Emet is a private equity real estate investment firm founded in early 2012 that acts as a discretionary investment advisor to investment vehicles that Emet or an affiliate of Emet sponsors (each an “Advisory Client” and collectively the “Advisory Clients”). Emet’s core investment strategy is to maximize total return on capital by seeking to produce both current income and capital appreciation primarily through the development and management of a portfolio of control investments in debt, equity and other instruments secured by domestic rental housing assets that would qualify for financing through the municipal bond market, and other related opportunistic investments. These assets are typically owned by qualified non-profit entities and eligible for municipal revenue bond financing. They bear varying degrees of asset and financial distress, and typically require rehabilitation, repositioning, and recapitalization. It is expected that the value generated and premium earned in connection with Advisory Clients’ investments will come primarily from three (3) key sources: (i) current cash flow from property operations; (ii) capital appreciation due to value-add asset repositioning; and (iii) premiums for returning assets to performing status. Emet will, among other things, obtain control of the assets through covenants in first mortgage debt or equity ownership, seek to rehabilitate and reposition underlying assets to drive operational improvements and, where appropriate,

recapitalize and/or restructure portfolio investments to create additional value. Ultimately, Emet will seek to bring Advisory Clients’ portfolio investments to performing status and exit such investments at a premium through refinancing and/or the sale of the underlying debt securities or underlying assets or other interests relating to such investments. In addition, Emet may cause Advisory Clients to make investments in other related securities, instruments and interests (including, without limitation, fee simple ownership, commercial mortgage backed securities (“CMBS”) and non-control and/or unsecured investments) that may, or may not, result in tax-exempt current yield. Generally, it is expected that Emet will operate exclusively in the niche real estate sectors of: (i) affordable housing for low-to-moderate income families (workforce housing); (ii) housing for students at public and private colleges and universities; and (iii) housing for seniors. Investment advice is provided directly to the Advisory Clients and not tailored to individual investors. The members and co-founders of Emet are Paul Siegel and Stefan Baugh (collectively the “Principals”). The Management Company is based in New York and managed on a day-to-day basis by the Principals, led by Paul Siegel. As of December 31, 2023, Emet had regulatory assets under management on a discretionary basis in the amount of $519,504,000. Emet does not manage any client assets on a non-discretionary basis.