# EDGAR Filing Document

**Accession Number:** 0001175535
**File Stem:** 0001104659-25-106563
**Filing Date:** 2025-11
**Character Count:** 25703
**Document Hash:** 4570ba0d5a52771d8260c94d7775c834
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106563.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106563

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Whitestone REIT
- **CENTRAL INDEX KEY:** 0001175535
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 760594970
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84834
- **FILM NUMBER:** 251451525

**BUSINESS ADDRESS:**
- **STREET 1:** 2600 SOUTH GESSNER
- **STREET 2:** SUITE 500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77063
- **BUSINESS PHONE:** 713-827-9595

**MAIL ADDRESS:**
- **STREET 1:** 2600 SOUTH GESSNER
- **STREET 2:** SUITE 500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARTMAN COMMERCIAL PROPERTIES REIT
- **DATE OF NAME CHANGE:** 20020613
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MCB PR Capital LLC
- **CENTRAL INDEX KEY:** 0002009447

**ORGANIZATION NAME:**
- **EIN:** 881126376
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2002 CLIPPER PARK ROAD
- **STREET 2:** SUITE 105
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21211
- **BUSINESS PHONE:** 410-662-0105

**MAIL ADDRESS:**
- **STREET 1:** 2002 CLIPPER PARK ROAD
- **STREET 2:** SUITE 105
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21211

## Exhibit 7.04

**Exhibit 7.04**

![](image_001.jpg)

2002 Clipper Park Rd. Suite 105 \| Baltimore, MD 21211<br> dbramble@mcbrealestate.com<br> (410) 662-0105<br>

November 4, 2025

**<u>Via Email</u>**

Board of Trustees

C/O David K. Holeman

Whitestone REIT

2600 S. Gessner Rd, Suite 500

Houston, TX 77063

Dear Whitestone REIT Board of Trustees:

On behalf of MCB Acquisition Company LLC ("MCB" or "we"), we are hereby presenting an offer to acquire all of the outstanding common shares of Whitestone REIT ("Whitestone" or the "Company"), including all of the outstanding common partnership interests ("OP Units") in Whitestone REIT Operating Partnership, L.P. (the "OP"), at a price of $15.20 per share all cash, subject to negotiation of satisfactory definitive transaction agreements and the other matters described below.

This $15.20 per share all-cash proposal provides compelling and certain value to Whitestone shareholders, representing a 21.0% premium to Whitestone's share price and 25.0% premium to Whitestone's 30-day VWAP as of November 3, 2025, the Company's last trading share price. MCB's $15.20 per share all-cash proposal represents a compelling valuation of Whitestone at a price to consensus next twelve months funds from operations ("NTM FFO") multiple of 14.0x, which would be the highest multiple paid among recent strip center M&A transactions with a transaction value of $2.0 billion or less.<sup>1</sup>

As we detail in our "Open Letter to WSR Shareholders" to be released shortly (the "Open Letter"), our proposal delivers significantly more value to Whitestone shareholders than what can reasonably be expected to be achieved in the absence of a change of control transaction. The Company has continued to suffer from a subscale capitalization, poor asset quality, bloated G&A expense load, and lack of access to capital compared to its peers. The market's lack of confidence in the Company's standalone prospects is evidenced in the Company's valuation multiple and implied cap rate, which remain the worst amongst its peers<sup>2</sup>. Notably, since we withdrew our proposal to acquire Whitestone in November of last year the Company's share price has declined by 13.1%, resulting in a <u>negative total shareholder return of 9.4%</u>. Meanwhile, Whitestone's shareholders have watched the RMZ and the Russell 2000 return (1.4%) and 8.9%, respectively, during this period.

<sup>1</sup> NTM FFO based on consensus estimates per FactSet as of 11/3/2025. Defined as strip center transactions since 2022 with a transaction value of $2.0 billion or less. Transactions include the following: Wheeler REIT acquisition of Cedar Realty Trusty (3/2/2022), Regency Centers acquisition of Urstadt Biddle Properties (5/18/2023), and Kimco Realty acquisition of RPT Realty (8/28/2023).

<sup>2</sup> Peers defined as AKR, BRX, FRT, IVT, KIM, KRG, PECO, REG and UE.

Regarding financing, we expect to fund the acquisition with a combination of equity and debt. Our contemplated equity for this transaction is fully committed from discretionary capital managed by MCB. With respect to the debt portion of the acquisition, we have received a Highly Confident Letter from Wells Fargo with respect to up to $950MM of debt financing upon satisfaction of customary due diligence and execution of final documentation. The Highly Confident Letter is attached to this proposal as Exhibit A. Any definitive transaction agreement between us and the Company would not be subject to a financing contingency. Representatives of Wells Fargo are available to address any questions you may have on the proposed debt financing.

Despite the Board ignoring multiple opportunities in the past to engage with us and deliver the value shareholders deserve, we are confident that with engagement and diligence, we can quickly reach agreement on a transaction. In the meantime, we will continue engaging with shareholders to build support for change, and we are committed to seeing this through to a successful conclusion.

We remain very enthusiastic about an acquisition of Whitestone and are prepared to expeditiously move forward. Please do not hesitate to call me if you have any questions.

<br> Sincerely,

<u>/s/ P. David Bramble</u>

P. David Bramble, Managing Partner

cc:

*<u>Via email, under separate cover:</u>*

<br> Peter Pinkard, Managing Partner

Gina Baker Chambers, President

Drew Gorman, Principal

Mike Trail, Chief Investment Officer

Daniel LeBey, Vinson & Elkins L.L.P

 **EXHIBIT A**

**STRICTLY PRIVATE & CONFIDENTIAL**

November 4, 2025

David Bramble

MCB Acquisition Company, LLC

2002 Clipper Park Rd, Suite 105

Baltimore, MD 21211

Dear Mr. Bramble,

You have informed Wells Fargo Securities, LLC ("Wells Fargo") that MCB Acquisition Company, LLC ("MCB" or the "Company") intends to submit an indicative bid for the proposed acquisition (the "Acquisition") of Whitestone REIT ("Whitestone" or the "Target").

In connection with our evaluation of the proposed Transactions (as defined below), we have reviewed the preliminary information provided to us by the Company. Based on the above referenced information and taking into account current market conditions, we are pleased to inform you that, as of the date hereof, we are highly confident that funded debt financing of up to $950MM, can be arranged by us via the capital markets to consummate the Acquisition and refinance existing debt of the Company (the "Financing" and together with the Acquisition, the "Transactions").

It should be noted that Wells Fargo's comments about the feasibility of the Financing does not constitute or give rise to (i) any legal obligation on the part of Wells Fargo, or any of its affiliates, to arrange, underwrite or provide, or commit to arrange, underwrite or provide, the Financing or any other financing for the Transactions or otherwise; or (ii) any representations or warranties in respect of any of the foregoing. Any such obligations or liabilities would arise only under separate written agreements in form and substance satisfactory to Wells Fargo.

This letter is confidential and is delivered to you on the understanding that neither this letter nor any of its terms or substance has been or shall be disclosed, directly or indirectly, by you to any other person without our prior written consent except you may disclose this letter: (i) to your directly involved officers, financial advisors, accountants and lawyers, (ii) subject to their acknowledgment that they may not rely on this letter, to the Target's Board of Directors, the senior managers of the Target, and the Target's financial advisors and lawyers and (iii) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in which case you agree to inform us promptly in advance of disclosure thereof); provided that in the case of clause (i) and clause (ii) such disclosure shall be on a confidential and need-to-know basis only.

This letter shall be governed by and construed in accordance with New York law.

Based upon the information we have been provided, we are prepared to continue our diligence efforts in parallel with your process in connection with the Acquisition.

We appreciate the opportunity to work with you on this important transaction. Should you have any questions or require any clarification, please do not hesitate to contact any of the Wells Fargo team.

Sincerely,

<br> Wells Fargo Securities, LLC

<u>/s/ Michael Valentino</u> 

Michael Valentino

Executive Director

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Whitestone REIT**

*(Name of Issuer)*

**Common Shares of Beneficial Interest, $0.001 par value per share**

*(Title of Class of Securities)*

**966084204**

*(CUSIP Number)*

**P. David Bramble**<br>2002 Clipper Park Rd. Suite 105<br>Baltimore<br>Baltimore MD 21211<br>(410) 340-1665

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/04/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **966084204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MCB PR Capital LLC** | Name of reporting person<br>**MCB PR Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4690003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4690003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.2%** | Percent of class represented by amount in Row (11)<br>**9.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Each of rows 8, 10 and 11 represents 4,690,003.57 shares which are directly owned by MCB PR Capital LLC, a Delaware limited liability company ("MCB").

MCB Acquisitions Manager LLC, a Maryland limited liability company ("Acquisitions") is the sole Manager of MCB and has the sole right to make any and all decisions and take any and all actions on behalf of MCB and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

P. David Bramble is the sole member of Acquisitions with full control of Acquisitions and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

| **CUSIP No.** | **966084204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MCB Acquisitions Manager LLC** | Name of reporting person<br>**MCB Acquisitions Manager LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4690003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4690003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.2%** | Percent of class represented by amount in Row (11)<br>**9.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Each of rows 8, 10 and 11 represents 4,690,003.57 shares which are directly owned by MCB PR Capital LLC, a Delaware limited liability company ("MCB").

MCB Acquisitions Manager LLC, a Maryland limited liability company ("Acquisitions") is the sole Manager of MCB and has the sole right to make any and all decisions and take any and all actions on behalf of MCB and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

P. David Bramble is the sole member of Acquisitions with full control of Acquisitions and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

| **CUSIP No.** | **966084204** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**P. David Bramble** | Name of reporting person<br>**P. David Bramble** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4690003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4690003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | Aggregate amount beneficially owned by each reporting person<br>**4690003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.2%** | Percent of class represented by amount in Row (11)<br>**9.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Each of rows 8, 10 and 11 represents 4,690,003.57 shares which are directly owned by MCB PR Capital LLC, a Delaware limited liability company ("MCB").

MCB Acquisitions Manager LLC, a Maryland limited liability company ("Acquisitions") is the sole Manager of MCB and has the sole right to make any and all decisions and take any and all actions on behalf of MCB and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

P. David Bramble is the sole member of Acquisitions with full control of Acquisitions and may therefore be deemed to indirectly beneficially own the shares of the Issuer directly owned by MCB.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares of Beneficial Interest, $0.001 par value per share

**(b) Name of Issuer:**
Whitestone REIT

**(c) Address of Issuer's Principal Executive Offices:**
2600 SOUTH GESSNER, SUITE 500, HOUSTON, TX, 77063

Explanatory Note

This statement constitutes Amendment No. 3 to the Schedule 13D relating to the common shares of beneficial interest, $0.001 par value per share (the "Common Shares"), of Whitestone REIT, a Maryland real estate investment trust (the "Issuer"), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on June 3, 2024 (the "Initial Schedule 13D"), as amended by Amendment No. 1 filed with the SEC on October 9, 2024 ("Amendment No. 1") and Amendment No. 2 filed with the SEC on November 18, 2024 ("Amendment No. 2" and, together with the Initial Schedule 13D and Amendment No. 1, the "Schedule 13D"). Except as specifically amended and supplemented by this Amendment No. 3, the Schedule 13D remains in full force and effect.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended to add the following:

As previously disclosed in Amendment No. 2, on November 18, 2024, MCB withdrew its proposal to acquire all of the outstanding Common Shares of the Issuer, including all of the outstanding common partnership interests in Whitestone REIT Operating Partnership, L.P., for a price of $15.00 per share.

Since November 18, 2024, the Reporting Persons have continued to evaluate the Issuer, including but not limited to its businesses, results of operations, and prospects, and consider all options available to MCB and other shareholders of the Issuer to ensure that the Board of Trustees of the Issuer upholds its responsibilities. In light of that ongoing evaluation, on November 4, 2025, MCB, through its affiliate MCB Acquisition Company, LLC, sent a new acquisition proposal to the Issuer, a copy of which is filed as Exhibit 7.04 to this Schedule 13D (the "Proposal") and is incorporated by reference herein. The Proposal provides that it is subject to negotiation of satisfactory definitive transaction agreements. In addition, in an open letter to the Issuer's shareholders on November 4, 2025, MCB announced its intention to vote against the entire Board of Trustees of the Issuer at the Issuer's next Annual Meeting of Shareholders absent constructive engagement toward a transaction or the initiation of a public strategic alternatives process.

The Reporting Persons intend to engage in discussions with the Issuer and its representatives concerning the Proposal and to enter into negotiations with the Issuer with respect thereto. The Reporting Persons may enter into appropriate confidentiality or similar agreements with the Issuer to facilitate the exchange of information with the Issuer in connection with such negotiations. There can be no certainty as to whether discussions will occur, or if they do, the outcome of such discussions. The Reporting Persons may determine to accelerate or terminate discussions with the Issuer concerning the Proposal, change the terms of or withdraw the Proposal, take any action to facilitate or increase the likelihood of consummation of the Proposal or change their intentions with respect to any such matters, in each case at any time and without prior notice. The Reporting Persons will, directly or indirectly, take such additional steps as they may deem appropriate to further the Proposal or otherwise support their investment in the Issuer, including but not limited to entering into financing commitments and other agreements, arrangements and understandings concerning the Proposal.

While the Reporting Persons intend to pursue the transaction described in the Proposal, in connection with their investment in the Issuer, the Reporting Persons may, subject to applicable law and regulation, further purchase, hold, vote, trade, dispose of or otherwise deal in the Common Shares at times, and in such manner, as they deem advisable to benefit from, among other things: (1) changes in the market price of the Common Shares; (2) changes in the Issuer's operations, business strategy or prospects; or (3) the sale or merger of the Issuer. To evaluate such alternatives, the Reporting Persons will continue to closely monitor the Issuer's operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as other economic, securities markets and investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons may discuss such matters with the management or Board of Trustees of the Issuer, industry analysts, existing or potential strategic partners, financing sources, competitors and investment and financing professionals. Such evaluations and discussions may materially affect, and result in, among other things, the Reporting Persons (1) consummating the transaction contemplated by the Proposal; (2) modifying their ownership of the Common Shares; (3) proposing changes in the Issuer's operations, governance or capitalization; or (4) pursuing one or more of the other actions described in Item 4 of this Schedule 13D.

In addition to the information disclosed in this Schedule 13D, the Reporting Persons reserve the right to: (1) engage in discussions with other shareholders, potential sources of financing, advisors, and other relevant parties; (2) formulate other plans and proposals (3) take any actions with respect to their investment in the Issuer, including any or all of the actions set forth in Item 4 of this Schedule 13D and (4) subject to applicable law and regulation, acquire additional Common Shares or dispose of some or all of the Common Shares beneficially owned by them, in each case in the open market, through privately negotiated transactions or otherwise. The Reporting Persons may at any time reconsider and/or change their plans or proposals relating to the foregoing.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information required for each Reporting Person by Item 5 (a) - (b) is set forth in Rows 7 - 13 on pages 1, 2 and 3 of this Amendment No. 3 and is incorporated herein by reference, respectively, for each Reporting Person.

 The information with respect to the percentage of the outstanding Common Shares of the Issuer beneficially owned by each Reporting Person is calculated based on 51,020,124 Common Shares issued and outstanding, as set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

**(b)**
—

**(c)**
—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MCB PR Capital LLC

**Signature:** /s/ P. David Bramble

**Name/Title:** P. David Bramble, on behalf of MCB Acquisitions Manager LLC, as its sole member, on behalf of MCB PR Capital LLC, as its sole manager

**Date:** 11/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MCB Acquisitions Manager LLC

**Signature:** /s/ P. David Bramble

**Name/Title:** P. David Bramble, on behalf of MCB Acquisitions Manager LLC, as the sole member of MCB Acquisitions Manager LLC

**Date:** 11/04/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** P. David Bramble

**Signature:** /s/ P. David Bramble

**Name/Title:** P. David Bramble, Individually

**Date:** 11/04/2025