A. General Description of Advisory Firm Safanad Inc., a Delaware corporation founded in 2009, is a real estate and private equity-focused investment advisory firm. The Firm is an indirect wholly owned subsidiary of Safanad Limited. Safanad Limited is controlled by Bahamdan Investment Group and KB Group Holdings Ltd. The majority beneficial owner of the Firm is Kamal Bahamdan. The Firm serves as an investment adviser to pooled investment vehicles (the “Funds” or “Clients”) and may in the future advise co-investment vehicles in connection with the Funds. Safanad generally conducts business through a variety of relying advisers and general partner or similar governing entities (each a “General Partner” and, collectively with any future general partner or similar governing entities, the “General Partners”), all of which are either wholly owned by, or under common control with, Safanad (each, a “Relying Adviser” and, together with Safanad and their affiliated entities, “Safanad”). Safanad and the Relying Advisers conduct a single advisory business and are registered with the SEC as part of a single registration. All investment advisory activities of Safanad and the Relying Advisers are subject to the Advisers Act and the rules thereunder, and any persons acting on behalf of Safanad or the Relying Advisers are subject to the supervision and control of Safanad and are subject to Safanad’s compliance manual and policies and procedures with respect to any such investment advisory activities. As such, this Brochure is intended to cover the investment advisory activities of Safanad and all of its Relying Advisers. For ease of reference, the terms “Safanad”, the “Firm”, or “we” are used throughout this Brochure and should be understood to include Safanad and, where applicable, all of its various Relying Advisers. Please see Item 10 (Other Financial Industry Activities and Affiliations) for a list of all Relying Advisers. The Firm’s primary place of business is located at 505 Fifth Avenue, 24th Floor, New York City, New York 10017-4902. B. Description of Advisory Services The Firm currently advises several Fund families comprising investments, located domestically or internationally, in charter schools and other alternative secondary schools, senior healthcare related facilities, real estate properties including hotel real estate and multifamily real estate and student housing and commercial office real estate properties. Each

Fund is typically organized in a “master/feeder” fund structure in which the feeder fund(s) generally invest all or substantially all of their assets in the relevant master fund. Each master fund/feeder fund structure typically contains special purpose vehicles and other investment entities that have been established for legal, regulatory or similar purposes that are managed or controlled by Safanad or its affiliates. Safanad has in the past and is permitted to in the future, when provided for in a Fund’s offering and Organizational Documents (as defined herein), also provide management, financial, administrative, operational or other non-investment advisory services to a Fund, or certain portfolio companies held by a Fund, for a fee. The Firm also partners with other firms with respect to the management of Funds or investment vehicles and is permitted to, in the future, advise other types of Clients, including Funds, with different investment strategies than those currently advised. The Firm does not participate in wrap fee programs. Because the Firm generally does not provide individual advice to investors within a Fund, investors should consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. Information about a particular Fund can be found in its offering documents, including its private placement memorandum, and other governing documents (e.g., limited partnership agreement, limited liability company agreement, bylaws and articles and other similar agreements for non-U.S. investment vehicles, as applicable to a particular Fund) (the “Organizational Documents”). In structuring the Funds, the Firm considers the investment, legal, regulatory and tax objectives of its Clients and not the investment, legal, regulatory or tax objectives of any individual investor. However, in accordance with common industry practice, a Fund or its General Partner, from time- to-time, enters into a “side letter” or similar agreement with an investor pursuant to which a Fund or its General Partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) for additional details. C. Client Assets Under Management As of December 31, 2023, the Firm had $1,155,825,756 in regulatory assets under management, all managed on a fully discretionary basis.