Madison International Realty Holdings, LLC (“MIRH”) is a specialized investment advisory firm focused on originating, underwriting and executing its investments in real estate for its private equity commingled funds and institutional clients who have elected to create an investment vehicle of which they are the sole beneficial owner (collectively, the “Funds”). The Funds are managed by a team of experienced real estate investment professionals led by Ronald M. Dickerman, the founder, owner and president of MIRH. Mr. Dickerman has more than 30 years of experience analyzing, underwriting, acquiring, financing, managing and disposing of commercial real estate and other asset types and originating and managing pooled investment vehicles. MIRH has multi-disciplinary experience distributed through offices in New York, Los Angeles, London, Luxembourg, Amsterdam, Frankfurt, and Singapore. MIRH is an investment adviser registered with the SEC that was founded in 2011 to make secondary investments in private real estate transactions. MIRH owns Madison International Realty V, LLC, Madison International Realty VI, LLC, Madison International Realty VII, LLC, Madison International Realty VIII, LLC, Madison International Realty NYC Core Retail, LLC, Madison International Realty GmbH, Madison International Realty Luxembourg S.A.R.L., Madison International Realty NYC Core Retail II, LLC, Madison International Prime Property Realty, LLC, Madison International Realty UK, Ltd, Madison International European Realty, LLC, Madison International Realty Growth-N, LLC, Madison International Realty-U, LLC and Madison International European Prime Property Realty, LLC (collectively, including MIRH, “Madison”). Madison (via the creation of a former relying adviser of MIRH, Madison International Realty, LLC) was founded by Ronald M. Dickerman in 2002. Since 2002, Madison has invested in private real estate transactions primarily to acquire illiquid ownership positions in commercial real estate transactions from existing investors seeking liquidity. Madison pursues an investment strategy to produce attractive risk adjusted returns for the Funds it advises. Investment advice is provided directly to the Funds on a discretionary basis and in certain cases institutional clients may wish to have final approval for proposed investments in the investment vehicles in which they are the sole beneficial owner. Madison Funds will generally pursue a similar investment strategy, subject to any specific investment restrictions, limitations or particular areas of investment focus, which are typically set forth in the limited partnership or operating agreement for each Fund. Differences in strategy between Funds relate to geographic focus, investment term, return target, investment size, or investment type focus, among others. The Funds will also have differing fee and expense structures. Primarily in secondary market transactions, Madison will seek

to acquire partial ownership interests or debt obligations in real estate platform companies and investment vehicles such as limited partnerships, joint ventures, limited liability companies, private and public REITs, thinly traded or de-listed property companies, and other structured equity vehicles, at prices that Madison believes to be at discounts to intrinsic value. Madison expects the Funds to acquire positions from foreign and domestic individual and institutional investors, as well as provide new equity capital to existing property owners seeking to monetize equity positions, restructure balance sheets or buy out partners. The Funds will target ownership interests in high-quality, well-leased, well-located assets with moderate leverage, strong sponsorship, and limited operating risk. Fund investments are expected to be diversified by geographic location, commercial real estate type, and underlying sponsor. The Funds target investments in all major commercial real estate asset classes, including office, retail, industrial, multifamily, single family residential, datacenters, cold storage, and hospitality. Madison has an established track record of underwriting, acquiring, and realizing returns from investments in each of these asset classes. In certain limited situations, Madison seeks to wholly own and operate underlying properties. In such situations, Madison typically uses a third-party property manager and operator, while maintaining control over key decisions (but see discussion of “owner’s representatives” below). Madison generally pursues one investment strategy across its Funds (as described above and in Section 8). However, within its overall strategy, investment decisions by Madison are tailored to the specific investment objectives and restrictions of each Madison Fund pursuant to the applicable Fund's investment guidelines and restrictions set forth in the relevant confidential private placement memorandum, limited partnership agreement, investment management agreement and other organizational documents pertaining to such Madison Fund (collectively, the “organizational documents”). Fund investors and prospective Fund investors should refer to the organizational documents for complete information on the general investment objectives, investment restrictions and material risks associated with each Madison Fund. Side letters are used to tailor additional rights for individual Fund investors when Madison believes the granting of such right will not materially conflict with its obligations to the other investors in the commingled Fund. Madison does not participate in any wrap fee programs. As of December 31, 2023, Madison managed Funds with a total of $7,038,326,409 of assets under management, of which $6,609,523,857 are managed on a discretionary basis and $428,802,552 which are managed on a non-discretionary basis. Assets under management have been calculated pursuant to SEC guidance.