FIRM AND PRINCIPAL OWNERS Merion Realty Advisers, LLC is a Delaware limited liability company. Merion Realty Advisers, LLC is sometimes called the “Firm” in this brochure. The Firm was formed in August 2010 and began operations as an investment adviser on January 1, 2012. All clients are private investment funds, although some funds may rely on exemptions other than 3(c)1 or 3(c)7 of the Investment Company Act, and not all fund clients invest in securities. The Firm sometimes operates under the fictitious name “Merion Realty Partners”. For purposes of this Part 2 Form, an advisory affiliate or a related person of the Firm is considered to be a person or entity that controls the Firm, is controlled by the Firm or is under common control with the Firm. The Firm is managed by a board of managers (who are its members), and currently has two members: Richard T. Aljian and William A. Landman. Current information relating to ownership percentages is available on our Firm ADV Part 1, Schedule A available at https://adviserinfo.sec.gov (CRD #158507). Additionally, there are five individuals who hold senior officer positions for the Firm: Richard A. Kwait, Joseph Martell, David R. Rodgers, Jeffrey R. Shumaker and Matthew Hopper. The Firm has no subsidiaries. The principal office and place of business for Merion Realty Advisers, LLC and certain other related persons is 308 E. Lancaster Avenue, Wynnewood, Pennsylvania. Please see Item Number 10 for more information about financial industry activities and affiliations. The Firm’s investment policies are set by its Investment Committee/asset managers. The senior members of the Firm’s Investment Committee are Richard T. Aljian and William A. Landman. The Firm’s executive officers and other investment professionals also participate in this process to determine investment recommendations on an as needed basis and provide valuable input. These professionals may be referred to throughout this brochure as “MRA Investment Professionals”. Additional information is included in brochure supplements with respect to (i) each person who formulates investment advice for a client and has direct client contact, and (ii) each person who has discretionary authority over a client’s assets even if that person has no direct client contact. We have prepared brochure supplements for Mr. Aljian and Mr. Landman. As described below, the Firm’s clients are expected to be investment funds and other similar entities that we advise. Part 2A of Form ADV: Firm Brochure Page 5 INVESTMENT SUPERVISORY SERVICES The Firm’s main business is to provide investment advice to various real estate investment joint ventures and funds which are called our clients. Some of our clients will be limited partnerships or limited liability companies that are related to us because there

is common ownership and/or control between the Firm and the general partners or managers of those investment funds. Until recently, certain clients were related to CMS Fund Advisers, LLC or MainLine Investment Advisers, LLC, both advisory affiliates, and the Firm provided advisory services in those instances under a sub-advisory contract. Some of our clients may be funds of funds meaning that they invest in other investment funds that may or may not be related to us. All of our clients are expected to be closed- end (meaning they do not accept additional subscribers after a stated offering period) investment funds with capital committed by investors that may be payable upon initial subscription, or may be drawn down and contributed over time to purchase investment securities or real estate and pay expenses. Our clients are not expected to offer redemption rights or liquidity to their investors. Please refer to a schedule of active affiliated investment funds that are clients, included at the back of this Part 2A of Form ADV. Our advice is considered to be investment supervisory services because we provide continuous advice based on the individual needs of each client. We look for investments that meet the stated objectives, strategy and investment guidelines of each client. We usually only recommend that a client buy a security or real estate asset to the extent it meets the client’s objectives, strategy and investment guidelines as stated in the client’s offering memorandum and partnership agreement or joint venture or other agreement negotiated directly with its investor(s). We supervise the entire investment process and monitor the performance of each investment security or real estate asset held by our clients. We make recommendations to buy, hold, finance and/or sell investment securities or real estate assets. The final investment decisions are made by the general partners or managers of the various investment funds that are our clients. As stated above, there may be common ownership and/or control between the Firm and most of those general partners or managers. We primarily provide advice with respect to real estate assets and equity securities in private companies, joint ventures and limited partnerships or limited liability companies. We may also offer advice with respect to the investment funds that directly or indirectly invest in real estate. Occasionally we may offer advice with respect to a wide variety of other securities. We do not participate in wrap fee programs. The amount of client assets we are managing is $157.44 million as of valuations available April 29, 2024, however one account is not included in the calculation of Regulatory Assets Under Management (RAUM). Our RAUM is $71.84 million as of valuations available April 29, 2024. Part 2A of Form ADV: Firm Brochure Page 6