2025 Responsibly Ohana Report

2025 Report

Responsibly Ohana

2 0 2 5 R E S P O N S I B LY O H A N A R E P O R T

Introduction from Ohana’s Founder and CEO, G. Christopher Smith Dear Stakeholders, I’m pleased to share our annual Responsibly Ohana

recognition, underscoring our unwavering commitment

Report, where we document our journey towards

to responsible environmental practices.

sustainability and community stewardship. Our

Furthermore, giving back to the communities around us

dedication to embedding sustainable practices and

remains paramount. Reflecting our dedication to social

community outreach into our business operations has

responsibility, we’ve contributed over $3M in 2024,

been a significant focal point for us over the past few

supporting local communities and causes where our

years, and this report highlights our achievements

properties and firmwide employees are located.

from 2024.

We appreciate your ongoing support of our endeavors In a landmark development, the past year saw us

and look forward to the continued growth and

making remarkable strides in these efforts, with

achievements of our Responsibly Ohana program.

investments in projects aimed at energy conservation across our flagship properties. This commitment

Onward,

has culminated in earning the distinguished Gold LEED Certification for Existing Communities at Twin Dolphin, our master-planned community in Los Cabos.

Twin Dolphin is the first master-planned community

G. Christopher Smith

in Mexico to achieve this revered and challenging

Chief Executive Officer

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About Ohana Ohana invests in properties where human connection thrives.

Our team is comprised of experts in real estate operations, capital markets, development & construction, and residential brokerage. We put relationships at the center of everything we do, with a data-driven approach that allows us to identify risks and opportunities.

PA R K C I T Y, U TA H

BY THE NUMBERS

$4.9B

In total investments

3,621 Hotel keys / residential units currently owned and / or operated

57

Corporate employees

40+

Properties acquired, financed, operated, or developed

$2.9B+

Transacted by Ohana Realty across 5 residential projects

3,700+

Employees across property portfolio All figures as of March 31, 2025

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Responsibly Ohana Each Ohana property is located in an exceptional community.

Our Responsibly Ohana policy outlines our commitment to enhancing these communities, including how we incorporate sustainable investment practices across our firm and the entire investment lifecycle, from acquisition due diligence to realization.

HEALDSBURG, CALIFORNIA

CORE PILLARS Our Responsibly Ohana efforts are focused on four key impact areas.

Energy

Water

Volunteer

Giving

Reduce overall carbon footprint by lowering energy consumption

Reduce water consumption across portfolio

Upgrade and optimize equipment / processes for efficient resource usage

Use reclaimed water for irrigation and landscaping

Encourage and support volunteering and giving opportunities for Ohana employees

Maintain annual charitable giving budgets for each property and at Ohana level

Explore on-site renewable energy generation

Pursue operational changes and efficiencies

Charitable monetary contribution applied for all corporate-level employee volunteer hours

Focus charitable efforts on community-based causes such as youth development / education

Host annual volunteer day at all Ohana offices — “Ohana Day”

Corporate-level employee charitable contributions are matched up to 4x

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ENVIRONMENTAL

03

Energy + Water

2 024 E N V I R O N M E N TA L E X P E N D I T U R E S

$ 5, 316,0 3 5

$5,0 3 3,629

In 2024, we continued our focus of reducing energy and water consumption at key properties in our portfolio, completing several operational system upgrades to enhance energy efficiency.

BUDGET

ACTUAL

C A S E S T U DY

LEED Certification 2024 marked a major milestone for Twin Dolphin as our master-planned community in Los Cabos earned LEED Gold certification, becoming the first community in Mexico to achieve this distinction.* This globally recognized certification reflects years of planning, feasibility studies, and sustainable development aligned with Green Building Council standards.

Additional facilities within the community have been registered for LEED Existing Buildings certification and are currently within the audit and review process.

285M gallons Desalination plant production in 2024

1.9M kWh Amount of energy produced by the onsite solar panel grid for the community in 2024

125 acres

Total open green space at Twin Dolphin (excluding the golf course)

First project in Mexico to be certified under LEED v4.1 for Communities – Existing

LOS CABOS, MEXICO 6 / 19

ENVIRONMENTAL

2025 Initiatives In collaboration with our property teams and third-party consultants, Ohana has identified key environmental cap-ex projects to execute at select properties within our portfolio over the course of the year.

La Cantera Resort Chiller Control Upgrades

$165,000 La Cantera Resort chiller control upgrades will improve HVAC performance, energy efficiency, and reliability, helping maintain comfort and reduce maintenance.

Hotel Commonwealth Boiler Replacement Waldorf Astoria Monarch Beach Resort Rooftop Systems Upgrade

$650,000 Waldorf Astoria Monarch Beach roof systems upgrade will include the HVAC units, Air Handling Units (AHUs), and Modular Air Handlers (MAHs), ensuring improved energy efficiency, system reliability, and indoor air quality for the building.

$75,000 The addition of a new boiler at Hotel Commonwealth enhances heating efficiency, improves system reliability, and supports overall building safety.

Hyatt Regency Lost Pines Air Handling & Building Management System Upgrades

$110,000 Air handling and building management system upgrades at Hyatt Regency Lost Pines improve airflow, energy efficiency, and centralized control of HVAC operations.

The Tillary Hotel Air Conditioning Repairs Claremont Resort & Club Rooftop Equipment Upgrade

$600,000

$10,000 The Tillary Hotel air conditioning repairs restore function, boost cooling efficiency, and enhance guest comfort during peak periods.

The Claremont Resort & Club rooftop equipment upgrade includes new air conditioners, heat pumps, ventilation units, water heaters, pumps, and piping— improving system efficiency, reliability, and overall guest comfort.

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COMMUNITY

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Volunteer + Giving

2024 COMMUNITY EXPENDITURES

$ 3,706,000

$ 3,010,661

Supporting the communities in which we operate continued to be a primary focus for us in 2024, with a variety of employee volunteering events and charitable contributions to support local organizations.

BUDGET

ACTUAL

2024 HIGHLIGHTS

Key to the Cure Award

Our team was proud to be recognized as the 2024 Corporate Champion by the Central Texas Chapter of Key to the Cure, a nonprofit accelerating the search for a cure for cystic fibrosis. This award honors a company that has championed the cystic fibrosis cause within their organization.

$375,000 AUSTIN, TEXAS

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Funds raised at the event to fuel research, treatment access, and support for individuals and families affected by this rare disease.

COMMUNITY

Ohana Day A Day of Volunteering Each year, all Ohana offices allocate a day to volunteer for local charitable organizations. This annual tradition exemplifies our organization at its core—fostering connection, compassion, and community through hands-on service.

AUSTIN, TEXAS

Property-Level Giving 2024 Community Involvement & Support

Firm-Level Giving

$3,010,661

2024 Employee & Firm Donations

At the majority of its properties, Ohana donates approximately $1,000 per full-time employee to local charitable causes and non-profit organizations.

$505,908 Causes Supported

70+ Volunteer Hours Logged

400+ hours LOS CABOS, MEXICO

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GOVERNANCE

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Commitment to Accountability The Responsibly Ohana Committee helps ensure we live up to the high standards we have set for our company and our properties. The team, which meets quarterly, is responsible for the following:

Determining Responsibly Ohana priorities and focus areas at the beginning of each year

Working with the Asset Management team in setting annual propertylevel performance targets, tracking progress, and proactively addressing Policy risks and opportunities

Providing transparency to our stakeholders, including distribution of monthly performance tracking and annual reporting

LOS CABOS, MEXICO

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GOVERNANCE

Property-Level Engagement In 2024, the Ohana team worked closely with our on-property teams to review key initiative performance metrics on a monthly basis as a part of our governance efforts. As part of the year-end budgeting process, the Ohana team also established Responsibly Ohana spending targets for 2025.

D A N A P O I N T, C A L I F O R N I A

GOVERNANCE

CorporateLevel Engagement

Ohana has established robust internal governance through the formation of specialized committees to help manage the organization as a whole. Made up of six distinct committees, this corporate governance

structure leverages our internal expertise to effectuate changes and growth for the organization, bringing together participants from different business verticals to ensure a diversity of perspectives.

SAN ANTONIO, TEXAS

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Appendix

APPENDIX

The Responsibly Ohana Policy Responsible Investment Culture

• Maintain and strengthen Ohana’s responsible investment culture • Ensure the Responsibly Ohana policy is available to all employees • Encourage involvement in internal and external research to inform Responsibly Ohana practices • Provide periodic trainings and speaker series around social giving and involvement • Disclose Responsibly Ohana performance versus pre-established targets, internally and with investors and key stakeholders

Investment Due Diligence

• Assess material Responsibly Ohana issues, risks, and opportunities related to acquisition targets • Document Responsibly Ohana related due diligence findings

Hands-On Ownership • Reduce carbon footprint by lowering energy consumption through energy efficiency projects • Reduce water consumption through operational changes and the use of technology • Hire employees from a broadly sourced candidate pool for property-level positions where Ohana retains approval rights • Maintain annual charitable giving budgets directed toward youth development and education • Review sustainable business practice progress and outstanding items with on-site property teams

CEDAR CREEK, TEXAS 13 / 19

R E S P O N S I B LY O H A N A P O L I C Y

Responsibly Ohana in Action Adherence to our Responsibly Ohana policy will help ensure we make progress towards our goals.

Responsible Investment Culture

Investment Due Diligence

Hands-On Ownership

The Responsibly Ohana policy is readily available to all Ohana employees

Driven by property level factors, Ohana will seek to assess material sustainability related matters during due diligence

Establish property-level Responsibly Ohana goals across Ohana’s key impact areas

Employee involvement in research projects to inform Responsibly Ohana priorities is encouraged Trainings and programs on Responsibly Ohana topics and developments Transparency on Responsibly Ohana performance versus pre-established targets

Ohana proactively seeks to identify Policy risk areas and improvement opportunities that aim to enhance value Prioritized actions are documented and then recommended to the Investment Committee

Review Responsibly Ohana progress and outstanding items on a monthly basis with on-site property teams Focused on control-oriented equity investments where Ohana directly influences action Elements of the policy may be applied to credit investments when feasible

BOSTON, MASSACHUSETTS

R E S P O N S I B LY O H A N A PA R T N E R S H I P S

Partnerships

While our Responsibly Ohana goals and initiatives for 2025 and beyond are ambitious, it is important to reflect on our positive impact thus far.

Revitaliza Partnership Ohana has partnered with Revitaliza, a consulting firm in Mexico City specializing in LEED certification, decarbonization strategies and path to Net Zero.

Since the inception of our partnership in 2020, Revitaliza has provided extensive feasibility analysis, project planning in accordance to GBCI timelines, and support for ongoing deliverables, achieving LEED Certification for Existing Communities at Twin Dolphin in 2024.

LEED (Leadership in Energy and Environmental Design) is the world’s most widely recognized green building rating system, providing a framework for healthy, highly efficient, and cost-saving green buildings.

Results: Twin Dolphin is the only project in Mexico to be certified under LEED v4.1 for Communities – Existing.

Carbon Lighthouse

LOS CABOS, MEXICO

Ohana has partnered with Carbon Lighthouse, an energy-efficiency organization, to identify and implement energy-savings solutions at multiple properties. In addition, Ohana is a member of Carbon Lighthouse’s Advisory Board.

Results: Ohana completed energy savings projects that saved $297,000 and 1,475 tons of carbon dioxide in 2024. The team continues to collaborate with Carbon Lighthouse to identify additional opportunities to continue to reduce operating costs and emissions.

Project Destined Ohana partnered with Project Destined to launch the Hotels & Hospitality Bridge Program in Fall 2024 to connect students with real-world experience in hospitality real estate. Through sessions led by Ohana executives, students learned a variety of core hospitality real estate development topics to layer in current real estate expertise to their education.

• Six-week curriculum focused on hotel investing, development, and asset management • Four speaker sessions and an on-site property tour led by Ohana executives Results: 25+ students engaged in a six-week program last fall from 15+ different universities to earn real-world experience NEW YORK, NEW YORK

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APPENDIX

Our Portfolio

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From urban hotels to resort destinations, our portfolio spans across North America.

Claremont Club & Spa

Hilton Brooklyn

BERKELEY, CA

BROOKLYN, NY

Hotel Centro + The Knoll Hotel

Hotel Commonwealth

SONOMA + NAPA VALLEY, CA

BOSTON, MA

Hyatt Regency Lake Washington

Hyatt Regency Lost Pines

RENTON, WA

CEDAR CREEK, TX

La Cantera Resort

Maravilla + Twin Dolphin Club

SAN ANTONIO, TX

LOS CABOS, MX

APPENDIX

Montage Deer Valley

Montage Residences Deer Valley

PARK CITY, UT

PARK CITY, UT

Montage Los Cabos

Montage Residences Los Cabos

LOS CABOS, MX

LOS CABOS, MX

Montage Residences Healdsburg

San Vicente

HEALDSBURG, CA

WEST HOLLYWOOD, CA + SANTA MONICA, CA + NEW YORK, NY

The Tillary Hotel + 60 Duffield

Waldorf Astoria Monarch Beach Resort & Club

BROOKLYN, NY

DANA POINT, CA

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The data and information in this report (“Report”), which has been prepared by Ohana Real Estate Investors (“Ohana”), are presented for informational purposes only. This Report shall not constitute an offer to sell or the solicitation of any offer to buy any interest, security, or investment product. The information in this Report is only as current as the date indicated and may be superseded by subsequent market events or for other reasons, and Ohana assumes no obligation to update the information herein. Nothing contained herein constitutes investment, legal, tax, or other advice nor is it to be relied on in making an investment or other decision. This Report should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Certain of the information contained in this Report contains “forward-looking statements” or information. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this Report, the words “may,” “could,” “anticipate,” “target,” “plan,” “continue,” “goal,” “commit,” “achieve,” “project,” “intend,” “estimate,” “believe,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Furthermore, any projections or other estimates in this Report, including estimates of returns or performance, are “forward-looking statements” and are based upon certain assumptions that may change. Forward-looking statements are subject to a number of certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. The forward-looking statements speak only as of the date of this Report and undue reliance should not be placed on these statements. Investors should read this Responsibly Ohana Report in conjunction with investment fund quarterly reports, financial statements and other disclosures regarding the valuations and performance of the specific investments discussed herein. Ohana disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. In addition, unless the context otherwise requires, the words “include,” “includes,” “including,” and other words of similar import are meant to be illustrative rather than restrictive. Statistics and metrics relating to sustainability risks or impacts are estimates and may be based on assumptions or developing standards.

Nothing contained herein is intended to predict the performance of any investment. There can be no assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. Goals are aspirational and not guarantees or promises that all goals will be met. Certain information contained herein relating to any goals, targets, intentions, outcomes or expectations is subject to change. The impact goals, targets, commitments, incentives, initiatives or outcomes contained herein are purely voluntary and are not binding on investment decisions and/or Ohana’s management or stewardship of investments. Ohana may in the future establish certain impact goals, targets, commitments, incentives, initiatives or outcomes.

Similarly, there can be no assurance that our Responsibly Ohana policies and procedures as described in this Report, including policies and procedures related to responsible investment or the application of policy-related criteria or reviews to the investment process, will continue to be applied in the manner described; such policies and procedures could change, even materially, or may not be applied to a particular investment. Ohana is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its policy-related initiatives, policies, and procedures based on cost, timing, or other considerations. In addition, the act of selecting and evaluating material Responsibly Ohana factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by Ohana will reflect the beliefs or values, internal policies or preferred practices of investors, other asset managers or with market trends. In this report, we are not using such terms “material” or as they are used under the securities or other laws of the U.S. or any other jurisdiction, or as they are used in the context of financial statements and financial reporting.

Statements about Responsibly Ohana initiatives or practices related to portfolio investments do not apply in every instance and depend on factors including, but not limited to, the relevance or implementation status of a Responsibly Ohana initiative to or within the portfolio investment; the nature and/or extent of investment in, ownership of or, control or influence exercised by Ohana with respect to the portfolio investment; and other factors as determined by investment teams, corporate groups, asset management teams, portfolio operations teams, companies, investments, and/or businesses on a case-by-case basis. A Responsibly Ohana factors, sustainability risks or impacts are only some of the many factors Ohana considers in making an investment, and there is no guarantee that Ohana will make investments in companies that create positive sustainability impact or that consideration of sustainability factors will enhance long-term value and financial returns for limited partners. To the extent Ohana engages with portfolio investments on Responsibly Ohana-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial performance or sustainability of the investment.

References to portfolio investments are intended to illustrate the application of Ohana’s investment process only and should not be viewed as a recommendation of any particular investment or security. The information provided about these portfolio investments is intended to be illustrative, and is not intended to be used as an indication of the current or future performance of Ohana’s portfolio investments. The investments described in the selected case studies were not made by any single fund or other product and do not represent all of the investments purchased or sold by any fund or other product. Descriptions of any Responsibly Ohana-related achievements or improved practices or outcomes of Ohana’s portfolio investments are not necessarily intended to indicate that Ohana has substantially contributed to any such achievements, practices or outcomes. For instance, our Responsibly Ohana engagement may have been one of many factors, including other factors such as engagement by portfolio investment management and other key third parties and advisors, that may have contributed to the success described in each of the selected case studies.

Certain information contained herein has been obtained from third parties, and in certain cases have not been updated through the date hereof. While these third party sources are believed to be reliable, Ohana makes no representation or warranty, express or implied, with respect to the accuracy, fairness, reasonableness or completeness of any of the information contained herein, and expressly disclaims any responsibility or liability therefor. Actual results may differ materially from any forward-looking statements.

The receipt of any awards or certifications by Ohana or its portfolio investments described herein is no assurance that Ohana’s investment objectives have been achieved or successful. Further, such awards or certifications are not, and should not be deemed to be, a recommendation or evaluation of Ohana’s investment management business.

PA R K C I T Y, U T

ohanare.com

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Austin 401 Congress Avenue Suite 2750 Austin, TX 78701 650.681.0185

Redwood City 1991 Broadway Street Suite 100 Redwood City, CA 94063 650.681.0185

Park City 1389 Center Drive Suite 105 Park City, UT 84098 650.474.5045

New York 19 W 44th Street Suite 1002 New York, NY 10036 650.681.0185