The Adviser, headquartered in Chevy Chase, MD, has served as the investment adviser to the private real estate investment funds (collectively, the “FCP Funds,” and individually, each an “FCP Fund”) sponsored by FCP since 2008. The FCP Funds are privately offered real estate investment vehicles that are structured as Delaware limited partnerships, each managed by a general partner which is an affiliate of the Adviser. In addition, FCP serves as an investment adviser with non-discretionary authority for a separately managed account (the “Managed Account”). The FCP Funds and Managed Account may be referred to as Clients (each a “Client”) throughout this document. FCP primarily invests in residential real estate assets including multifamily apartment communities, for sale residential properties, commercial properties, including industrial office and retail assets, and distressed real estate mortgage and notes. The Adviser’s principal owners are Esko I. Korhonen and Lacy I. Rice, each with more than 25% ownership interest in the Adviser; Alex J. Marshall, with 10% but less than 25% ownership interest in the Adviser; Jason J. Bonderenko and Garland E. Faist with 5% but less than 10% ownership interest in the Adviser, and Christopher R. Losapio and Erik S. Weinberg with less than 5% ownership interest in the Adviser (collectively, the “Principals”). With respect to each FCP Fund, the Adviser forms a wholly-owned and managed subsidiary which enters into the management agreement with the applicable FCP Fund and its general partner. Through these subsidiaries, the Adviser provides discretionary investment advisory services to the FCP Funds and their respective general partners and investment committees. For purposes of this brochure, when we discuss the services being provided by the “Adviser” or the compensation being received in connection therewith, we refer to the services being provided by the Adviser or the compensation being received by the Adviser through such wholly-owned subsidiaries. The Adviser’s services are tailored to the needs of each Client and include advice on acquiring, developing, repositioning, managing, financing and disposing of real estate

assets. The Adviser provides services in accordance with the investment objectives, guidelines, and restrictions in the partnership agreement (the “Partnership Agreement”) and other offering documents, including the private placement memorandum, of the applicable Client (the “Governing Fund Documents”). As of December 31, 2023, FCP manages approximately $3,727,085,914 in discretionary regulatory assets under management and $357,626,896 in non-discretionary regulatory assets under management. Although the general partners retain the ultimate decision making authority under the applicable Partnership Agreements of the FCP Funds, the Adviser reports its assets under management as being managed on a discretionary basis because the investment decisions with respect to each FCP Fund’s investments are made by the investment committee of the respective general partner of the FCP Fund, the voting members of which are the Principals. The Principals of the Adviser are also the principals of the general partners of the FCP Funds. These general partners will look to and rely on the registration of the Adviser and are not themselves registering as investment advisers. In addition, the Adviser’s wholly owned subsidiaries that are listed in Part 1 of this Form ADV will also look to and rely on the registration of the Adviser. Limited partnership interests in the FCP Funds are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the FCP Funds are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), in reliance to the available exemptions to the registration requirements. Accordingly, interests in the FCP Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements, either in private transactions within the United States or in offshore transactions. The Adviser and/or relevant FCP Fund general partner is expected to permit certain investors to co-invest in portfolio investments alongside one or more FCP Funds, subject to the Adviser’s related policies and relevant Governing Fund Documents and or Side Letter(s) (as defined herein).