LDI was founded in September 2000 as Legg Mason Real Estate Investors, Inc. by Glenn Sonnenberg and Wallace (“Chip”) Sellers Jr. LDI was originally a wholly owned subsidiary of Legg Mason Inc. (“Legg Mason”).
• On March 31, 2009, Legg Mason sold its 100% interest in LDI to Latitude Holdings, LLC, a company controlled by Glenn Sonnenberg.
• On January 1, 2019, Latitude Holdings sold 80% of its interest in LDI to JLL Co- investment Inc.
• LDI, formerly known as Lasalle Mortgage Real Estate Investors, Inc. and Latitude Management Real Estate Investors, Inc. (prior to January 1, 2019), changed its name to LaSalle Debt Investors in January 2020, in conjunction with a rebranding activity to simplify its name.
• In the fourth quarter of 2023, JLL Co-investment Inc. acquired the remaining interest in LDI. As of December 31, 2023, LDI and its affiliates had over $711 million in regulatory assets under management. All such assets were in the form of pooled investment funds managed/advised by LDI. The Private Mortgage REITs Based in Los Angeles, and Denver, LDI currently provides discretionary investment advisory services to three private mortgage real estate investment trusts (the “REITs”) Latitude Management Real Estate Capital III, Inc. (“LMREC III”), and Latitude Management Real Estate Capital IV, Inc. (“LMREC IV”) and LaSalle Mortgage Real Estate Capital V, Inc. (“LMREC V”). The REITs primarily invest in commercial real estate related debt instruments structured as floating rate first mortgages collateralized by real estate assets located in the U.S. The REITs are organized as discretionary funds with no pre-identified investments at the initial closing date of each fund. LMREC III’s investment period terminated January 14, 2019, LMREC IV’s terminated on April 30, 2022, and LMREC V's investment period began October 18, 2022. The regulatory assets of the REITs are the entire regulatory assets of LDI. These funds employ leverage. All three REITS are closed end funds. As of the date of this ADV, LMREC V is accepting new equity commitments through September 30 2024. LDI is working with its affiliates, including LaSalle Investment Management, Inc. (“LIM”) a registered investment advisor to structure and market additional products. Other Business LDI acts in an advisory capacity to LIM with respect to certain debt assets acquired by JLL Income Property Trust (“JLL IPT”), a perpetually offered daily priced REIT managed by LIM. LDI continues to monitor other investment opportunities and is looking for additional real estate related debt investment opportunities. While LDI has not currently formed any additional offerings, it is anticipated that during 2024 LDI will structure, raise capital for, and commence investing in a newly formed open-end debt fund (a debt fund structured to allow under certain circumstances non pro rata contributions and redemptions). The Funds LMREC III, LMREC IV, and LMREC V are organized as corporations electing to be taxed as REIT’s for federal income tax purposes, and in the aggregate are referred to herein as the Funds. The Funds have several wholly owned subsidiaries to facilitate financing transactions. The offering materials for the Funds contemplate that there may be parallel funds, which would be expected to

invest in assets side-by-side on a pro-rata basis (based upon capital commitments) with one of the aforementioned entities. Generally, parallel funds would be established to accommodate specific tax, or legal structuring issues impacting certain types of investors. To date, LDI has not created a parallel fund as such term in used in the applicable offering material. Sidecars LDI may provide to investors that make a specified capital commitment, or third parties the right to participate in a separate investment vehicle (“Sidecar”) for the purpose of participating on a levered or unlevered basis in certain co-investment opportunities with a particular Fund (generally because the asset in question would be too large for the Fund to acquire without a co-investment vehicle). A Sidecar differs from a parallel fund in that it participates in the economics on a single investment, rather than proportionally on all investments of the Fund. The minimum capital commitment amount required to participate in a Sidecar would be dependent on the specific transaction. The size of any Sidecar if offered and the selection of participating investors will be determined in LDI’s discretion on an investment-by-investment basis. To date, none of the REITs have offered any Sidecar investment to any investor or third party (nor have the REITs jointly invested in any asset or invested in conjunction with LDI in any asset). Services Provided With respect to the Funds, LDI is responsible for identifying investment opportunities as well as facilitating the acquisition, monitoring, and in the case of real estate owned (“REO”) acquired by foreclosure, or deed in lieu by any of the Funds, disposition of such investment (loans are typically held to payoff rather than sold). LDI provides investment advice to the Funds or “clients” (not to investors in the Funds). LDI tailors its advisory services to the individual needs of each Fund, in accordance with the investment objectives, strategies and limitations (if any) described in each Fund’s respective offering documents, charter, bylaws, or if applicable at a future date its operating agreement or limited partnership agreement (“Governing Documents”). Side Letters LDI has entered into side letters or similar arrangements with certain Fund investors that have the effect of establishing or otherwise benefiting such investors in a manner more favorable than the rights and benefits described in the Fund(s) offering documents and agreements. Rights and benefits that are more favorable in any material respect may be afforded to an investor based upon its commitment level, history with LaSalle or LDI, and date of commitment, and the same favorable rights and benefits may be extended, or not, to other investors in accordance with each respective Fund’s offering materials. These rights and benefits may include most favored nation status, advisory committee designations, fee rebates, share purchase price discounts, investment restrictions, reporting requirements, tax considerations, and other terms and conditions. Side letters if applicable are negotiated at the time of a Fund’s formation, or if later at the time of an investor’s commitment. Once invested in a Fund, investors cannot impose additional investment guidelines or restrictions on such Fund.