A. Wellings Capital Management, LLC Wellings Capital Management, LLC (the “Adviser” or “Wellings”) is a Delaware limited liability company formed in 2018 that is registered as an investment adviser with the SEC under the Advisers Act. Headquartered in Forest, Virginia, Wellings is an investment adviser to six private real estate investment funds and one business development company (“BDC”). Wellings Capital Management, LLC ownership is as follows: Fincastle Investment Group, LLC owns 57.0%, Simple Investments, LLC owns 40.0%, and Cascade Management Company, LLC owns 3%. Fincastle Investment Group, LLC is 80% owned by Paul Moore and 20% Elaine Moore. Simple Investments, LLC is wholly owned by Benjamin Kahle. Cascade Management Company, LLC is wholly owned by Barry Farah. B. Funds under management As of the date hereof, the Adviser provides investment advisory and administrative services to the following entities, (collectively, the “Funds”): Wellings Income Fund I, LLC (“WIF I), a Delaware Limited Liability Company; Wellings Growth Fund I, LLC (“WGF I”), a Delaware Limited Liability Company; Wellings Income Fund II, LLC (“WIF II”), a Delaware Limited Liability Company; Wellings Income Fund III, LLC (“WIF III”), a Delaware Limited Liability Company; Open Sky Investments, LLC (“OSI”), a Delaware Limited Liability Company; Wellings Income Fund IV, LLC (WIF IV”), a Delaware Limited Liability Company; Wellings Real Estate Income Fund (“WREIF”), a Delaware Statutory Trust electing to be a Business Development Company. The total assets under management for these seven entities is $120.1 million. C. Investment Management Services The Advisor identifies private real estate operators in the United States, performs due diligence on the operator and their properties, raises capital for fund vehicles to invest in the operators’ vetted properties, and supports investors in the funds after the investments are made. The Adviser provides value to investors in three primary ways: 1. Diversification.

Wellings Capital offers our investors diversification across real estate asset classes, operators/sponsors, geographies, properties, and strategies. As an example, our Wellings Income Fund III provides investors diversification across seven operators and 284 properties in 36 states. This includes self-storage assets, mobile home parks, one apartment complex, and light industrial assets. The number of properties, types of properties, and number of states are subject to change. 2. Due Diligence. Our operator due diligence process includes over 25 critical items. These due diligence steps include site visits to the operator’s offices, site visits to the properties, comprehensive background checks, reference checks with previous investors and service providers, and much more. We share our due diligence process and results with prospective investors. 3. Access. We allow access to our investors through our funds with providers that would have higher entry points if investing directly and not generally known or available to the general investing population. The Adviser consults with prospective investors in the funds about the suitability of these and other potential investment opportunities. Investors are provided with investment materials for review as well as phone and video consultations, webinars, and more as needed. Prospective investors can review this information through a portal designated for that fund and accessed via the Adviser’s website. After making an initial investment utilizing investor capital, the Adviser tracks the performance of each operator and investment on a regular basis. Revenue generated through these investments provides the Adviser with the ability to provide cash flow to investors on a periodic basis. Proceeds above regular ongoing levels, generated by operators through capital events like the refinance or sale of operator real estate assets, are evaluated for potential reinvestment or distribution to investors including a potential distribution to Adviser once hurdles are exceeded.