The Baupost Group, L.L.C. (“Baupost”) was formed in May 1982 (originally as The Baupost Group, Inc.). Baupost is headquartered in Boston, Massachusetts. Baupost’s Chief Executive Officer and principal owner, Seth A. Klarman, serves as Portfolio Manager and has been managing the investments of Baupost’s clients since the company’s inception. Baupost is the managing general partner to eleven domestic investment limited partnerships (each, a “Partnership,” collectively, the “Baupost Partnerships”). All of the Baupost Partnerships are privately offered investment vehicles exempt from registration as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). Baupost Partners, L.L.C. (“Baupost Partners”), an affiliate of Baupost, serves as profit sharing general partner to the Baupost Partnerships (together with Baupost, the “General Partners”). Baupost has no ownership interest in Baupost Partners, but certain indirect owners and employees of Baupost are members of Baupost Partners. As managing general partner of each Partnership, Baupost is solely responsible for the management and administration of such Partnership, including the making of all investment decisions on behalf of such Partnership and the placing of all orders for the purchase and sale of investments. Baupost manages each Partnership pursuant to the investment strategy set forth in such Partnership’s limited partnership agreement (“LP Agreement”) and, if applicable, offering memorandum. The Baupost Partnerships invest in a wide range of public and private securities and assets. Baupost does not provide specifically tailored investment advice to investors in the Baupost Partnerships, and investors may not impose investment restrictions on their investments in the Baupost Partnerships. Contributions to and withdrawals from the Baupost Partnerships

are subject to the terms and conditions set forth in the respective LP Agreements of the Baupost Partnerships in which investors are invested. Investors in the Baupost Partnerships are subject to restrictions on their ability to withdraw capital from the Baupost Partnerships. Baupost has the right, in its sole discretion, to waive or alter some or all of the applicable restrictions on capital withdrawals and contributions (for example, notice periods, withdrawal of the portion of capital allocated to restricted investments (which are generally illiquid investments designated as restricted investments in the judgment of Baupost pursuant to certain of the LP Agreements), and other matters) or on transfers of limited partnership interests for investors as set forth in each Partnership’s LP Agreement and, if applicable, offering memorandum, and Baupost generally does waive notice periods for employees and certain former employees. The Baupost Partnerships indirectly own a platform of affiliated entities located in Luxembourg to facilitate investment in European real estate and related assets (the “European Investment Platform”). In 2019, the European Investment Platform established an entity that will provide accounting, administrative, legal and corporate secretarial support services, and may also provide other support services, to certain Luxembourg investment vehicles in which the Baupost Partnerships indirectly invest. Investors are urged to review the relevant LP Agreement and, if applicable, offering memorandum for additional information about matters addressed in this and other items throughout this Brochure. As of December 31, 2023, Baupost’s regulatory assets under management were approximately $24,767,034,506, all of which are managed on a discretionary basis. Baupost does not manage assets on a non-discretionary basis.