Berkshire Property Advisors, L.L.C. (“BPA” or the “Adviser”) is a Delaware limited liability company established in 2002. The Adviser is a wholly owned subsidiary of Berkshire Group L.L.C., (d/b/a “Berkshire Residential Investments” or “Berkshire”), a Delaware limited liability company (f/k/a Berkshire Property Advisors, L.P.). Berkshire is the sole owner of the member interests in the Adviser. Berkshire, founded in 1966, is a privately held U.S. real estate investment management company known for its innovative, vertically-integrated operating platform and over one- half of a century of experience in U.S. residential real estate. Berkshire makes investments throughout the capital stack and across the risk spectrum. Since the Firm’s inception, Berkshire’s team has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term history of consistent performance based on diligent and entrepreneurial investment and operational strategies that are adaptable to changing market environments. Berkshire is headquartered in Boston, Massachusetts, and has regional offices located in Atlanta, Georgia; Dallas, Texas; and San Francisco, California. Berkshire is led by 11 senior executives (the "Partners") who have an ownership interest in the Firm and have an average of 26 years of real estate experience and 11 years with Berkshire. The Partners are supported by the broader Berkshire Leadership Team (the “Leadership Team”), of which they are also members, with an average of 25 years of real estate experience and 12 years with Berkshire. Berkshire's vertically integrated platform supports all of the Firm's activity and includes a property management team dedicated to the Firm’s portfolio and dedicated teams for portfolio management; acquisitions; multifamily investments; development and construction investments; senior housing investments; debt investments; debt financing; research; reporting; operations; capital markets and enterprise risk management. BPA’s advisory business primarily provides advisory services to multiple privately offered pooled investment vehicles, co-investment vehicles and separately managed accounts (each, a “Fund” or “Client”, or collectively the “Funds or the “Clients”), specializing in residential equity and debt investments throughout the U.S. An affiliate of the Adviser also provides property management, construction management, and development management services for residential real estate developments and other properties. The Adviser may provide advisory services to additional pooled investment vehicles and other types

of clients in the future. The primary focus of BPA’s advisory business is managing its Funds’ portfolios of residential real estate and real-estate related investments through acquisitions, financing, portfolio management and dispositions in accordance with the strategies set forth in each Fund’s applicable offering documents and/or governing documents and agreements (collectively, “Governing Documents”). These activities are complemented by other services the Adviser, or its affiliates provide, including property management, construction management and development management services. For a further description of the investment strategies the Adviser uses in formulating investment advice and managing its Funds’ assets, please see Items 7 and 8 of this Brochure. The Funds do not impose restrictions on the Adviser in relation to investing in certain securities or types of securities, except as may be set forth in their respective Governing Documents. If provided in a Fund’s Governing Documents, the application of certain such restrictions may be waived, generally only with the approval of an “Advisory Committee” of the relevant Fund, if applicable. A Fund’s Advisory Committee, if applicable, is generally composed of representatives (unaffiliated with Berkshire) of a number of the underlying investors (each, an “Investor”) of the applicable Fund. The Adviser tailors its investment advisory activities to comply with the investment objectives, guidelines and restrictions set forth in each Fund’s Governing Documents. However, in accordance with common industry practice, a Fund or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Fund or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” for additional information. As of December 31, 2023, the Adviser managed approximately $12,751,000,000 of regulatory assets under management on a discretionary basis, and approximately $1,094,000 of regulatory assets on a non-discretionary basis, for a total of approximately $12,752,000,000 in regulatory assets under management. In addition, the Adviser manages approximately $11,396,000,000 of investments in vehicles not primarily investing in securities (e.g., real estate), which do not count toward “regulatory asset under management” under applicable SEC regulations, for a total assets under management of $24,148,000,0001.