ElmTree Funds, LLC (collectively with its affiliates and subsidiaries, “ElmTree” or the “Adviser”) was formed in 2011. ElmTree is principally owned and controlled by James G. Koman, through one or more trusts formed for the benefit of Mr. Koman and his family members. In 2019, ElmTree launched a privately offered real estate debt fund, ElmTree Unity Debt Fund, LP (the “Debt Fund”), which is exempt from registration under the Investment Company Act of 1940, as amended. The Debt Fund focuses primarily on investing in commercial real estate debt products used for acquisitions, refinancing, new construction, renovations and working capital, or any combination thereof, principally in the United States. The Debt Fund is an expansion of Elm Tree’s existing real estate advisory business, which has centered on managing private funds that own real estate and real estate-related investments, such as single-tenant, net leased commercial real estate in the United States, with a focus on institutional quality industrial, office and healthcare properties that are leased to, or guaranteed by, investment grade and other high-quality tenants on a long-term triple-net basis. In 2023, Elm Tree launched ElmTree U.S. Net Lease Fund V, LP (“Fund V”) to invest primarily in single-tenant, net-leased commercial real estate in the United States. Fund V is the successor vehicle to four previous net lease funds sponsored by ElmTree no longer open to investors. Fund V offers investors parallel investment entities, the structure of which may differ from that of the main Fund V investment vehicle but that will invest proportionately in all transactions on substantially the same terms and conditions as the main Fund V vehicle, except as necessary to address legal, tax, regulatory or other considerations. Parallel

investment entities will be included in all references to Fund V herein as appropriate. Fund V is exempt from registration under the Investment Company Act of 1940, as amended. In April of 2023, ElmTree Funds launched the first of its two perpetual-life real estate investment trusts (individually each a “REIT”, “REITs) - ElmTree Industrial Trust, Inc. (“Industrial Trust REIT”). ElmTree launched a companion REIT - ElmTree Industrial Access Trust, Inc. (“Industrial Access Trust REIT”) in November of 2023. The REITs intend to acquire and actively manage a diversified portfolio of net lease industrial properties across the United States. The REITs will offer an unlimited number of shares to accredited investors at an initial purchase price of $1,000 per share. ElmTree Industrial Trust is available to investors advised by registered investment advisors and ElmTree Industrial Access Trust is available to investors advised by independent broker-dealers The REITs are exempt from registration under the Investment Company Act of 1940, as amended. ElmTree manages the Funds consistent with the investment strategies described in their offering documents. Investment advice is provided directly to the Funds, subject to the discretion and control of the Funds’ general partners and advisers. ElmTree does not provide specifically tailored advice to individual investors in the Funds. Any investment restrictions applicable to the Funds are set forth in their respective offering documents. ElmTree also manages additional existing real estate vehicles for other entities that are closed to new investors and, therefore, not the focus of this brochure. Total regulatory assets under management as of 12/31/2023 were $7,155,619,787.