AFF is a limited liability company incorporated under the laws of Delaware. The Firm was formed in July 2012. AFF is an investment adviser with a principal place of business in Atlanta, Georgia. The Firm’s sole member is The Ardent Companies LLC (“TAC”), a Georgia limited liability company. The investment activities of AFF are led by Matthew Shulman, Dror Bezalel, and Todd Terwilliger, together the “Investment Committee”. AFF provides discretionary investment advisory services to clients (each, a “Fund” or a “Client” and, collectively, the “Funds” or “Clients”) that are interested in investing in the acquisition, origination, and exit of real estate loans and securities. The Firm’s goal is to achieve above-average risk adjusted returns to investors through originating and purchasing real estate backed debt instruments primarily: first or second position loans, mezzanine loans, and bridge loans. Target investments will predominantly be loans on commercial real estate, homebuilder finance, and acquisition and development. Generally, the Firm does not expect to tailor its advisory services to the individual or particular needs of Clients. Such Clients will accept the terms of advisory services as set forth in each of the governing documents. The Firm expects to have broad investment authority with respect to its Clients and, as such, investors should consider whether the investment objectives of the Firm will be in line with their individual objectives and risk tolerance prior to investment. When the Firm determines in its sole discretion to be appropriate to insulate the assets of the Funds against liabilities arising from particular investments, to minimize the tax liability of the Funds or the partners or for other reasons, the Funds may use special purpose entities to hold interests in investments (any such entities through which the Funds may own investments, a “Vehicle”). The terms of any such Vehicle that is created will be structured so as to effectuate the arrangements that would have applied to investments made by that Vehicle had such investments been made directly by the Funds. The Funds may, due to tax, regulatory or other reasons, form alternative investment vehicles (each an “Alternative Investment Vehicle”) to consummate and hold certain investments, and upon a request by the general partners, each limited partner will be required to transfer a portion of its commitment to such entity to carry out such transaction; provided, however, that, the overall economic and management terms of such entity and its operations must be consistent with the terms provided for investments made by the partners

through the Funds, and such entities must provide the partners with limited liability comparable to investing through the Funds. Alternative Investment Vehicles may be limited liability companies, limited partnerships, real estate investment trusts (“REITs”), group trusts or other entities. No Alternative Investment Vehicle may be formed if it would be deemed to hold “plan assets” for purposes of ERISA. The general partners will be authorized, through powers of attorney, to carry out the foregoing on behalf of each limited partner. The expenses associated with establishing and maintaining an Alternative Investment Vehicle will be borne by the investors therein unless the general partners determine that such expenses should be borne by the Funds. The Firm or its affiliates also may form parallel funds (“Parallel Funds”), with structures that may differ from that of the Funds (including differing rights such as different distribution rights), in order to facilitate certain categories of investors who, due to special tax or other concerns, are unable or unwilling to invest directly in the Funds. Parallel Funds will invest in investments on a side-by-side basis with the Funds on a proportionate basis with the Funds based on commitments that are available for investment (except to the extent there are regulatory prohibitions or restrictions with regard to such Investment). The contribution to such Parallel Funds by the general partners or their affiliates will reduce their commitment to the Funds. The expenses associated with establishing and maintaining a Parallel Fund will be borne by the investors therein. Form ADV Part 2A: Firm Brochure 5 March 29, 2024 The Firm may, in its sole and absolute discretion, give (i) certain investors and/or (ii) Parallel Funds or affiliated co-investment vehicle an opportunity to co-invest in particular investments alongside the Funds in proportion to their respective cash invested into such investment; provided that the Firm will only offer co-investment opportunities if the investment opportunity otherwise falls outside of the Funds’ investment guidelines. The terms of any such co-investment will be set by AFF. AFF may receive (and retain without reducing any Management Fees payable by the Funds) fees and carried interest with respect to any such co-investment, which fees and carried interest shall be limited to those that would be received by them if such co-investments were made by the Funds. AFF does not participate in wrap fee programs. As of December 31, 2023, AFF managed approximately $1.71 billion in regulatory assets on a discretionary basis.