No offering is made except by a written prospectus forming a part of the effective registration statement. These are available at www.sec.gov. Neither the SEC, the Attorney General of the State of New York nor any other regulatory agency has passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.

Investments in non-traded real estate investment trusts (REITs) or business development companies (BDCs) are subject to significant risks.

These risks include limited operating histories, reliance on the advisors, conflicts of interests, payment of substantial fees to the advisors and their affiliates, illiquidity and liquidations at less than the original amounts invested. Investing in these products is not suitable for all investors. Investors should consult a financial professional to determine whether risks associated with an investment in the shares are compatible with their investment objectives.

No offering is made to New York or Maryland residents except by a prospectus filed with the Department of Law of the State of New York or the Maryland Division of Securities, respectively. Neither the Attorney General of the State of New York, the Maryland Division of Securities nor any other state securities division has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.