of our ongoing operations. We use FFO as an indication of our operating performance and as a guide to making decisions about future investments.

AFFO

We believe that AFFO is a non-GAAP supplemental financial performance measure that is helpful as a measure of ongoing operating performance because it excludes costs that management considers more reflective of investing activities and other non-operating items included in FFO. Compared to FFO, AFFO additionally excludes items such as acquisition-related costs (if expensed in accordance with GAAP), straight-line rent, amortization of above- and below-market lease intangibles and lease incentives, amortization of restricted stock awards, amortization of deferred financing costs, amortization of the discount on the note to affiliate, gains or losses on extinguishment of debt and the net unrealized change in the fair value of our investments in marketable securities.

We use FFO and AFFO, among other things: (i) to evaluate and compare the potential performance of the portfolio after the acquisition phase is complete, and (ii) as metrics in evaluating our ongoing distribution policy. We believe investors are best served if the information that is made available to them allows them to align their analyses and evaluation with these same performance metrics used by us in planning and executing our business strategy. We believe that these performance metrics will assist investors in evaluating the potential performance of the portfolio after the completion of the acquisition phase. However, these supplemental, non-GAAP measures are not necessarily indicative of future performance and should not be considered as an alternative to net income or loss or to cash flows from operating activities, both as determined by GAAP, and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders. Neither the SEC, Nareit, nor any regulatory body has passed judgment on the acceptability of the adjustments used to calculate AFFO. In the future, the SEC, Nareit, or a regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry at which point we may adjust our calculation and characterization of AFFO.

The following unaudited table presents a reconciliation of net income (loss) to FFO and AFFO.
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Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net (loss) $ (483) $ (257) $ (908) $ (1,055)
Real estate related depreciation 2,322 2,512 4,706 4,885
Real estate related amortization 343 459 764 919
Realized (gain) loss on sale of real estate - - (231) 91
Nareit defined FFO $ 2,182 $ 2,714 $ 4,331 $ 4,840
Straight line rents, net (144) (428) (276) (803)
Amortization of above- and below-market lease intangibles, net (17) (113) (131) (227)
Amortization of lease incentive 26 26 51 52
Net unrealized change in fair value of investment in marketable securities (12) 1 (19) 4
Amortization of restricted stock awards 18 17 37 36
Amortization of deferred financing costs 137 254 284 483
Amortization of discount on note to affiliate - 29 - 79
AFFO $ 2,190 $ 2,500 $ 4,277 $ 4,464

Liquidity and Capital Resources

Our primary needs for liquidity and capital resources are to fund our investments in accordance with our investment strategy and policies, make distributions to our stockholders, redeem shares of our common stock pursuant to our SRP, pay our offering and operating fees and expenses and pay interest on any outstanding indebtedness.

Over time, we generally intend to fund our cash needs for items, other than asset acquisitions and material capital improvements, from operations. Our cash needs for acquisitions and material capital improvements will be funded primarily from the sale of shares of our common stock in our offerings or from sales of other investments. The amount we may raise in such offerings is uncertain and dependent on a number of factors, including the impact of higher interest rates and the general view of investors toward commercial real estate. We intend to contribute any additional net proceeds from our offerings that are not used or retained to pay the fees and expenses attributable to our operations to our operating partnership.

We generally intend to maintain sufficient liquidity at all times to satisfy our operational needs and the maximum potential monthly redemptions under our SRP. As of June 30, 2026, among our cash balances, our real estate securities portfolio, and the available borrowing capacity on our Wells Fargo Line of Credit (as defined below), we had liquidity of $16,412.

We may also satisfy our cash needs for acquisitions and material capital improvements through the assumption or incurrence of debt. On January 27, 2023, we, as limited guarantor, and certain of the wholly owned subsidiaries of the Operating Partnership, as co-borrowers, amended and restated our secured revolving credit facility (the "Wells Fargo Line of Credit") with Wells Fargo Bank, National Association, as administrative agent, and other lending institutions that may become parties to the credit agreement. On December 27, 2023, the Wells Fargo Line of Credit was amended to add CIBC Inc. ("CIBC") to the credit facility as an additional lender; increase the maximum commitment amount from $100,000 to $120,000; revise or suspend certain covenants; and extend the maturity date to December 27, 2025. The maximum commitment of $120,000 is allocated 70.83% to Wells Fargo and 29.17% to CIBC. The interest rate under the Wells Fargo Line of Credit is based on the 30-day average of the secured overnight financing rate ("SOFR") plus a spread of 225 basis points. We continued to serve as limited guarantor to the Wells Fargo Line of Credit only with respect to specified bad acts.
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On August 25, 2025, the Wells Fargo Line of Credit was amended (the "Fifth Amendment") to: (a) extend the maturity date from December 27, 2025 to April 1, 2028; (b) amend the calculation of the Borrowing Base Value (described below); (c) require us maintain a minimum liquidity amount of at least $1,000; (d) decrease the maximum commitment amount from $120,000 to $105,000; and (e) revise or eliminate certain covenants. The Borrowing Base Value is based on the sum of (1) the Loudoun Borrowing Base Value (described below) and (2) the lesser of (a) an amount equal to 65% of the aggregate value of all other properties in the collateral pool as determined by lender appraisals; and (b) an amount that results in a minimum debt service coverage ratio of 1.20:1.00 as determined under the Fifth Amendment. The interest rate under the Wells Fargo Line of Credit remains at SOFR plus a spread of 225 basis points.

A wholly owned subsidiary of us that is a borrower under the Wells Fargo Line of Credit has entered into a contract to sell the Loudoun Gateway property to a third party unaffiliated with us or our advisor (the "Loudoun Sale"). The completion of the Loudoun Sale is subject to certain conditions including but not limited to the ability of the buyer to receive a zoning exception from the relevant authorities allowing Loudoun Gateway to be converted to a data center use, which is subject to numerous conditions. As such, the completion of the Loudoun Sale remains uncertain and the closing date likely would not occur until late 2026 or early 2027.

The "Loudoun Borrowing Base Value" is equal to (a) prior to June 1, 2026, $12,513; (b) thereafter until July 31, 2027, an amount equal to $12,513 as reduced on the first day of every calendar month from and after June 1, 2026 by $500, provided however that such monthly reduction of the Loudoun Borrowing Base Value would increase to $1,000 in the event the Loudoun Sale has been terminated prior to its completion; and (c) from and after August 1, 2027, zero.

In exchange for keeping Loudoun Gateway as part of the pool of properties upon which the Borrowing Base Value is determined, on August 25, 2025 we entered into the Amended and Restated Guaranty Agreement, under which we will provide, for a limited time, a full repayment guaranty rather than a limited guaranty (the "Guaranty"). The provisions relating to the full repayment guaranty will automatically terminate once either (a) Loudoun Gateway has been released from the Wells Fargo Line of Credit, or (b) the Loudoun Borrowing Base Value has been reduced to zero (the "Loudoun Release"). Upon the occurrence of the Loudoun Release, the Guaranty will become a non-recourse limited guaranty. Upon entering into the Guaranty and until the Loudoun Release, we are not allowed to sell or transfer, but may encumber or finance under specified conditions, any of the following properties: Commerce Corner, The Glenn, Seattle East Industrial, Providence Square and The Flats at Carrs Hill (the "Significant Properties"). Upon the occurrence of the Loudoun Release, the restrictions related to the Significant Properties shall no longer be in effect. Notwithstanding the aforementioned provisions, in no event shall the Commerce Corner property be eligible for release from the Wells Fargo Line of Credit until the Wells Fargo Line of Credit is repaid in full and all commitments have been terminated.

As of June 30, 2026 and December 31, 2025, the borrowers' maximum borrowing capacity was $85,499 and $82,324, respectively, and the borrowers' outstanding balance was $75,250 and $78,300, respectively. As of June 30, 2026 and December 31, 2025, the weighted average interest rate was 5.84% and 6.27%, respectively.

The Wells Fargo Line of Credit agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants. As of June 30, 2026, we were in compliance with all applicable covenants.

Historically, we have entered into property specific mortgage loans to finance the acquisition of certain properties, or refinance certain properties off of the Wells Fargo Line of Credit to increase available borrowing capacity under the Wells Fargo Line of Credit to fund future property acquisitions. The following table presents a summary of the property specific mortgage loans in place as of June 30, 2026. Each of the below mortgage loans has a fixed interest rate for the entire term of the mortgage loan. In addition, each mortgage loan contains provisions allowing for (a) a one-time transfer of the loan to an unaffiliated borrower at the sole discretion of the lender and upon payment of applicable fees, and (b) full prepayment of the mortgage loan within allowable windows subject to payment of applicable penalties, if any.
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Lender Encumbered Property Outstanding Balance Interest Rate Maturity Date
Massachusetts Mutual Life Insurance Company The Glenn 66,000 3.02 December 1, 2028
Transamerica Life Insurance Company Wallingford Plaza 6,284 4.56 January 1, 2029
Nationwide Life Insurance Company Providence Square 29,700 3.67 October 5, 2029
JPMorgan Chase Bank Seattle East Industrial 45,140 3.87 January 1, 2030
Nationwide Life Insurance Company The Flats at Carrs Hill 25,500 5.51 July 1, 2030
$ 172,624

Aggregate future principal payments due on the Wells Fargo Line of Credit and mortgage loans payable as of June 30, 2026 are as follows:
Year Amount
2026 (remainder) $ 70
2027 145
2028 147,319
2029 74,840
2030 25,500
Thereafter -
Total $ 247,874

In the future, as our assets increase, it may not be commercially feasible or we may not be able to secure an adequate line of credit to fund acquisitions, redemptions or other needs. Interest rates available for both fixed and floating rate financing of property acquisitions are subject to numerous factors, including but not limited to higher U.S. Treasury rates, higher inflation, tariffs, bank failures and war, as well as other general economic and/or geopolitical conditions. Consequently, higher interest rates will cause us to incur higher interest costs on our floating rate line of credit, and may reduce the availability of reasonable financing rates relative to yields on property investments. Moreover, actual availability of financing capital may be reduced at any given time if the values of our investments decline, such as that which may occur as a result of inflation, higher interest rates or an expected or actual recession.

Expense Payments by Our Advisor

Pursuant to the advisory agreement, RREEF America is entitled to reimbursement of certain costs incurred by RREEF America or its affiliates. Costs eligible for reimbursement include most third-party operating expenses, salaries and related costs of its employees who perform services for us (but not those employees for which RREEF America earns a separate fee or those employees who are our executive officers) and travel related costs for its employees who incur such costs on our behalf. We will reimburse our advisor for all expenses paid or incurred by our advisor in connection with the services provided to us, subject to the limitations described below regarding the 2%/25% guidelines as defined in our advisory agreement. As of June 30, 2026, we owed $45 to our advisor for such costs.

On May 29, 2013, we entered into an expense support agreement with our advisor, which was amended and restated most recently on January 20, 2016, which we refer to as the Expense Support Agreement. Pursuant to the terms of the Expense Support Agreement, our advisor incurred expenses related to our operations which we refer to as Expense Payments. These Expense Payments included, without limitation, expenses that are organization and offering costs and operating expenses under the advisory agreement. As of December 31, 2015, our advisor had
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incurred $9,200 in Expense Payments, which was the maximum amount of expense payments allowed under the Expense Support Agreement. We have not received any expense support from our advisor under the Expense Support Agreement since January 1, 2016.

On March 24, 2020, we and our advisor entered into a Letter Agreement. The Letter Agreement provides, in part, that our obligations to reimburse our advisor for Expense Payments under the Expense Support Agreement are suspended until the first calendar month following the month in which we have reached $500,000 in offering proceeds from our offerings, (the "ESA Commencement Date"). Since our inception through June 30, 2026, we raised $499,593 from the sale of shares of our common stock, including proceeds from our dividend reinvestment plan. Pursuant to the Letter Agreement, our advisor agreed to permanently waive reimbursement of $3,567 of Expense Payments related to organization and offering costs from our Initial Public Offering. As a result, we currently owe $5,383 to our advisor under the Expense Support Agreement. Beginning the month following the ESA Commencement Date, we will make monthly reimbursement payments to our advisor in the amount of $250 for the first 12 months and $198 for the second 12 months. Our cumulative offering proceeds from our offerings exceeded $500,000 during the month of July 2026, thereby establishing July 2026 as the ESA Commencement Date. As a result, reimbursements to RREEF America of the Expense Payments commenced in August 2026 in the amount of $250 per month. Pursuant to the Letter Agreement, if RREEF America is serving as our advisor at the time that we or our operating partnership undertakes a liquidation, our remaining obligations to reimburse our advisor for the unpaid monthly reimbursements under the Expense Support Agreement shall be waived.

Limits on Expense Reimbursement

In all cases, reimbursement payments to our advisor will be subject to reduction as necessary in order to ensure that such reimbursement payment will not cause the aggregate organization and offering costs paid by us for any particular offering to exceed 15% of the gross proceeds from the sale of shares in such offering as of the date of the reimbursement payment, and such reimbursement payment will not adversely affect our ability to maintain our qualification as a REIT for federal tax purposes.

In addition to the reimbursement limitations for organization and offering costs, we are also limited in the amount of operating expenses that we may reimburse our advisor. Pursuant to our charter, we may reimburse our advisor, at the end of each fiscal quarter, for total operating expenses incurred by our advisor; provided, however, that we may not reimburse our advisor at the end of any fiscal quarter for total operating expenses (as defined in our charter) that, in the four consecutive fiscal quarters then ended, exceed the greater of 2% of our average invested assets or 25% of our net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets for that period (which we refer to as the 2%/25% guidelines) for such four-quarter period. Notwithstanding the foregoing, we may reimburse our advisor for expenses in excess of the 2%/25% guidelines if a majority of our independent directors determine that such excess expenses, which we refer to as an excess amount, are justified based on unusual and non-recurring factors. For the four fiscal quarters ended June 30, 2026, our total operating expenses (as defined in our charter) were $4,593, which did not exceed the 2%/25% guidelines.

Pursuant to the Expense Support Agreement, the amount of the reimbursement payment paid in any calendar quarter will not be aggregated with our cumulative operating expenses for any four consecutive calendar quarters that includes the calendar quarter in which such reimbursement payment is paid, and instead the amount of the unreimbursed Expense Payments comprising such reimbursement payment will have previously been aggregated with our total operating expenses for the four calendar quarter periods ending with the calendar quarter in which such expense payment was originally incurred, which we refer to as prior 2%/25% periods. If an unreimbursed expense payment incurred during a prior 2%/25% period exceeded the 2%/25% guidelines for such prior 2%/25% period, the amount of such excess will only be reimbursed pursuant to the Expense Support Agreement to the extent that our independent directors previously approved such excess with respect to the applicable prior 2%/25% period.

We anticipate our offering and operating fees and expenses will include, among other things, the advisory fee that we pay to our advisor, the selling commissions, dealer manager and distribution fees we pay to the dealer manager, legal and audit expenses, federal and state filing fees, printing expenses, transfer agent fees, marketing and
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distribution expenses and fees related to appraising and managing our properties. We will not have any office or personnel expenses as we do not have any employees. Our advisor will incur certain of these expenses and fees, for which we may reimburse our advisor, subject to certain limitations. Additionally, our advisor may allocate to us out-of-pocket expenses in connection with providing services to us, including our allocable share of our advisor's overhead, such as rent, utilities and personnel costs for personnel who are directly involved in the performance of services to us and are not our executive officers. Furthermore, our dealer manager incurs certain bona fide offering expenses in connection with the distribution of our shares for which we may reimburse the dealer manager. Ultimately, total organization and offering costs incurred in a given offering will not exceed 15% of the gross proceeds from such offering. The total organization and offering costs paid by our advisor did not cause us to exceed the 15% limitation as of June 30, 2026 with respect to any of our public offerings. If, in future periods, the total organization and offering costs paid by our advisor and the dealer manager cause us to exceed the 15% limitation with respect to any of our current or prior public offerings, or any subsequent public offering, the excess would not be reflected on our consolidated balance sheet as of the end of such period. In such event, we may become obligated to reimburse all or a portion of this excess as we raise additional proceeds from such public offering. As of June 30, 2026, our total organization and offering costs incurred with respect to our current public offering and any of our prior public offerings did not exceed the 15% limitation for each such offering.

Other potential future sources of capital include secured or unsecured financings from banks or other lenders and proceeds from the sale of assets. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures.

Cash Flow Analysis

Cash flow provided by operating activities during the six months ended June 30, 2026 was $3,323 while cash flow provided by operating activities during the six months ended June 30, 2025 was $4,584. The 2026 period was lower than the 2025 period primarily due to property sales that occurred in the second half of 2025 and the first half of 2026, partially offset by higher rents from the new lease with Floor & Decor at Terra Nova Plaza that started in late June 2025.

Cash flow provided by investing activities of $24,683 for the six months ended June 30, 2026 was driven by the sale of Elston Plaza and were partially offset by improvements to our real estate investments.

Cash flow provided by investing activities during the six months ended June 30, 2025 was $1,870, which was driven by the sale of Heritage Parkway and partially offset by improvements to our real estate investments.

Cash flow used in financing activities was $29,223 for the six months ended June 30, 2026. We used the proceeds from the sale of Elston Plaza and capital raised in our offerings to repay the loan that encumbered Elston Plaza and reduce the outstanding balance on our Wells Fargo Line of Credit. Redemptions were funded with some of the aforementioned proceeds and with funds borrowed from our Wells Fargo Line of Credit.

Cash flow used in financing activities was $9,339 for the six months ended June 30, 2025. We used the proceeds from the sale of Heritage Parkway and capital raised in our offerings to pay redemptions.

Distributions

Our board of directors has authorized and we declared cash distributions for each month which were payable monthly for each share of our common stock outstanding. The table below shows the aggregate declared distribution amount per share for each period presented. Stockholders for each share class will receive a net amount per share that includes a deduction for applicable distribution fees and dealer manager fees.
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Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Distributions:
Declared distribution amount per share, before adjustment for class-specific fees $ 0.22489
Distributions paid or payable in cash $ 2,117 $ 4,159
Distributions reinvested 1,164 2,380
Distributions declared $ 3,281 $ 6,539
Net cash provided by Operating Activities: $ 1,933 $ 3,323
Funds From Operations: $ 2,182 $ 4,331

For the six months ended June 30, 2026, our distributions were covered 50.8% by cash flow from operations and 49.2% by borrowings. We expect that we will continue to pay distributions monthly in arrears. Any distributions not reinvested will be payable in cash, and there can be no assurances regarding the portion of the distributions that will be reinvested. We intend to fund distributions from cash generated by operations. However, we may fund distributions from borrowings under our Wells Fargo Line of Credit, from the proceeds of our offerings or any other source.

The payment of distributions from sources other than cash flow from operations or FFO may be dilutive to our NAV per share because it may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

Redemptions

For details on our redemptions, please see Note 9 ("Capitalization") to our consolidated financial statements included in this quarterly report on Form 10-Q. Also see Part II, Item 2 "Unregistered Sales of Equity Securities and Use of Proceeds-Share Redemption Plan."


Critical Accounting Policies

Our accounting policies have been established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If management's judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses. We consider our critical accounting policies to be the policies that relate to the following concepts:

•Real Estate Investments and Lease Intangibles
•Revenue Recognition

A complete description of such policies and our considerations is contained in Note 2 ("Summary of Significant Accounting Policies") to our consolidated financial statements included in our Annual Report on Form 10-K for the
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year ended December 31, 2025, as supplemented by the most recent quarterly report on Form 10-Q.

Certain Accounting Pronouncements Effective in the Future

We refer you to Note 2 ("Summary of Significant Accounting Policies") to our consolidated financial statements included in this quarterly report on Form 10-Q for a discussion of the potential impact on us from certain accounting pronouncements that become effective in the future, if any.

REIT Compliance and Income Taxes

We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code beginning with the year ended December 31, 2013, and we believe that we have operated in such a manner to continue to be taxed as a REIT for federal income tax purposes. In order to maintain our qualification as a REIT, we are required to, among other things, distribute as dividends at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to our stockholders and meet certain tests regarding the nature of our income and assets. In addition, we must distribute 100% of our net realized capital gains to avoid paying income tax on any undistributed net realized capital gains. If we qualify for taxation as a REIT, we generally will not be subject to federal income tax to the extent our income meets certain criteria and we distribute our REIT taxable income to our stockholders. Even if we qualify for taxation as a REIT, we may be subject to (1) certain state and local taxes on our income, property or net worth and (2) federal income and excise taxes on undistributed income, if any income remains undistributed. Many of these requirements are highly technical and complex. We will monitor the business and transactions that may potentially impact our REIT status. If we were to fail to meet these requirements, we could be subject to federal income tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In connection with our Wells Fargo Line of Credit, which has a variable interest rate, we are subject to market risk associated with changes in SOFR. As of June 30, 2026, we had $75,250 outstanding under our Wells Fargo line of credit bearing interest at approximately 5.84%, representing approximately a 78.4% loan-to-cost ratio. At this balance, a change in the interest rate of 0.50% would result in a change in our interest expense of $376 per annum. In the future, we may be exposed to additional market risk associated with interest rate changes as a result of additional short-term debt, such as additional borrowings under our Wells Fargo Line of Credit, and long-term debt, which, in either case, may be used to maintain liquidity, fund capital expenditures and expand our investment portfolio. Market fluctuations in real estate financing may affect the availability and cost of funds needed to expand our investment portfolio. Market fluctuations in real estate financing, macroeconomic events, inflation and interest rates have, and may in the future, affect the availability and cost of funds needed to expand our investment portfolio. In addition, restrictions upon the availability of real estate financing, tariffs, bank failures or high interest rates for real estate loans could adversely affect our ability to dispose of real estate in the future. We will seek to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. We intend to manage market risk associated with our variable-rate financing by assessing our interest rate cash flow risk through continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities. We may use derivative financial instruments to hedge exposures to changes in interest rates on loans secured by our assets.
We may be exposed to credit risk, which is the risk that the counterparty will fail to perform under the terms of the derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We will seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties. We are not currently a party to any such derivative contracts.
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We will be exposed to financial market risk with respect to our marketable securities portfolio. Financial market risk is the risk that we will incur economic losses due to adverse changes in equity security prices. Our exposure to changes in equity security prices is a result of our investment in these types of securities. Market prices are subject to fluctuation and, therefore, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market prices of a security may result from any number of factors, including perceived changes in the underlying fundamental characteristics of the issuer, the relative price of alternative investments, tariffs, government shutdowns, interest rates, default rates, inflation, pandemics and general market conditions. Furthermore, amounts realized on the sale of a particular security may be affected by the relative quantity of the security being sold. We do not currently engage in derivative or other hedging transactions to manage our security price risk. As of June 30, 2026, we owned marketable securities with a value of $144. While it is difficult to project what factors may affect the prices of equity securities and how much the effect might be, a 10% change in the value of the marketable securities we owned as of June 30, 2026 would result in a change of $14 to the unrealized gain or loss on marketable securities.

ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, we, under the supervision and with the participation of our chief executive officer and chief financial officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures, as of June 30, 2026, were effective to ensure that information required to be disclosed by us in this Quarterly Report is recorded, processed, summarized and reported within the time periods specified by the rules and forms promulgated under the Exchange Act and is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosures.

Internal Control over Financial Reporting
No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d -15(f) of the Exchange Act) during the three months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II
OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of June 30, 2026, there were no material pending legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

We did not sell any unregistered shares during the three months ended June 30, 2026.

Share Redemption Plan

Pursuant to our SRP as adopted by our board of directors, stockholders of the Company may request, on a monthly basis, that we redeem all or any portion of their shares of common stock, provided that such redemptions (i) will be effected at a redemption price (the "Redemption Price") equal to the NAV per share for such applicable class of shares as of a date (the "Redemption Pricing Date") that is at least ten business days before their redemption (the "Redemption Date") and (ii) will be limited to no more than 2.0% of our combined NAV per month and no more than 5.0% of our combined NAV per calendar quarter, with our combined NAV for each limit to be calculated as of the last calendar day of the prior quarter. After the close of business on the Redemption Pricing Date, and in any event no later than the opening of business on the immediately following business day, we will post the Redemption Price for each class of shares of common stock on our website. In the event that there is a material change in the NAV per share between the Redemption Pricing Date and the Redemption Date, we may determine that the previously-disclosed Redemption Price is no longer appropriate. If the Redemption Price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no redemption requests will be accepted for such month and stockholders who wish to have their shares redeemed the following month must resubmit their redemption requests.

While there is no minimum holding period, purchased shares (excluding shares acquired via our distribution reinvestment plan) redeemed within 365 days of the date of purchase will be redeemed at the NAV per share of the class of shares being redeemed on the Redemption Date less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to such purchased shares which are being redeemed.

In the event that any stockholder fails to maintain a minimum balance of $500 (not in thousands) worth of shares of common stock, we may redeem all of the shares held by that stockholder at the Redemption Price in effect for the month in which such shares are redeemed by us, less the short-term trading discount of 2%, if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV.

Under the SRP, redemptions requested for January 2026 and from March 2026 through June 2026 exceeded the applicable monthly or quarterly limit as described above. Accordingly, stockholders received 71.3%, 79.4%, 95.6%, 97.5%, and 67.6% of the amount requested for the months of January, March, April, May and June 2026, respectively. Redemption requests for February and July 2026 did not exceed the applicable monthly limit, and thus all redemptions requested were honored. The following table sets forth information regarding redemptions of shares of our common stock by month under the SRP.
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Period Total Number of Shares Redeemed Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number of Shares that May Yet Be Purchased Pursuant to the Program (1)
April 1 - April 30, 2026 322,006 $ 13.15 322,006 (1)
May 1 - May 31, 2026 322,466 13.13 322,466 (1)
June 1 - June 30, 2026 161,066 13.14 161,066 (1)
(1) Redemptions are limited as described above.

We funded these redemptions with cash flow from operations, asset sales, proceeds from our offerings or borrowings on our Wells Fargo Line of Credit.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Trading Arrangements

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarter ended June 30, 2026.

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ITEM 6. EXHIBITS
Exhibit No. Description
3.1
3.2
3.3
4.1
31.1*
31.2*
32.1**
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed herewith
** Furnished herewith

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SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RREEF Property Trust, Inc.
By: /s/ W. Todd Henderson
Name:
W. Todd Henderson
Title: Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer)
By: /s/ Eric M. Russell
Name: Eric M. Russell
Title: Chief Financial Officer (Principal Financial and Accounting Officer)

Date: August 13, 2026






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APPENDIX B: FORM OF SUBSCRIPTION AGREEMENT
RREEF Property Trust-Subscription Agreement
1 Investment
Amount of Subscription State of Sale
Minimum Initial Investment is $2,500
Money Orders, Traveler's Checks, Starter Checks, Foreign Checks, Counter Checks, Third-Party Checks, ACH or Cash cannot be accepted.
Payment will be made with ☐ Enclosed Check (Personal or Cashiers) ☐ Funds Wired
2 Investment type
Please consult with your financial advisor and check one of the following options pertaining to the class of shares you intend to purchase. The Prospectus contains additional information regarding the share classes, including the different fees which are payable with respect to each class.
☐ Class A Shares ☐ Class I Shares ☐ Class M-I Shares ☐ Class S Shares ☐ Class T2 Shares
3 Account type - Check one box only
Non-Qualified Registration Types Qualified Registration Types - IRA
☐ Individual
(If TOD, attach application)
☐ Joint Tenant*
(If TOD, attach application)
☐ Tenants in Common*
☐ Community Property*
☐ Trust**
☐ Non-Profit Organization**
☐ Estate
☐ UGMA: State of
☐ UTMA: State of
☐ Corporation**

☐ S-Corp ☐ C-Corp
(Will default to S-Corp
if nothing is marked)
☐ Partnership**
☐ LLC**
☐ Other (Specify)
☐ Traditional (Individual) IRA
☐ Simple IRA
☐ Beneficial IRA 		☐ SEP IRA
☐ ROTH IRA
☐ Rollover IRA
Decedent's name:
Qualified Registration Types - Employer Plans
☐ Profit Sharing Plan** ☐ Pension Plan**
☐ KEOGH Plan**
*All parties must sign.
** Please attach pages of trust/plan document (or Articles of Incorporation) which lists the names of trust/plan, trustees, signatures and date. The Certification of Investment Powers for Trust Accounts form may be completed in lieu of providing trust documents.
For Non-Qualified Custodial Accounts and All Qualified Accounts, please complete Section 5
4 Individual or Joint account and IRA
For joint accounts, the Social Security number of the primary account owner will be used for IRS reporting.
Name of Primary Account Owner Social Security Number Date of Birth - MM/DD/YYYY
Residential Address (P.O. Box not acceptable) City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address

4 Individual or Joint account and IRA, continued
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
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Select one: ☐ Employed ☐ Not-employed ☐ Retired
If you checked not-employed or retired, please provide source of income:
Occupation Name of Employer
Address of Employer City State ZIP
Name of Second Joint Owner (if any) Social Security Number Date of Birth - MM/DD/YYYY
US Residential Address (P.O. Box not acceptable) City State ZIP
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Select one: ☐ Employed ☐ Not-employed ☐ Retired
If you checked not-employed or retired, please provide source of income:
Occupation Name of Employer
Address of Employer City State ZIP
Please attach a separate sheet with the above information for each additional owner.
4a. Entity account
Legal documentation proving the existence of the entity must be presented when establishing one of these account types. (Articles of Incorporation, Trust or Plan document.)
For a trust or business account, is the entity engaged in internet gambling or supporting companies engaged in internet gambling?
* Select one: ☐ Yes ☐ No
If yes, please explain:
Name of Legal Entity Social Security Number OR Tax ID Number
Street Address of Legal Entity (P.O. Box not acceptable) City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address
Date of Trust Agreement (for trusts only) - MM/DD/YYYY










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4a. Entity account, continued
Name of Trustee/Authorized Signer
Social Security Number of Trustee/Authorized Signer Date of Birth - MM/DD/YYYY
US Residential Address (P.O. Box not acceptable) City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Name of co-trustee/Authorized Signer Social Security Number of Co-Trustee/Authorized Signer Date of Birth - MM/DD/YYYY
US Residential Address (P.O. Box not acceptable) City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
For a Trust Account
☐ Check here if the grantor/settlor is the same as the trustee
For Trust Accounts, Name of Grantor/Settlor
(if different from Trustee)
 Social Security Number of Grantor/Settlor Date of Birth - MM/DD/YYYY
US Residential Address
(P.O. Box not acceptable) 		City State ZIP
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Please attach a separate sheet with the above information for each additional trustee, grantor/settlor, or authorized signer.
For a Business Account (Ex: Corporation, Partnership, etc.)
Please provide the industry in which the legal entity operates:
For business accounts, please provide a listing of all ultimate beneficial owners or controlling parties which have an interest equal to or greater than 25% (If there are none, write "none" above name or leave blank)
Name Social Security Number Date of Birth - MM/DD/YYYY
Street Address of Legal Entity
(P.O. Box not acceptable) 		City State ZIP
4a. Entity account, continued
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
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Name
 Social Security Number Date of Birth - MM/DD/YYYY
Street Address of Legal Entity
(P.O. Box not acceptable) 		City State ZIP
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Please attach a separate sheet with the above information for each additional ultimate beneficial owner.
4b. UGMA/UTMA Account
If the minor's Social Security number has been applied for, but not yet received, please include a copy of the Social Security card application (Form-SS5). Unless you indicate otherwise, the account will follow the UGMA/UTMA rules for the minor's state.
Name of Minor Social Security Number Date of Birth of Minor - MM/DD/YYYY
Street Address (P.O. Box not acceptable) City State ZIP
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Name of Custodian
Social Security Number of Custodian Date of Birth of Custodian - MM/DD/YYYY
US Residential Address (P.O. Box not acceptable) City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Select one: ☐ Employed ☐ Not-employed ☐ Retired
If you checked not-employed or retired, please provide source of income:
Occupation Name of Employer
Address of Employer City State ZIP

4c. Employer Sponsored Retirement/Savings plan
Custodian/Trustee
Name of Custodian/Trustee Tax ID Number
US Business Address City State ZIP
Mailing Address (if different) City State ZIP
Daytime Phone Number Extension E-mail Address
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Participant/Employee
Name of Participant/Employee Social Security Number Date of Birth - MM/DD/YYYY
Residential Address
(P.O. Box not acceptable) 		City State ZIP
☐ US Citizen ☐ Resident alien If resident alien, please provide country of citizenship:
Select one: ☐ Employed ☐ Not-employed ☐ Retired
If you checked not-employed or retired, please provide source of income:
Occupation Name of Employer
Address of Employer City State ZIP
5 Third party custodian/ Trustee information
Applies to ALL retirement accounts. Also applies to non-retirement accounts that have elected to use a third party custodian.

Make checks payable to the custodian and send ALL paperwork directly to the custodian. The custodian is responsible for sending payments pursuant to the instructions as set forth below.
Custodian/Trustee Name
Custodian/Trustee Address 1
Custodian/Trustee Address 2
Custodian/Trustee City State ZIP
Custodian/Trustee Telephone Number Custodian/Trustee Tax Identification Number
Investor's Account Number with Custodian/Trustee
Important Note About Proxy Voting: By signing this subscription agreement, investor authorizes the Custodian/Trustee to vote the number of shares of common stock of RREEF Property Trust, Inc. that are beneficially owned by the investor as reflected on the records of RREEF Property Trust, Inc. as of the applicable record date at any meeting of the shareholders of RREEF Property Trust, Inc. This authorization shall remain in place until revoked in writing by investor. RREEF Property Trust, Inc. is hereby authorized to notify the Custodian/Trustee of his or her right to vote consistent with this authorization.


6 Distribution information (Choose one or more of the following options)

If you select more than one option you must indicate the percentage of your distribution to be applied to each option and the sum of the allocations must equal 100%.

If you do not complete this section, distributions will be paid to the registered owner at the address in Section 4-4c. IRA accounts may not direct distributions without the custodian's approval.

If you elect to participate in the Distribution Reinvestment Plan, you are requested to promptly provide written notification to RREEF Property Trust, Inc., 801 Pennsylvania Ave, Suite 219985, Kansas City, MO 64105-1307, if at any time you experience a material change in your financial condition, including the failure to meet the income and net worth standards imposed by your state of residence and as set forth in the Prospectus and this Subscription Agreement relating to such investment. This request in no way shifts the responsibility of RREEF Property Trust, Inc.'s sponsor, or any other person selling shares on behalf of RREEF Property Trust, Inc. to you, to make every reasonable effort to determine that the
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purchase of RREEF Property Trust, Inc.'s shares is a suitable and appropriate investment based on information provided by you.
% of Distribution
☐ I prefer to participate in the Distribution Reinvestment Plan, as described in the Prospectus.
☐ Send distributions via check to the investor's home address (or for all accounts with a custodian to the address listed in Section 5)
☐ Send distributions via check to the alternate payee listed here (not available for custodial held accounts without the custodian's approval)
Name
Address
City State ZIP
Account Number

☐ Direct Deposit (Attach Voided Check) I authorize RREEF Property Trust, Inc. or its agent to deposit my distributions in the checking or savings account identified below. This authority will remain in force until I notify RREEF Property Trust, Inc. in writing to cancel it. In the event that RREEF Property Trust, Inc. deposits funds erroneously into my account, RREEF Property Trust, Inc. is authorized to debit my account for an amount not to exceed the amount of the erroneous deposit. (not available for custodial held accounts without the custodian's approval)
☐ Checking
Financial Institution Name
% of Distribution
☐ Savings
ABA/ Routing Number Account Number
7 Broker-dealer and financial advisor information
Broker-Dealer Name
Financial Advisor Name Rep Number
Financial Advisor's Firm Name Branch ID
Financial Advisor's Address
Financial Advisor's City State ZIP
Financial Advisor's Phone Financial Advisor's Fax Number Financial Advisor's E-mail Address
7 Broker-dealer and financial advisor information, continued
This Subscription was made as follows:
☐

☐
Through a participating Broker-Dealer
Through a participating RIA unaffiliated with a participating Broker-Dealer
☐
Shares are being purchased net of up-front commissions (Class A shares, Class S shares, and Class T2 shares only)
☐ Volume Discount**: The subscriber is a qualifying purchaser and may combine this purchase for the purpose of qualifying for a volume discount. (Class A shares, Class S shares, or Class T2 shares only)
Account to be combined with:
Investor Name
Account Number
SSN/TIN

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** Any combination request will be subject to our verification that the subscriptions to be combined are made by a single qualifying purchaser. Please see "Volume Discounts" section of the prospectus for further information on volume discount qualifications.

Based on the information I obtained from the subscriber regarding the subscriber's financial situation and investment objectives, I hereby certify to RREEF Property Trust, Inc. that I have reasonable grounds for believing that the purchase of the shares by the subscriber is a suitable and appropriate investment for this subscriber.
Signature of Financial Advisor Date
Branch Manager Signature
(If required by Broker-Dealer) 		Date
8 Electronic delivery (Optional - Must sign to receive electronic delivery)

Instead of receiving paper copies of this Prospectus, Prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from RREEF Property Trust, Inc. If you would like to consent to electronic delivery, including pursuant to CD-ROM or electronic mail, please sign and return this election with your Subscription Agreement.

By signing below, I acknowledge and agree that I will not receive paper copies of any shareholder communications unless (i) I notify RREEF Property Trust, Inc. that I am revoking this election with respect to all shareholder communications or (ii) I specifically request that RREEF Property Trust, Inc. send a paper copy of a particular shareholder communication to me. RREEF Property Trust, Inc. has advised me that I have the right to revoke this election at any time and receive all shareholder communications as paper copies through the mail. I also understand that I have the right to request a paper copy of any shareholder communication.

By electing electronic delivery, I understand that I may incur certain costs associated with spending time online and downloading and printing shareholder communications and I may be required to download software to read documents delivered in electronic format. Electronic delivery also involves risks related to system or network outages that could impair my timely receipt of or access to shareholder communications.
Signature of Investor Date
Signature of Joint Investor Date
E-mail (If blank - email from Section 4-4c will be used)

























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9 Subscriber signatures
Please separately initial each of the representations below. Except in the case of fiduciary, you may not grant any person or power of attorney to make such representations on your behalf. I hereby acknowledge and/or represent the following:
Mandatory Acknowledgments - ALL INVESTORS:
Owner
Co-Owner
I have received the final Prospectus of RREEF Property Trust, Inc. at least five business days before signing the Subscription Agreement. In addition, I acknowledge that after the end of each business day, I can access the NAV per share for each class of shares through RREEF Property Trust, Inc.'s website and toll-free automated telephone line.
Owner
Co-Owner
I have (i) a minimum net worth (exclusive of home, home furnishings and personal automobiles) of at least $350,000 or (ii) a minimum net worth (as previously described) of at least $100,000 and a minimum annual gross income of at least $100,000.
Owner
Co-Owner
I acknowledge that there is no public market for the shares and, thus, my investment in shares is not liquid.
Owner
Co-Owner
I am purchasing the shares for the account referenced above.
Owner
Co-Owner
I acknowledge that I will not be admitted as a stockholder until my investment has been accepted. The acceptance process includes, but is not limited to, reviewing the Subscription Agreement for completeness and signatures, conducting an Anti-Money Laundering check as required by the USA Patriot Act and payment of the full purchase price of the shares.
State-Specific Acknowledgments - Initial applicable state if such state is listed:
Owner
Co-Owner
Alabama: An Alabama investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.
Owner
Co-Owner
Arkansas: An Arkansas investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.
Owner
Co-Owner
California: A California investor who is not an "accredited investor" as defined in Regulation D under the Securities Act may not invest more than 10% of their net worth in this offering.
Owner
Co-Owner
Iowa: In addition to the general suitability standards, an Iowa investor's aggregate investment in this offering and in the securities of other non-publicly traded real estate investment trusts (REITs) may not exceed 10% of the investor's liquid net worth. Liquid net worth is the portion of the investor's net worth that is cash, cash equivalents and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.
Owner
Co-Owner
Kansas: The Securities Division of the Kansas Department of Insurance recommends that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10 percent of their liquid net worth.
Owner
Co-Owner
Kentucky: A Kentucky resident must not invest more than 10% of his or her liquid net worth (cash, cash equivalents and readily marketable securities) in the shares of RREEF Property Trust or in the shares of RREEF Property Trust's affiliated non-publicly traded real estate investment trusts.
Owner
Co-Owner
Maine: The Maine Office of Securities recommends that an investor's aggregate investment in this offering and similar direct participation investments not exceed 10% of the investor's liquid net worth. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.





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9 Subscriber signatures (continued)
Owner
Co-Owner
Massachusetts: Massachusetts investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalent and readily marketable securities. In addition, a Massachusetts investor's investment in us, our affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of his or her liquid net worth.
Owner
Co-Owner
Missouri: No more than ten percent (10%) of any one (1) Missouri investor's liquid net worth shall be invested in the securities being registered in this offering. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.
Owner
Co-Owner
Nebraska: A Nebraska investor's aggregate investment in this offering and in the securities of other non-publicly traded real estate investment trusts (REITs) may not exceed 10% of the investor's net worth. (Net worth should be determined exclusive of home, home furnishings, and automobiles.) Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.
Owner
Co-Owner
New Jersey: New Jersey investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalent and readily marketable securities. In addition, a New Jersey investor's investment in us, our affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of his or her liquid net worth.
New Jersey investors are advised that the Class A, Class S and Class T2 shares will, with limited exceptions, be subject to up-front selling commissions of up to 3.00% and, with respect to the Class T2 shares only, up-front dealer manager fees of up to 0.50%, which will reduce the amount of the purchase price that is available for investment and which will cause the per share purchase price to be greater than the estimated value per share that will be reflected on the account statement.
New Jersey investors are also advised that RREEF Property Trust, Inc. will pay annual dealer manager and distribution fees of 0.55% and 0.50%, respectively, with respect to the Class A shares; an annual dealer manager fee of 0.55% with respect to the Class I shares; an annual distribution fee of 0.85%, 0.85% and 1.0% per share with respect to Class S shares, Class T2 shares and Class T shares, respectively.
All such fees will be based on the total NAV per share for the respective class of shares on which they are charged, and all such fees will be accrued daily and incorporated into the estimated net asset value per share for the respective class of shares on which they are charged. The annual dealer manager and distribution fees will reduce the amount of distributions that are paid with respect to Class A, Class I, Class S, Class T and Class T2 shares.
Owner
Co-Owner
New Mexico: In addition to the general suitability standards listed above, a New Mexico investor may not invest, and we may not accept from an investor, more than ten percent (10%) of that investor's liquid net worth in shares of us, our affiliates, and in other non-traded real estate investment trusts. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. A New Mexico investor who is an accredited investor, as defined by Rule 501(a) of Regulation D under the Securities Act, is not subject to the foregoing investment concentration limit.
Owner
Co-Owner
North Dakota: A North Dakota investor who is not an "accredited investor" as defined in Regulation D under the Securities Act must have a net worth of at least ten times their investment in us.
Owner
Co-Owner
Ohio: An Ohio investor shall not invest more than 10% of his or her liquid net worth in us and in any other non-traded real estate investment programs. For the purposes of the Ohio suitability standard, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings, and automobiles minus total liabilities) that is comprised of cash, cash equivalents, and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. This condition also does not apply to purchasers who meet the definition of an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, 15 U.S.C.A. 77a, as amended.
Owner
Co-Owner
Oregon: Oregon investors may not invest more than 10% of their liquid net worth in us. Oregon investors who meet the definition of "accredited investor" as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing limitation.
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9 Subscriber signatures (continued)
Owner
Co-Owner
Puerto Rico: The aggregate investment in us, our affiliates, and other similar non-traded REITs shall not exceed 10% of a Puerto Rico investor's liquid net worth. For purposes of Puerto Rico's suitability standard, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings, and automobiles minus total liabilities) consisting of cash, cash equivalents, and readily marketable securities.
Owner
Co-Owner
Tennessee: A Tennessee investor who is not an "accredited investor" as defined in Regulation D under the Securities Act, may not invest more than 10% of their net worth in our common stock.
Owner
Co-Owner
Vermont: A Vermont investor who is not an "accredited investor" as defined in 17 C.F.R. § 230.501 may not purchase an amount of shares in this offering that exceeds 10% of the investor's liquid net worth. Vermont residents who are "accredited investors" as defined in 17 C.F.R. § 230.501 are not subject to the limitation described in this paragraph. For these purposes, "liquid net worth" is defined as an investor's total assets (not including home, home furnishings, or automobiles) minus total liabilities.
Owner
Co-Owner
Washington: A Washington investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.
For purposes of determining whether you satisfy the suitability standards, (i) "net worth" is calculated excluding the value of an investor's home, home furnishings and automobiles; (ii) if not otherwise specified, "liquid net worth" means that portion of an investor's net worth consisting of cash, cash equivalents and readily marketable securities; and (iii) "direct participation programs" include REITs, business development companies, oil and gas programs, equipment leasing programs, and commodity pools, but exclude federal and state exempt private offerings and any investment company registered pursuant to the Investment Company Act of 1940, as amended.

I ACKNOWLEDGE RECEIPT OF THE PROSPECTUS, WHETHER OVER THE INTERNET, ON A CD-ROM, A PAPER COPY OR ANY OTHER DELIVERY METHOD. IF MY SUBSCRIPTION IS ACCEPTED, RREEF PROPERTY TRUST, INC. WILL SEND ME CONFIRMATION OF MY PURCHASE AFTER I HAVE BEEN ADMITTED AS A SHAREHOLDER.

Substitute IRS Form W-9 (required for U.S. investors only): I HEREBY CERTIFY under penalty of perjury (i) that the taxpayer identification number shown on this Subscription Agreement is my correct taxpayer identification number, (ii) unless the box below is checked, I am not subject to backup withholding because a) I am exempt from backup withholding; or b) the Internal Revenue Service (IRS) has not notified me that I am subject to backup withholding as a result of failure to report all interest or dividends; or c) the IRS has notified me that I am no longer subject to backup withholding; and (iii) I am a U.S. citizen or other U.S. person.
☐
Please check this box only if you are subject to backup withholding. Please include a copy of the notification letter you received from the IRS.
The Internal Revenue Service does not require your consent to any provision of this document other than the certifications to avoid backup withholding.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html#statepolicies to obtain additional information relating to their rights under California state law.
Signature of Investor Date
Signature of Joint Investor Date
If there is a custodian listed in section 5, or a trustee who is not a signatory on the investor signature lines above, they MUST sign below.
Signature of Trustee/Custodian Date








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9 Subscriber signatures (continued)
STOP! Please take note of the below instructions.

For all accounts that have elected to use a third party custodian: Your Broker-Dealer or Registered Investment Advisor MUST send the Subscription Agreement directly to the custodian for signature and processing, not to us.

For all other accounts: The Subscription Agreement, together with a check made payable to "RREEF Property Trust, Inc." for the full purchase price, should be delivered or mailed by your Broker-Dealer or Registered Investment Advisor, as applicable, to:
Regular Mail Overnight Mail Subscription Agreements Payment may be wired to:
RREEF Property Trust, Inc RREEF Property Trust, Inc.
may be faxed to:
(844) 616-8637
RREEF Property Trust, Inc.
UMB Bank, N.A.
P.O. Box 219985 801 Pennsylvania Ave 1010 Grand Boulevard, 4th Floor
Kansas City, MO 64121-9985 Suite 219985 Kansas City, MO 64106
Toll Free: (855) 285-0508
Kansas City, MO 64105-1307 ABA #: 101000695
Toll Free: (855) 285-0508 Account #: 9872012755
FAO: (Include Account Title)
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

DWS Distributors, Inc.
222 South Riverside Plaza Chicago, IL 60606-5808
www.dws.com [email protected]
Tel (800) 621-1148
© 2025 DWS Group GmbH & Co. KGaA. All rights reserved. (04/25) RPT-SAFORM-US
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Investor Instructions - Not Required to Be Returned with Subscription Agreement
1 Investment
PLEASE NOTE: We do not accept money orders, traveler's checks, starter checks, foreign checks, counter checks, third-party checks, ACH or cash.
Generally, you must initially invest at least $2,500 in our shares to be eligible to participate in this offering. In order to satisfy this minimum purchase requirement, unless otherwise prohibited by state law, a husband and wife may jointly contribute funds from their separate IRAs, provided that each such contribution is made in increments of $100. You should note that an investment in our shares will not, in itself, create a retirement plan and that, in order to create a retirement plan, you must comply with all applicable provisions of the Code. If you have satisfied the applicable minimum purchase requirement, any additional purchase must be in increments of $500. The investment minimum for subsequent purchases does not apply to shares purchased pursuant to our distribution reinvestment plan.
2 Investment type
Please check the appropriate box to indicate the class of shares you intend to purchase.
3 Account type-Check one box only
Please check the appropriate box to indicate the account type of the subscription.
4 Individual or Joint account and IRA
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or person(s) authorized to effect transactions in an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. Some or all of this information will be used to verify the identity of all persons opening an account.
You must include a permanent street address even if your mailing address is a P.O. Box. If the investment is to be held by joint owners you must provide the requested investor information for each joint owner.
Enter the name(s), mailing address and telephone numbers of the registered owner of the investment.
All investors must complete the space provided for taxpayer identification number or social security number. By signing in Section 9, you are certifying that this number is correct.
4a Entity account
If you are establishing an account for a legal entity, please provide the most recent versions of the documents listed below. RREEF Property Trust, Inc. reserves the right to require additional documents on future transactions. Please note this is not an all inclusive list of documents.
Please Note: You must indicate if the Account is engaged in internet gambling or supports companies engaged in internet gambling.
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You must include a permanent street address even if your mailing address is a P.O. Box. Please be sure to indicate the country of citizenship for all resident aliens.
4a Entity account (continued)
Enter the name(s), SSN, mailing address and telephone numbers of all trustee/guardian/conservator/authorized signer(s).
For Trust Accounts, please attach a separate sheet with the requested information for each additional trustee, grantor/ settlor, or authorized signer.
For Business Accounts, please attach a separate sheet with the requested information for each additional ultimate beneficial owner.
Trust: Trust document (copy of the portion(s) of the trust document that shows the name of the trust, date of the trust, and the trustee name(s)) or certificate/ affidavit of trust
Corporation: Articles of incorporation, certificate of incumbency or corporate by-laws
Financial institution regulated by a federal regulator: Registration certificate
Guardianship/conservatorship: Appointment of guardian/conservator certified within 60 days
Partnership or sole proprietorship: Most recent agreement or documentation showing the existence of a partnership or sole proprietorship
Estate: Appointment of executor(trix) certified within 60 days
Bank regulated by a state bank regulator: Registration certificate
Publicly traded company: (Please provide company's CUSIP number)
Retirement plan under ERISA: Copy of plan document (If each participant is to have a separate account for the contributions, call us for special forms)
4b UGMA/UTMA Account
Complete this section for UGMA/UTMA accounts.
If the minor's Social Security number has been applied for, but not yet received, please include a copy of the Social Security card application (Form-SS5). Unless you indicate otherwise, the account will follow the UGMA/UTMA rules for the minor's state.
4c Employer Sponsored Retirement/Savings plan
Complete this section for Retirement/Savings Plan accounts.
5 Third party custodian/Trustee information
Complete this section if the registered owner of the investment will be a Custodian Plan or Trust.
Make checks payable to the custodian and send ALL paperwork directly to the custodian. The custodian is responsible for sending payments pursuant to the instructions as set forth below.
If you wish to purchase shares through an IRA, and need an IRA account, First Trust Retirement has agreed to serve as IRA custodian for such purpose. RREEF Property Trust, Inc. will pay the first-year annual IRA maintenance fees of such accounts with First Trust Retirement. Thereafter, investors will be responsible for the annual IRA maintenance fees. A separate IRA Application from First Trust Retirement must be completed and can be found in the RREEF Property Trust Combined/Traditional Roth Package. Further information about custodial services is also available through your broker or our dealer manager.
6 Distribution information (Choose one or more of the following options)
PLEASE NOTE: If you elect to participate in the Distribution Reinvestment Plan, you are requested to promptly notify RREEF Property Trust, Inc. in writing if at any time you experience a material change in your financial condition, including the failure to meet the income and net worth standards imposed by your
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state of residence and as set forth in the Prospectus and this Subscription Agreement relating to such
6 Distribution information (Choose one or more of the following options) (continued)

investment. This request in no way shifts the responsibility of RREEF Property Trust, Inc.'s sponsor, or any other person selling shares on behalf of RREEF Property Trust, Inc. to you, to make every reasonable effort to determine that the purchase of RREEF Property Trust, Inc.'s shares is a suitable and appropriate investment based on information provided by you.
Complete this section to enroll in the Distribution Reinvestment Plan, to elect to receive distributions by direct deposit and/ or to elect to receive distributions by check. If you elect direct deposit, you must attach a voided check with this completed Subscription Agreement. If you choose to enroll in the DRP, all of your distributions will be reinvested through the Distribution Reinvestment Plan. (If you do not complete this section, distributions will be paid to the registered owner at the address in Section 4-4c. IRA accounts may not direct distributions without the custodian's approval).
7 Broker-dealer and financial advisor information
PLEASE NOTE: The Broker-Dealer or Financial Advisor must complete and sign this section of the Subscription Agreement. All Fields are Mandatory.
Required Representations: By signing Section 7, the Financial Advisor confirms on behalf of the Broker-Dealer that he or she:
•has reasonable grounds to believe the information and representations concerning the investor identified herein are true, correct, and complete in all respects;
•has discussed the investor's prospective purchase of shares with such investor;
•has advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the shares and other fundamental risks related to the investment in the shares, the restrictions on transfer of the shares and the risk that the investor could lose his or her entire investment in the shares;
•has delivered to the investor the Prospectus required to be delivered in connection with this subscription;
•has reasonable grounds to believe the investor is purchasing these shares for the account referenced in Sections 4-4c, and
•has reasonable grounds to believe the purchase of shares is a suitable investment for such investor, and such investor meets the suitability standards applicable to the investor set forth in the Prospectus and such investor is in a financial position to enable the investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto.
In addition, the Financial Advisor of the Broker-Dealer represents that he or she and the Broker-Dealer, (i) are duly licensed and may lawfully offer and sell the shares in the state where the investment was made and in the state designated as the investor's legal residence in Section 4-4c; and (ii) agree to maintain records of the information used to determine that an investment in shares is suitable and appropriate for the investor for a period of six years.
8 Electronic delivery (Optional)
Instead of receiving paper copies of this Prospectus, our Prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from RREEF Property Trust, Inc. If you would like to consent to electronic delivery, including pursuant to CD-ROM or electronic mail, please sign and return this election with your Subscription Agreement.






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8 Electronic delivery (Optional), continued
By signing the Subscription Agreement in Section 8, you acknowledge and agree that you will not receive paper copies of any shareholder communications unless (i) you notify RREEF Property Trust, Inc. that you are revoking this election with respect to all stockholder communications or (ii) you specifically request that RREEF Property Trust, Inc. send a paper copy of a particular shareholder communication to you. RREEF Property Trust, Inc. has advised you that you have the right to revoke this election at any time and receive all shareholder communications as paper copies through the mail. You also understand that you have the right to request a paper copy of any shareholder communication. By electing electronic delivery, you understand that you may incur certain costs associated with spending time online and downloading and printing shareholder communications and you may be required to download software to read documents delivered in electronic format. Electronic delivery also involves risks related to system or network outages that could impair your timely receipt of or access to shareholder communications.
9 Subscriber signatures
Please separately initial each of the representations in paragraphs (1) through (6) and any other applicable paragraph. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make such representations on your behalf.
Please refer to the Prospectus under "Suitability Standards" to verify that you meet the minimum suitability standards imposed by the state of your primary residence.
We may also ask to see other identifying documents. If you do not provide the information, we may not be able to open your account.
By signing this Subscription Agreement, you agree to provide the information in Section 9 of the agreement and confirm the information is true and correct. If we are unable to verify your identity or that of another person authorized to act on your behalf or if we believe we have identified potential criminal activity, we reserve the right to take action as we deem appropriate, including, but not limited to, closing your account or refusing to establish your account.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
DWS Distributors, Inc.
222 South Riverside Plaza Chicago, IL 60606-5808
www.dws.com [email protected]
Tel (800) 621-1148
© 2025 DWS Group GmbH & Co. KGaA. All rights reserved. (04/25) RPT-SAFORM-US

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APPENDIX C: FORM OF ADDITIONAL SUBSCRIPTION AGREEMENT
RREEF Property Trust - Additional Subscription Agreement
This form may be used by any current investor in RREEF Property Trust, Inc. (RPT) who desires to purchase additional shares of RREEF Property Trust, Inc. Investors who acquired shares through a transfer of ownership or transfer upon death and wish to make additional investments must complete the RREEF Property Trust, Inc. Subscription Agreement.
1 Investment information
Account Number
2 Investment Type
Amount of Subscription State of Sale
Minimum additional investment is $500 for RPT.
Money Orders, Traveler's Checks, Starter Checks, Foreign Checks, Counter Checks, Third-Party Checks, ACH or Cash cannot be accepted.
Payment will be made with: ☐ Enclosed Check (Personal or Cashiers) ☐ Funds Wired
This Subscription was made as follows:
☐

☐
Through a participating Broker-Dealer
Through a participating RIA unaffiliated with a participating Broker-Dealer
☐
Shares are being purchased net of up-front commissions (Class A shares, Class S shares, and Class T2 shares only)
☐
Volume Discount1: The subscriber is a qualifying purchaser and may combine this purchase for the purpose of qualifying for a volume discount. (Class A shares, Class S shares, or Class T2 shares only)

Account to be combined with:
Investor Name
Account Number
SSN / TIN
1 Any combination request will be subject to our verification that the subscriptions to be combined are made by a single qualifying purchaser. Please see "Volume Discounts" section of the prospectus for further information on volume discount qualifications.
3 Investor information - SSN or TIN required
Account title if an entity, trust or qualified account
Title Line 1
Title Line 2
Primary SSN/TIN
Secondary SSN/TIN

Primary Investor/Authorized Signer for individual account, trustee, officer, other authorized signer
Secondary Investor/Authorized Signer for additional account holder, trustee, officer, other authorized signer
Primary Investor/Authorized Signer
SSN/TIN DOB
Secondary Investor/Authorized Signer
SSN/TIN
DOB
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Please indicate if mailing address has changed since initial investment in RREEF Property Trust ☐ Yes ☐ No
If "yes", please print new address below:
Street Address
City
State
Zip
4 Broker-Dealer and financial advisor information
Broker-Dealer Name
Financial Advisor Name
Rep Number
Financial Advisor's Firm Name
Branch ID
Financial Advisor's Address
Financial Advisor's City
State ZIP
Financial Advisor's Phone
Financial Advisor's Fax Number
Financial Advisor's E-mail Address
Based on the information I obtained from the subscriber regarding the subscriber's financial situation and investment objectives, I hereby certify to RREEF Property Trust, Inc. that I have reasonable grounds for believing that the purchase of the shares by the subscriber is a suitable and appropriate investment for this subscriber.
Signature of Financial Advisor Date
Branch Manager Signature
(If required by Broker-Dealer) 		Date
























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5 Subscriber signatures
Please separately initial each of the representations below. Except in the case of fiduciary, you may not grant any person or power of attorney to make such representations on your behalf. I hereby acknowledge and/or represent the following:
Mandatory Acknowledgments - ALL INVESTORS:
Owner
Co-Owner
I have received the final Prospectus of RREEF Property Trust, Inc. at least five business days before signing the Subscription Agreement. In addition, I acknowledge that after the end of each business day, I can access the NAV per share for each class of shares through RREEF Property Trust, Inc.'s website and toll-free automated telephone line.
Owner
Co-Owner
I have (i) a minimum net worth (exclusive of home, home furnishings and personal automobiles) of at least $350,000 or (ii) a minimum net worth (as previously described) of at least $100,000 and a minimum annual gross income of at least $100,000.
Owner
Co-Owner
I acknowledge that there is no public market for the shares and, thus, my investment in shares is not liquid.
Owner
Co-Owner
I am purchasing the shares for the account referenced above.
Owner
Co-Owner
I acknowledge that I will not be admitted as a stockholder until my investment has been accepted. The acceptance process includes, but is not limited to, reviewing the Subscription Agreement for completeness and signatures, conducting an Anti-Money Laundering check as required by the USA Patriot Act and payment of the full purchase price of the shares.
State-Specific Acknowledgments - Initial applicable state if such state is listed:
Owner
Co-Owner
Alabama: An Alabama investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.
Owner
Co-Owner
Arkansas: An Arkansas investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.
Owner
Co-Owner
California: A California investor who is not an "accredited investor" as defined in Regulation D under the Securities Act may not invest more than 10% of their net worth in this offering.
Owner
Co-Owner
Iowa: In addition to the general suitability standards, an Iowa investor's aggregate investment in this offering and in the securities of other non-publicly traded real estate investment trusts (REITs) may not exceed 10% of the investor's liquid net worth. Liquid net worth is the portion of the investor's net worth that is cash, cash equivalents and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.
Owner
Co-Owner
Kansas: The Securities Division of the Kansas Department of Insurance recommends that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10 percent of their liquid net worth.
Owner
Co-Owner
Kentucky: A Kentucky resident must not invest more than 10% of his or her liquid net worth (cash, cash equivalents and readily marketable securities) in the shares of RREEF Property Trust or in the shares of RREEF Property Trust's affiliated non-publicly traded real estate investment trusts.
Owner
Co-Owner
Maine: The Maine Office of Securities recommends that an investor's aggregate investment in this offering and similar direct participation investments not exceed 10% of the investor's liquid net worth. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.








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5 Subscriber signatures (continued)
Owner
Co-Owner
Massachusetts: Massachusetts investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalent and readily marketable securities. In addition, a Massachusetts investor's investment in us, our affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of his or her liquid net worth.
Owner
Co-Owner
Missouri: No more than ten percent (10%) of any one (1) Missouri investor's liquid net worth shall be invested in the securities being registered in this offering. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments.
Owner
Co-Owner
Nebraska: A Nebraska investor's aggregate investment in this offering and in the securities of other non-publicly traded real estate investment trusts (REITs) may not exceed 10% of the investor's net worth. (Net worth should be determined exclusive of home, home furnishings, and automobiles.) Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.
Owner
Co-Owner
New Jersey: New Jersey investors must have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalent and readily marketable securities. In addition, a New Jersey investor's investment in us, our affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of his or her liquid net worth.
New Jersey investors are advised that the Class A, Class S and Class T2 shares will, with limited exceptions, be subject to up-front selling commissions of up to 3.00% and, with respect to the Class T2 shares only, up-front dealer manager fees of up to 0.50%, which will reduce the amount of the purchase price that is available for investment and which will cause the per share purchase price to be greater than the estimated value per share that will be reflected on the account statement.
New Jersey investors are also advised that RREEF Property Trust, Inc. will pay annual dealer manager and distribution fees of 0.55% and 0.50%, respectively, with respect to the Class A shares; an annual dealer manager fee of 0.55% with respect to the Class I shares; an annual distribution fee of 0.85%, 0.85% and 1.0% per share with respect to Class S shares, Class T2 shares and Class T shares, respectively.
All such fees will be based on the total NAV per share for the respective class of shares on which they are charged, and all such fees will be accrued daily and incorporated into the estimated net asset value per share for the respective class of shares on which they are charged. The annual dealer manager and distribution fees will reduce the amount of distributions that are paid with respect to Class A, Class I, Class S, Class T and Class T2 shares.
Owner
Co-Owner
New Mexico: In addition to the general suitability standards listed above, a New Mexico investor may not invest, and we may not accept from an investor, more than ten percent (10%) of that investor's liquid net worth in shares of us, our affiliates, and in other non-traded real estate investment trusts. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. A New Mexico investor who is an accredited investor, as defined by Rule 501(a) of Regulation D under the Securities Act, is not subject to the foregoing investment concentration limit.
Owner
Co-Owner
North Dakota: A North Dakota who is not an "accredited investor" as defined in Regulation D under the Securities Act .must have a net worth of at least ten times their investment in us.
Owner
Co-Owner
Ohio: An Ohio investor shall not invest more than 10% of his or her liquid net worth in us and in any other non-traded real estate investment programs. For the purposes of the Ohio suitability standard, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings, and automobiles minus total liabilities) that is comprised of cash, cash equivalents, and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. This condition also does not apply to purchasers who meet the definition of an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, 15 U.S.C.A. 77a, as amended.
Owner
Co-Owner
Oregon: Oregon investors may not invest more than 10% of their liquid net worth in us. Oregon investors who meet the definition of "accredited investor" as defined in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing limitation.
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Owner
Co-Owner
Puerto Rico: The aggregate investment in us, our affiliates, and other similar non-traded REITs shall not exceed 10% of a Puerto Rico investor's liquid net worth. For purposes of Puerto Rico's suitability standard, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings, and automobiles minus total liabilities) consisting of cash, cash equivalents, and readily marketable securities.
Owner
Co-Owner
Tennessee: A Tennessee investor who is not an "accredited investor" as defined in Regulation D under the Securities Act, may not invest more than 10% of their net worth in our common stock.
Owner
Co-Owner
Vermont: A Vermont investor who is not an "accredited investor" as defined in 17 C.F.R. § 230.501 may not purchase an amount of shares in this offering that exceeds 10% of the investor's liquid net worth. Vermont residents who are "accredited investors" as defined in 17 C.F.R. § 230.501 are not subject to the limitation described in this paragraph. For these purposes, "liquid net worth" is defined as an investor's total assets (not including home, home furnishings, or automobiles) minus total liabilities.
Owner
Co-Owner
Washington: A Washington investor's aggregate investment in our company and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made through the distribution reinvestment plan nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended.

For purposes of determining whether you satisfy the suitability standards, (i) "net worth" is calculated excluding the value of an investor's home, home furnishings and automobiles; (ii) if not otherwise specified, "liquid net worth" means that portion of an investor's net worth consisting of cash, cash equivalents and readily marketable securities; and (iii) "direct participation programs" include REITs, business development companies, oil and gas programs, equipment leasing programs, and commodity pools, but exclude federal and state exempt private offerings and any investment company registered pursuant to the Investment Company Act of 1940, as amended.
I ACKNOWLEDGE RECEIPT OF THE PROSPECTUS, WHETHER OVER THE INTERNET, ON A CD-ROM, A PAPER COPY OR ANY OTHER DELIVERY METHOD. IF MY SUBSCRIPTION IS ACCEPTED, RREEF PROPERTY TRUST, INC. WILL SEND ME CONFIRMATION OF MY PURCHASE AFTER I HAVE BEEN ADMITTED AS A STOCKHOLDER.
Substitute IRS Form W-9 (required for U.S. investors only): I HEREBY CERTIFY under penalty of perjury (i) that the taxpayer identification number shown on this Subscription Agreement is my correct taxpayer identification number, (ii) unless the box below is checked, I am not subject to backup withholding because a) I am exempt from backup withholding; or b) the Internal Revenue Service (IRS) has not notified me that I am subject to backup withholding as a result of failure to report all interest or dividends; or c) the IRS has notified me that I am no longer subject to backup withholding; and (iii) I am a U.S. citizen or other U.S. person.
☐
Please check this box only if you are subject to backup withholding. Please include a copy of the notification letter you received from the IRS.
The Internal Revenue Service does not require your consent to any provision of this document other than the certifications to avoid backup withholding.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html#statepolicies to obtain
additional information relating to their rights under California state law.
Signature of Investor Date
Signature of Joint Investor Date
If this is a custodial-held account, the custodian MUST sign below.
Signature of Trustee/Custodian Date








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5 Subscriber signatures (continued)
STOP! Please take note of the below instructions.

For all accounts that have elected to use a third party custodian: Your Broker-Dealer or Registered Investment Advisor MUST send the Subscription Agreement directly to the custodian for signature and processing, not to us.

For all other accounts: The Subscription Agreement, together with a check made payable to "RREEF Property Trust, Inc." for the full purchase price, should be delivered or mailed by your Broker-Dealer or Registered Investment Advisor, as applicable, to:
Regular Mail Overnight Mail Subscription Agreements Payment may be wired to:
may be faxed to: RREEF Property Trust, Inc.
RREEF Property Trust, Inc. RREEF Property Trust, Inc. (844) 616-8637 UMB Bank, N.A.
P.O. Box 219985 801 Pennsylvania Ave 1010 Grand Boulevard, 4th Floor
Kansas City, MO 64121-998 Suite 219985 Kansas City, MO 64106
Toll Free: (855) 285-0508 Kansas City, MO 64105-1307 ABA #: 101000695
Toll Free: (855) 285-0508 Account #: 9872012755
FAO: (Include Account Title)

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

DWS Distributors, Inc.
222 South Riverside Plaza Chicago, IL 60606-5808
www.dws.com [email protected]
Tel (800) 621-1148
© 2025 DWS Group GmbH & Co. KGaA. All rights reserved. (04/25) RPT-ADD SUB
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RREEF Property Trust Inc. published this content on August 19, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 19, 2026 at 21:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]