Brasa Capital Management, LLC, a Delaware limited liability company (together with its affiliates as applicable, the “Adviser”) is an investment advisory firm based in Los Angeles, California, that was founded in 2018 to invest in institutional-quality real estate in growing sub-markets within the major Western United States and Texas markets. The Adviser is owned, managed and controlled by Eric Samek, the Managing Principal of the Adviser (the “Founder”). The Adviser provides discretionary investment advice to various blind pool private funds (the “Blind Pool Funds”) and single asset private funds (“Single Asset Funds” and, together with the Blind Pool Funds, the “Funds”). In addition to providing investment advisory services to the Funds through the Adviser, the Founder is also engaged in certain real estate investment activities on behalf of certain investment vehicles that were organized prior to the formation of the Adviser and which are no longer actively making new investments (the “Legacy Accounts”). In addition, the Adviser may also occasionally make investments on behalf of itself or its affiliates in investment opportunities that lie outside of the Blind Pool Funds’ investment mandates (“Proprietary Investments”). Investors in the Funds should note that only the Blind Pool Funds are considered to be “advisory clients” of the Adviser that are subject to compliance with all of the rules and regulations applicable to registered investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Single Asset Funds and the Legacy Accounts invest exclusively

in controlling equity interests in real estate and are not considered “securities portfolios” that are subject to the Advisers Act. For additional information relating to status of the Single Asset Funds and Legacy Accounts as non-advisory clients and the various potential conflicts of interest that arise from the existence of these accounts and the Proprietary Investments, please refer to “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” and “Item 10 – Other Financial Industry Activities and Affiliations” below. As the investment adviser to each Fund, the Adviser invests each Fund’s assets in accordance with such Fund’s organizational agreement and other applicable documents, as the same may be amended from time to time (the “Governing Documents”). The Adviser tailors its investment advisory activities to comply with the investment objectives, guidelines and restrictions set forth in each Fund’s Governing Documents. However, in accordance with common industry practice, a Fund may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which such Fund grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for more details. As of December 31, 2023, the Adviser had $1,109,290,196 in regulatory assets under management, $1,007,897,226 of which are invested on a discretionary basis and $101,392,970 of which are invested on a non-discretionary basis.