Firm Description Griffis Residential Investment Advisor LLC (“GRIA,” the “Adviser” or “we”) is a Delaware limited liability company formed in November 2012. Affiliates of the Adviser provide investment advisory services to pooled investment vehicles and act as their investment adviser, as described more fully below (the “Advisory Affiliates”). GRIA’s principal place of business is Greenwood Village, Colorado. Principal Owners Ian Griffis, David Birnbaum, and Tom Barta are the principal owners (the “Principals”) of the Adviser, who hold their interests through Griffis Investment Company, Inc. (100% owned by Ian Griffis), New Century Investment Company, Inc. (100% owned by David Birnbaum), and TGT, Inc. (100% owned by Tom Barta). GRIA is under common control with Griffis Group of Companies, LLC (“Griffis Residential”), and shares its managers and officers. Investment Advisory Services The Advisory Affiliates provide discretionary investment advisory services to pooled private investment vehicles (the “Funds”) and non-discretionary investment advice to certain joint venture investors via special purpose entities set up to facilitate such investors’ investments (such special purpose entities, the “JV Entities” and together with the Funds, the “Advisory Clients”). The Funds are organized principally to acquire, operate, and add value to recent vintage multi-family assets (including, in some cases, as a joint venture or co-equity interest owner). These properties are located in high growth primarily western United States markets, including Colorado, Texas, Washington, Oregon, California and the Washington, D.C. area (the “Target Markets”). With one exception, the Funds are closed- end in nature. One of the Funds, Griffis Residential Income Trust, L.P., (“GRIT”) is open-end in nature, and invests in core multi-family residential properties suitable for a longer term hold hold relative to the closed-end Funds (which typically have shorter investment holding periods). The JV Entities are special purpose entities typically structured as joint ventures formed to enable one or more third parties to invest alongside a Fund. An affiliate of GRIA serves as the managing member or general partner (as applicable) to each Advisory Client (collectively, the “Affiliated Managers”). Each of the Advisory Affiliates relies on GRIA’s registration. Each of GRIA's and its affiliates' respective employees and personnel are subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and rules and regulations thereunder, and GRIA’s compliance policies and procedures. Each of the personnel of the Advisory Affiliates will be deemed “persons

associated with” GRIA (as that term is defined in section 202(a)(17) of the Advisers Act) and will be subject to SEC examination. Each Advisory Affiliate has full and exclusive management authority over the investment decisions, asset dispositions, distributions, and other activities of its respective Fund. The Advisory Affiliates maintain ultimate discretionary investment authority over the respective Fund assets while the counterparties to the JV Entities retain discretion in respect of their investment decisions. Overview of Advisory Services As investment adviser to the Advisory Clients, whose portfolios are limited to real estate and real estate- related investments, GRIA and the Advisory Affiliates:
• offer real estate investment advisory and management services;
• acquire, operate and add value to multi-family real estate assets;
• deliver operating cash flow and the possibility of long-term appreciation; and
• recommend for the Advisory Clients, in some cases, a joint venture interest in various real estate projects (“Portfolio Investments”), which focus on for-rent multi-family residential real estate and uses ancillary to the primary uses. This list is not exhaustive but the Advisory Affiliates do not tailor their advisory services to the individual needs of underlying investors in the Advisory Clients (generally, “Investors”). The investment advice the Advisory Affiliates provide to Advisory Clients is determined by the investment objectives, strategies, and restrictions set forth in the governing documents (i.e., operating agreement, limited partnership agreement, confidential offering memorandum or other offering document, joint venture agreement) applicable to each Advisory Client (the “Governing Documents”). However, in accordance with common industry practice, an Advisory Client or its respective Advisory Affiliate may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Advisory Client or its Advisory Affiliate grants the investor specific rights, benefits or privileges that are not generally made available to all investors. Please see Item 8 for a description of GRIA’s investment strategies and their associated risks. Overview of Portfolio Servicing GRIA does not participate in any wrap fee programs. Assets Under Management As of December 31, 2023, GRIA had $2,185,965,666 in total assets under management. Of this amount, $43,189,545 in assets under management are managed on a non-discretionary basis for the JV Entities. The remaining $2,142,776,121 in assets under management are managed on a discretionary basis for the Funds.