A. The Firm Virtus Real Estate, LLC (“VRE,” “Virtus,” and/or “the firm”), a limited liability company formed under the laws of the State of Texas, is a private fund adviser that structures, manages, promotes, sponsors, and through itself and affiliate entities serves as general partner and/or investment manager for various real estate pooled investment vehicles (each, a “Fund” or “Client”, collectively the “Funds” or “Clients”). Virtus was formed in 2009 and is ultimately primarily owned and controlled by Terrell F. Gates III. While VRE is registered as an investment adviser, its affiliates serving as Fund general partners or investment managers, and all of their personnel, are supervised by VRE as if each such entity were so registered. Therefore, throughout this Brochure, when we refer to “VRE,” “Virtus,” or the “firm,” we also refer to those affiliated entities and personnel, unless the context indicates otherwise. Virtus focuses on investment opportunities whose success does not require a robust economic environment, nor does it depend on cap rate compression. Instead, Virtus seeks to capitalize on opportunities arising out of increasing demand that can be sustained even in the face of a recession or a decline in general real estate values. Virtus seeks to achieve this by concentrating on property types whose demand is driven by one of four major demographic trends: the aging of the baby boomer generation, the coming of age of the “millennial” or “echo boomers,” the growth of the Hispanic market, and the high mobility of the U.S. population. Within these trends, Virtus targets investments that meet

four criteria: the asset must be viable regardless of the overall economy, there must be at least one structural risk mitigant, returns must be commensurate with perceived risk, and a qualified operational partner must participate. B. Description of Advisory Services Offered VRE is an independent investment advisory firm that structures, manages, promotes, sponsors, and through itself and affiliate entities, serves as General Partner for various real estate private funds. VRE recommends securities transactions that include securities and strategies as itemized in Item 8 of this Brochure, and as may be described in Offering Documents. C. Client-Tailored Services and Client-Imposed Restrictions VRE only manages the Funds. Each Fund has its own investment strategy described in its offering documents (the “Offering Documents”). D. Client Assets Under Management All assets of the Funds are managed on a discretionary basis. Virtus Assets Under Management as of December 31, 2023 Gross Asset Value Under Management (1) Assets Under Management (2) Regulatory Assets (3) $3,186 MM $1,657 MM $594 MM Notes: (1) NAV of all Virtus vehicles, plus unfunded limited partner commitments, plus property level and fund-level debt; excludes the value of assets owned by third parties. (2) NAV of all Virtus vehicles, plus unfunded limited partner commitments; excludes the value of assets owned by third parties. (3) 3(C)1 and 3(C)7 vehicles only. Does not include assets of 3(C)5 vehicles.