A. Advisory Firm Penwood Real Estate Investment Management, LLC (the “Adviser” and “Penwood”) is a Connecticut limited liability company founded in 2003 and has been registered as an investment adviser with the SEC since 2005. The Adviser is manager-managed, and the duly elected manager is Penwood Realty Advisers, Inc., a Delaware corporation (“PRAI”). Both the Adviser and PRAI are 100% controlled by John Hurley, Karen Nista, Joseph Koziol, Christine Kubas, and Zachary Flynn (the “Principals”), and the Principals are the sole directors of PRAI. B. Advisory Services Provided The Adviser provides discretionary real estate investment advisory services to pooled investment vehicles (“investment funds” or “funds”). The Adviser provides non-discretionary real estate investment advisory services to pooled investment vehicles (“non-discretionary funds”); however, the Adviser has no active non-discretionary funds. Additionally, the Adviser was approved for a non-discretionary separate account (“non-discretionary separate account”); however, no assets have been acquired on behalf of the account. The Adviser currently has five active investment funds focused on value-added real estate investment. Penwood’s value-add investment strategy includes the re-leasing, rehabilitation, development and sale of industrial properties in Southern California, Las Vegas and targeted Northeast markets and may also invest opportunistically in other geographic areas on a limited basis. Additionally, the Adviser has one active non-discretionary separate account focused on core real estate investment. The Adviser offers investment advice only with respect to real estate. The five active investment funds, and one active separate account are not investment companies, relying primarily on the exemption available under Section 3(C)(7) of the Investment Company

Act. During its investment period, Penwood’s discretionary investment fund that is sourcing new investments has priority for all value-add investments in its target markets. Penwood only sources new investments for one investment fund at a time, sourcing for more than one investment fund with approval of the Investment Advisory Committees for each affected fund, removing any potential for sourcing allocation conflicts. There is a rotating allocation policy for any co-investment opportunities for the discretionary investment fund. Any non-discretionary fund and non-discretionary separate account investment acquisitions, declined by, determined as off-strategy, or beyond the discretion of the active investment fund, are offered according to the rotation allocation policy. The services provided by Penwood include strategy formulation, acquisitions (sourcing, underwriting, structuring and negotiating potential investments), portfolio management (strategy oversight, reporting, compliance), asset management (day to day operations of the property companies, strategy implementation, leasing, valuations, and dispositions), and focused client service, all with a focus on real estate investment. Investors and prospective investors in the investment funds are requested to refer to the private placement memorandum for complete information. Each of Penwood’s non-discretionary funds and the non-discretionary separate account were established with an active limited partner of a discretionary fund. Assets Under Management Penwood currently manages five closed-end discretionary limited partnerships and one non- discretionary separate account. Penwood’s discretionary regulatory assets under management, as of March 28, 2024, was approximately $1.575 Billion. Penwood’s non- discretionary regulatory assets under management, as of March 28, 2024, was $0.0 Billion.