A. Description of the Advisory Firm Partners Enterprise Capital LLC (“PEC”) is a Delaware limited liability company, that was formed in May 2018 and began operating on August 3, 2018. PEC is located in Chicago, Illinois. Daniel M. Schulte is the Chief Executive Officer of PEC. PEC is 100% owned by the following individuals: David B. Gottschall Rachel L. Rozmarynowski Daniel M. Schulte Emily W. Slovitt The following individuals comprise PEC’s management team (the “PEC Management Team”): David B. Gottschall Michael Keesey James C. Lukas Rachel L. Rozmarynowski Daniel M. Schulte Jodi Schaapveld Emily W. Slovitt PECVI Management LLC (“PECVI,” and collectively with PEC, the “Firm”) is a relying adviser under PEC’s SEC registration. PECVI is a Delaware limited liability company formed in May 2021 and is owned by the following members of the PEC Management Team: Daniel M. Schulte, David B. Gottschall, Rachel L. Rozmarynowski, Emily W. Slovitt and James C. Lukas. PECVI’s management team is comprised of Daniel M. Schulte and Emily W. Slovitt (the “PECVI Management Team”). B. Types of Advisory Services PEC serves as the managing member of, and investment adviser for, one private investment client, Partners Enterprise Capital Holdings LLC, a Delaware limited liability company (“PECH”). Prior to August 3, 2018, Principal Enterprise Capital, LLC (“Principal”), an entity affiliated with Principal Financial Group, Inc., performed investment advisory services for PECH and the PEC Management Team was associated with Principal. PECVI serves as the managing member of, and investment adviser for, one private investment client, PEC Venture Investors LLC, a Delaware limited liability company (“PVI”) and, together with PECH, each a “Client and collectively the “Clients”). PEC identifies, structures, and manages investments of equity capital by the PECH in private real estate operating companies (the “Operating Companies”). The Operating Companies are entities that (i) acquire, develop, and operate commercial real estate properties and/or (ii) manage loans made to owners of commercial

real estate properties. PECH owns all or a majority of the equity interests in each of the Operating Companies. The primary investor and majority owner of each Client is the same. PECVI intends to identify, structure and manage investments by PVI directly in commercial real estate properties. PECVI has not yet made any investments. C. Scope of Advisory Services. The Firm manages all aspects of each Client’s business on a day-to-day basis. The Firm’s advisory services are tailored to achieve each Client’s investment objectives. The Firm also participates in and advises the Clients with respect to major decisions of the Clients, including but not limited to (i) material acquisitions, developments, dispositions, borrowings, and capital expenditures affecting the Clients and/or the Operating Companies, (ii) the annual business plan for the Clients, and (iii) material changes to the Clients’ business strategies. The Firm does not have the authority to execute or establish any new Operating Company on behalf of PECH, acquire or dispose of any real estate assets on behalf of PVI, or make any other material decision on behalf of the Clients without the prior written approval of the Client’s Advisory Board (each, an “Advisory Board”). The Firm’s management of the Clients is non-discretionary as set forth in Item 16. However, the Firm has ongoing responsibility to select and make recommendations based on the needs of the Clients as to specific investments that the Clients may purchase and sell, and if any such recommendation is accepted by a Client, the Firm is responsible for arranging and effecting such purchase or sale. D. Wrap Fee Programs PEC does not participate in any wrap fee programs. E. Amounts Under Management As of December 31, 2023, PEC has $14,504,678,461 of assets under management on a non- discretionary basis for PECH. The assets under management are equal to the fair value of the Client’s assets, including its equity interests in the Operating Companies and the contractual amounts of uncalled capital commitments to the Client from its members. As of December 31, 2023, PECVI has $59,038 of assets under management on a non-discretionary basis for PVI.