Preservation Equity Fund Advisors, LLC

Preservation Equity Fund Advisors, LLC (PEFA) provides fund management services to select private pooled vehicles, currently including WNC California Preservation Equity Fund, L.P. (PEF1), WNC Preservation Equity Fund 2, L.P. (PEF2), Preservation Equity Fund 3, L.P. (PEF3) and PEF Freestone JV, L.P. PEFA reported approximately $502.9 million in discretionary assets under management as of December 31, 2025 and does not manage individual retail accounts.

PEFA generally has sole discretion to determine each Fund’s portfolio composition and focuses on investments in multifamily rental housing that primarily benefit low- and moderate-income households, including opportunities at or near the end of LIHTC compliance periods. The Funds are structured to pursue CRA-qualifying investments, and PEFA may offer co-investment vehicles and enter side letters with limited partners under each Fund’s Governing Documents.

PEFA is affiliated with WNC Capital, an SEC-registered broker-dealer, and discloses that certain supervised persons are licensed with that broker-dealer and that WNC Capital may receive compensation for private placement services, which creates potential conflicts given the firm’s fundraising role. The firm also uses affiliates (including a development affiliate) that can receive construction management or development fees and asset-level promote, and PEFA is deemed to have custody of Fund assets while relying on audited financial statements and other procedures to comply with custody rules.