______________________________________________________________________________________________________________________________ Advisory Business Sundance Bay Investment Manager, LLC, a Utah limited liability company (the “Adviser”), DBA Sundance Bay is an SEC- registered investment adviser headquartered at Sundance Bay’s offices located at 1240 East 2100 South, Suite 300, Salt Lake City, Utah. The Adviser was formed in 2016. Initially, an exempt reporting adviser, the Adviser’s SEC registration became effective April 23, 2020. Principal Owners The Adviser is wholly-owned directly by Sundance Bay Holdings, LLC, which is majority owned and managed by the following Principals: Ryan Baughman, Stan Ricks, Matt Romney, Craig Romney, Mike Nixon, and Mark Maughan. Sundance Bay Holdings, LLC, collectively with the Adviser and other affiliates, form "Sundance Bay." Types of Advisory Services On a largely discretionary basis, the Adviser offers investment advisory and private fund management services for a particular type of real estate-related investment to privately offered pooled investment vehicles, including parallel investment vehicles and feeder funds (“Funds” or “Clients”). Sundance Bay tailors its investment advisory services to the needs of the Funds. Sundance Bay does not provide investment advisory services to individuals or individually tailored client services operating as separately managed accounts or to the underlying investors in the Funds. It does not sell securities on a commission basis, provide investment planning services for a fee, or participate in wrap fee programs by providing portfolio management services. The Adviser's clients are the Funds themselves, to whom it provides investment advisory services and for whom it manages assets according to the governing documents applicable to each. Currently, the Adviser advises the Sundance Bay Debt Strategies Fund Group, comprised of Sundance Debt Partners, LP 1("Fund I"), SDP REIT, LLC ("Fund I REIT"), a majority owned subsidiary of Fund I, SDP Financial 2020, L.P., a parallel fund of Fund I, Sundance Bay Debt Opportunity Fund, L.P. ("DOF") and Sundance Debt Opportunity Fund REIT, LLC (“DOF REIT”) and the Sundance Bay Multi-Family Fund Group, comprised of the Sundance Bay Income and Growth Fund, LP ( “IGF”), Sundance Bay Income and Growth REIT, LLC (“IGF REIT”), a majority-owned subsidiary of IGF, Sundance Bay Income and Growth OP, LP, a majority owned subsidiary of IGF REIT, and Sundance MHC Impact, LLC (“MHC Impact”). These multi-family entities, together with Fund I, Fund I REIT, SDP Financial 2020, LP, DOF and DOF REIT, are referred to herein collectively as the "Funds" or "clients," each a separate "Fund," and each a "Client" of the Adviser. (Refer to each Fund's respective Confidential Private Placement Meomorandum (“PPM”) and related legal documents for complete offering structure details.) Sundance Bay Debt Strategies Fund Group Sundance Debt Partners, LP ("Fund I") provides asset-backed construction, bridge, and other loans (collectively, "Loans") to experienced real estate developers, operators, and others. Fund I’s primary objectives are to preserve capital, provide rates of return traditionally associated with higher risk investments, and provide relatively consistent returns from quarter to quarter.

Fund I conducts its business primarily through one or more subsidiaries qualifying as REITs for U.S. federal income tax purposes. Investors in Fund I must qualify as an "accredited investor" as that term is defined in Rule 501(a) under the Securities Act. SDP REIT, LLC ("Fund I REIT") is a majority-owned subsidiary of Fund I. Fund I holds all common shares issued by Fund I REIT. 1 Sundance Bay Debt Partners, LLC was converted to a limited partnership during 2022 with existing investors being provided with relevant notice and disclosure. SDP Financial 2020 L.P. is a non-discretionary separate managed fund of one that co-lends alongside Fund I REIT on certain investments. Sundance Bay Debt Opportunity Fund, L.P. ("DOF") is a private investment vehicle formed by Sundance Bay Debt Opportunity Fund I GP, LLC, a Delaware limited liability company (the "DOF General Partner"). DOF’s investment objectives are to achieve attractive risk-adjusted returns and investor capital preservation by investing in a diversified portfolio of senior, structured and distressed debt assets. Investors in DOF must qualify as an "accredited investor" as that term is defined in Rule 501(a) under the Securities Act. Sundance Bay Debt Opportunity Fund REIT, LLC (“DOF REIT”) is a majority-owned subsidiary of DOF. DOF holds all common interests issued by DOF REIT. Sundance Bay Multi-Family Fund Group Sundance Bay Income and Growth Fund, LP ("IGF") is an open-ended private investment vehicle formed by Sundance Bay Income and Growth Fund GP, LLC, a Delaware limited liability company (the "IGF General Partner") which makes all operational and investment decisions on IGF’s behalf. IGF’s investment objectives are to provide capital appreciation and consistent current income for investors by acquiring, renovating, and managing a portfolio of multi-family assets while producing attractive risk-adjusted returns and consistent cash flow. IGF will seek to capture tax advantages for its investors to the extent practicable and reasonable, such as through 1031 exchanges and depreciation benefits. Investors in IGF must qualify as an "accredited investor" as that term is defined in Rule 501(a) under the Securities Act. Sundance Bay Income and Growth REIT, LLC is a majority-owned subsidiary of IGF. IGF holds all common interests issued by IGF REIT. Sundance Bay Income and Growth OP, LP is a majority-owned subsidiary of IGF REIT, and invests in portfolio investments, short-term investments, marketable securities, and other assets as necessary or appropriate at the sole discretion of the IGF General Partner. (Note: The Sundance Bay Income and Growth Fund, LP Memorandum is incorporated by reference into the Sundance Bay Income and Growth OP, LP Confidential Private Placement Memorandum.or PPM Investors should refer to both Memorandum in their entirety for complete offering details.) Sundance MHC Impact, LLC (“MHC Impact”) is a feeder fund whose sole investment is in MHC Impact Fund I, L.P., a master fund, which invests in manufactured housing communities throughout the United States. MHC Impact Fund I, L.P. is not controlled or managed by Sundance Bay. Assets Under Management As of December 31, 2023, total regulatory assets under management of the Adviser were $2,021,527,724 (of which $1,928,815,083 were discretionary and $92,712,641 non-discretionary).