FPA Real Estate Advisers Group, LLC is a Delaware limited liability company established in March 2017. FPA Real Estate Advisors, LLC, a Delaware limited liability company, and FPA Real Estate Advisors V, LLC, also a Delaware limited liability company, are affiliated entities and relying advisors of FPA Real Estate Advisors Group, LLC. The Gregory A. Fowler Living Trust, Gregory A Fowler, Trustee, is the sole member of all three entities. FPA Real Estate Advisors Group, LLC and the relying advisors are collectively referred to as “FPA REAG” or “we”, “our” or “us” throughout this document. FPA REAG and its affiliates comprise a vertically integrated Real Estate investment organization with expertise in acquisitions, dispositions, finance, property management and construction/renovation. FPA REAG provides discretionary investment advisory services exclusively to privately offered pooled investment vehicles (the “REIT-Owner Funds”) that invest in Real Estate Investment Trusts (REITs) managed by FPA REAG. Each REIT-Owner Fund owns 100% of the voting stock in the REIT in which it invests. FPA REAG also provides certain administrative, management and advisory services with respect to the ongoing management and operations of the affiliated REITs, other privately offered pooled vehicles (the “Non-REIT Funds”) and limited liability companies (“HoldCos”), each of whose sole investment consists of an interest in a single Non-REIT Fund. The REIT-Owner Funds, the Non- REIT Funds and the HoldCos are

jointly referred to below as the “Funds”. Investments in the HoldCos are held by managers and employees of FPA REAG and its affiliates and by certain other persons who are not qualified to invest directly in a Non-REIT Fund. The Non-REIT Funds invest, as joint managing members with the REITs, in limited liability companies (the “Sole Owners”); in turn, the Sole Owners invest substantially all of their assets, through wholly owned, single-member limited liability companies (the “Property-Owning LLCs”), in 100% fee simple interests in real property, primarily multifamily real estate suitable for the average blue-collar, workforce renter in target markets throughout the United States. Because they hold managing interests in the Sole Owners and each Sole Owner is the 100% owner and manager of the applicable Property-Owning LLC, the Non-REIT Funds do not invest in securities. The advice provided by FPA REAG to each Fund is based on the investment objectives and strategies described in that Fund’s private placement memorandum. Investment restrictions, if any, are also contained in the private placement memoranda. See Item 8. Methods of Analysis, Investment Strategies and Risk of Loss. Properties are managed on a discretionary basis. As of December 31, 2023, FPA REAG had gross assets under management of $10,493,134,971, which was the fair market value, as determined by FPA REAG, of the various portfolios and properties held by the Property-Owning LLCs.