A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). Firm Description Founded in 1988 by Hersch M. Klaff, Klaff Realty, LP and certain affiliated entities, (collectively, “Klaff Realty” or the “Firm”) serve as the sponsors, managers and/or investment managers of several private real estate related investment funds (the “Funds”). Each Fund is managed by Klaff Realty, an affiliated entity or a general partner which has the authority to make investment decisions on behalf of such Funds. Klaff Realty and its affiliates also invest outside of the Funds in real estate projects with third party operating partners through operating joint ventures. Klaff Realty maintains an active oversight of each project, including retaining decision rights. Principal Owners/Ownership Structure Klaff Realty is principally owned directly and indirectly by Mr. Klaff and entities owned and controlled by Mr. Klaff. B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. Klaff Realty’s investment advisory services to the Funds include sourcing, evaluating, negotiating, overseeing, managing and disposing of investments in real estate and real estate-related assets. Klaff Realty’s advice is generally limited to real estate and real-estate related investments. The Firm engages in the acquisition, redevelopment and management of commercial real estate throughout the United States and Latin America. Klaff Realty specializes in the acquisition of distressed and under-utilized retail assets and works closely with a prominent group of partners, including financial institutions, professional services firms, real estate opportunity funds, high-net-worth individuals, national brokers and tenants to structure real estate transactions that attempt to provide superior risk-adjusted rates of return for investors. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Klaff Realty’s advisory services to each Fund are tailored to

the investment objectives of each Fund. These objectives are described in the private placement memorandum, limited partnership agreement, investment advisory agreement and other governing documents of the relevant Fund (collectively, the “Governing Documents”). The information provided herein about the investment advisory services provided by Klaff Realty is qualified in its entirety by reference to each Fund’s offering materials, subscription agreements and other Governing Documents. Investors in the Funds participate in the overall investment program for the applicable partnership. From time to time, Klaff Realty may enter into agreements, commonly known as “side letters,” with certain investors on the basis of their preexisting relationship to Klaff Realty or other key factors deemed significant to Klaff Realty, which arrangements grant the investor specific rights, benefits, or privileges that are not made available to investors generally. Such side letters or similar agreements generally are disclosed only to investors in the applicable Fund that have separately negotiated with Klaff Realty for the right to review such side letters or similar agreements. These side letters (i) have the principal effect of diluting the interests (including the waiver or reduction of economic benefits) or powers of Klaff Realty or any of its affiliates; and (ii) do not adversely affect, disproportionately to all other investors, any investor’s right to distributions or share in profits and losses without such investor’s consent. Certain side letter rights are likely to confer benefits on the relevant limited partner at the expense of the relevant Fund or of limited partners as a whole, including in the event that a side letter confers additional reporting, information rights and/or transfer rights, the costs and expenses of which are expected to be borne by the Fund. D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. Klaff Realty does not participate in wrap fee programs. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2023, Klaff Realty managed approximately $202,948,664 of regulatory assets under management, all of which are managed on a discretionary basis.