Versus Capital, a Delaware limited liability company, was originally established in March of 2007 as Welton Street Advisors to provide investment management services in the form of fund of funds management for clients, including certain private charitable trusts established as pooled income funds (“PIFs”) under Section 642(c)(5) of the Internal Revenue Code of 1986, as amended, which are managed for the benefit of a single non-profit entity (the “Non-Profit”). Welton Street Advisors was initially registered as an investment adviser within the state of Colorado. In 2011, the Company updated its registration after an ownership reorganization and name change to Versus Capital. That year, Versus Capital registered with the SEC under the Investment Advisers Act of 1940 (the “Advisers Act”). Colliers VS Holdings, Inc., a wholly-owned indirect subsidiary of Colliers International Group Inc. (together, “Colliers”), holds, directly and indirectly, approximately 75% of the outstanding securities of Versus Capital. The remaining balance of Versus Capital’s outstanding securities is held by the Company’s co-founders and certain other employees. Versus Capital Multi-Manager Real Estate Income Fund LLC (“VCMIX”) is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified closed-end investment management company that is operated as an interval fund. In 2017, Versus Capital launched Versus Capital Real Assets Fund LLC (“VCRRX”), a Delaware limited liability company registered under the Investment Company Act as a non-diversified closed-end investment management company that is operated as an interval fund. In 2024, Versus Capital launched Versus Capital Infrastructure Income Fund (“VCRDX”), a Massachusetts business trust registered under the Investment Company Act as a non-diversified closed-end investment management company that is operated as an interval fund. VCRDX’s registration statement was declared effective by the SEC in February 2024, and the Company anticipates it will commence operations in April 2024. VCMIX, VCRRX, and VCRDX are collectively referred to in this brochure as the “Registered Funds”. The Registered Funds and the three PIFs constitute the entirety of Versus Capital’s advisory client base and are collectively referred to in this brochure as “Clients”. Versus Capital serves as the investment adviser and has full discretionary authority over investment decisions made for each of its Clients. Versus Capital invests the majority of VCMIX assets in various private investment funds (“Private Funds”). Versus Capital typically allocates a portion of the assets of VCMIX to one or more other investment advisers (“Sub-Advisers”) to manage a sleeve of publicly traded equity and debt securities. Like VCMIX, VCRRX invests the majority of its assets in Private Funds and Versus Capital typically allocates a portion of VCRRX’s assets to one or more Sub-Advisers to manage a sleeve of publicly traded equity and debt securities. VCRRX may also invest directly in private secured and unsecured real asset- related debt and makes direct investments into timberland and agriculture/farmland assets through its wholly- owned and controlled subsidiary (the “Sub-REIT”). VCRDX is expected to invest a majority of its assets in privately issued debt investments backed

by infrastructure assets and other asset-backed securities representing ownership or participation in a pool of infrastructure-related loans or other infrastructure assets (collectively, and inclusive of the types of private secured and unsecured real asset-related debt VCRRX invests in, “Private Debt”). Versus Capital also anticipates investing a portion of VCRDX’s assets in Private Funds and allocating a portion of VCRDX’s assets to one or more Sub-Advisers to manage a sleeve of publicly traded equity and debt securities. Versus Capital manages each of the PIFs under a fund of funds strategy and allocates the PIFs’ assets to various no load, open-end mutual funds that are intended to meet each PIF’s specific investment focus: real estate, high income, and core income, respectively. As of March 15, 2024, Versus Capital had $5,060,100,000 in discretionary assets under management on behalf of Clients, nearly all of which is held in the Registered Funds. Versus Capital does not manage any Client assets on a non-discretionary basis. Versus Capital’s advice to each Client is tailored according to the investment objectives, guidelines and requirements set forth in the relevant documents pertaining to Versus Capital’s arrangements with that Client. In the case of the Registered Funds, such investment objectives, guidelines and requirements are described in the Registered Funds’ prospectuses and statements of additional information (each, as amended and/or supplemented from time to time, collectively, a “Prospectus”) and the investment management agreement between Versus Capital and each Registered Fund. In the case of the three PIFs managed for the benefit of the Non-Profit, such investment objectives, guidelines and requirements are described in the investment management agreement between Versus Capital and the Non-Profit. The Prospectuses and investment management agreements between Versus Capital and each Client are collectively and herein referred to as the “Relevant Documents”. The investment strategies employed by Versus Capital for its Clients typically are focused on income- oriented investment objectives with a secondary focus on capital preservation and appreciation. Versus Capital has the authority to determine, without consultation with any Client on a transaction-by-transaction basis, the investments to be bought or sold, and the amount of investments to be bought or sold, subject to and in accordance with the Relevant Documents of each Client. In addition to advising its Clients, Versus Capital manages certain Private Debt assets through a wholly- owned subsidiary that it operates as a proprietary account (the “Proprietary Account”). Versus Capital established the Proprietary Account in 2023 to build a seed portfolio with the intent that the Propriety Account would be reorganized into a future closed-end investment management company operated as an interval fund. The Company no longer anticipates that the Proprietary Account will be reorganized into an interval fund. New investments into the Proprietary Account are not anticipated and the Company intends that the Proprietary Account will be wound down and existing investments will liquidated in an orderly fashion, which may include holding an investment until maturity. Versus Capital does not anticipate that the Proprietary Account will accept outside investors. The Company does not receive any compensation related to the Proprietary Account.