Cross Lake Partners LP (“Cross Lake,” the “Firm” or “Adviser”), a Delaware limited partnership, was formed on April 4, 2018 by Michael Barr and Jonathan Shumaker, the principal owners of Cross Lake. The Firm intends to provide advisory services to real estate private funds as further described in this brochure. Cross Lake is a real estate investment advisory firm that provides advisory services on a discretionary and non-discretionary basis to the following private funds: Paulson Real Estate Recovery Fund, L.P. (“Fund I Master Fund”) and its feeder fund Paulson Real Estate Recovery (Offshore) Fund, LP (“Fund I Offshore Feeder”); Paulson Real Estate Master Fund II LLC (“Fund II Master Fund”) and its feeder funds Paulson Real Estate (Offshore) Fund II, L.P. (“Fund II Offshore Feeder”) and Paulson Real Estate Fund II, L.P. (“Fund II Onshore Feeder”); Cross Lake Real Estate Master Fund III LLC (“Fund III Master Fund”) and its feeder funds Cross Lake Real Estate (Offshore) Fund III LP (“Fund III Offshore Feeder”) and Cross Lake Real Estate Fund III LP (“Fund III Onshore Feeder”); Cross Lake Real Estate Master Fund IV LLC (“Fund IV Master Fund”) and its feeder funds Cross Lake Real Estate (Offshore) Fund IV LP (“Fund IV Offshore Feeder”) and Cross Lake Real Estate Fund IV LP (“Fund IV Onshore Feeder”); and Cross Lake Real Estate Fund IV SRO AIV LP (“Fund IV AIV”). Together, all funds are referenced throughout this document as the “Funds”. Each Fund is formed to pool investment assets of its investors (each a “Limited Partner” and, collectively, “Limited Partners” and the Limited Partners, collectively with the General Partners (as defined below in Item 10.C) shall be referred to as the “Partners”). The Funds invest in residential and commercial real estate. On behalf of the Funds, Cross Lake will identify and undertake direct or indirect investments in real estate, including joint ventures with real estate operating partners, in the United States. Such investments may include single assets, portfolios, entity-level investments and equity or debt securities. The Adviser’s scope of services includes identifying and acquiring real estate-related investments on behalf of Funds and subsequently managing such assets/portfolios. The Funds seek to maintain a flexible investment strategy designed to focus on the most profitable opportunities. The Funds invest in residential and commercial real estate acquisitions, including residential subdivisions and masterplan communities, homebuilding ventures, condo developments, apartments, office buildings, retail properties, hotels and industrial properties. The General Partners access investment

opportunities for the Funds through the numerous industry relationships of the Firm’s senior management and through strategic relationships with operating partners. Post-acquisition of real estate assets, the General Partners will seek to create additional value by actively managing assets in the Funds. Many assets often suffer from ownership’s lack of focus and unwillingness or inability to deploy capital or other resources. The Firm also sources opportunities through lenders that have assumed control of assets yet lack the development and operating expertise to manage projects. The General Partners implement numerous strategies that the Firm’s senior management have executed over many years spanning different market cycles, locations and asset classes. To help employ these strategies, the Funds may enter into joint ventures with operating partners that possess the local market knowledge and expertise to carry out such strategies on a day-to-day basis. Areas for value creation may include one or more of the following: (i) revenue enhancements, including renewed leasing and marketing efforts, reprogramming of product offerings to better meet current market demand and pursuit of additional ancillary revenue sources; (ii) potential cost savings, including more efficient staffing plans, contesting of real estate taxes, rebidding of service contracts and renegotiation of other obligations; (vi) cost- effective capital improvements that generate increased revenues; and (vii) add-on acquisitions to existing investments, such as adjacent properties or different tranches of the capital structure. The Firm intends to pursue investments that offer these potential value-add opportunities, while simultaneously considering the present use and condition of the underlying property to help minimize the risk when making an investment. The Firm’s advisory services will be provided to each Fund pursuant to the terms of its formation and offering documents (“Governing Documents”) and will be based on the specific investment objectives and strategies described therein. The advisory services each Fund receives will be tailored to the specific investment objectives, the selected investment strategies and the characteristics of the property or portfolio of each Fund as described in its Governing Documents. Funds may impose restrictions on investing in certain types of investments in accordance with achieving their investment objectives and strategies. Not applicable. Cross Lake does not participate in a wrap fee program. As of December 31, 2023, Cross Lake had approximately $1,056,512,710 in regulatory assets under management on a discretionary basis.