1 Overview of BlackRock Realty BlackRock Realty provides real estate related investment advisory services. The principal services provided by BlackRock Realty relate to the acquisition, management, disposition of real estate assets located in the United States (“U.S.”) and real estate debt investments, as well as the supervision of the development, improvement and property management of such real estate. Our principal clients are institutions, such as pension and profit-sharing plans, governmental retirement plans, financial institutions, corporations and other similar organizations and commingled funds in which such institutions invest. BlackRock Realty also offers investment in commingled funds to certain high net worth individuals. BlackRock Realty is part of BlackRock Real Estate, the real estate business unit of BlackRock, Inc., which also provides real estate investment management services with respect to properties located in Europe and Asia. BlackRock Realty, together with its predecessor entities, has been in business since 1981 and has been a registered investment adviser since 1997. BlackRock Realty is an investment manager under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and is a qualified professional asset manager for purposes of Department of Labor Prohibited Transaction Class Exemption 84-14. BlackRock Realty is a pension consultant as defined by the Investment Advisers Act of 1940, as amended (the “Advisers Act”). BlackRock Realty is an indirect, wholly-owned subsidiary of BlackRock, Inc., which is publicly traded on the New York Stock Exchange under the ticker symbol BLK. References to “BlackRock” in this Brochure includes BlackRock, Inc. together with its subsidiaries, including investment advisory and trust company subsidiaries (“BlackRock Investment Advisers”). Information about BlackRock Realty is available via the SEC’s website at www.adviserinfo.sec.gov. BlackRock Realty’s Advisory Services BlackRock Realty provides advisory services to unregistered investment vehicles (“Private Funds”) with respect to investments in real estate and real estate-related debt investments (“Real Estate Funds”) and institutional separate accounts (“Real Estate Separate Accounts”). Real Estate Funds and Real Estate Separate Accounts are referred to together as “BlackRock Realty Clients”. As a part of its services, to the extent within the investment mandate of the BlackRock Realty Client, BlackRock Realty or an affiliate typically provide the following services: (i) selecting real properties or real estate-related debt investments in which to invest assets of the BlackRock Realty Client; (ii) acquiring such assets on behalf of the BlackRock Realty Client; (iii) managing the operations of real properties; (iv) managing real estate-related debt instruments owned by BlackRock Realty Clients; (v) supervising the development or rehabilitation of assets owned by the BlackRock Realty Client; (vi) monitoring and reporting to BlackRock Realty Clients on the performance of their investments; and (vii) determining when and on what terms to finance, refinance or sell the investments and executing such transactions. In connection with the advice related to real estate described above, BlackRock Realty also offers advice with respect to certain other types of transactions and derivative instruments for the purpose of hedging interest rate risk, including but not limited to forward contracts, options, option contracts and other derivative contracts relating to interest rates; letters of credit; project and construction loans; and loans from banks and other financial institutions. 2 Real Estate Funds A principal advisory service provided by BlackRock Realty is the management of Real Estate Funds, such as real estate investment trusts (“REITs”), limited partnerships and limited liability companies, in which tax-exempt entities, such as pension and profit-sharing plans and governmental retirement plans, taxable entities and certain individuals invest. As a general matter, each Real Estate Fund is managed in accordance with the investment objectives, strategies and guidelines set forth in its governing documents and is not tailored to the individual needs of any particular investor in the Real Estate Fund (each an “Investor”). In some cases, Real Estate Funds may be established for a single investor. In addition, depending on the size of the investment and other factors, BlackRock Realty enters into “side letters” with Investors in Real Estate Funds. Such side letters typically provide certain rights in addition to those provided in the governing documents of the Real Estate Fund or clarify the terms and conditions of an investment in a Real Estate Fund. Whether or not there is a side letter in place, investment in a Real Estate Fund does not, in and of itself, create an advisory relationship between the Investor and BlackRock Realty. Therefore, Investors must consider whether the Real Estate Fund meets their investment objectives and risk tolerance prior to investing in a Real Estate Fund. Information about each Real Estate Fund can be found in its offering memorandum (“OM”), which is available to current and prospective Investors only through BlackRock Realty or another authorized party. Termination of BlackRock Realty’s relationship with each Real Estate Fund is governed by the applicable Real Estate Fund documents. BlackRock Realty and certain BlackRock Realty employees, and employees of affiliates of BlackRock Realty invest in certain Real Estate Funds. As discussed in Item 6 (“Performance-Based Compensation and Side-By- Side Management”) of this

Brochure, BlackRock Realty has a potential incentive to favor Real Estate Funds in which it or its related persons have such interests over those Real Estate Funds and Real Estate Separate Accounts in which there are lesser or no such interests. Certain of the Real Estate Funds operate using “operating fund-feeder” or “parallel fund” structures, pursuant to which investment operations are vested in one or more “operating” funds while Investors access the operating fund directly or invest through one or more “feeder funds” that, in turn, invest (directly or indirectly) in the operating funds. While this Brochure includes information relevant to Investors, this Brochure is designed solely to provide information about BlackRock Realty and should not be considered to be an offer of interests in any Real Estate Fund. Real Estate Separate Accounts The other principal advisory service provided by BlackRock Realty is the management of Real Estate Separate Accounts of institutional investors, including pension plans, government agencies or instrumentalities, and state and local governments, that wish to invest in real estate and real estate-related debt investments on a non-pooled basis. BlackRock Realty generally provides investment management services to Real Estate Separate Accounts in accordance with the investment guidelines and restrictions that are developed in consultation with the client. Real Estate Separate Account clients and BlackRock Realty typically establish restrictions on certain investments in the investment management agreement (“IMA”), or other agreements, entered into between BlackRock Realty and such client in connection with the Real Estate Separate Account. Real Estate Separate Account agreements are separately negotiated with each Real Estate Separate Account client and BlackRock Realty does not utilize a standard form of Real Estate Separate Account agreement. In general, a Real Estate Separate Account client and BlackRock Realty have the option to terminate an investment advisory contract before its expiration date following a notice period which is generally thirty to ninety days, and any unused portion of fees paid would be refunded absent specific alternative arrangements with the BlackRock Realty Client. In some cases, BlackRock Realty may continue to be entitled to performance- based fees following termination. In some cases, with the approval of the Real Estate Separate Account client, a Real Estate Separate Account will be structured as a limited liability company or limited partnership. BlackRock Realty and certain BlackRock Realty employees, and employees of affiliates of BlackRock Realty, can acquire interests in certain Real Estate Separate Account investment entities. As discussed below, BlackRock Realty has a potential incentive to favor Real Estate Separate Accounts in which it or its related persons have such interests over those Real Estate Funds and Real Estate Separate Accounts in which there are lesser or no such interests. Please see Item 6 (“Performance-Based Compensation and Side-By-Side Management”) of this Brochure. Assets Under Management As of December 31, 2023, BlackRock Realty managed approximately $2.1 billion of discretionary assets. Of this amount, the value of securities portfolios which constitute regulatory assets under management was approximately $1.90 billion. For the purposes of this Brochure, total assets under management (“AUM”) for BlackRock Realty Clients’ portfolios include gross real estate assets, cash, accounts receivable, security deposits, prepaid assets, short term investments and other assets. AUM for BlackRock Realty Clients with investments in real estate joint ventures is adjusted to reflect the stated ownership percentage (irrespective of any promoted interests) of joint venture partners. AUM of BlackRock Realty Clients with “opportunistic” investment mandates are reflected as the greater of committed capital on which BlackRock Realty is paid a fee or AUM. Discretionary assets include accounts for which BlackRock Realty’s discretion is limited to transactions which fit the parameters specified for the BlackRock Realty Client. Services of Affiliates BlackRock Realty uses the services of affiliates which are broker-dealers registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and members of the Financial Industry Regulatory Authority (“FINRA”), as needed. For additional information, please refer to Item 10 (“Other Financial Industry Activities and Affiliations”) and Item 12 (“Brokerage Practices”) of this Brochure. BlackRock Realty uses the services of one or more BlackRock, Inc. subsidiaries or appropriate personnel of one or more BlackRock, Inc. subsidiaries for investment advice, portfolio execution and trading, operational support and client servicing in their local or regional markets or their areas of special expertise without specific consent by the client, except to the extent explicitly restricted by the client in or pursuant to its IMA, or inconsistent with applicable law. Arrangements among affiliates take a variety of forms, including but not limited to dual employee, delegation, participating affiliate, sub- advisory, sub-agency or other servicing agreements. This practice is designed to make BlackRock’s global capabilities available to BlackRock Realty's clients in as seamless a manner as practical within a varying global regulatory framework. In these circumstances, BlackRock Realty remains fully responsible for the BlackRock Realty Client's account from a legal and contractual perspective. No additional fees are charged for the affiliates’ services except as set forth in the BlackRock Realty Client’s IMA, governing documents and/or OM.