Newport Investment Management, LLC (“Newport”) is a Chicago based real estate investment manager that was formed in March 2010. The firm focuses on acquiring, operating, financing, and selling neighborhood and community retail centers on behalf of its clients. The firm is owned by Newport Capital Partners Holding, LLC (NCPH), which is wholly owned by Mr. Derrick E. McGavic. NCPH has two (2) subsidiaries, Newport Investment Management LLC and NCP Asset Management, LLC. Newport provides advisory and management services to closed-end comingled funds and separate accounts (“Real Estate Funds” or “Funds”) that invest in convenience/necessity-based retail properties and grocery anchored retail properties in major US metro areas. Investment advice is limited to the Real Estate Funds the firm currently manages. Investment advice is provided on a discretionary and non- discretionary basis, with discretion obtained at the time the Fund’s advisory agreement and/or operating agreement is executed. Newport’s Funds, both discretionary and non-discretionary, have restrictions on investing as defined in their respective operating agreements. Purchases in Funds should be considered a long-term investment because transfer of the interest is subject to significant restrictions as are deductibility of expenses and other losses. Additionally, Newport’s Funds are not deemed to be “plan assets” for purposes of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”). Accordingly, there may be restrictions in the acquisition and transfer of interest in the Fund. Such restrictions could delay or preclude a limited partners ability to transfer its interest in the Fund. Finally, because of these restrictions and the absence of a public market for the interest, a Member may be unable to liquidate its investment even though its personal financial circumstances would make liquidation advisable or desirable. The interest will not be readily acceptable as collateral for loans. Moreover, even if a Member were able to dispose of its Interest, adverse tax consequences could result. Newport does not participate in wrap fee programs. As of December 31, 2023, Newport managed approximately $401.3 million in discretionary assets and approximately $72.2 million of non-discretionary assets. On behalf of its clients, Newport currently manages:
• Newport Capital Partners Fund I, a closed end real estate fund targeting convenience/necessity- based retail properties in major Midwestern metro areas (the “Newport Fund I”). The Fund has

acquired six investments since inception and has completed its investment period. The Fund has sold five of the six investments as of calendar year end 2023. The Fund has raised $43.1 million of Limited Partner capital and as of December 31, 2023 had Gross Asset Value of $11.7 million.
• Newport Capital Partners Fund II, a closed end real estate fund targeting convenience/necessity- based retail properties in major metro areas in the central United States (the “Newport Fund II”). Through December 31, 2023, the Fund has acquired twelve investments since inception and has completed its investment period. The Fund has sold four of the twelve investments as of calendar year end 2023. As of December 31, 2023, the Fund had Gross Asset Value of $140.6 million.
• Newport Capital Partners Fund III, a closed end real estate fund targeting convenience/necessity- based retail properties in major metro areas in the central and south United States (the “Newport Fund III”). The Fund began investing in 2021 and has acquired seven investments with total Gross Asset Value of $231.3 million as of December 31, 2023. Newport concluded its marketing of Newport Fund III in June 2023 with a total capital raise of $94.2 million.
• Newport III CRA Fund, a closed end real estate fund targeting convenience/necessity-based retail properties in major metro areas in the central and south United States (the “CRA Fund”). The CRA Fund is a parallel investment vehicle to Newport Fund III and will co-invest with Fund III in properties located in low-to-moderate income geographies. The CRA Fund began investing in 2021, and has invested in four Fund III investments with a Gross Asset Value of $19.1 million as of December 31, 2023. Newport concluded its marketing of the CRA Fund in June 2023 with a total capital raise of $17.0 million.
• Newport-3S, LLC, in January 2019 was awarded a $20 million joint venture commitment by 3S Capital an investment firm based in United Arab Emirates (“Newport-3S”). The Joint Venture targets convenience/necessity-based retail properties in major metro areas in the central United States. In 2019, Newport-3S acquired one investment and as of December 31, 2023 held a Gross Asset Value of $32.3 million.
• TCB-MDP, LLC (“MDP”) is a co-investment vehicle created for the purpose of co-investing with Newport Fund II directly into select Fund II assets. MDP has invested into two real estate investments and as of December 31, 2023, MDP had a Gross Asset Value of $39.9 million.