For purposes of this brochure, “HGI” means Harbor Group International, LLC, a Delaware limited liability company, and its relying advisers, HGGP Capital IX, LLC (“HGGP Capital IX”), HGGP Capital X, LLC (“HGGP Capital X”), HGGP Capital XI, LLC (“HGGP Capital XI”), HGGP Capital XII, LLC (“HGGP Capital XII”), and HGGP Capital XIII, LLC (“HGGP Capital XIII”), each a Virginia limited liability company, HGGP Capital XIV, LP (“HGGP Capital XIV”), HGGP Capital XV, LP (“HGGP Capital XV”), HGGP Capital XVI, LP (“HGGP Capital XVI”), and HGGP Capital XVII, LP (“HGGP Capital XVII”) each a Delaware limited partnership, together (where the context permits) with its affiliated general partners and/or managers of each Client (as defined below) and other affiliates that provide advisory and other services to, and/or receive advisory and other fees from, the Clients and/or the Clients’ investments. Such affiliates are typically under common control with Harbor Group International, LLC, and/or may have substantially identical personnel and/or equity owners as Harbor Group International, LLC. These affiliates may be formed for regulatory, tax, or other purposes in connection with the organization of the Clients or may serve as general partners and/or managers of the Clients (collectively, the “General Partners”). The HGI real estate management and investment platform launched in the mid-1980s and the name Harbor Group International, LLC was adopted in 1998. Through a series of joint ventures and recapitalizations, the business evolved and is now a Delaware limited liability company which was formed in 2007 and is wholly owned by HGI Holdings, LLC. HGGP Capital IX was formed in 2013, HGGP Capital X was formed in 2015, HGGP Capital XI was formed in 2016, HGGP Capital XII was formed in 2017, HGGP Capital XIII was formed in 2018, HGGP Capital XIV was formed in 2019, HGGP Capital XV was formed in 2021, HGGP Capital XVI was formed in 2022, and HGGP Capital XVII was formed in 2023. Jordan E. Slone has a direct and/or indirect ownership interest of approximately 25% or more of each of HGI Holdings, LLC, HGGP Capital IX, HGGP Capital X, HGGP Capital XI, HGGP Capital XII, HGGP Capital XIII, HGGP Capital XIV, HGGP Capital XV, HGGP Capital XVI, and HGGP Capital XVII. HGI provides discretionary advisory services to privately offered investment vehicles, typically structured as limited partnerships and limited liability companies, that are exempt from registration as investment companies under U.S. law by virtue of Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) (such vehicles, the “Funds”). In addition, HGI provides discretionary advisory services to other privately offered investment vehicles that invest in real estate properties and real estate-related financial instruments (including debt and preferred equity investments backed by real estate properties and real estate related structured debt investments) which are not deemed to be investment companies under the 1940 Act (such vehicles, together with the Funds, the “Clients”). Investment

advice is provided directly to the Clients and not individually to the limited partners or members of the Clients (the “Investors”). HGI also provides investment advice to privately offered pooled investment vehicles that hold only real estate (the “Real Estate Accounts”). Because the Real Estate Accounts do not hold securities, HGI is not subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) with respect to the Real Estate Accounts and only complies with the Advisers Act with respect to the Clients. In providing services to the Clients, HGI formulates each Client’s investment objectives, and directs and manages the investment of each Client’s assets. HGI manages the assets of the Clients in accordance with the terms of each Client’s applicable confidential offering and/or private placement memorandum, individual limited partnership or operating agreement, and side letter agreements negotiated with Investors, (collectively, a Client’s “Governing Documents”). Client terms are generally established at the time of the formation of the Client, subject to amendment, and are only terminable once the applicable Client is dissolved. HGI is responsible for identifying investment opportunities for the Clients, as well as facilitating the acquisition, monitoring, and disposition of each of the Clients’ investments. Certain Clients are organized into a structure comprised of parallel Clients, which may include entities formed for Investors to invest through such parallel Clients (collectively, the “Parallel Funds”). The Parallel Funds include related entities formed and managed by a General Partner or an affiliate thereof to facilitate certain Investors’ investments into one or more of such Parallel Funds. Parallel Funds generally invest in assets side-by-side based upon capital commitments. Generally Parallel Funds are established to accommodate specific compliance, legal, regulatory, tax, or other needs of certain Investors and may be organized in a variety of jurisdictions. In addition, HGI may consider the formation of Clients or other structures including, but not limited to, separate accounts and management agreements that have investment objectives that may differ from the Governing Documents of other Clients. HGI’s objective is to generate income and capital appreciation through the selective acquisition of income-producing real estate properties and financial investments supported by real estate properties subject to certain limitations described in the Governing Documents, and further subject to the availability of sufficient capital and suitable investment opportunities. As of December 31, 2023, HGI and its affiliates managed on a discretionary and non-discretionary basis approximately $19 billion in assets consisting of real estate related investments held for investment purposes.1 Of this amount, HGI had approximately $3.8 billion (inclusive of HGGP Capital IX, HGGP Capital X, HGGP Capital XI, HGGP Capital XII, HGGP Capital XIII, HGGP Capital XIV, HGGP Capital XV, HGGP Capital XVI, and HGGP Capital XVII) in assets under management on behalf of the Clients, all of which are managed on a discretionary basis.