For purposes of this Brochure, “ValStone,” “ValStone Partners,” or references to “us,” “we,” or similar term means ValStone Partners VI, LLC, a Delaware limited liability company, together with its affiliates, ValStone Partners V, LLC, a Delaware limited liability company, and ValStone Healthcare Properties Fund Manager, LLC, a Delaware limited liability company. ValStone Partners is a private investment firm with offices in Birmingham, Michigan and Baltimore, Maryland. Among other things, ValStone Partners coordinates the activities of its sponsored private investment funds (sometimes referred to herein as the “ValStone Funds” or “Funds”) through which ValStone Partners makes investments on behalf of its investors and itself. The ValStone Funds are not required to register as investment companies under the Investment Company Act of 1940 (the “Investment Company Act”) pursuant to exemptions from registration provided by Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act (i.e., a private investment fund). Background ValStone Partners, LLC, an affiliate of ValStone Partners VI, LLC, ValStone Partners V, LLC, and ValStone Healthcare Properties Fund Manager, LLC, commenced business in 1999 by combining the professional resources of GC Timmis & Company, a Birmingham, Michigan company controlled by Gerald C. Timmis III, which operated as a broker-dealer member of the NASD from 1993 to 2005, and Carnegie Morgan Partners, a Baltimore, Maryland company controlled by Larry E. Jennings, Jr., which operated as a financial advisory firm to state and local governments and their agencies and non-profit organizations from 1994 to 2003. ValStone Partners V, LLC commenced business in 2011, ValStone Partners VI, LLC commenced business in 2016, and ValStone Healthcare Properties Fund Manager, LLC commenced business in 2018. As of January 1, 2024, ValStone Partners (i.e., each entity described above) is wholly owned by ValStone Partners Holdings, LLC. ValStone Partners Holdings, LLC is owned by Gerald C. Timmis III, Larry E. Jennings, Jr., Tartan5000 LLC (which is owned by Larry E. Jennings, Jr.), Tiger8000 LLC (which is owned by Katherine V. Jennings (Mr. Jennings’ spouse)), and Eric R. Abel and Deborah Abel as tenants by the entireties, with Gerald C. Timmis III owning 25% or more of ValStone Partners Holdings, LLC. We are managed by Mr. Timmis and Mr. Jennings, who serve as the co-managers of ValStone Partners. Our investment committee is comprised of Messrs. Timmis and Jennings and our other principal, Mr. Abel (in this Brochure, we sometimes refer to Messrs. Timmis, Jennings and Abel as our “Principals”). Advisory Services ValStone Partners VI, LLC, ValStone Partners V, LLC, and ValStone Healthcare Properties Fund Manager, LLC are special purpose vehicles under common control with one another formed for the purpose of serving as the manager and investment advisor of specific ValStone Funds. ValStone Partners V, LLC and ValStone Healthcare Properties Fund Manager, LLC are subject to ValStone Partners VI, LLC’s supervision and control

and, like ValStone Partners VI, LLC, are subject to the Investment Advisers Act of 1940 (the “Advisers Act”) and the rules promulgated thereunder, and to examination by the SEC. ValStone manages the Funds in accordance with the investment strategy and relevant terms set forth in the operating agreement or limited partnership agreement and/or offering memorandum of each Fund. As of December 31, 2023, all of our Funds are being wound down (investments being sold but new investments not being purchased unless protective of an existing investment and permitted by the terms of a Fund’s operating agreement or limited partnership agreement), and any discussion in this Brochure regarding prospective investments relates to any new private investment fund that we sponsor in the future. Also, while we are not prohibited from having non-private investment fund clients, it is not a focus of our business and we had no such clients during 2023 or (to date) during 2024. As of December 31, 2023, we managed client assets of approximately $753,783,758. This includes real estate owned and commitments to our private investment fund clients. We manage 100% of such client assets on a discretionary basis, where we have the authority to decide which securities and other assets to purchase and sell for our clients. ValStone directs and manages the investment of the Funds’ assets. Investment advice is provided directly to the Funds and not individually to the investors in the Funds. As investment adviser, we (i) provide investment advice to our private investment funds, including, but not limited to, determining the composition of the portfolio of investments of each of our private investment funds, the nature and timing of the changes therein, and the manner of implementing such changes; (ii) source investments for our private investment funds (which includes, without limitation, interacting with sellers, brokers, finders, and other intermediaries and travel related thereto); (iii) conduct and oversee investment due diligence (which includes, without limitation, research, financial analysis, and retaining third-party experts and coordinating their activities and evaluating their findings); (iv) establish the terms of the purchase and sale of investments and loan workout resolutions; (v) retain the services of service providers, which includes affiliates, and evaluate, manage, and direct the activities and reports provided by such service providers; (vi) monitor and oversee regulatory and tax law compliance for our private investment funds; (vii) monitor and oversee our private investment funds’ reporting to investors pursuant to each private investment fund’s operating agreement or limited partnership agreement, and to regulators pursuant to applicable law; (viii) prepare for and respond to regulatory inquiries related to our private investment funds; and (ix) monitor and oversee the financial and operational performance of the assets of our private investment funds. See Item 10 for more information regarding ValStone’s advisory services provided to the Funds.