Advisory Firm Description RM Adviser, LLC (“RM Adviser”), a Delaware limited liability company formed in 2015, is an investment advisory firm registered with the Securities and Exchange Commission (“SEC”) since 2016 and a wholly owned subsidiary of Realty Mogul, Co., a Delaware corporation (“Realty Mogul”). Realty Mogul was incorporated in May 2012 and, through its subsidiaries, operates a real estate investment platform offering a variety of real estate‐related investments at www.realtymogul.com (the “Realty Mogul Platform”). Canaan IX, LP owns more than 25% of Realty Mogul and therefore owns more than 25% of RM Adviser due to RM Adviser being a wholly owned subsidiary of Realty Mogul. Canaan Partners IX LLC is the General Partner of Canaan IX, LP. Types of Advisory Services RM Adviser currently provides two main types of investment advisory services: (1) since 2016, discretionary investment management of affiliated real estate investment trusts Realty Mogul Income REIT, LLC (formerly, MogulREIT I, LLC (“Income REIT”) and Realty Mogul Apartment Growth REIT, Inc. (formerly, MogulREIT II, Inc. (“Apartment Growth REIT”) (collectively, the “RM REITs”), and (2) from time to time, discretionary investment management of certain special purpose entities that each invest in one company whose primary business is to own and renovate and/or operate one or more specified commercial real estate projects (“Single Purpose Funds”). Hereinafter, the respective company in which a Single Purpose Fund advised by RM Adviser invests in will be referred to as “Sponsor Entity.” Sponsor Entities are also managed by RM Adviser. RM REITs RM Adviser manages the RM REITs. The RM REITs are sponsored by RM Sponsor, LLC (“RM Sponsor”), another wholly owned subsidiary of Realty Mogul and an affiliate of RM Adviser. RM Adviser’s services to the RM REITs are limited to investment advisory and acquisition services (including performing due diligence on the RM REITs’ investments), offering services, asset management services, marketing and advertising services, accounting and other administrative services, shareholder services, financing services, and disposition services, among others. In addition, RM Adviser makes all the decisions regarding the selection, negotiation, financing and disposition of the RM REITs’ investments, subject to the limitations in the operating agreement or management agreement by and between RM Adviser and the respective RM REIT. Single Purpose Funds/Sponsor Entities

RM Adviser’s advice to the Single Purpose Funds/Sponsor Entities is limited to investment advisory and acquisition services (typically real estate‐related investments) and asset management services, and accounting and other administrative services, among others. In addition, RM Adviser makes all the decisions regarding the selection, negotiation, acquisition, financing and disposition of the investments of Single Purpose Funds/Sponsor Entities, in accordance with the respective operating agreement by and between RM Adviser and the Single Purpose Fund/Sponsor Entity. Tailored Advisory Services and Restrictions RM REITs RM Adviser tailors its advisory services to the investment objectives and strategies and terms and conditions of the RM REITs, as described in their respective offering circulars, available at www.realtymogul.com. Among other restrictions, RM Adviser manages the RM REITs so that they comply with restrictions related to Internal Revenue Service (“IRS”) requirements for qualification as a REIT and/or requirements applicable to the RM REITs’ exemption from registration as an investment company under the Investment Company Act of 1940 (“Investment Company Act”). RM Adviser does not tailor its advisory services to the individual needs or circumstances of investors in the RM REITs as the RM REITs themselves are RM Adviser clients, not RM REITs’ investors. Single Purpose Funds/Sponsor Entities RM Adviser is responsible for directly acquiring real estate properties and providing asset management services for the Single Purpose Funds. For certain Single Purpose Funds, RM Adviser also manages the Sponsor Entity in which the Single Purpose Fund invests. RM Adviser manages the Single Purpose Funds/Sponsor Entities so that they comply with requirements pursuant to Regulation D under the Securities Act of 1933 (the “Securities Act” and “Regulation D”) and/or requirements applicable to the Single Purpose Funds/Sponsor Entities’ exemption from registration as an investment company under the Investment Company Act. RM Adviser does not tailor its advisory services to the individual needs or circumstances of investors in the Single Purpose Funds/Sponsor Entities as the Single Purpose Funds/Sponsor Entities themselves are RM Adviser clients, not the Single Purpose Funds/Sponsor Entities’ investors. Wrap Fee Program RM Adviser does not participate in any wrap fee program. Assets Under Management As of December 31, 2023, RM Adviser had approximately $175,099,507 in assets under management, which RM Adviser manages on a discretionary basis.