A. Description of the Adviser Each Adviser is a privately held Delaware limited liability company registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”)*. Each is controlled by SCP IM, LLC (“SCP IM”), which owns 75.5% of SIA and 100% of SIH. SCP IM is 100% owned by Sabal Capital Operations, LLC (“SCO”), which is 100% owned by Sabal Capital Holding Company, LLC (“SCHC”). SCHC is majority- owned by Trident Sabal Capital Holdings-II Corporation (“Trident”), which is subsequently owned by four pooled investment vehicles, two of which in aggregate own 96.26 of Trident (“Trident Funds”). The Adviser’s total assets under management is $3,325,851,149 as of December 31, 2023. B. Specialization The Adviser manages on behalf of its clients investments primarily in the commercial real estate (“CRE”) credit and equity sectors, seeking to capitalize primarily on the fundamentals in the small- and mid-balance CRE market and potential increased demand for financing by focusing on senior secured loans and/or debt investments backed by commercial real estate loans, especially workforce and affordable multifamily properties originated across geographic markets in the United States. See Item 7 for the types of the Adviser’s clients. C. Advisory Services Generally, the Adviser provides investment advice pursuant to, and subject to the strategy and restrictions (if any) set forth in, a client’s offering memorandum, organizational documents, subscription agreements, advisory or investment management agreements and/or any side letter agreements negotiated with investors in the applicable client, and property management agreements related to property acquired directly or through a subsidiary company (to the extent applicable with respect to each client, collectively, “Governing Documents”). The Adviser may add to, change, or modify its investment strategies at any time in its sole discretion, provided that any such modification or change falls within the parameters of a client’s Governing Documents, as may be amended from time to time. The Adviser neither offers nor participates in any wrap fee programs. Fund Advisory Services The Adviser currently provides investment advisory services to clients that are privately offered investment vehicles that are operated by general partner affiliates, which investment vehicles primarily invest directly or indirectly in CRE markets (collectively referred to herein as the “Funds”). SIA currently provides investment advisory services to one Fund and SIH provides investment advisory services to five Funds. The Adviser manages the Funds pursuant to the investment strategy described in the Governing Documents of the respective Fund for which each has separate investment management discretion. Each Adviser’s affiliate serving as General Partner has created certain alternative investment vehicles structured as limited liability companies and may create such investment vehicles in the future (“Alternative Investment Vehicles”), to further a Fund’s investment objectives and to accommodate certain tax, legal and regulatory considerations of investors. Investors in each Fund may negotiate the terms of the applicable Fund agreement in connection with their investments in such Fund. In certain cases, the Adviser or its affiliate may, and have entered into side letter agreements with certain investors in the Funds (“Side Letters”) establishing rights under, or supplementing or altering terms of, the applicable Fund agreement. Such Side Letters cover many different topics, including without limitation: “most favored nation” rights; modified notice or reporting requirements; compliance with certain ERISA requirements; fee terms; confidentiality; co-investment opportunities; transfers; the right to receive certain *Such registration does not imply that the SEC has passed upon the services provided by the Adviser. special allocations; and certain other matters relating to an investment in the Fund. The Adviser tracks all Side Letters that have been entered into with respect to each Fund to ensure that no investors are disadvantaged by the triggering of one or more provisions of a Side Letter. Specific details relating to the advisory and management services provided to the Funds and investments through an Alternative Investment Vehicle, including details relating to fees, risks, and other considerations, are fully disclosed in each Fund’s Governing Documents. Current and prospective investors should refer to the applicable Fund’s Governing Documents for complete information on the investment restrictions and risks of investing. Separately Managed Accounts SIH may act as investment manager, general partner, or limited liability company manager for separately managed accounts (“Managed Accounts”) and provide discretionary and non-discretionary investment advice to institutional investors who may also be investors in the Funds. Currently, SIH provides investment advice to a Managed Account that is a single member investor private fund., which is an investor in one of the Funds advised by SIH (referred to herein as the “SMA”). The Managed Accounts seek to generate current income and capital appreciation through a broad investment strategy in commercial real estate debt and equity investments. Future Funds SIH or its affiliates may act as investment manager, general partner, or limited liability company manager for investment funds having similar investment objectives and using substantially the same investment strategy as the Funds and the Managed Accounts, and may create additional limited partnership funds and/or single member funds for separately managed accounts. D.

Senior Executives of the Adviser Pat Jackson is Senior Portfolio Manager and Chief Investment Strategist of the Adviser and sits on the Adviser’s Investment Committee. He is responsible for overall company direction and oversight, investment sourcing and business development. He is also the Chief Executive Officer of Sabal Capital Holding Company, LLC (“Sabal”), the Adviser’s indirect parent company and the successor company of a broader platform operating under the Sabal brand, which he launched in 2009 to capitalize on investment opportunities in the commercial real estate sector. Mr. Jackson holds an indirect minority interest in Sabal. Mr. Jackson was the former CEO and founder of Sabal Capital Partners, LLC (and together with its predecessor company Sabal Financial Group, L.P.”). Mr. Jackson was the former CEO and founder of IndyMac Commercial Lending Corporation, a leading nationwide small balance commercial and multifamily lending platform. Prior, he was the President and COO of Unitek Miyachi Corporation and held senior leadership positions with Signet Scientific Company and Intecolor Corporation. Michael Cook is a Managing Director for SIH and is responsible for Credit Strategies. Prior to joining SIH, Michael was a Chief Portfolio Manager at AFL-CIO Housing Investment Trust (“HIT”). At the HIT, he led and managed a ~$7B portfolio specializing in stabilized and construction-relation multifamily whole loan credit investments, FHA/HUD-insured loans, GSE conventional MBS and PC securities, and structured securitization across GNMA MBS and private-label conduit investments. Michael holds the CFA Institute’s Chartered Financial Analyst (“CFA”) designation and is a Certified Financial Risk Manager (“FRM”). The FRM designation is the most widely respected and globally recognized certification for financial risk management. Michael received a dual degree in both Economics and Finance from University of Kentucky, where he graduated magna cum laude. Drake Ayres is a Managing Director of the Adviser responsible for Structured Credit Strategies. Prior to joining the Adviser, Drake was a Vice President for Sabal Financial Group responsible for the portfolio acquisitions and management of over $5B in commercial debt located across the United States. In this role, he provided loan acquisition, structure and modeling of commercial assets, headed CMBS and bank financings, and supported the portfolio management platform, reporting directly to the Chief Investment Officer and Chief Executive Officer. In addition, Drake provided analytical support to Sabal’s Commercial Advisory platform, which provided underwriting, re-underwriting, surveillance, and modeling services for clients in the banking industry. Drake received a Bachelors in Business Administration in Economics from the Terry College of Business, University of Georgia. Tal Seder is a Managing Director for SIH and is responsible for Opportunistic/Alternative investments. Prior to joining the Adviser, Tal co-founded MLN Partners (“MLN”), a private investment firm focused on acquiring, re-positioning and developing real estate nationally alongside leading local operating partners. Tal developed MLN’s original business plan and was responsible for developing, implementing, and overseeing MLN’s acquisition and asset management strategies. MLN’s investment focus included investments in real estate technology companies. Prior to MLN, Tal was a Managing Director at Lone Star Funds (“LS”), spending five years in its London and New York offices. Tal joined Lone Star Funds as one of the first members of LS’s dedicated commercial real estate team. Tal’s responsibilities included sourcing, structuring and executing deals across a spectrum of product types and geographies, including the United States and Europe. Tal began his career at the J.E. Robert Companies in Washington D.C. and London. Tal has advised or served on the boards of AvantStay, Up&Up, Milwaukee Valve Company, Jurys Inn, Amaris Hospitality and Atlas Hotels. Tal received his undergraduate degree from Georgetown University having double majored in Finance and Accounting, which included business studies at Trinity College at Oxford University. Tal holds an MBA from the Wharton School of Business at the University of Pennsylvania. Mike L. Wilhelms is the Chief Financial Officer of the Adviser and its affiliates. Mike is responsible for providing strategic leadership in all aspects of the organization’s financial operations. Mike joined the Adviser following his most recent roles with Crescent Capital Group LP (CCG), an alternative asset management and SEC-registered investment advisory firm where he served as chief financial officer for Crescent Capital Group’s first public fund, Crescent Capital BDC, Inc. (CBDC), and its NASDAQ listed company, Crescent Acquisition Corp. (CRSA). Previously, Mike was CFO for Triad Financial Corporation, a multi-channel consumer finance provider. As CFO, he was responsible for establishing warehouse lines of credit with Wall Street banks and executed over $11 billion in securitizations. Mike also previously held the CFO role at online fashion retailer REVOLVE Clothing, and served as executive vice president, CFO, COO and eventually president and CEO of CorrectiveSolutions (CS), a provider of outsourced educational diversion programs for district attorneys across the country. Mike started his career at KPMG in the assurance practice, specializing in financial services. Mike became a California Certified Public Accountant in 1995 with inactive status starting in 2013. Mike received his BA in Business Economics with a concentration in Accounting from the University of California Santa Barbara.