Capri Capital Partners, LLC provides real estate investment management services to pension plans and other institutional investors. The Firm invests clients’ funds in domestic real estate equity and debt investments through commingled fund structures, separately managed accounts, and joint venture single investor partnerships (“Real Estate Assets”). Real Estate Assets have historically reflected core, core-plus, value-add, and opportunistic strategies, entailing investments in multifamily, retail, office, industrial, hotel, or mixed-use properties. However, the Firm has elected to deemphasize its traditional investment management activities and, instead, is focusing on new real estate development and direct joint venture investment opportunities, which may or may not require investment adviser registration going forward. Capri was established on October 5, 2000 under the name Capri Capital Advisors, LLC as a business combination of the investment advisory activities of Capri Capital Limited Partnership (“CCLP”) and Capital Associates Group (“Capital Associates”). Quintin E. Primo III co-founded CCLP in 1992 as a minority-owned commercial real estate advisory firm, initially focused on debt and structured finance transactions. Capital Associates, established in 1977 as a real estate development and property management company, was a provider of equity investment advisory services to institutional investors. The combination of CCLP and Capital Associates created an advisory firm with equity and debt investment capabilities across all major product types. Capri is owned 34.9% by Capri Investor, LLC, ultimately owned by Mr. Primo and family trusts, with Capri Investor, LLC holding 100% of the voting ownership in Capri. Six non-management members in Capri own an aggregate of 14.3% (non-voting), previous partners have a separate class of shares and hold 10.8% (non-voting), and a pension plan investor holds the remaining 40% of the ownership

through a subsidiary, Investment Holdings IDF, LLC (“Holdings”), a Delaware limited liability company. Holdings also owns all of a class of preferred non-voting interests of Capri. Holdings is managed by Domain Capital Advisors, LLC and is principally owned by Leardo Asset Management, LLC. As described further under Section 18, Financial Information, Capri is currently in discussions to buyout all equity interests of, and loans made by, Holdings that are related to Capri. For separate account clients, the Firm tailors its investment strategies and product types to its clients’ requests and investments are made on a discretionary or non-discretionary basis. In commingled fund investment vehicles, Capri offers specific real estate investment strategies defined in private placement memoranda on a discretionary basis. As of December 31, 2022, the Firm had zero dollars in discretionary assets and $300,000,000 in non-discretionary Regulatory Assets under management (committed), which comprised Real Estate Assets and Cash Under Custody on behalf of its clients. From time to time, the Firm may engage the use a subadvisor that demonstrates specific expertise in an investment strategy, which will complement or augment the experience of the Firm. For instance, in the instance of a new joint venture separate account investor relationship secured by the Firm in 2021, the Firm may use its affiliate Capri EGM, who is an SEC registered investment advisor and a specialist in single tenant net lease investments. Prior to using Capri EGM or any subadvisor, however, extensive due diligence would be performed by the Firm on the subadvisor with respect to track record for the specific investment strategy employed, investment process, policies and procedures, qualifications of the investment and administrative staff, as well as other factors. In all instances, the subadvisor will not have discretion, or control or custody of client funds.