GEM Capital, L.P., a Delaware limited partnership (hereinafter “GEM” or the “Investment Adviser”), commenced operations in 1994 with an office in Chicago, Illinois. Barry Malkin, Norman Geller and Michael Elrad (each, a “Principal Owner”), along with their families and affiliated estates and trusts are the principal owners of the Investment Adviser and control the Investment Adviser. Wholly owned subsidiaries of the Investment Adviser serve as the management companies with discretionary investment authority to (i) private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each, a “Fund” and collectively, the “Funds”) and (ii) separately managed accounts. The Funds sponsored by the Investment Adviser (or its affiliates) include (i) private pooled investment vehicles that make long and short investments in publicly traded securities (collectively, the “Hedge Funds”) (ii) private pooled investment vehicles that make either opportunistic and value-added investments or long-term investments in real estate assets (collectively, the “Real Estate Funds”) and (iii) a private pooled investment vehicle that makes non-controlling and illiquid investments in real asset and infrastructure related companies (the, “Real Asset Fund”). Affiliates of the Investment Adviser serve as investment advisers of the Real Estate Funds, Real Asset Funds and the Hedge Funds and the separately managed accounts. Throughout this Brochure references to “GEM Realty Properties” relate to the management companies of the Real Estate Funds and Real Asset Fund, while references to “GEM Realty Securities” relate to the management companies of the Hedge Funds and the separately managed accounts. References to “GEM” include the Investment Adviser, GEM Realty Properties, GEM Realty Securities and their affiliates. As used herein, the term “Client” generally

refers to each Fund and/or separately managed account. GEM Realty Properties, GEM Realty Securities and each Fund’s general partner (each, a “General Partner,” and collectively, the “General Partners”) are subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to GEM’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the GEM Realty Properties, GEM Realty Securities and each General Partner, which operate as a single advisory business together with GEM. GEM is a real estate investment company with two distinct lines of business. GEM Realty Properties invests in private-market real estate assets through the Real Estate Funds, real asset and infrastructure related private companies through the Real Asset Fund, and GEM Realty Securities invests in publicly traded real estate securities through the Hedge Funds and the separately managed accounts. Investment recommendations are reviewed to ensure that they are consistent with each Client’s stated investment objectives and any investment restrictions but are not tailored to reflect the investment objectives of individual investors in the Funds. For a more detailed description of the Firm’s investment strategies, please refer to Item 8. Investors in Clients participate in the overall investment program for the applicable Client, but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Client’s governing documents; for the avoidance of doubt, such arrangements generally do not and will not create an adviser-client relationship between GEM and any investor. As of December 31, 2023, GEM Realty Securities managed $ 1,153,092,256 and GEM Realty Properties managed $ 4,607,062,996. GEM has discretionary investment authority over these assets.