A. Description of Advisory Firm Paladin Realty Partners, LLC (“Paladin Realty”) is a real estate investment advisory firm managed and controlled by Paladin Realty Management, LLC (“PRM”), with PRM owning 75.23% of Paladin Realty and certain prior employees owning a passive 24.77%. Paladin Realty is managed and controlled by an Executive Committee consisting of James Worms, Chairman and Chief Executive Officer; Frederick Gortner, Managing Director and Chief Operating Officer; Randall Loker, Managing Director and Chief Investment Officer; and Ricardo Raoul, Managing Director and Brazil Country Head. PRM is 100% owned by James Worms, Frederick Gortner, Randall Loker and Alejandro Krell (who retired and became a Senior Advisor to Paladin Realty in 2023). Realty’s predecessor company was founded in 1995 in partnership with former U.S. Treasury Secretary, William E. Simon. In 2005, the company’s senior management team acquired 100% ownership of the predecessor company and reformed the company as Paladin Realty Partners, LLC. Paladin Realty, directly or indirectly, provides investment advisory services to private investment vehicles sponsored by Paladin Realty or its affiliates for the purpose of making real estate and related investments, as well as their related investment vehicles, such as parallel funds, alternative investment vehicles, and co-investment vehicles (collectively, such funds and related vehicles, together with subsequently sponsored funds and their related vehicles, and any similar pooled investment vehicles formed or managed by Paladin Realty or its affiliates, will be referred to as the “Paladin Funds”). For purposes of this brochure, “Paladin Funds” also includes special purpose investment vehicles formed or managed from time to time by Paladin Realty or its affiliates to facilitate joint investments in specific entities, properties or other assets and/or other entities or persons on behalf or for the benefit of whom Paladin Realty or its affiliates make or manage investments from time to time. While initially focused on U.S. properties, the majority of Paladin Funds focus on developing low and middle-income housing as well as select commercial properties, in certain markets in Latin America, including Brazil, Mexico, Colombia, Peru and Costa Rica. Certain affiliates controlled by or under common control with Paladin Realty may serve as the general partner (or equivalent position) or investment manager of the Paladin Funds. Such affiliates are supervised persons of Paladin Realty and intend to conduct their activities in accordance with the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and the rules thereunder. Any employees of such affiliate(s), and other persons acting on their behalf, are and shall be subject to the supervision and control of Paladin Realty. Such affiliates that are not separately registered are relying on Paladin Realty’s registration under the Advisers Act and are not registering themselves. All references herein to “Paladin Realty” shall include such affiliates as applicable.

B. Types of Advisory Services Offered Paladin Realty, directly or indirectly, provides advice to the Paladin Funds in respect of their real estate-related investment portfolios, as well as certain ancillary managerial and administrative services, including, without limitation, identifying and screening potential investments, recommending strategies for the management and disposition of investments, monitoring the performance of investments, and preparing reports necessary or appropriate for compliance with the governing agreements of the Paladin Funds. Investments in Paladin Funds are privately offered only to qualified investors, typically institutional investors (for example, public and private pension funds) and eligible high-net- worth individuals. See also Item 4.A. above. C. Services Tailored to Individual Needs of Clients Paladin Realty’s advisory services are geared to the management of the Paladin Funds, the investment objectives, parameters and restrictions of which are disclosed to investors in the applicable offering materials and/or governing agreements before they invest. Investment restrictions applicable to specific Paladin Funds are customarily imposed in the governing agreements for such Paladin Funds, as agreed upon with investors. Paladin Realty or certain affiliates may also enter into side letters or other writings with specific Paladin Fund investors which have the effect of establishing rights under, or altering or supplementing, the terms of Paladin Fund agreements, in respect of the investor to whom such letter or writing is addressed. Any rights established, or any terms altered or supplemented, will govern only that Paladin Fund investor and not a Paladin Fund as a whole. Such side letters may impose restrictions on participation in certain investments or types of investments made by the Paladin Funds, and may also provide benefits to certain investors in a Paladin Fund not provided to investors in such Paladin Fund generally (for example, adjustments to fees or other economics, access to information, ability to transfer interests in a Paladin Fund, ability to veto or opt-out of certain investments of the Paladin Fund or compliance with specified laws or regulations). Neither Paladin Realty nor its affiliates will enter into a particular side letter if Paladin Realty determines that the provisions contained in such side letter would be disruptive to the applicable Paladin Fund or its investment program. Disclosure of applicable side letter practices is made to investors prior to their investment in the applicable Paladin Fund. D. Wrap Fee Programs Wrap fees are comprehensive fees charged to a client for providing a bundle of services, such as investment advice, investment research and brokerage services. Paladin Realty does not participate in wrap fee programs. E. Client Assets As of December 31, 2023, Paladin Realty managed approximately $181,320,000 of client assets on a discretionary basis. As of December 31, 2023, Paladin Realty did not manage any assets on a non-discretionary basis.