Overview True North Management Group, LLC (“True North”) was formed in 2004 to provide real estate investment management services. True North is a limited liability company operating under the laws of the state of Delaware. Its principal owners are Richard Gunthel and Paul Turovsky. As set forth more fully below, True North provides a variety of real estate investment management services based on the specific needs of the client and on the nature of the assets that are being acquired on the client’s behalf. Investment Services True North primarily provides discretionary real estate investment management services to institutional investors and investment groups through private pooled investment funds (“Private Funds” or “Funds”). Each Fund is exempt from registration as an investment company pursuant to Section 3(c)(1) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Private Funds may issue interests that may be structured in various forms including equity, preferred equity, mezzanine debt or any other financial structure that is consistent with the particular Fund’s investment objectives. For purposes of this brochure, the Funds, and not the Funds’ investors, are considered True North’s clients. The managing member and general partner of the Funds (collectively hereafter, the “Managing Members”), each of which is an affiliate of True North, have broad discretion under the Funds’ respective limited liability company agreements to manage the affairs of the Funds. Pursuant to such discretion, each of the Managing Members has engaged True North, through an investment advisory agreement, to provide acquisition, origination, and administrative services on behalf of the respective Funds. In addition, True North is responsible for establishing an investment committee (the “Investment Committees”) for each Fund, which is responsible for reviewing and approving any investments recommended by True North. The members of the Investment Committees are all supervised persons of True North. The principals of True North have also established various feeder funds whose purpose is to invest directly into the Private Funds (“Feeder Funds”). The Feeder Funds are designed to accommodate investments by non-U.S. investors or other investors who are not qualified to invest directly in the Private Funds, and each is exempt from registration as an investment company pursuant to Section 3(c)(1) of the 1940 Act. The sole purpose of the Feeder Funds is to invest directly in the Private Funds. True North tailors its advisory services to the specific investment objectives and restrictions of each Fund pursuant to the applicable investment guidelines and restrictions

set forth in the relevant Fund’s limited liability company agreement, private placement memorandum and investment advisory agreement (collectively, the “Governing Documents”). True North seeks to achieve the investment objective of each Fund by advising on investments in high yield debt and direct equity investments in real estate assets in the United States and Canada, including distressed debt opportunities and the provision of “rescue capital” in the form of debt or equity to assets that are in transition, possess unique complexities, or have suffered value impairments. True North seeks to implement a focused strategy designed to capitalize on financial market turmoil to generate returns based on real estate fundamentals. True North will seek assets it believes will present additional investment opportunities as lenders and investors reduce exposure to specialized real estate. For more detail on the strategy formulations, please see Item 8, Investment Strategies and Risk of Loss, below. In accordance with the terms of each Fund’s Governing Documents, the Managing Member of a Fund may enter into “side letter” agreements with certain investors in a Fund whereby the Managing Member may grant individual Investors specific rights, benefits or privileges not set forth in the Fund’s Governing Documents. Side letters may potentially create a conflict of interest by allowing True North to favor the interests of one Investor over another. True North mitigates this potential conflict of interest by generally making available to each Investor in a Fund the right to elect to receive the benefit of side letter provisions extended to similarly situated Investors, and in all cases making the contents of all side letters available to all investors investing in that same fund. True North’s investment advisory agreements may include limitations on the allocation of funds to certain investments (including, for example, limitations on the amount of investment in any single transaction). Managing Member Commitment The Managing Member of the Private Funds, which is wholly-owned by the Principals of True North, has committed to invest a specified amount of its capital in each Private Fund as set forth in the respective Private Fund’s Governing Documents (the “Managing Member Commitment”). The Managing Member Commitment is discussed further in Sections 5 and 11, below. Wrap Fee Programs True North does not participate in any “wrap fee” programs. Regulatory Assets Under Management As of December 31, 2022, the amount of client assets True North managed on a discretionary basis was approximately $661 million. True North does not manage any assets on a nondiscretionary basis.