A. Firm Description - TriPacific Capital Advisors, LLC (“TriPacific”) is a full-service real estate adviser specializing in residential investment, development and management. The firm (including its predecessor, Lowe Enterprises Residential Advisors) has been in business since 1994, and over the past 30 years has invested in over 200 residential projects nationwide, representing over 40,000 new homes and lots with a value well in excess of $10 billion. TriPacific maintains its headquarters in Orange County, California. The firm currently manages an equity portfolio comprised exclusively of residential units located throughout the United States including both single and multifamily homes for sale, along with developed and undeveloped residential land (“the Housing Portfolio”). Investment decisions for the Housing Portfolio are fully discretionary within specific guidelines negotiated with the client, i.e., each investment must conform to the various investment parameters that have been established with the client, but TriPacific may exercise its discretion in selecting projects which satisfy these guidelines. Investment strategies are tailored to each client’s specific investment goals and risk tolerances, and may include restrictions based on geography, project size, home price, development status, etc. TriPacific’s services encompass all aspects of residential real estate investment management for both for-sale and rental property. These include real property evaluation and due diligence; detailed analysis and recommendations regarding economic/market feasibility along with investment and capital structure; as well as management of project acquisition, entitlement, development and disposition. We do not provide advice with respect to any type of publicly traded securities B. Types of Investments – Investments typically take one of three forms: i) equity investments via partnership or limited liability interests in the entity which owns and is developing or managing the property (“Equity Interests”);

ii) direct ownership of real property where improved lots are sold on a rolling option basis to a home builder (“Land Banking”); and iii) direct ownership of real estate where TriPacific engages directly in development and home construction on selected properties as a means of maximizing investment value (“Fee Building). In that regard, TriPacific formed an affiliated home building operation (“Estancia Homes”) during the course of the Global Financial Crisis in order to oversee these operations. Through this affiliate, TriPacific supervised all unit design, construction, financing, marketing and sale of over 2,500 homes and homesites in 16 different projects located throughout the country. C. Firm Management - TriPacific is governed by a Board of Managers which sets policy for the firm, and reviews and approves every investment proposal. The Board of Managers is currently chaired by the Company President and CEO, Geoffrey Fearns, who has overseen the firm’s operations since inception, and has an extensive background in law, construction and finance. Advisory Board Members include Mr. David Caillouette, Mr. Paul Manning, Mr. Blake Pickett, and Ms. Julie Hansen, all of whom are profiled in more detail in the attached Brochure Supplement. D. Firm Ownership - Ownership of the firm is held 100% by TriPacific CEO, Geoffrey S. Fearns, who began the firm’s predecessor with Lowe Enterprises in 1994 and has presided over the Company’s operations since inception. E. Assets Under Management (“AUM”) – TriPacific’s average assets under management or available for investment was just under $13M, a material decline from the prior year as the firm continues to wind down its 10-year account/portfolio with UC Regents. The firm is currently in negotiations with several endowment funds as well as a large government pension for a new investment fund it expects to launch in 2024. All client assets are managed on a discretionary basis, subject to specific investment guidelines established in advance with each client.