Unison Investment Management, LLC (“Unison IM”) is a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940 (“Advisers Act”) since February 2017. For purposes of this brochure, Unison IM means Unison Investment Management, LLC together with its affiliates serving as general partners and investment managers of the Funds (defined below). Such affiliates are typically under common control and/or possess substantial identity of personnel and/or equity owners with Unison IM. Unison IM is wholly owned by Real Estate Equity Exchange, Inc. (“REX”), a Delaware corporation with headquarters in San Francisco, California. Unison IM provides investment advisory services to pooled investment vehicles (the “Funds”) exempt from registration under the Investment Company Act of 1940 (“1940 Act”) and whose securities are not registered under the Securities Act of 1933 (“Securities Act”). Investment advice is provided to the Funds by Unison IM and not individually to the investors in the Funds. Interests in the Funds are typically offered to institutional investors and high net worth and other qualified investors in the United States and Canada on a private placement basis. Each Fund’s investment strategy is described in detail in their respective Governing Documents (defined below) but generally consists primarily of long-term equity investments in residential real estate through proprietary real estate agreements (“Unison Agreements”) with individual homeowners and homebuyers (collectively, “Customers”) that are analyzed, selected, and invested in by Unison IM’s affiliate, Unison Agreement Corporation (“Unison”), which is also a subsidiary of REX. Unison analyzes, selects, and invests in the Unison Agreements as part of a homebuyer’s purchase of a principal residence or with an existing

homeowner that wishes to access a portion of the equity in his or her home. In either case, Unison generally makes a payment to the Customer in the form of an investment in the property, in exchange for the grant of an option, to purchase an undivided percentage interest in the property at a later date for a stated exercise price. The rights under Unison Agreements are exercisable by the holder of the Unison Agreements upon the occurrence of certain events and circumstances, but most commonly when the Customer sells their home. Subject to any restrictions and limitations contained in the Governing Documents, Unison IM has full discretionary authority with respect to investment decisions for the Funds, and Unison IM tailors its advisory services to the specific investment objectives and restrictions of each Fund that Unison IM manages. Clients and investors and prospective clients and investors should refer to any confidential private placement memorandum, limited partnership agreement, investment management agreement and other governing documents for the investment (the “Governing Documents”) for complete information on the investment objectives and investment restrictions of each Fund. Side letter agreements may exist with certain investors. These side letters may include various terms related to an investor’s investment including, among other things, fee structure, information rights, and other rights and privileges, or accommodating regulatory needs of investors, without providing prior notice to, or receiving consent from, existing investors in a Fund. The terms of such side letter agreements will be negotiated and determined by Unison IM. Unison IM does not participate in any wrap fee programs. As of December 31, 2023, Unison IM had regulatory assets under management (“RAUM”) of approximately $1,639,448,333.