A. General Description of the Advisory Firm Lionheart Strategic Management, LLC (“Lionheart” or the “Firm”), is a Delaware limited liability company established in 2017 that provides investment advisory services to pooled investment vehicles and an alternative investment program. The principal owner of the Firm is LSM Master Holding Company LLC (“Holdco”). A majority of the principal owners of Holdco also are principal owners of Fisher Brother Management Co. LLC, a real estate development firm (together with certain affiliates, “Fisher Brothers”). Although the Firm is affiliated with Fisher Brothers, it is governed by a majority independent board of directors, operates independently and conducts its investment advisory business separately from the business of Fisher Brothers. B. Description of Advisory Services The business of Lionheart is primarily to provide investment advisory and management services to commingled investment funds, separate accounts or other investment vehicles or programs that invest in credit and mezzanine capital investments as described herein. Currently, Lionheart provides discretionary advisory and management services to Lionheart Mezzanine Capital Investors, LP (“LMCI” or “Fund,” and together with any future privately offered investment fund sponsored by Lionheart, the “Funds”). In addition, Lionheart provides non‐discretionary advisory and management services to two alternative investment programs with institutional investors (“LRECS” and “LRECS II”, together the “AIP Clients”). Currently, LMCI and LRECS are substantially invested, and no new capital is being accepted. Lionheart may provide discretionary and non‐discretionary advisory and management services to other investment funds and institutional investors in the future. The Firm also provides administrative services with respect to the real estate‐related loans and preferred equity investments of certain institutional separate account clients (the “Separate Accounts”, and together with the Funds and AIP Clients, the “Clients”). The advisory services provided

by Lionheart to the Clients are primarily with respect to real estate credit investments. Specifically, the Funds were formed to, directly and indirectly, acquire credit and mezzanine capital investments in mortgages, junior notes and participations, preferred equity, mezzanine debt, and other real estate‐related debt and debt‐like investments secured by or deriving value from real estate‐ related assets located in the United States. Investments may be acquired individually or may consist of a portfolio or other group of assets purchased in a single transaction or series of related transactions, and similar pools of debt and debt‐like investments secured by real estate. The Firm does not intend to make any material investments in any properties owned or controlled by Fisher Brothers. C. Tailored Advisory Services Lionheart provides advisory services to the Funds in accordance with the terms set forth in the operating agreement of the Fund or AIP Client and/or the investment management agreement between Lionheart and the Client (the “Governing Documents”), including investment guidelines. Among other things, these guidelines may provide for limits on the size, concentration, geography, type of security and/or terms of the Funds’ investments. Investors should refer to the Governing Documents of the Funds or other Clients for complete information regarding investment objectives and restrictions. There is no assurance that the investment objectives of the Clients will be achieved. The administrative services to the Separate Accounts are provided in accordance with the terms set forth in the servicing agreement with each Separate Account (the “Servicing Agreements”). Lionheart does not provide any investment advice or recommendations to the Separate Accounts under the Servicing Agreements. D. Wrap Fee Programs Lionheart does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, Lionheart managed assets of approximately $22,400,000 on a discretionary basis and $479,102,980 on a non‐discretionary basis.