RMA is a California corporation that has been in business since June 2007. RMA is headquartered in Los Angeles, California, and maintains an additional office in San Francisco, California. RMA's controlling owners and portfolio managers are Michael F. Potter (Managing Director) and Danielle Evanson McLaughlin (Managing Director) (collectively, the "Principals"). RMA serves as an investment adviser to high-net-worth individuals, trusts, foundations, endowments, wealth management firms and pooled investment vehicles solely with respect to their investments in real estate. In addition, affiliates of RMA serve as general partner, managing member and/or manager to various investment partnerships and limited liability companies formed to make direct and indirect investments in real estate. RMA provides investment and advisory services only with respect to investments in real estate or entities formed to invest in, acquire, develop, manage, operate, lease and/or sell real estate. RMA provides the following investment and advisory services:  RMA identifies for its clients potential investment opportunities in real estate, analyzes the investment opportunity, performs due diligence on the investment opportunity, and recommends investment opportunities to its clients consistent with their investment objectives.  RMA provides asset management and reporting services with respect to investments both in real estate and in partnerships, limited liability companies and other investment vehicles formed to invest in real estate or real estate securities.  As part of its services, RMA can create a separate account ("separate account client") for a client which includes developing a long-term strategic plan and establishing investment criteria and target returns for investing in real estate.  RMA provides management and advisory services to Regis AHP Holdings, LLC ("Regis AHP"), a $13,759,897 commingled investment vehicle formed in 2017 to acquire certain membership interests owned by Regis Properties Fund II, L.P. ("Regis Fund II"). The membership interests acquired are not managed or controlled by RMA. The services provided by RMA to Regis AHP include managing the day-to-day administration of Regis AHP, monitoring Regis AHP's investments, and preparing and disseminating quarterly reports to investors in Regis AHP. Investors in Regis AHP do not have the opportunity to select or evaluate investments made by Regis AHP.  RMA provides management and advisory services to Series B – RMA Value Add Access, a Series of RMA Real Estate Access Fund Series, LLC ("Series B"), an $18,325,000 commingled investment vehicle formed in 2015 to invest in various private partnerships and limited liability companies that acquire, manage, lease and/or sell real estate. An affiliated entity of RMA serves as the managing member of Series B. The services provided by RMA to Series B include identifying potential real estate investment opportunities, analyzing investment opportunities, performing due diligence on potential investments, recommending certain investments in real estate to the managing member of Series B, managing the day-to-day administration of Series B, monitoring Series B's investments, and preparing and disseminating quarterly reports to investors in Series B. Investors in Series B

do not have the opportunity to select or evaluate investments made by Series B.  RMA provides certain securities investment advisory services to the Align Affordable Housing Bond Fund, L.P. (the "Align Bond Fund") in connection with the ongoing management and operation of the partnership. The Align Bond Fund is a $132,916,767 commingled investment vehicle formed in 2018 to acquire a diversified pool of tax-exempt debt instruments, secured by interests in affordable housing properties or entities owning affordable housing properties. An affiliated entity of RMA serves as the general partner of the Align Bond Fund. The services provided by RMA to the Align Bond Fund include reviewing proposed investments, including all securities-related considerations, based upon the needs and investment objectives of the Align Bond Fund. Investors in the Align Bond Fund do not have the opportunity to select or evaluate investments made by the Align Bond Fund.  RMA provides certain securities investment advisory services to the Align Affordable Housing Bond Fund II, L.P. (the "Align Bond Fund II") in connection with the ongoing management and operation of the partnership. The Align Bond Fund II is a $14,536,082 commingled investment vehicle formed in 2023 to acquire a diversified pool of tax-exempt debt instruments, secured by interests in affordable housing properties or entities owning affordable housing properties. An affiliated entity of RMA serves as the general partner of the Align Bond Fund II. The services provided by RMA to the Align Bond Fund II include reviewing proposed investments, including all securities-related considerations, based upon the needs and investment objectives of the Align Bond Fund II. Investors in the Align Bond Fund II do not have the opportunity to select or evaluate investments made by the Align Bond Fund II.  RMA provides management services for various other single asset entities formed to invest in real estate. To tailor its services to the specific needs of each separate account:  RMA assists each separate account client in developing a customized long-term strategic plan for investing in real estate based on that client's specific financial and investment objectives. RMA's separate account clients have full discretion of their assets and can impose certain restrictions on RMA with respect to the types of investments that RMA recommends to them or for their account.  Generally, RMA meets with each separate account client and/or the client's financial advisor on an annual basis to update the client's long-term strategic plan for investing in real estate. RMA incorporates into the separate account client's strategic plan any changes in the client's financial condition or investment objectives.  Separate account clients are advised to promptly notify RMA if there are any changes in their financial situation or investment objectives or if they wish to impose any restrictions on RMA in the performance of its services.  RMA makes itself reasonably available to separate account clients for questions or consultation. As of December 31, 2023, RMA had $779,633,320 in regulatory assets under management, of which $123,849,163 are discretionary regulatory assets and approximately $655,784,157 are non- discretionary regulatory assets.