Advisory business Star Asia Management LLC (“Star Asia”) is one of several affiliated entities in the Star Asia Group family of companies. Star Asia's principals and executive officers are also principals or executive officers of certain other partnerships or limited liability companies that serve as the general partner or managing member of certain entities affiliated with Star Asia. Please see "Other Financial Industry Activities and Affiliations" below for a further discussion of entities affiliated with Star Asia. Star Asia is an SEC-registered investment adviser that has been in business since late 2006 and is owned principally by Taro Masuyama and Malcolm F. MacLean IV indirectly through their ownership interest in Suzaku II, LLC and Tsuru II, LLC, respectively. Star Asia is a limited liability company organized in the State of Delaware. Star Asia and each of., Star Asia Advisors IV Ltd., SACM III Ltd., Star Asia Advisors V Ltd., Star Asia Advisors VI Ltd., SAJI Advisors Ltd. and SAJUR Advisors Limited are related persons (collectively, “Related Persons”) that collectively conduct a single advisory business. Accordingly, unless otherwise specified, references in this brochure to “we,” “our,” and “the Company” refer to Star Asia, Star Asia Advisors IV Ltd., SACM III Ltd., Star Asia Advisors V Ltd., Star Asia Advisors VI Ltd., SAJI Advisors Ltd. and SAJUR Advisors Limited. Types of Advisory Services Offered We provide investment management services to real estate funds that primarily invest in Japanese and other Asian commercial real estate and real estate related investments. The Funds (as defined below) are exempt from registration as investment companies

under Section 3(c)(5)(C) of the Investment Company Act of 1940, as amended, and the Funds' securities offerings are not registered under the Securities Act of 1933, as amended. Star Asia has only one client, Star Asia Capital Corp. Ltd. (“SACC”). Star Asia Advisors IV Ltd. SACM III Ltd., Star Asia Advisors V Ltd., Star Asia Advisors VI Ltd., SAJI Advisors Ltd. and SAJUR Advisors Limited each have one client, Star Asia Japan Special Situations IV LP (“SAJSS IV”), Star Asia Opportunity III LP (“SAO III”), Star Asia Japan Special Situations V LP (“SAJSS V”), Star Asia Japan Special Situations VI LP (“SAJSS VI”), Star Asia Japan Income Fund LP (“SAJIF”) and Star Asia Urban Residential LP (“SAJUR”), respectively. SACC, SAJSS IV, SAO III, SAJSS V, SAJSS VI, SAJIF and SAJUR collectively are referred to herein as the "Funds.” As discussed below, we customarily analyze securities and markets through underwriting, credit assessment, due diligence, risk management, and then continual monitoring. We may also offer advice with respect to a broad range of securities, derivatives, and other financial instruments and investments. Client Assets Under Management Our Company provides discretionary investment advisory services to the Funds and has discretionary management authority and responsibility over their assets. As of December 31, 2023, we provided these services to the Funds with respect to approximately $3,656,111,820 in assets under management on a discretionary basis. Our Company has great latitude within the broad parameters of the Funds’ investment guidelines in determining the types of assets it may decide are proper for the Funds in accordance with the operating agreements of the Funds.