Preservation Equity Fund Advisors Announces Formation of Advisory Board

Irvine, Calif. - May 19, 2026 - Preservation Equity Fund Advisors ("PEF Advisors") is pleased to announce the formation of the PEF Advisory Board, bringing together a distinguished group of leaders across institutional real estate investment, affordable housing, private equity, capital markets, and fund governance.

The Advisory Board was established to provide strategic insight and industry perspective as PEF Advisors continues to expand its platform and strengthen its position as a leading investment manager focused on affordable housing preservation and value creation.

The inaugural Advisory Board includes:• Tony Breault, Managing Director of portfolio management at Ascentris and former Senior Real Estate Officer for Oregon State Treasury, where he oversaw the organization's global real estate portfolio.

• Gena Cheng, Founder of Prospect Avenue Partners, an advisory firm focused on real assets and former senior executive at USAA Real Estate, JT Partners, and APG Asset Management. Her roles encompassed institutional capital raising and portfolio management.

• Lawrence J. Hass, Attorney at Difede, Ramsdell & Bender and one of the industry's leading legal advisors on private real estate investment funds, regulatory matters, and institutional investment structures.

• John Hurley, Chief Investment Officer and co-founder of Penwood Real Estate Investment Management, an industrial fund platform, a leader with decades of experience in investment strategy, portfolio management, and institutional real estate product development.

• Trisha Malone, President of Anton DevCo, an affordable and market rate apartment developer, where she oversees strategy, operations, investments, capital formation, and asset management for one of the nation's leading affordable and market-rate housing developers.

"The formation of our Advisory Board reflects the continued growth and maturation of our platform," said Ann Caruna, President and CIO of PEF Advisors. "Each member brings a unique institutional perspective and deep experience across investment management, capital formation, and governance. Their insight will help guide our strategic direction as we continue to expand our investment platform and deliver strong outcomes for our investors and residents alike."

PEF Advisors looks forward to working closely with the Advisory Board as the firm continues to create innovative investment solutions focused on preserving and enhancing affordable housing communities across the United States.

About Preservation Equity Fund Advisors, LLC
Since 2016, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC's more than 55 years of experience in acquiring more than 119,000 units representing $21.4 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.