Sagard Real Estate Advisors (“Sagard Real Estate” or the “Firm”) was formed as a Delaware limited liability company on October 16, 2013. The senior management team at Sagard Real Estate, through its predecessor entities, have been managing investment grade real estate assets for over 20 years. Sagard Real Estate is wholly-owned by EverWest Holdings Inc. (d/b/a Sagard Real Estate Holdings). Sagard Real Estate provides real estate investment advisory services for private pooled investment vehicles including open-end funds and investment series preferred units (the “Funds”), separately- managed accounts, joint-ventures, and other investment vehicles (each, an “Account”). The Funds, along with the Accounts, are the Firm’s clients (the “Clients”). Sagard Real Estate’s advisory services include evaluating investment opportunities for real estate investments and securities related thereto, investment monitoring, and advising on investment structures, acquisition, financing, and disposition. Sagard Real Estate provides investment advice directly to its Clients or other affiliates. Sagard Real Estate tailors its advisory services to the specific investment objectives and restrictions of each Client pursuant to such Client’s investment guidelines and restrictions set out in the private placement memoranda, limited partnership agreement, advisory agreement or other documents governing that particular Client (collectively, the “Governing Documents”). It is assumed that the terms provided in the Governing Documents differ from Client to Client. A Client’s Governing Documents often impose restrictions on certain types of investments for tax, regulatory, or other reasons. Client investment strategies are discussed further in “Methods of Analysis, Investment Strategies, and Risk of Loss” in Item 8 below. In accordance with common industry practice, a Fund or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant

to which the Fund or its general partner 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” for additional details. In addition to the advisory services discussed above, Sagard Real Estate or its affiliates often provide asset management, development and property management services to a Client’s underlying investments. These services are provided pursuant to additional agreements or can be included within a joint venture operating agreement, and are further described in such Clients’ Governing Documents. In addition, in-house personnel of Sagard Real Estate, or its affiliates, provide services to certain Clients including, without limitation, legal, administrative, and/or accounting, that could be provided by and paid to reasonably identifiable third-party service providers. Sagard Real Estate recognizes conflicts of interest exist when using an affiliated service provider. The Client’s Governing Documents can dictate that the terms of such an engagement with an affiliate can be no less favorable to the Client than it would be using a comparable, unaffiliated third party. Sagard Real Estate believes that the benefits of using affiliated service providers outweigh potential conflicts and has taken steps to mitigate these concerns. Additionally, the Funds often acquire assets through a joint venture structure with an unaffiliated joint venture partner. In these circumstances, the unaffiliated joint venture partner will negotiate fees with Sagard Real Estate or its affiliate(s), which helps ensure that fees charged to the joint venture entity, in which the Fund has invested, are at arms- length terms. As of December 31, 2023, Sagard Real Estate had a total of $1,153,272,483 assets under management (which includes uncalled capital commitments) of which $19,176,418 is non- discretionary and $1,134,096,065 is discretionary.