A. Description of Advisory Firm and Principal Owners. KABR Management L.L.C., a Delaware limited liability company (“KABR Management I”), and its affiliates, KABR Management II LLC, a New Jersey limited liability company (“KABR Management II”), KABR Management III LLC, a New Jersey limited liability company (“KABR Management III,” KABR Management IV LLC, a New Jersey limited liability company (“KABR Management IV,”) KABR Management V LLC, a New Jersey limited liability company (“KABR Management V,”) and KABR Management VI LLC, a New Jersey limited liability company (“KABR Management VI,”) and together with KABR Management I, KABR Management II, KABR Management III, KABR Management IV, KABR Management V “KABR Management”), were formed to provide real estate-related investment advisory services to pooled investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended, and whose securities are not registered under the Securities Act of 1933, as amended (collectively, the “Funds”). Each KABR Management entity serves as the investment adviser and the managing member of a different Fund, but all of the KABR Management entities have jointly adopted, and are jointly subject to, a single code of ethics and a single compliance policies and procedures manual. KABR Management has been in business since 2008, and is a fully integrated, highly diversified real estate company with expertise in real estate development, acquisitions, management, finance and sales. KABR Management is principally owned and managed by Kenneth Pasternak, and Adam Altman (the “Principals”). The Principals average over 20 years of relevant experience. While this brochure may be provided to, and include information relevant to, investors in the Funds, this brochure is designed solely to provide information about KABR Management and should not be considered to be an offer or a solicitation of an offer of interests in any Fund. B. Advisory Services Offered. KABR Management provides investment advisory services to the Funds, which invest in various real estate and real estate-related assets. Such services typically include, as applicable:
• sourcing, investigating, structuring and negotiating potential investments;
• acquiring and originating investments on behalf of the Funds;
• monitoring,

developing, rehabilitating, managing and/or operating investments post- acquisition, including in collaboration with or through affiliated and unaffiliated third parties;
• reporting to the Funds on the performance of their investments;
• providing day-to-day managerial and administrative services to the Funds; and
• advising with respect to the timing and terms of disposition opportunities (including refinancing opportunities). In pursuit of each Fund’s investment objective, KABR Management uses a value-oriented combination of opportunistic acquisition philosophies with value enhancement programs. KABR Management’s advice is generally limited to real estate and real-estate related investments, although it may provide advice with respect to certain other types of investments and transactions in various circumstances, including financing transactions and short-term liquid investments. C. Individually Tailored Advisory Services. As a general matter, the advisory services provided by KABR Management to the Funds are tailored to the investment objectives, strategies and guidelines set forth in the offering materials and other governing or constituent documents of each Fund (the “Fund Documents”). The advisory services provided to the Funds are not tailored to the individual needs of any particular investor in a Fund. However, depending on various factors, KABR Management may enter into agreements, commonly referred to as “side letters,” with investors that may waive or modify certain terms applicable to their investment in a Fund, or provide certain rights in addition to those provided in the Fund Documents of the Funds. D. Wrap Fee Programs. KABR Management does not participate in wrap fee programs. E. Assets Under Management. As of December 31, 2023, KABR Management managed approximately $542 million of Fund assets, all of which is managed on a discretionary basis. The total Fund assets under management include gross real estate assets, real estate-related assets, securities, cash, uncalled capital commitment amounts, accounts receivable, security deposits, prepaid assets, short term investments and other assets net of indebtedness. Assets under management for Funds with investments in joint ventures are adjusted to reflect the total gross assets within the joint venture multiplied by each Fund’s direct or indirect ownership percentage.