Unhedged currency translation erodes HAUZ's USD income Local-currency rent from a global real estate book flows through an unhedged spot-FX gate; a stronger dollar drains more of it into FX loss and erodes the NAV measured in USD. HAUZ portfolio ex-US real estate rents earned in local currency JPY AUD HKD GBP SGD EUR 22% 12% 10% 6.9% 6.6% 21% spot FX unhedged NAV at spot USD cash kept some slippage vs 3.6% headline ~3.6% trailing unhedged NAV eroding over 120d recent −~11% / 120d FX loss drain a share of distributions leaks dollar strength swings the gate Spot rates roughly stable, so some slippage creeps into the USD value of foreign rents. USD kept lost to FX