Asana Partners, LP (“Asana Partners” or the “Manager”) is a registered investment adviser primarily based in Charlotte, NC. We are organized as a limited partnership under the laws of the State of Delaware. We have been providing investment advisory services since August of 2016. The majority of the interests in Asana Partners are owned, directly or indirectly, by Terry S. Brown, Jason K. Tompkins and Sam E. Judd (and any related family or estate planning vehicles). In addition, four employees of Asana Partners own minority stakes in Asana Partners. The following paragraphs describe the services we provide and fees we charge. As used in this Brochure, the words “we,” “our,” and “us” refer to Asana Partners and the general partner entities it controls (collectively, “Asana” or the “Company”) and the words “you,” “your,” and “client” refer to you as either an investor or prospective investor in any funds or investment vehicles managed by Asana Partners (as the context may dictate the “Fund” and collectively, the “Funds”). Investments in the Funds are not suitable for investors who are not sophisticated investors, who have a need for liquidity in or consistently recurring income from their investment, or who are not able to bear the loss of their entire investment. Investments in each Fund are only made via a private offering and are subject to the terms of the relevant Fund’s offering materials and governing documents. You should refer to such materials and documents for a complete description of the investment objectives and strategies, fees, risks, and other relevant information associated with investing in such Fund. This Brochure contains a summary of information relevant to the subject headings as stated herein, and no disclosure or other statement contained herein serves as a substitute or shall supersede any of the terms and conditions as outlined in each Fund’s offering materials and governing documents. To the extent any of the statements herein conflict with a Fund’s offering materials and governing documents, such materials and documents shall govern, and investors in such Fund will be bound by the terms, conditions, risks, and other relevant information contained therein. In addition to the Funds described below, the Manager expects to form new investment vehicles in the future. Asana Partners Value-Add Funds Asana Partners is the sponsor of three Value-Add Funds, each being a private real estate pooled investment vehicle. The Value-Add Funds are exempt from registration as an investment company pursuant to Section 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Interests in the Funds are sold only via private placement offering documents to (i) “accredited investors” in reliance upon the exemption from securities registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder; and (ii) “qualified purchasers,” as such term is defined in

Section 2(a)(51) of the Investment Company Act. Asana Partners subsidiaries serve as the general partners (each, a “General Partner”) to the Value-Add Funds. The General Partners are controlled by Asana Partners and have appointed Asana Partners as the Funds’ manager (the “Manager”). The Manager is responsible for sourcing, negotiating, underwriting, structuring, and managing the Funds’ investment portfolios. The Value-Add Funds primarily invest in value-add neighborhood retail (including mixed-use and neighborhood centers) real estate assets in the United States through investments in equity, debt, and other interests. Asana Partners Core Funds Asana Partners is the sponsor of two Core Funds, each being a private real estate pooled investment vehicle. The Core Funds are exempt from registration as an investment company pursuant to Section 3(c)(1) and 3(c)(7) of the Investment Company Act. Interests in the Core Funds are sold only via private placement offering documents (if applicable) to (i) “accredited investors” in reliance upon the exemption from securities registration provided by Section 4(a)(2) of the Securities Act, and Regulation D promulgated thereunder; and (ii) “qualified purchasers,” as such term is defined in Section 2(a)(51) of the Investment Company Act. Asana Partners subsidiaries serve as the General Partners to the Core Funds. The General Partners are controlled by Asana Partners and have appointed Asana Partners as the Funds’ Manager. The Manager is responsible for sourcing, negotiating, underwriting, structuring, and managing the Funds’ investment portfolios. The Core Funds primarily invest in core and core-plus neighborhood retail (including mixed-use and neighborhood centers) real estate assets in the United States through investments in equity and other interests. Asana Partners Debt Investment Vehicle Asana Partners is the sponsor of a Debt Investment Vehicle, a private real estate pooled investment vehicle. The Debt Investment Vehicle is exempt from registration as an investment company pursuant to Section 3(c)(1) and 3(c)(7) of the Investment Company Act. Interests in the Debt Investment Vehicle are sold only via private placement offering documents (if applicable) to (i) “accredited investors” in reliance upon the exemption from securities registration provided by Section 4(a)(2) of the Securities Act, and Regulation D promulgated thereunder; and (ii) “qualified purchasers,” as such term is defined in Section 2(a)(51) of the Investment Company Act. An Asana Partners subsidiary serves as the General Partner to the Debt Investment Vehicle. The General Partner is controlled by Asana Partners and has appointed Asana Partners as the Debt Investment Vehicles’ Manager. The Manager is responsible for sourcing, negotiating, underwriting, structuring, and managing the Investment Vehicle’s investment portfolio. The Debt Investment Vehicle primarily invests in real estate debt in the United States. Assets Under Management As of March 28, 2024, Asana Partners’ Regulatory Assets Under Management totaled $7,143,965,742.