ADVISORY BUSINESS The Adviser is an SEC registered investment adviser with its principal place of business in Southern California. The Adviser began conducting business in 2012. The Adviser is (i) controlled by CMR Capital Group, LLC, as its managing member, and (ii) owned 99% by CMR Capital Group, LLC and 1% by CMRSX Manager, Inc. Additional information regarding the Adviser’s operations and management is set forth in this Brochure. Investment Management. The Adviser is a real estate investment and asset management firm that sponsors and serves as a discretionary fund manager to pooled investment vehicles organized as private investment funds and certain other special or single purpose investment vehicles (i.e., the Investment Vehicles). The Adviser provides fund management and investment advisory services relating to the acquisition, ownership, operation and disposition of real estate and interests in real estate. Investment Vehicles are usually private, closed-end investment vehicles. Generally, Investment Vehicles are exempt from registration, and will not be registered as an investment company, under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and securities issued by an Investment Vehicle are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or under state securities laws, in reliance upon exemptions for transactions not involving a public offering. In such, Investment Vehicles require Investors to be both “accredited investors” as defined in Regulation D of the Securities Act and “qualified purchasers” under Section 3(c)(7) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Each Investment Vehicle is typically structured as a limited liability company or a limited partnership, with Affiliates1 of the Adviser serving in the following capacities: (i) as an Investor in the Investment Vehicle (the “Adviser Participant”), through which the Adviser makes capital contributions to the Investment Vehicle (the “Adviser Capital”) side-by-side with third party investors (each a “Third Party Investor”); and (ii) the manager (or co-manager), managing member (or co-managing member), or general partner (or co-general partner) of the Investment Vehicle, as the case may be (in any case, each a “Vehicle Manager”). Certain executive officers, owners and other employees of the Adviser have direct or indirect investments in the 1 Generally. (x) “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person; (y) “control,” when used with respect to any specified Person, means the power, direct or indirect, to direct or cause the direction of the management and policies of such specified Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings; and (z) “Person”, means any natural person, general partnership, limited partnership, limited liability company, limited liability partnership, corporation, trust, estate, real estate investment trust, association, or other entity. Vehicle Manager or an Adviser Participant. Advisor and/or Affiliates may sponsor one or more Investment Vehicles, which, in turn, invest directly or indirectly into other Investment Vehicles. Investment Vehicles usually have a “hard-cap” on the aggregate amount of money that a Vehicle Manager can raise for that particular Investment Vehicle (the “Capital Commitment Ceiling”). The Vehicle Manager accepts unfunded capital commitments (“Capital Commitments”) from Third Party Investors on behalf of the Investment

Vehicle up to the Capital Commitment Ceiling during one or more fundraising stages (the “Admission Period”), after which the Investment Vehicle is generally closed to new Third Party Investors. In addition to the Admission Period, Investment Vehicles usually have fixed durations for the following: (i) the investment period (the “Investment Period”; the time during which an Investment Vehicle may call capital from its Investors to make project investments, in the case of a multi-asset discretionary fund, or a single project investment, in the case of a single, pre-identified, designated asset fund, and (ii) the term (the “Term”; the outside date by which the Investment Vehicle must be liquated and unwound, with all remaining net operating income and capital proceeds held by the Investment Vehicle distributed to its Investors). The Admission Period, the Investment Period and the Term vary in duration depending upon the size of the Investment Vehicle, the targeted asset class and product type, as well as the targeted geographies. Generally, Third Party Investors are family offices and high-net worth individuals, both U.S. and internationally based. Third Party Investors also may include U.S. and internationally based pension and profit-sharing plans, governmental entities, charitable organizations and other corporations or business entities. Within an Investment Vehicle, there are usually dollar-denominated minimum investment thresholds for Third Party Investors that vary depending upon the size and structure of the Investment Vehicle, below which a Person will not be accepted as an Investor; however, any such minimum investment threshold may be waived or modified by the Vehicle Manager and any Third Party Investors. During the Investment Period, the Vehicle Manager will, from time to time, call on the Investors to make capital contributions (each a “Capital Contribution”, and collectively, “Capital Contributions”) of a portion of their respective Capital Commitments to the Investment Vehicle on a pro rata basis in proportion to Investors’ respective Capital Commitments to the Investment Vehicle to satisfy one or more obligations or investment needs of the Investment Vehicle (e.g., expenses, fees Investments (each a “Funding Request”)). Penalties apply to Investor’s who fail to honor their Capital Commitment obligations (e.g., ownership dilution), and remedies exist in favor of non-defaulting Investors that fund on account of any defaulting Investors (e.g., priority in the return of any such Capital Contribution over defaulting Investor’s(s’) previous Capital Contributions, or an increase in the interest rate to be accrued on any such Capital Contributions over defaulting Investor’s(s’) accrued interest rate on previous Capital Contributions). The Adviser Participant is also subject to Funding Requests from the Vehicle Manager for the benefit of the Investment Vehicle; however, generally, only for calls for expenses and Investments, but not for management fees (which are often offset against Capital Commitments of Adviser Participant). Investments by the Investment Vehicles may be made directly into a targeted asset or indirectly into targeted assets by and through one or more privately-held companies (each an “Investment Holdco”) that, in turn, invest directly into other Investment Holdcos. Investments may include minority investments and control stakes of any such asset or Investment Holdcos and Investments may be made in Investment Holdcos that are other private investment vehicles managed by third party investment and asset managers (each a “Third Party Vehicle”). Assets Under Management. As of December 31, 2023, the Advisor managed approximately $203,835,555 of assets on a discretionary basis, and no assets on a non-discretionary basis.