PREP Investment Advisers, L.L.C. (“Pearlmark” or the “Firm”) is a wholly owned subsidiary of Pearlmark Real Estate, L.L.C. (“PRE” and collectively with the Firm, “Sponsor”). Pearlmark provides investment advisory services to privately offered commingled real estate funds and separate accounts for institutional and high net worth clients. With respect to such separate accounts, the Firm currently advises separate accounts solely with respect to real estate assets and, therefore, does not currently provide advice with respect to securities to any separate account. Pearlmark currently advises three Sponsor-affiliated private real estate funds. On March 28, 2023, PRE and Conning & Company, a Hartford, CT based investment management firm consummated a strategic acquisition transaction for PRE pursuant to which C&C now owns 55.5% of PRE and the Principals along with two other PRE senior executives own the balance of the interests in the newly recapitalized PRE platform. Sponsor is a Chicago-based private equity real estate investment manager with offices in Denver, CO, Irvine, CA and New York City whose business relates back to 1996. It makes real estate related investments in various property sectors and markets across the United States (and occasionally in Canada) primarily on behalf of institutional investors, including endowments and foundations, insurance companies, corporate and public pension funds, as well as high net worth individuals. Sponsor and its predecessors had nearly $1.2 billion of gross real estate related assets under management as of December 31, 2023. Sponsor has a team of approximately 26 experienced professionals focused primarily on value-add and income-oriented investments under two platforms: (1) multi-family, office and industrial assets and (2) real estate high-yield debt and preferred equity investments (“mezzanine debt”). The overall synergies among the various investment teams have created an effective internal network that Sponsor believes is a comparative advantage. Sponsor also maintains in-house asset management, capital markets and portfolio management teams, providing streamlined execution of property business plans. Industry

veterans Stephen R. Quazzo and Douglas W. Lyons guide Sponsor’s day to day management and investment committees. Sponsor’s senior team has over 250 years of collective commercial real estate investment, capital markets, asset management, and portfolio management experience across the real estate spectrum and through numerous investing cycles. This depth of experience of the senior management team has translated into a broad network of industry relationships including local operating partners, financial institutions, brokers and other owners who are integral to sourcing investment opportunities in a highly competitive environment. Additional information regarding Sponsor is available at www.pearlmark.com. Pearlmark provides investment advisory services for direct and indirect investments in commercial real estate and mezzanine debt directly or indirectly secured by real estate. As the adviser to commingled private real estate vehicles sponsored by Sponsor (individually a “Fund” or, collectively, “Funds”) and to separate accounts, we:
• Identify, evaluate, and execute investment opportunities.
• Secure investment financing (when applicable).
• Manage and monitor investments.
• Prepare asset valuations and financial reporting. Pearlmark provides investment advisory services to Funds and separate accounts for high net worth individuals and institutional clients that invest in real estate, real estate mezzanine debt or other real estate related investments. Interests in the Funds will be exempt from registration under the Securities Act of 1933, as amended, and the Funds will be exempt under the Investment Company Act of 1940, as amended. As such, the Funds will only be offered via “private offering,” and will be intended only for investment by “accredited investors.” The investment guidelines for the Funds will be defined in the PPM and Governing Documents (as defined below) for each Fund. The investment guidelines for any separate accounts will be defined in the advisory agreements for such separate accounts. As of December 31, 2023, the Firm had $477,040,900 of regulatory assets under management, all of which is managed on a discretionary basis.