LEM Capital, L.P. (“LEM”) is an investment management firm co-founded by Ira M. Lubert, Jay J. Eisner, and Herbert L. Miller, Jr. in 2002. Messrs. Lubert, Eisner, and Miller collectively have over 85 years of experience in making real estate investments specializing in the underwriting, structuring, recapitalizing and refinancing investment transactions in the private and public real estate industry. Most of their careers have been spent in the real estate industry and they have extensive real estate experience in acquisition, ownership, management, and finance. The day-to-day investment operations of LEM are led by Allison Bradshaw, Greg Biester, and Jennifer Clausen (“Partners”) with the oversight of Messrs. Eisner, and Miller (“Founding Partners”) and together with the Partners known as LEM’s Management Committee. LEM’s investment team consists of approximately 7 experienced professionals with strong backgrounds in multifamily and commercial real estate, private equity, debt markets, bridge loans, leveraged finance, mezzanine loans and lines of credit. Since 2011, the Founding Partners and the investment team have focused exclusively on making equity investments in multifamily properties across the United States. References herein to LEM will include, as the context requires, various entities controlled by LEM or its partners and entities in which LEM provides investment management services, such as affiliated general partners. LEM provides investment management services to privately offered

pooled investment vehicles, which are generally organized as limited partnerships (each a “Fund” or collectively known as the “LEM Funds”), which will make real estate investments, primarily consisting of joint venture equity. LEM Funds will typically invest along with third party operating partners to form underlying joint venture partnerships or limited liability companies that invest in underlying real estate. Since these operating partners are independent third parties, they will typically receive compensation directly from these joint ventures for their services. This compensation will be in the form of an asset management fee, property management fee (if the operating partner or an affiliate manages the property), a construction management fee, a promote or carried interest structure, or other fees. Any compensation paid to these third-party operating partners will not offset LEM’s management fees or be treated as “special income.” The Funds are intended only for investment by “accredited investors,” “qualified clients” and “qualified purchasers” as those terms are defined under the Federal Securities Laws. Each Fund’s investment objective includes providing a certain level of returns net of fees and expenses as described in detail in each Fund’s governing documents. As of December 31, 2023, LEM’s regulatory assets under management were $683,648,378 in Fund assets (i.e., Funds’ total assets and uncalled capital commitments), and are all managed on a discretionary basis.