Background CenterSquare Investment Management LLC (“CenterSquare” or “Firm” or “We” or “Us”) is a limited liability company organized under the laws of the State of Delaware. We are wholly owned by CenterSquare’s sole member CenterSquare Investment Management Holdings LLC (“CenterSquare Holdings”). Funds managed by a subsidiary of Lovell Minnick Partners LLC (“Lovell”), a private equity firm registered with the Securities and Exchange Commission (the “SEC”) as an investment adviser, along with a third-party co-investor, own a majority ownership interest in CenterSquare Holdings. CenterSquare Management Equity Holdings LLC (“CSME”) also has primary ownership which is owned and controlled by certain executive officers of CenterSquare (“Executive Officers”). Certain other employees of CenterSquare have also invested in CSME. As a result of the allocation of profit interests, CSME has a significant ongoing economic interest in CenterSquare Holdings which is in excess of its ownership interest based on capital invested. The Executive Officers of CenterSquare control the day-to-day operations of the Firm. CenterSquare, formerly CSIM Investment Management LLC, was organized and formed in September 2017. Other minority ownership interests are held by former employees and affiliates of RCG Longview Management, LLC (“RCGL”), CenterSquare’s third-party lender, an advisory board member of the Firm, and an independent director appointed by Lovell. On January 5, 2018, CenterSquare completed the purchase of the assets of CenterSquare Investment Management Holdings, Inc. and CenterSquare Investment Management Inc., each of which was a direct or indirect wholly owned subsidiary of The Bank of New York Mellon Corporation. These predecessor entities were also formerly registered with the SEC. At the time of the purchase, the Executive Officers and other employees, service contracts, assets and performance related information of these two entities were fully transferred to CenterSquare. On September 30, 2019, CenterSquare completed the acquisition of RCGL which is likewise registered with the SEC as an investment adviser. At the time of acquisition, RCGL Executive Officers and other employees became employees of CenterSquare with responsibility for managing the Firm’s private real estate debt investment platform. RCGL continues to manage its legacy discretionary investment management services provided to private funds that are offered to investors on a private placement basis and to individual separately managed accounts. Additional information about RCGL legacy services is available on the SEC’s Investment Adviser Public Disclosure website located at www.adviserinfo.sec.gov. Advisory Services CenterSquare provides private real estate and private real estate debt discretionary and non- discretionary investment advisory services to:
• institutional investors in the form of separate accounts;
• pooled investment vehicles that are exempt from registration as investment companies pursuant to the Investment Company Act of 1940, as amended, in the United States (including private funds); and
• other investment advisory services through subadvisory agreements. Private Real Estate and Private Real Estate Debt Strategies CenterSquare primarily focuses on the U.S. private equity real estate market, with investments in value-added and core-plus real estate (our “Private Real Estate Strategies”) and high-yield and core-plus debt transactions (our “Private Real Estate Debt Strategies”). We create sub-strategies for current clients or funds such as the Essential Service Retail Strategy. Please see Item 8 below for further information on our strategies. In our Private Real Estate and Private Real Estate Debt Strategies, CenterSquare offers discretionary investment advisory services to private funds, including closed-end property investment funds. Each private fund has an investment objective and a set of investment policies and/or guidelines that we must follow. For this reason, we cannot tailor the investment advisory services we provide to pooled investment vehicles to meet the needs or restrictions of any individual investor in such vehicles. CenterSquare also offers investment advisory services tailored to meet clients’ individual investment goals in the form of separate accounts and joint venture partnerships. We work with clients to create investment guidelines mutually acceptable to us and the client. When creating investment guidelines, clients may impose investment restrictions, including limitations on the use of leverage, legal entity structures, or specific property types. Certain separate account clients are non-discretionary as client approval is required prior to transacting on behalf of the client. Separate account clients and funds that invest in our Private Real Estate Strategies generally acquire and hold real properties in the United States through a joint venture with an unaffiliated operating partner. Operating partners receive compensation from these joint ventures for services they provide to the

respective venture. Compensation is in the form of a property management fee (if the operating partner manages the property), acquisition fee, construction management fee, a promote or carried interest, or one or more of such fees. On occasion, operating partners retain unaffiliated third-party property management or leasing companies. This compensation paid to these third-party operating partners or unaffiliated third-party service providers does not offset fees due to the Firm under any investment advisory agreements with clients or funds. There are instances, such as the Essential Service Retail Strategy, whereby a property is acquired solely by a separate account client or fund without an operating partner. In these instances, the client or fund will appoint an affiliated entity, CenterSquare Service Properties PM LLC, as property manager. This affiliated entity may elect to enter into a Sub Property Management Agreement with an unaffiliated third-party property management company (“Sub Property Manager”) to perform all or some portion of the duties, obligations and responsibilities of a property manager. Separate account clients and funds that invest in our Private Real Estate Debt Strategies generally originate debt and debt-like solutions for commercial real estate properties in the United States. Investments may take the form of whole loans, bridge first mortgages, B-Notes, loan participations, mezzanine loans, preferred equity, mortgage purchase financings and senior loans secured by existing mortgages. CenterSquare may also offer tailored products for special situations which may include, without limitation, “Good-News” facilities, discounted payoffs, and financing of tenancy in common interests. Strategic Capital Strategy - Private Investments in Non-Public Companies Strategy Strategic Capital investments focus on private equity investments in non-public real estate related companies and platforms positioned for growth. These Strategic Capital investments may be utilized in client portfolios that allow for investment opportunities that fall outside typical avenues of direct private equity and publicly listed securities. Such investments may be used by real estate companies as growth equity for acquisitions, expansion, liquidity, recapitalization, or portfolio exit. Investments may take the form of debt or equity with a goal of capital preservation and the ability to profit from both cash flow distribution and long-term capital appreciation. Examples of investments include common equity in private placements (144A), private investment in public equity (“PIPE”), preferred equity, and convertible preferred transactions. Clients will invest directly in Private Company Investments or through a separately formed special purpose or pooled investment vehicle. At the client’s request and direction, CenterSquare may also co-invest in a special purpose vehicle. Subject to investment guidelines or separate client approval, clients and special purpose or pooled investment vehicles will pay or reimburse us for allocable closing costs, including legal costs, related to origination of a Private Company Investment or a follow-on equity offering. Additionally, special purpose or pooled investment vehicles will pay for administrative costs including tax preparation fees and other operating expenses. These private placement investments are expected to be illiquid until the respective private company completes an agreed upon liquidity event, which may include an Initial Public Offering (“IPO”). Other Advisory Services Disclosures CenterSquare manages client accounts pursuant to a written investment management agreement. We utilize a standard investment management agreement, although we may negotiate an agreement using a client or consultant prepared investment management agreement. Additional Services - Public Securities Strategy and PIPE Strategy In addition to the foregoing, CenterSquare provides discretionary and non-discretionary advice regarding publicly traded equity securities, including listed real estate investment trusts and operating companies, along with PIPE Investments (together, the “Additional Services” or our “Public Securities Strategy”). The Additional Services are further described in a separate ADV Part 2A Brochure that is distributed to each client to which we provide the Additional Services and can be viewed at the SEC’s website at www.adviserinfo.sec.gov. Assets Under Management As of December 31, 2023, CenterSquare managed approximately $12.1 billion in total assets under management (“AUM”). Of the total AUM, $1.3 billion is part of our Private Real Estate and Private Real Estate Debt Strategies of which $799 million is managed on a discretionary basis and $528 million on a non-discretionary basis. AUM of $10.8 billion is managed as part of our Public Securities and Alternative Investment Strategies of which $10.6 billion is managed on a discretionary basis and $270 million on a non-discretionary basis. RCG Longview AUM is excluded from total assets under management.