Arden is a privately held real estate investment, management, and development company that currently serves as an investment adviser to fourteen real estate investment funds (“Funds”). Arden may, in the future, offer additional funds (also “Funds”) with similar investment objectives and strategies to the Funds. Arden may, in the future, offer additional real estate funds with similar investment objectives and strategies. Headquartered in Philadelphia, Pennsylvania, Arden is a fully integrated real estate company that provides services across the entire real estate investment lifecycle. Arden acquires, develops, manages, and leases luxury hotels, resorts and condominiums, office properties, multi- family, student housing, multi–use properties, and industrial properties in major markets and resort destinations where Arden deems the demand is proven but the assets are undervalued (“Real Estate Investments”). The Funds will make Real Estate Investments either by way of directly acquiring such assets through wholly–owned subsidiary entities (each such entity, a “Subsidiary Entity”) or by way of acquiring joint venture, membership or, in limited instances, limited partnership interests in entities that it does not wholly own (each such entity, whether such entity is a joint venture, limited partnership, limited liability company or other co–investment structure, a “Joint Venture”), which will acquire such assets. Arden’s investment objective for the Funds is to take advantage of perceived distress across the real estate industry and market downturns in specific submarkets, such as Class A office buildings and full–service hotels primarily in the top U.S. metropolitan statistical areas, spanning from New York to Los Angeles, and other U.S. markets, in order to acquire direct and indirect real estate assets at market– suppressed prices. In addition, in the event that opportunities deemed significant by Arden exist to invest in other real estate or real estate– related asset types, including distressed debt such as non– performing notes, mortgages and other debt instruments related to real estate, the Funds may invest in such. Arden currently does not intend to invest a Fund’s assets in geographical areas other than the United States, but may do so in limited, opportunistic instances with the consent of a Fund’s advisory board (an” Advisory Board”). Arden’s Real Estate Funds, established under Section 3(c)(5)(C) of the Investment Company Act of 1940, as amended, differ from Arden’s other private Funds because the nature of their investments will meet specific percentage tests (guidelines) for continuing qualification under Section 3(c)(5)(C). A Real Estate Fund managed by Arden will meet the following guidelines: at least 55% of its assets will consist of “mortgages and other liens on and interests in real estate” (called “qualifying interests”), and the remaining 45% of its assets will consist primarily of “real estate– type interests.” In maintaining its status as a Real Estate Fund, a real Estate Fund will ensure that it invests at least 80% of its total assets in qualifying interests and real estate–type interests, and no more than 20% of its total assets will consist of assets that have no relationship to real estate. Qualifying interests are assets that represent an actual interest in real estate or are loans or liens fully secured by real estate, and an asset is not a qualifying interest for purposes of Arden’s Section 3(c)(5)(C) Real Estate Funds if it is an interest in the nature of a security in another issuer engaged in the real estate business. It should be noted that certain mortgage– related instruments that may not be treated as qualifying interests may be treated as real estate– type interests. Arden provides discretionary advisory

services to their Funds (based on the particular investment objectives and strategies described in the applicable Fund’’ Documentation and any side letters entered into between Arden on behalf of the Funds and Fund investors). The Arden Funds (and their respective general partners and managing members) are as follows:
• Arden Real Estate Partners I, LP, a Delaware limited Partnership (“AREPI”) (its general partner is Arden GP I, LLC);
• Arden Real Estate Partners II, LP, a Delaware limited Partnership (“AREPII”) (its general partner is Arden GP II, LLC) is a feeder fund for the Arden Real Estate Partners II Holdings USA (DE) (Master));
• Arden Opportunity Fund II, LP, a Delaware limited Partnership (“AOFII”) (its general partner is Arden Opportunity Fund II GP, LLC);
• Arden Real Estate Partners II–Q, LP, a Delaware limited Partnership (“AREPII–Q”) (its general partner is Arden GP II, LLC) is a feeder fund for the Arden Real Estate Partners II Holdings USA (DE) (Master);
• Arden Credit Fund, LP, a Delaware limited Partnership, (its general partner is Arden Credit Fund GP, LLC);
• Arden Real Estate Partners III, LP, a Delaware Limited Partnership (“AREPIII”) (its general partner is Arden GP III, LLC);
• AREPIII Parallel S Fund, LP, a Delaware Limited Partnership (“AREPIII Parallel S”) (its general partner is Arden GP III, LLC);
• AREPIII 1735 Investors, LLC, a Delaware Limited Partnership (“AREPIII 1735 Investors”) (its manager is AREPIII 1735 GP, LLC);
• Arden Qualified Opportunity Zone Fund, LP, a Delaware Limited Partnership (“AQOZ”) (its general partner is Arden QOZ GP, LLC);
• AQOZF FSU Weho, L.P., a Delaware Limited Partnership (its general partner is Arden QOZ GP II, LLC);
• Arden Futureproof, LLC, a Delaware Limited Liability Company (its managing member is Spencer Futureproof, LLC);
• RXR Arden Digital Ventures Fund LP, a Delaware Limited Partnership (“RADV”) (its general partner is RXR Arden DVF GP LLC);
• Arden Real Estate Partners IV, L.P., a Delaware Limited Partnership (its general partner is Arden GP IV, LLC); and
• AREP IV Parallel S Fund, LP, a Delaware Limited Partnership (“AREPIV Parallel S”) (its general partner is Arden GP IV, LLC); Arden manages one of its Real Estate Funds with a different objective and strategy than that of the other Funds, as described below in Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss – II. Debt. Such Real Estate Fund invests all of its assets in an entity that qualifies as a Real Estate Investment Trust (a “REIT) as set forth in Subchapter M of Chapter 1 of the Internal Revenue Code of 1986. Arden manages the RXR Arden Digital Ventures Fund LP (“RADV”) alongside RXR Asset Management LLC (“RXR”). Arden and RXR both provide portfolio management and investment management services to RADV fund. The RADV fund differs in objectives and investment strategy to Arden’s Real Estate Funds. Please see Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss – III. Co-managed Funds / Private Equity for additional discussion. Arden is controlled by Craig A. Spencer. Mr. Spencer formed Arden in 1989 to capitalize on the expertise he had developed over his career in real estate acquisition, development, and management. As Chief Executive Officer of Arden, Mr. Spencer utilizes his more than 35 years of experience to direct the acquisition and management operations of the Funds’ Real Estate Investments. Mr. Spencer is a licensed attorney who specialized in real estate, banking, and bankruptcy law. Assets under Management: As of December 31, 2023, Arden had $1,153,202,860 of regulatory assets under discretionary management and no assets under non–discretionary management.