For purposes of this brochure, “HGI Capital” means HGI Capital Management, LLC a Delaware limited liability company that was formed in 2013. HGI Capital is wholly owned by HGI RES, LLC, an affiliate of Harbor Group International, LLC. Jordan E. Slone owns 25% or more (directly or indirectly) of HGI Capital. HGI Capital serves as an investment manager and provides discretionary advisory and other services to several privately offered investment vehicles (collectively, the “Funds”), including: (i) Harbor Group International Real Estate Securities Fund, LP. (the “Onshore Fund”), a Delaware limited partnership; (ii) Harbor Group International Real Estate Securities Master Fund, LP (the “Master Fund”), a Cayman Islands exempted limited partnership; and (iii) Harbor Group International Real Estate Securities Offshore Fund, Ltd. (the “Offshore Feeder Fund”), a Cayman Islands exempted company incorporated with limited liability. The non-U.S. domiciled Funds operate through a mini- master-feeder structure pursuant to which the Offshore Feeder Fund invests substantially all of its assets in the Master Fund. The operating and trading activities of the Funds are conducted, and the portfolios of the Funds are held, by the Onshore Fund and the Master Fund. The Onshore Fund and the Master Fund are managed pari-passu, except to the extent HGI Capital determines it would not be appropriate to do so for tax, regulatory, operational or other reasons. HGI Asset Management, LLC, a Delaware limited liability company, is the general partner (“General Partner”) of the Onshore Fund and Master Fund. The General Partner is controlled by HGGP RES, LLC, a Virginia limited liability company and an affiliate of HGI Capital. Unless and only to the extent that the context otherwise requires, references to “HGI Capital” includes the General Partner. HGI Capital makes all investment decisions on behalf of the Funds, including identifying, reviewing and selecting investment opportunities for the Funds, subject to the oversight of the investment committee (“Investment Committee”) and, with respect to the Offshore Feeder Fund, the overall management and policies of the board of directors. With respect to the Funds, investment advice is provided directly to the Funds and not individually to the limited partners or members

of the Funds (the “Investors”). HGI Capital manages the assets of the Funds in accordance with the terms of each Fund’s applicable confidential offering and/or private placement memorandum, individual limited partnership or operating agreement, and other governing documents applicable to a Fund (the “Governing Fund Documents”). The investment objective of the Funds is to seek total return from both capital appreciation and current income through investing in a portfolio comprised primarily of publicly traded or otherwise liquid securities of or relating to the real estate industry, with a focus on preservation of Investor capital and risk mitigation through the employment of various hedging strategies. There can be no assurance that the investment objective of the Funds will be achieved. HGI Capital from time to time may serve as a sub advisor to and actively manage Fund sub-accounts (the “Sub-Accounts”) in accordance with sub advisory agreements (the “Sub-Advisory Agreements”). Such Sub-Advisory Agreements may contain provisions and trading restrictions that align with but are not identical to the investment strategy of the Funds. HGI Capital serves as an investment manager and provides discretionary advisory and other services to several separate accounts (each, an “Account” and the clients for whom such Accounts are maintained, “Separate Account Clients”) in accordance with investment management agreements (the “Investment Management Agreements”). HGI Capital makes investment decisions on behalf of the Separate Account Clients, including identifying, reviewing, and selecting investment opportunities for the Separate Account Clients, subject to the oversight of the Investment Committee. The Investment Management Agreements contain provisions and investment restrictions that are generally aligned with, but broader than, the investment strategy of the Funds. The specific investment objectives of each Separate Account Client are detailed in the Investment Management Agreement with such Separate Account Client. The Funds, the Sub-Accounts, and the Separate Account Clients are referred to herein as the “Clients.” HGI Capital manages the Clients’ assets on a discretionary basis. As of December 31, 2023, the total assets under management of HGI Capital were $186,498,978.