Bison Capital Group, LLC ("Bison" or the “Firm”) is an investment adviser organized as an Oklahoma limited liability company. Bison is based in Edmond, Oklahoma and was formed in January 2016 by its sole owners and managers, Shawn Brewer and Erin Brewer. Bison provides investment advisory services for pooled investment vehicles, in accordance with the investment objectives, policies, guidelines, limitations and restrictions set forth in applicable fund offering or governing documents. Bison serves or may serve as an investment adviser to investment funds that are exempt from registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and whose securities are not registered under the Securities Act of 1933, as amended (the "Securities Act") (each, a "Fund" and collectively, the "Funds"). As the investment adviser to the Funds, Bison's services consist of identifying opportunities and acquiring, monitoring and disposing of investments of the Funds. Investment advice is provided directly to the Funds. Advice is not provided individually to the limited partners of the Funds. Bison Capital Group, LLC (“Bison”) manages funds that invest in underlying real estate projects. Such entities are referred to collectively throughout this brochure as “Funds”. Bison typically enters into investments and investment management arrangements with capital sources by documenting the expected business in the specific relationship in a written agreement. Each such arrangement is unique, frequently reflecting the type of assets to be acquired, target returns, compensation, expected life of the investments and relationships, degree of exclusivity and dedicated resources to the particular arrangement. Bison has and may invest for more than one entity at the same time. Bison provides investment advisory services to Funds with respect to real estate and real estate- related investments (either directly or indirectly through

one or more limited partnerships, limited liability companies, and/or other special purpose vehicles). Services are provided to the Funds in accordance with the governing and organizational documents of the applicable Funds. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Funds. Bison provides investment advisory services solely with respect to the Funds, and no investor in any such Funds should look to Bison or its affiliates for advice regarding its own investment decisions, including any decision to invest in a Fund. Bison generally treats the Funds, and not their investors as “clients” for purposes of the Advisers Act and any other applicable laws and regulations, to the extent permitted under such laws. Certain of the Funds and their managing member may from time to time in the future enter into, side letter agreements or other similar agreements or arrangements (commonly referred to as “side letters”) with certain investors in such Funds that have the effect of establishing rights or terms and/or otherwise benefitting such investors in a manner that is more favorable in various material respects than the rights and benefits established in favor of other investors pursuant to the applicable governing documents. Such rights or benefits in any side letter or similar agreement may include differences in fees or carried interest, investment or co-investment rights, enhanced reporting or other provisions. Certain investors that have the benefit of “most favored nation” protection are given the opportunity to elect the rights and terms in any side letter or other similar agreement that are applicable to such investors. As of December 31, 2023, Bison had approximately $ 286,820,544 in regulatory assets under management. The Firm does not manage any assets on a non- discretionary basis. Bison Capital Group, LLC 6