Description of the Advisory Firm Regent Properties, LLC (“RP”, “Regent”, or the “Firm”), a limited liability company organized in Delaware, was founded in 1989 as a real estate operating company. RP is an investment advisory firm registered with the United States Securities and Exchange Commission (“SEC”) under Rule 203A-2(c). RP is an investor, developer and manager of office, residential and retail assets, and is considered a value investor with a historic focus on the Sunbelt and West Coast markets of the United States, and generally with a focus on growth markets throughout the United States. RP is principally owned by Eric Fleiss, Matthew Benbassat, Samuel Kraus and Lisa Laffer through their respective trust, partnership or corporate entities. All statements in this Brochure, including those made in the present tense, describe the business or prospective business of RP. RP provides and intends to provide investment advisory services primarily to investment funds, including commingled funds and single investor funds, including co-investment vehicles and separately managed accounts, (all such funds are collectively referred to herein as "Funds") that are exempt from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act") pursuant to Sections 3(a)(1), 3(c)(5)(C), 3(c)(6), 3(c)(7) or 3(c)(1) thereof, and directly to non-Fund institutional investors, high net worth individuals and family offices. RP does not currently provide investment advisory services directly to unaccredited retail investors or to registered investment companies. RP refers to each of the Funds, together with its non-Fund clients, individually as a "Client" or collectively as "Clients." Please note, not all RP's Clients invest in securities; therefore, RP's definition of "Client" may be different in some cases to the Form ADV Part 1 definition of client. Prior to RP rendering any advisory services, Clients, including Funds and non-Fund clients, are required to enter into one or more written agreements with RP setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). While this Brochure generally describes the business of RP, certain sections also discuss the activities of its Supervised Persons, which refer to the Firm’s officers, partners, directors (or other persons occupying a similar status or performing similar functions), employees or any other person who provides investment advice on RP’s behalf and is subject to the Firm’s supervision or control. RP is a process and research driven investment adviser that seeks to mitigate risk through fundamental analysis of the long-term drivers of investment value and to deliver strong risk-adjusted returns by utilizing the Firm’s vertically-integrated operations, deep understanding of certain geographical regions, and investment discipline. RP’s investment advisory business encompasses various strategies, with a specific focus on opportunistic and distressed real estate. Investment Management Services RP’s investment strategy focuses on investing in and developing undervalued real estate assets. RP typically pursues asset classes/deals when they are out of favor, and seeks to invest in times of financial turbulence and market upheavals, such as the early 1990s and post-2008. RP manages the Funds on a discretionary basis and Co-Investment Funds on either a discretionary or non- discretionary basis. On behalf of its Clients, RP seeks to invest, directly and indirectly, in portfolios of office, residential, retail, and multifamily real estate investments and in securities, in each case targeting growth markets throughout the United States. Since its inception, RP has operated with the mission of investing in and developing undervalued or distressed real estate. RP tailors its advisory services to meet the specific needs of its Clients and seeks to ensure, on a continuous basis, that Client accounts are managed in a manner consistent with each Client’s needs and objectives. Opportunistic Strategy RP’s opportunistic strategy generally, but not exclusively, intends to focus on property acquisition, investments in securities and/or issuance/acquisition of equity and debt instruments in real estate related assets, such as retail, residential, office and other asset types that are located in the Sunbelt and Western United States, as well as other

markets throughout the United States. RP seeks to capitalize upon economic dislocation and cyclicality by investing in and repositioning such well-located properties and assets. In addition, the opportunistic strategy has the ability to invest in public securities that have exposure predominantly to real estate located in the Sunbelt and Western region of the United States, as well as other grown markets in the United States, as part of a strategy to take advantage of discrepancies between the value of such public securities and the underlying real estate. Co-Investment Strategy The Firm may, from time to time, sponsor and manage investment vehicles to allow certain persons to invest alongside the Funds into specific portfolio investments of the Funds (each such vehicle, a “Co- Investment Fund”). RP’s Co-Investment Funds are designed to suit specific client needs by providing exposure to real estate assets that satisfy the Co-Investment Fund’s requirements and preferences. Certain Co-Investment Funds elect to buy into a pool of RP discretionary assets while others elect to invest in specific assets on a case- by-case basis at the Co-Investor’s discretion. As a general matter, co-investments by Co-Investment Funds may be on terms and conditions more favorable than the terms and conditions of the investment by the applicable Fund and some existing investors may be disadvantaged as a result thereof. Such favorable terms may include liquidity terms, expense and fee allocation terms, and opportunities to invest in future investments. RP and/or their affiliates may also offer co-investment opportunities directly to existing investors or new investors, which will be subject to co-investment agreements. RP and/or their affiliates may create a Single Purpose Vehicle entity (“SPV”) whereby current, new investors and the Funds may fund an investment into the SPV on a pari-passu basis, and the SPV will in turn make an investment into a property identified by RP. Credit Strategy RP’s credit strategy focuses on senior secured debt, mezzanine debt, and preferred equity investments primarily secured by residential, office, and retail properties primarily located in major Sun Belt markets in the United States. Transaction profiles may include a combination of acquisition financing, refinancing, and structured rescue capital. In select cases, the Firm will also seek to finance construction, renovation and leasing efforts providing sponsors with an opportunity to potentially unlock avenues for growth. General Information As investment adviser to each Fund, the Firm identifies investment opportunities and participates in, and is responsible for, the acquisition, management, monitoring and disposition of investments for each Fund. The Firm will manage each Fund based on the investment objectives and investment restrictions set forth in the governing documents and/or confidential offering memorandum of the Fund (the “Memorandum”), as applicable. The Firm generally provides investment advisory services to each Fund pursuant to an investment management agreement with the Fund and/or the governing documents of the Fund. The investments of a Fund may be subject to certain diversification and/or geographic limitations as set forth in the governing documents of the Fund or of the applicable investment vehicle. Further, the Firm may enter into side letters with certain investors of a Fund, which impose further restrictions on investing in certain types of securities, countries, geographies or businesses with respect to such investor or may provide such investor with terms more favorable than other investors in a Fund. As investment adviser to each Co-Investment Fund, the firm generally identifies investment opportunities for the Co-Investment Fund, and for which the ultimate investment decision may reside (depending on whether RP possesses discretion) with the common equity member or partner of the Co-Investment Fund as defined by each Co-Investment Fund’s governing documents. The terms and conditions of each Co- Investment Fund vary, including that certain Co-Investment Funds may have terms unique to that specific fund or more favorable to other Co-Investment Funds or the Funds. Assets Under Management As of December 31, 2023, RP manages approximately $500,974,209 in assets on a discretionary basis and $1,716,502,202 on a non-discretionary basis of regulatory assets under management.