Arc70, founded in 2017, provides investment advisory services to private investment funds on a discretionary basis. Arc70 currently manages on a discretionary basis the following five private investment funds: (1) Arc70 Fund I LP (“Fund I”); (2) Arc70 Fund II LP (“Fund II”); (3) Arc70 III LP (“Fund III”); (4) Arc70 Fund IV LP (“Fund IV” and collectively with Fund I, Fund II, Fund III, the “Flagship Funds”); and (5) Arc70 Strategic Opportunities I LLC (“Opportunities Fund” and collectively with the Flagship Funds, the “Funds”). The Funds are exempt from registration under the Investment Company Act of 1940, as amended and the offer and sale of interests in the Funds are made in reliance on an exemption from registration under the Securities Act of 1933, as amended. Advisory Services offered to the Flagship Funds The Flagship Funds have the same investment strategy which consists of acquiring, holding, selling and otherwise dealing with and gaining exposure to a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing with respect to multi-family residential properties (collectively, the “Multi-Family Mortgage Bonds”). The Flagship Funds gain exposure to the Multi-Family Mortgage Bonds through direct acquisitions or through financing transactions which are expected to include one or more cash- settled total return swaps (collectively, the “Bond Financing Transactions”). Once Arc70 has determined that a Flagship Fund has gained a sufficient amount of exposure to the Multi-Family Mortgage Bonds through direct purchase or through the Bond Financing Transactions, Arc70 will seek to obtain leveraged exposure to all or a portion of the Flagship Funds’ portfolio through one or more securitized products (each, an “Arc-Managed Securitized Product”). In connection with the initial issuance of securities by an Arc-Managed Securitized Product, it is expected the applicable Flagship Fund will settle a pro rata portion, or its economic equivalent, of the Bond Financing Transactions. Each Arc-Managed Securitized Product will issue subordinate tranches of equity securities to a Flagship Fund (“SP Subordinated Equity”) and senior tranches of equity securities (“SP Senior Equity”) to third-party investors. The Flagship Funds will receive their interests in the SP Subordinated Equity either in exchange for the transfer of Multi-Family Mortgage Bonds to the Arc-Managed Securitized Product or by paying for it with cash. It is also expected that following a Flagship Fund’s settlement of the Bond Financing Transactions, the Flagship Fund’s investors will receive a portion of the cash collateral posted in connection with the relevant Bond Financing Transactions which will represent a return of capital to such investors. In addition to investing in and otherwise gaining exposure to the financial instruments referred to above (including, without limitation, the Multi-Family Mortgage Bonds and Arc- Managed Securitized Products), with respect to Fund III and Fund IV, Arc70 has broad discretion to invest in and otherwise gain exposure to a variety of other assets and financial products that the Firm considers to be consistent with the mandate of Fund III and Fund IV. Such other assets and other financial products are referred to herein as “Additional Permitted Investments” and are generally those that Arc70 considers opportunistic investment opportunities that are related to the affordable housing sector; provided that the Additional Permitted Investments will not represent more than 20% of Fund III’s net asset value, as determined as of the date the

relevant asset is purchased or the transaction is entered into, as the case may be. Fund IV may also directly or indirectly acquire loans associated with affordable housing businesses that are expected to be originated by third parties but, in the future, may be originated by the Adviser or an affiliate. Fund III and Fund IV may, but does not expect to, borrow in order to fund Additional Permitted Investments. It is also expected that the Flagship Funds and the Arc-Managed Securitized Products may from time to time enter into one or more interest rate swaps or other instruments (the “Hedge Agreements”) in order to manage certain risks, including interest rate risks associated with the Multi-Family Mortgage Bonds to which the Bond Financing Transactions provide exposure, risks associated with Additional Permitted Investments and any related portfolio collateral, any Multi- Family Mortgage Bonds held directly by the Flagship Funds, and the Portfolio Collateral (as defined below) (collectively, the “Referenced Portfolio”) or any specific Multi-Family Mortgage Bond therein. Each Flagship Fund has an advisory board (“Advisory Board”) consisting of certain limited partners of the Flagship Funds. Each Advisory Board provides non-binding advice related to business, economic and market conditions, and other matters, relevant to the Flagship Fund it serves. Advisory Services Offered to Opportunities Fund The strategy of Opportunities Fund is to invest in equity securities (the “Certificates”) issued by FRETE 2019-ML05 Trust (“FRETE Trust”), which is a securitization vehicle that securitizes Multi-Family Mortgage Bonds similar to the manner in which the Arc-Managed Securitized Product securitizes Multi-Family Mortgage Bonds (FRETE Trust and the Arc- Managed Securitized Products collectively, the “Securitization Vehicles,” and the Multi-Family Mortgage Bonds to which a Securitization Vehicle is exposed, the “Portfolio Collateral”). The Certificates represent the subordinated tranches of equity securities of the FRETE Trust (“Frete Subordinated Equity” and collectively with the SP Subordinated Equity, the “Subordinated Equity”). The FRETE Trust also issues senior tranches of equity securities (“SP Senior Equity”) to third-party investors (“Frete Senior Equity” and collectively with the SP Senior Equity, the “Senior Equity”). The Subordinated Equity, in general, does not bear a stated rate of interest but is entitled to receive residual distributions on each payment date if and to the extent proceeds received during the previous payment period exceed what is needed for the relevant Securitization Vehicle to pay expenses and current interest on its Senior Equity, as well as maintain the required level of subordination, and certain required ratios of assets-to-liabilities and expected interest proceeds to current interest obligations for each tranche of the Senior Equity. Distributions to the holders of the Subordinated Equity of excess current proceeds are subordinate to all other obligations of the relevant Securitization Vehicle on each payment date. In addition, any additional Portfolio Collateral proceeds that remain after full repayment of all of a Securitization Vehicle’s liabilities will be distributed to the holders of the Subordinated Equity. Each Securitization Vehicle has a collateral manager (“Collateral Manager”) that is independent of Arc70. The Adviser’s principal owners are Denny Hou and Adrian Garcia. As of December 31, 2022, the Adviser managed approximately $1,046,721,619 in assets on a discretionary basis.