Originally established in 1998 providing advice to select real estate related limited partnerships and, the in 2009 to private real estate funds, CWS Capital Partners, LLC (“CWSCP”) was formed as a limited liability company (LLC) and was initially approved as a state registered investment adviser in 2015 and later transitioned to an SEC registered investment adviser in 2016 based on an increase in assets under management. CWSCP advises private real estate funds mainly formed as Delaware limited liability companies in which their managing members are affiliated entities of the principals of CWS. CWSCP identifies the investment opportunities, structures the financing, and advises the managing members on various operational strategies to maximize value for the owners. The primary business of the LLCs is investing in equity interests in high quality multi-family properties located in the United States with preferred locations of Atlanta, Austin, Dallas/Ft. Worth, Charlotte, Denver, Houston, Phoenix, Raleigh, San Antonio, and Nashville. CWS Capital Partners advises the private real estate funds and works with affiliates CWS Apartment Homes and Marquis Residential Development to manage, operate, and develop the properties. Principal Owners For the purpose of this section, CWSCP lists its principal owners as any person or entity directly owning 25% or more of CWSCP as disclosed on Schedule A of Part 1A as of date of the last update filing. CWSCP’s direct owners are as follows:
• Steven Sherwood Trust is a direct owner of CWSCP with approx. 41.488020% ownership. o Steven Sherwood Trust is controlled by Steven Sherwood as 100% owner
• Sherwood Family LLC is a direct owner of CWSCP with approx. 29.57008% ownership. o Sherwood Family LLC is controlled by Zachary Sherwood Irrevocable Trust because it owns approx. 26% of its interests. o Sherwood Family LLC is controlled by Zachary Sherwood S. Trust because it owns approx. 74% of its interests Name: Steven J. Sherwood Date of Birth: 1948 Education: Texas Tech University; M.S. Mechanical Engineering (1973) Texas Tech University; B.S. Mechanical Engineering (1971) Background: CWS Capital Partners, LLC, Investment Adviser Representative (01/1998-Present) Clayton, Williams & Sherwood Investments, President/Owner (08/1979-Present) CWS Apartment Homes, LLC, CEO/Member (03/1999-Present) CWS Management, LLC, Managing Member (06/1999-12/2006) Clayton, Williams & Sherwood, Inc., President (08/1979-03/1999) CWSCP is not a publicly held company and no part of CWSCP is owned by an individual or company through any subsidiaries or “intermediate subsidiaries.” Types of Advisory Services Offered Investment Advisory Services CWSCP advises private real estate funds mainly formed as Delaware Limited Liability Companies in which their Managing Members are affiliated entities of the principals of CWS. More specifically, the private placement of limited liability company interests (“Interests”) primarily includes but are not limited to CWS SAF I through XIV QI LLC, and SAF XIV QPF LLC, which are Delaware limited liability companies, d/b/a CWS Strategic Apartment Funds I through XIV QI and XIV QPF, LLC (known each as the “Fund” or the “Company” or “Funds” or “Companies” collectively). SAF Associates through XIV Associates, LLC, which are Delaware limited liability companies (“CWS” or the “Managing Members”), will each serve as the Managing Member of each corresponding Fund(s). Purchasers of Interests will become members of the Company (the “Class A Members” and together with the Managing Member and the Class B Members (as defined herein), the “Members”). If, and when, any investor(s) in a Fund are referred to CWS by third party money managers, CWS will verify those advisers will be properly

registered where the investors reside. Strategic Apartment Funds, Managing Members and Ownership Breakdown CWS SAF I - SAF Associates (Managing Member) (Steven Sherwood Trust 48.509148%, Sherwood Family LLC 26.2713272%, Carmell Family Trust 10.737426%, Joseph H. Sherwood Trust 3.724627%, Engels Management Trust 10.737426 %, Michael Brittingham .01%, Justin Leahy .01%) CWS SAF II- SAF II Associates (Managing Member) – same ownership breakdown as SAF Associates CWS SAF III- SAF III Associates (Managing Member) same ownership breakdown as SAF Associates CWS SAF IV- SAF IV Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF V- SAF V Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF VI - SAF VI Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF VII - SAF VII Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF VIII QI- SAF VIII Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF VIII QPF - SAF VIII Associates (Managing Member) – same ownership breakdown as SAF Associates. CWS SAF IX QI and CWS SAF IX QPF: SAF IX Associates (Managing Member) – (Steven Sherwood Trust36.592948%, Sherwood Family LLC 34.457672%, Carmell Family Trust 10.160588%, Joseph H. Sherwood Trust 3.618203%, Engels Management Trust 10.160588%, Michael Brittingham 5.0%, Justin Leahy .01%). CWS SAF X QI and CWS SAF X QPF: SAF X Associates (Managing Member) – (Steven Sherwood Trust 35.442080%, Sherwood Family LLC 33.37208%, Carmell Family Trust 9.840767, Joseph H. Sherwood Trust 3.504305%, Engels Management Trust 9.840767, Michael Brittingham 5.0%, Justin Leahy 3.0%). CWS SAF XI QI and CWS SAF XI QPF: SAF XI Associates (Managing Member) – (Steven Sherwood Trust 36.592948%, Sherwood Family LLC 34.457672%, Carmell Family Trust 10.160588%, Joseph Sherwood Trust 3.618203%, Engels Management Trust 10.160588%, Michael Brittingham 5.0%, Justin Leahy .01%). CWS SAF XII QI and CWS SAF XII QPF: - SAF XII Associates (Managing Member) – (Steven Sherwood Trust 35.965968%, Sherwood Family LLC 33.865370%, Carmell Family Trust 9.986229%, Joseph Sherwood Trust 3.556104%, Engels Management Trust 9.986229%, Michael Brittingham 5.0%, Justin Leahy 1.6401%). CWS SAF XIII QI and CWS SAF XIII QPF: SAF XIII Associates (Managing Member) – (Steven Sherwood Trust 34.6716%, Sherwood Family LLC 32.6466%, Carmell Family Trust 9.626838%, Joseph Sherwood Trust 3.428125%, Engels Management Trust 9.626838%, Michael Brittingham 5.0%, Justin Leahy 5.0%). CWS SAF XIV QI and CWS SAF XIV QPF – SAF XIV Associates (Managing Member) – Same ownership as SAF XIII Associates. Consultation Services CWSCP does not offer general consulting services on an hourly basis. Financial Planning Services CWSCP does not offer Clients comprehensive or segmented (limited) financial planning services, investment plans, and/or financial planning consultations. Termination of Account Currently the only Clients of CWS Capital Partners are private real estate funds. Wrap Fee Program CWSCP does not participate in a wrap fee program at this time. Assets under Management As of December 31, 2023, the amount of Client assets under advisement is follows: Discretionary: $336,300,000 (28 Accounts) Non-discretionary: $00.00 (Not Applicable) CWSCP’s method for computing the amount of “Client assets under advisement” is the same method for computing “assets under management.” The amount as disclosed above is rounded to the nearest $100,000.00. The date of the calculation above is not more than ninety (90) days before the date CWSCP last updated its Brochure.