The Adviser Generally PGIM Real Estate Advisors LLC (the "Adviser") is an SEC-registered investment adviser formed as a Delaware limited liability company and established as a related adviser to PGIM Real Estate, which is the real estate investment advisory unit of PGIM, Inc. ("PGIM, Inc."), an SEC-registered investment adviser organized as a New Jersey corporation. The Adviser and PGIM, Inc. are both indirect, wholly owned subsidiaries of Prudential Financial, Inc. Initially, the Adviser will provide discretionary advice with respect to certain accounts or funds managed by PGIM Real Estate. PGIM Real Estate will engage the Adviser by way of a sub-delegation to provide certain investment advisory services with respect to the origination of loans secured by California real estate and lending activities which are otherwise regulated by the State of California (collectively, the "California Lending Activities"). PGIM Real Estate will rely on such services only with respect to a small subset of its clients. When we use the terms "we," "us" and "our" in this brochure, we are referring to the Adviser and PGIM Real Estate, collectively. In addition, any references to "our employees" or "our officers" mean officers or employees of the Adviser and PGIM Real Estate, collectively. PGIM Real Estate has a separate brochure that has been filed with the SEC and provides information about its separate advisory business. Additional information about PGIM Real Estate is available on the SEC's website at www.adviserinfo.sec.gov. The Adviser was formed in April 2023. As of March 31, 2024, the Adviser has $0 in regulatory assets under management.1 PGIM Real Estate The Adviser is a related adviser to PGIM Real Estate. PGIM Real Estate is a global real estate investment adviser headquartered in Newark, New Jersey. We have offices across the United States as well as in Amsterdam, Frankfurt, London, Luxembourg, Munich, Milan, Paris, Mexico City, Hong Kong, Seoul, Singapore, 1 The Adviser provides discretionary investment advice to certain clients of PGIM Real Estate but does not provide ongoing supervisory or management services with respect to any clients. Shanghai, Sydney and Tokyo. As of December 31, 2023, PGIM Real Estate managed approximately $89.9 billion in gross assets $57.3 billion (net) on behalf of more than 900 clients worldwide. Of this net

amount, approximately $56.9 billion is managed on a discretionary basis, and $0.4 billion (net) is managed on a non-discretionary basis. The investment strategies that we employ for our clients span private real estate, private real estate debt and publicly traded real estate securities across the risk and return spectrum (from core through core plus and value add to opportunistic) and geographically across the United States, Asia Pacific, Europe and Latin America. Our investment products generally comprise separately managed accounts and open- and closed-ended commingled private funds and are typically structured as limited partnerships, private REITs, insurance company separate accounts and other tax-efficient vehicles. We also provide discretionary and non-discretionary investment advisory services to affiliated and unaffiliated clients both directly, through express contractual relationships, and indirectly, pursuant to sub-advisory arrangements with affiliated and unaffiliated investment advisers. In addition to offering investment products and advisory services, we also prepare research, reports, and investment papers dealing with investment matters that are distributed to clients, certain prospective clients and affiliates. Our business does not include the private commercial real estate finance business carried on by PGIM Real Estate Finance, LLC ("PGIM REF"), which is an affiliate of PGIM but is not a registered investment adviser and does not provide investment advice regarding securities to any PGIM clients. Through an internal arrangement with us, PGIM REF sources and originates commercial real estate loans on behalf of certain accounts managed by us. Several officers of PGIM REF may also be officers of the Adviser and/or PGIM Real Estate and provide services to the Adviser and/or PGIM Real Estate in their capacities as officers of the Adviser and/or PGIM Real Estate that are separate and distinct from the services they provide as officers of PGIM REF. Certain of PGIM Real Estate's operations are conducted through PGIM Real Estate (UK) Limited, a company incorporated in England (registration number 03205768), and through PGIM Luxembourg S.A., which is organized as a company incorporated in the Grand Duchy of Luxembourg (registered number B28214). The Adviser, PGIM Real Estate (UK) Limited, PGIM Luxembourg S.A. and PGIM, Inc. are all indirect, wholly owned subsidiaries of Prudential Financial, Inc. and are all SEC registered investment advisers.