Phoenix Realty Group, LLC (the “Firm”) is an SEC registered investment adviser with its principal place of business in New York. The Firm began conducting business in September 1999. The Firm was previously owned by JMF Associates LP, a Delaware limited partnership (43.50%). JMF Associates LP was indirectly owned by J. Michael Fried. On February 7, 2020, Keith B. Rosenthal (74% member) and E. Ron Orgel (26% member) became the controlling owners when the Firm’s succession plan was implemented due to the passing of Mr. Fried. On November 1, 2020, Alan P. Hirmes (15% member), R. Alex Saunders (10% member), and A. Henry Gom (10% member) were admitted as members of the Firm and the interests of Keith B. Rosenthal (45% member) and E. Ron Orgel (20% member) were reduced. Investment Management Services The Firm is a national owner, operator, fund manager, and developer focused on multifamily properties. The Firm raises and manages investment funds with investment advisory services relating to the acquisition, development, ownership, operation and sale of real estate and interests in real estate. Each private fund is typically structured as a limited liability company or a limited partnership, with a subsidiary of the Firm serving as the manager or general partner of the private fund, as the case may be (whether a general partner of a limited partnership or a manager of a limited liability company, in each case, the “Fund General Partner”). The Firm currently provides fund management and investment advisory services solely to the following Funds: The Firm’s Value-Added Multifamily Funds The primary business of the Firm’s Value-Added Multifamily Funds is to provide equity for the acquisition, repositioning, operation, and sale of multifamily housing in various geographic markets.
• Metropolitan Workforce Housing Fund LLC, a Delaware limited liability company: fund term expired in 2016.
• PRG Multifamily Strategic Value Fund, LLC, a Delaware limited liability company formed for the purpose of acquiring, repositioning, and selling multifamily rental properties: initial investor closing in 2017, final investor closing in 2018, real estate assets acquired in 2017 and 2018; fund term of 6 years from the final closing (with 2 optional 1 year extensions which were both enacted).
• PRG Multifamily Value-Added Fund III, LP, a Delaware limited partnership formed for the purpose of acquiring, repositioning, and selling multifamily rental properties: initial investor closing in 2018, final investor closing in 2020, real estate assets acquired in 2018 through 2020; fund term of 8 years (with 2 optional 1 year extensions).
• PRG Multifamily Strategic Value Fund II, LLC, a Delaware limited liability company formed for the purpose of acquiring, repositioning, and selling investments in multifamily rental properties; initial investor closing in 2021, final investor closing in 2022, real estate assets acquired in 2021 through 2023; fund term of 8 years (with 2 optional 1 year extensions). The Firm’s Low Income Housing Tax Credit Funds The Firm has syndicated seven tax credit funds, four of which are

currently active, for financing the development of properties to serve the needs of low and moderate income individuals and families across the United States and Puerto Rico, each of which is fully capitalized and closed. The last Low Income Housing Tax Credit Fund capitalized by the Firm was closed in 2007 and the Firm does not currently anticipate capitalizing a new Low Income Housing Tax Credit Fund. Current LIHTC Funds:
• Phoenix Realty Tax Credit Fund II LP, a Delaware limited partnership;
• Phoenix Realty Tax Credit Fund V LP, a Delaware limited partnership;
• Phoenix Realty Tax Credit Fund VI LP, a Delaware limited partnership;
• Phoenix Realty Tax Credit Fund VII LP, a Delaware limited partnership; The Funds are not required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in reliance upon certain exemptions available to issuers whose securities are not publicly offered. The Firm manages the Funds in accordance with the terms and conditions of each Fund's offering and organizational documents (in each case, the “Fund’s Organizational Documents”). Other Real Estate Investments The Firm acquires multifamily properties and develops affordable housing or mixed income properties in various geographic markets. Up to 99.99% of the acquisition, development, and renovation costs of these properties are financed with equity raised from institutional and/or high net worth partners. The remaining equity, ranging from 5% - 51% of the total equity requirement, is financed by discretionary or non-discretionary funds raised and managed by the Company. Assets Under Management The respective Fund General Partners manage each private fund in accordance with the applicable Fund’s Organizational Documents. Discretionary assets under the Firm’s management were approximately $1.0 billion as of December 31, 2023 and non-discretionary assets under the Firm’s management were approximately $1.1 billion as of December 31, 2023. Assets under management were determined using the fair market value of the gross real estate assets owned by the private funds and investments managed by the Firm. Assets under management have not been pro-rated by percentage ownership of the Firm’s private funds, and have not been reduced by fund or property debt and liabilities. IMPORTANT ADDITIONAL CONSIDERATIONS: The information provided herein merely summarizes the detailed information provided in each Fund’s Organizational Documents. Unless otherwise indicated therein, each Fund is close-ended, and once fully committed (i.e., once a Fund has attained Capital Commitments up to the Capital Commitment Cap or closed the Third Party Investor, unless agreed upon by the Third Party Fund Investors it does not admit new Third Party Fund Investors. Current Third Party Fund Investors and prospective Third Party Fund Investors in any new private fund launched by the Firm should be aware of the substantial risks associated with investment as well as the terms applicable to such investment. This and other detailed information is provided in each respective Fund’s Organizational Documents.