Lument IM’s Business Lument Investment Management, LLC (“Lument IM”), founded in 2019, is wholly-owned by Lument Real Estate Capital Holdings, LLC (“Lument”), a wholly-owned, through intermediate wholly-owned subsidiaries1, by ORIX Corporation USA (“ORIX USA”), which itself is a wholly- owned subsidiary of ORIX Corporation (NYSE: IX, TSE: 8591) (“ORIX Corporation”), a public company. Lument IM provides portfolio management and advisory services to a public company that is traded on a national securities exchange (“Public Company Client”), separately managed accounts (“Managed Accounts”) and intends to do so in the future for US and non-US pooled investment vehicles (the “Funds”)(each a “Client” and collectively “Clients”). Advisory Services Lument IM, on behalf of its Client, primarily invests in real estate debt or subordinated assets and both public and private real estate-related instruments, including commercial real estate mortgages and other debt obligations or capital products that fund real estate investments, securitized real estate investments, and other forms of real estate securities. Client’s investments generally take the form of, or include, without limitation: (i) the acquisition of securities in entities that own or invest in one or more real estate debt- related, subordinated financing, or equity assets; (ii) the sponsorship of or investment in real estate investment trusts (“REITs”), pooled investment funds, or other real estate related companies (including management, financing, development, or other operating companies); (iii) the issuance or acquisition of subordinated financing assets, mortgage loans, and other real estate backed indebtedness, or participation in, or ownership of, securities backed by such indebtedness; and (iv) investment in real estate related securities, some of which are relatively illiquid and credit sensitive, including rated and unrated interests in mortgage-backed securities or other structured products collateralized by healthcare, multifamily, and commercial real estate loans, interests in individual loans secured by healthcare, multifamily, and commercial real estate, including subordinated interests, mezzanine loans, and other real estate-related securities, securities resulting from commercial real estate securitizations, and any other real estate debt-related instruments. The terms upon which Lument IM provides its investment management services to a Client are set out in the relevant offering documents, disclosure documents, indentures, limited partnership or limited liability company agreements, investment company agreements, investment management agreements, asset management agreements, collateral management agreements, subscription agreements, loan participation agreements, side letters, or similar documents, as applicable (each a “Governing Document,” and, collectively, the “Governing Documents”). 1 The subsidiaries are as follows:

Lument, which is a majority shareholder of Lument IM; OREC Holdings, LLC (“OREC Holdings”), which is the sole owner of Lument; OCU Commercial Mortgage Servicing, LLC (“OCMS”), which is the sole owner of OREC Holdings; OCU Equity Holdings, LLC (“OCU EH”), which is the sole owner of OCMS; OCU Opco Holdings, LLC (“Opco”), which is the sole owner of OCU EH; ORIX Capital Markets, LLC (“ORIX CM”) which is the sole owner of Opco, and ORIX Corporation USA, which is the sole owner of ORIX CM. Lument IM provides investment advisory services to a Public Company Client subject to the oversight of its boards of directors, pursuant to a management agreement, and in accordance with the investment objectives, strategies, and guidelines approved by the board of directors. Investment advice to each Managed Account is tailored to the Managed Account’s individual needs pursuant to the investment objectives, strategies, and restrictions, including if applicable, customized investment guidelines, as individually negotiated with such Managed Account and set forth in each Managed Account’s Governing Documents. Investment advice provided to any Fund will be provided directly to each Fund and not individually to the investors in such Fund. Accordingly, such services will be tailored to each Fund’s investment objectives, strategies, and guidelines, which will be described in the applicable Governing Documents. Investors in a Fund are generally not provided with the right to specify, restrict, or influence such Fund’s investment objectives. The advisory and management services that Lument IM provides to its Clients generally include: (i) general management and administrative services and portfolio management services, including managing day-to-day operations; (ii) the evaluation and selection of investments; (iii) the acquisition, management, and disposition of assets spanning the equity and real estate debt product spectrum, including, but not limited to, whole loans, participation interests, real estate structured products, subordinated assets, leveraged and unleveraged bonds, other forms of real estate securities, and real estate-related corporate loans; (iv) the valuation of assets; (v) ongoing asset management and related reporting; (vi) the development of proactive strategies to resolve operational, financial, and other performance issues; (vii) the provision of executive and administrative personnel; (viii) the communication, on behalf of any applicable Client, with the holders of any such Client’s equity or debt securities; (ix) advising Clients as to such Client’s capital structure and capital raising efforts; and (x) the generation of income and capital appreciation through asset selection, credit re- underwriting, capital structure relative value, and rate and credit hedging of investments spanning the real estate debt structure. Lument IM does not participate in any wrap fee programs. As of March 31, 2023, Lument IM had $2,669,880,120 of regulatory assets under management.