BLT Fund Manager, LLC (the “Firm”) was formed under the laws of the State of Connecticut on January 31, 2011. The Firm's owners are CRK Holding, LLC and PJK Holding, LLC. CRK Holding and PJK Holding are each single member limited liability companies that are owned by Carl Kuehner and Paul Kuehner respectively. The Firm provides non-discretionary investment management services to private pooled investment vehicles (the "JVs"), which invest in real estate equity and debt. The JVs are structured as private equity type investment vehicles. The JVs obtain capital funding commitments from the third-party fund investors, and call capital against the unfunded commitments as needed for specific investments. During the life of the JVs, the JV managing member will, from time to time, call on all investors to make capital contributions of a portion of their capital commitments to the respective JV in proportion to the investors’ respective capital commitments to satisfy one or more calls for capital for investments and related expenses and fees. Investments provide a return to the JV through distributions of operating cash flow, net proceeds from loan refinancings, and net proceeds from the sale of the investments. All JV investors typically receive a preferred return on their investments and a return of its capital, pro-rata with the Managing Member of the respective JV after which the proceeds are split in an agreed upon split of the profits. The JVs the Firm advises could make investments in real estate developments that are owned, in whole or in part by affiliates of the Firm. In addition, affiliates could act as lenders to assets owned by the JVs and could provide other services such as property and construction management. All transactions with affiliates will require unanimous consent of the Managing Member of the JV and

the Investor Member (collectively the "Voting Members") or a committee comprised of the Voting Members. All such transactions must be made on an arm's length basis and on market terms. The Firm provides fund management and investment advisory services relating to acquisition, ownership, operation and sale of interests in real estate. Those services can include, but not be limited to the following: 1. Provide general investment advisory services, including recommendations as to, and identification of, potential investments; 2. Conduct due diligence in connection with potential investments and provide the JVs with investment memoranda and analyses; 3. Assist the JVs' Managing Member with regard to inquiries made by other JV members; 4. Analyze, structure and negotiate acquisitions and disposition of JV investments; 5. Identify, structure, negotiate and assist in obtaining financing in connection with proposed or existing JV investments; 6. Supervise the preparation and review of documents required to complete investment acquisitions and disposition on behalf of the JVs; 7. Monitor and report the performance of JV’s investments; 8. Develop and assist in the execution of exit strategies in connection with JV investments; 9. Communicate with the JVs' Managing Member with regard to all aspects of the JVs; 10. Maintain the principal books and records of the JVs to the extent they are not maintained by JVs' Managing Member; 11. Consult with the JVs' auditors, legal counsel and other professionals as may be necessary; and 12. Negotiate, execute and deliver contracts on behalf of the JVs, including, but not limited to contracts for property management. As of December 31, 2023, the Firm advised five JVs on a non-discretionary basis with regulatory assets under management of approximately $652,063,737.