Advisory Business Stonecutter Capital Advisors LLC, a Delaware limited company, was formed in September 2020. Its principal place of business is in New York, New York, and it has another office in Atlanta, Georgia and Greensboro, North Carolina. Robert Kunzweiler and Scott Barry Zucker (the “SCA Principals”) are SCA’s managing members. Messrs. Kunzweiler and Zucker each own 50% of the interests in SCA. The SCA Principals control all of SCA’s operations and activities and are also the primary portfolio managers for SCA. Stonecutter Ventures LLC, a Delaware limited company, was formed in April 2018. Its principal place of business is in New York, New York, and it has another office in Atlanta, Georgia. The Stonecutter Ventures Principals (Messrs. Kunzweiler, Zucker and Samuel Cole) are the Ventures’ managing members, each of whom owns 33.3% of the interests in Ventures. The Stonecutter Ventures Principals control all of Ventures’ operations and activities and are also the primary portfolio managers for Ventures. Advisory Services (SCA) SCA provides advisory services to privately offered pooled investment vehicles (“Funds” or “Clients”). SCA primarily focuses on providing advice regarding the acquisition, financing, repositioning, management strategy, restructuring and disposition of multifamily and commercial real estate properties, investment in notes secured by such properties, and investment in other real estate-related securities. SCA currently provides investment advisory services to the following Funds, as well as other Funds that are special purpose vehicles and co-investment vehicles:
• The Stonecutter Opportunity Fund: This Fund focuses on all property types, except multifamily, and all geographic sectors of the U.S. investments and may include any real estate or real estate- related financial instruments.
• The Stonecutter Multifamily Fund: The Multifamily Fund focuses on U.S. markets demonstrating positive demographic and economic development trends. Investments may include multifamily properties with stable cash flow, with the potential to add value, that are acquired opportunistically, and/or that are to be built, ground-up developments.
• The Stonecutter Multifamily Fund II: Multifamily Fund II will focus on U.S. markets demonstrating positive demographic and economic development trends. Investments may include multifamily properties that are to be built, ground-up developments, or investments that are acquired opportunistically, with the potential to add value and/or with stable cash flow. SCA advises Funds that rely on an exemption or exception from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the Funds’ interests are offered pursuant to an exemption from registration under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, interests in such Funds managed by SCA are offered and sold exclusively to investors satisfying the applicable eligibility requirements for such Funds. SCA manages each Fund in accordance with each Fund’s governing agreement, investment management agreement, offering memorandum, or other documentation governing the relationship between the Adviser and the Fund (collectively, “Governing Documents”). Any Fund’s restrictions on investments are set forth in each respective Fund’s Governing Documents. With respect to the Funds, the Adviser does not tailor its investment advice to the individual investors in each Fund that it manages. As such, investors cannot impose restrictions on the types of investments made through the Funds.

Subject to applicable law and each Fund’s Governing Documents, the sponsor, general partner, managing member (or equivalent) of a Fund (collectively, the “General Partner”) may enter into side letter arrangements with certain investors that have the effect of altering or supplementing the terms of such investors’ investments in a Fund, including waivers or reductions of fees, access to portfolio information, rights to make withdrawals, and circumstances under which withdrawals are required. SCA does not participate in any wrap fee programs. Advisory Services (Ventures) Stonecutter Ventures also provides advisory services to its Clients. Ventures primarily focuses on providing advice regarding the acquisition, financing, repositioning, management strategy, restructuring and disposition of operating businesses to Funds pursuing a venture capital strategy. Ventures currently provides investment advisory services to the following Clients, as well as other Clients that are special purpose vehicles and co-investment vehicles:
• Stonecutter Esports Investors: Investment in a portfolio company that provides global esports programming and technology and caters to game publishers, esports leagues, corporate sponsors and fans.
• Stonecutter Feazel Investors: Investment in a portfolio company that provides roofing, siding, windows and solar products to residential and multifamily customers.
• Stonecutter Phosphate Investors: Investment in a portfolio company that makes phosphoric acid for use in fertilizer and lithium iron phosphate batteries, and reprocesses existing phosphogypsum waste into safer, useful products. Like SCA, Ventures advises Clients that rely on an exemption or exception from registration under the Investment Company Act, and the Funds’ interests are offered pursuant to an exemption from registration under Regulation D of the Securities Act. Accordingly, interests in the Funds managed by Ventures are offered and sold exclusively to investors satisfying the applicable eligibility requirements for such Funds. Ventures manages each Fund in accordance with each Client’s Governing Documents. Any restrictions on investments are set forth in the Governing Documents. Ventures does not tailor its investment advice to the individual investors in each Fund that it manages. As such, investors cannot impose restrictions on the types of investments made through the Fund. Subject to applicable law and each Client’s Governing Documents, the General Partner of a Client generally has the authority to enter into side letter arrangements with certain investors that have the effect of altering or supplementing the terms of such investors’ investments in a Client, including waivers or reductions of fees, access to portfolio information, rights to make withdrawals, and circumstances under which withdrawals are required. Stonecutter Ventures does not participate in any wrap fee programs. Regulatory Assets Under Management As of December 31, 2023, the Adviser manages approximately $380.5 million of client assets on a discretionary basis. The Adviser does not currently provide non-discretionary advice. The information regarding the Funds described in this Brochure summarizes portions of the detailed information provided in each Fund’s Governing Documents. Current and prospective investors in any Fund launched by the Adviser should be aware of the substantial risks associated with the investment as well as the terms applicable to such investment. This and other detailed information are provided in each respective Fund’s Governing Documents.