(a) General Description of Advisory Firm The Investment Manager was organized as a Delaware limited liability company in 2011. It is owned in equal shares by L. Marc Carter and C. Harris Haston, the principal founders of the Carter- Haston family of companies (collectively, “Carter-Haston”), as well as Amanda V. Speed, Michael A. Fielder, John T. Carter, and James A. Shanks, the executive officers of Carter-Haston. Carter- Haston serves investors as an integrated real estate firm that primarily sources, underwrites, acquires, sells and manages multi-family real estate properties. The Investment Manager provides investment advice primarily relating to real estate-related securities. (b) Description of Advisory Services The Investment Manager recommends purchases and sales of real estate-related securities. Real estate-related securities are one type of investment used by Carter-Haston in its implementation of its real estate investment strategies. Carter-Haston offers real estate investment advisory services relating to direct and indirect investments in real estate and real estate related securities. Such investments are typically direct and/or indirect interests in real estate, such as: (a) fee interests in real estate, (b) interests in single purpose vehicles (SPVs) holding real estate and real estate-related assets, and (c) real estate-related securities, including securities of real estate joint ventures, real estate operating companies, and other entities directly or indirectly involved in the acquisition, development, ownership, management or disposition of real estate. Carter-Haston’s strategies are generally to invest in multi-family real estate properties located in approximately 16 U.S. states and 35 local markets throughout the Southeast, Southwest, and Midwest. Carter-Haston’s investment recommendations are typically characterized within the real estate

industry as "value-add" or "opportunistic." See “Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss.” The Investment Manager currently serves as the investment manager only to certain collective investment funds to which the Investment Manager or an affiliate serves as the general partner or the manager (each, an “Affiliated Fund”). Each Affiliated Fund relies on an exclusion from the definition of an “investment company” pursuant to Section 3(c) of the Investment Company Act of 1940, as amended, principally Sections 3(c)(1), 3(c)(5), and 3(c)(7). Interests in each Affiliated Fund are offered only to investors who meet certain eligibility standards, including that each is a sophisticated investor who meets the standards of an accredited investor in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The Investment Manager currently does not manage separate investor accounts. No investment is made for or recommended to an Affiliated Fund unless the investment is consistent with the investment objectives, guidelines and restrictions of the Affiliated Fund. Page 5 (c) Availability of Tailored Services for Individual Clients Each Affiliated Fund is a blind pool with, among other things, its principal investment strategy described in a confidential placement memorandum. Investors in an Affiliated Fund generally do not have any right or opportunity to select or evaluate prior to implementation or acquisition any fund strategy or investment. (d) Wrap-Fee Programs The Investment Manager currently does not participate in any wrap-fee program. (e) Client Assets Under Management As of December 31, 2023, the Investment Manager had total discretionary assets under management of approximately $280,637,766. As of that date, the Investment Manager only managed assets on a discretionary basis.