Background and Ownership Structure NW1 Partners US, LLC (“NW1 US”) was founded in 2016 and has its principal place of business in London, England (with additional offices in Chicago, Illinois and New York, New York). The principal owners of NW1 US are Newincco 1404 Limited (“Newincco 1404”), David Boyle and Brad Beanblossom. Newincco 1404 is wholly-owned by Delancey Real Estate Asset Management Limited (“DREAM”). DREAM is wholly-owned by Cortx Holdings Limited, a UK private limited company, which is owned by the principals of DREAM, Jamie Ritblat and Paul Goswell. DREAM is an exempt reporting adviser1. NW1 US’s Strategic Investment Committee (which determines, among other things, the strategic direction of NW1 US) is comprised of Jamie Ritblat, Paul Goswell, David Boyle and Brad Beanblossom. Pursuant to the Intra-Group Support Agreement between DREAM and its affiliated entities, DREAM provides support via its personnel and other resources to NW1 US to enable it to provide services to its clients (and those DREAM personnel who provide services to the NW1 US clients on behalf of NW1 US are deemed to be NW1 US personnel for purposes of its SEC compliance program). NW1 US relies on certain no-action relief previously granted by the SEC in the Unibanco line of SEC Staff no-action letters in connection with the provision to NW1 US of certain personnel and other resources by DREAM (a “Participating Affiliate”). As a Participating Affiliate, DREAM is not required to be registered under the Advisers Act. Advisory Services All descriptions of NW1 US’s clients (“NW1 US Clients” or “Clients”) in this Brochure, including, but not limited to, their investments, the strategies used in advising the NW1 US Clients, the fees and other costs associated with the NW1 US Clients, and conflicts of interest faced by NW1 US and its affiliates in connection with advisement of the NW1 US Clients are qualified in their entirety by reference to the NW1 US Clients’ respective management or advisory agreements and governing documents, as applicable (collectively, the “Client Documents”). NW1 US advises pooled investment vehicles, including private funds (some of which make investments

through one or more of the other private funds advised by NW1 US), funds of one vehicles, and joint ventures. NW1 US pursues a “bottoms-up” investment strategy that relies on sourcing a significant number of potential transactions to select the best relative value opportunities available in the market to offer its clients. NW1 US focuses on small cap investments and sources deals across all real estate asset sectors, with a significant focus on consumer-driven and granular asset 1 SEC file number: 802-128436 sectors, such as “last mile” logistics and in-fill residential. NW1 US also pursues select opportunities in the specialized industrial, self-storage and hospitality asset classes. NW1 US typically sources opportunities in the U.S. NW1 US’s investment decisions and advice are subject to each Client’s investment objectives and guidelines, as set forth in the relevant Client Documents. Such guidelines may include the amount of Client assets that may be invested in any single investment and the geographies in which a Client may invest, among others. In addition, subject to the terms of the relevant Client Documents, NW1 US has entered into, and may in the future enter into, agreements, such as side letters, with certain investors in a Client that is a pooled investment vehicle. Side letters may be granted to, among other things, incentivize or permit investors to invest in NW1 US Clients (currently or in the future) or invest certain amounts. The side letters or other similar agreements have the effect of establishing rights under, or altering or supplementing the terms of the relevant Client Documents with respect to one or more such investors in a manner that could be more favorable to such investors than those applicable to other investors. For example, the side letters or other similar agreements have and may in the future subject an investor to a reduced management fee or carried interest percentage. For more information about side letters to which NW1 US and/or its Clients are subject, see Item 16. NW1 US does not participate in wrap fee programs. Regulatory Assets Under Management As of June 13 2023, NW1 US had $ 570,334,405 in regulatory assets under management on a discretionary basis and $0 in regulatory assets under management on a non-discretionary basis.