A. General Description of Advisory Firm EM Advisor, LLC (the “Adviser,” “we,” or “us,”) is a Delaware limited liability company that was formed and commenced operations on March 19, 2021, with principal offices located in New York, New York. The Adviser is a wholly owned subsidiary of Equity Multiple, Inc. (the “Website Operator”), a Delaware corporation founded in February 2015. The Adviser acts in coordination with the Website Operator and certain affiliated companies in the conduct of its business. Unless otherwise indicated, any references to the “Adviser” hereinafter refer collectively to the Adviser, its affiliates, and the Website Operator. Since the filing of the Adviser’s last Brochure, the Adviser has launched several new Funds (as defined below) on the Website (as defined below). The Adviser provides investment management services to the Clients (as defined below) on a discretionary basis. B. Description of Advisory Services The Website Operator operates and manages the EquityMultiple.com online platform (the “Website”). Through the Website, accredited investors can browse and screen commercial real estate (“CRE”) investment opportunities, view details of a prospective investment, and then complete the investment subscription process online. The Website allows individuals to become investors in historically difficult-to-access alternative investment opportunities. These opportunities are offered through investment vehicles structured as follows:
• Investment-specific special purpose vehicles (“SPVs”);
• Investment vehicles that offer exposure to alternative investment opportunities through issuing notes (“Note Issuers”, and collectively with the SPVs and Blind Pool Fund, the “Funds”, and each individually, a “Fund”). Each Fund has an operating agreement or other similar organizational documents, a subscription agreement, a listing on the Website and other applicable disclosure documents (collectively, “Offering Documents”). This Brochure refers to investors within the Funds as “Fund Investors.” The Adviser generally provides investment advice solely to the Funds, which at times are referred to herein as the Adviser’s “Clients,” and not individual Fund Investors. The Adviser may sub-advise or co-manage funds or SPVs with third-party advisers. i. Investment-Specific SPVs An investment-specific SPV is generally a limited liability company formed by the Adviser to serve as a special purpose investment vehicle for each such investment. Through the Website, individual accredited investors may purchase membership interests in the applicable SPV to participate in the investment opportunity. Each SPV is formed specifically to make a particular investment or set of investments and its investment guidelines limit the SPV to making only such investment or set of investments, as applicable. The advisory services performed by the Adviser with respect to SPVs include, but are not limited to: (i) identifying and acquiring each SPV’s investment, which is generally accomplished through the Adviser’s network of loan and/or other investment originators, sponsors and specialty finance ACTIVE\1608277238.6 5 companies (each, an “Originator”) who provide access to potentially attractive investment opportunities; (ii) monitoring and managing each SPV’s existing investments; and (iii) coordinating distribution of proceeds and the ultimate liquidation of each SPV. Ultimately, each investor in a SPV chooses their investments and the amounts thereof and the Adviser has no discretion or authority with respect to such investor’s investment decisions. ii. Note Issuers The Adviser currently manages two categories of Note Issuers:
• Delaware limited liability companies that offer multiple series of privately placed borrower payment dependent notes (the “RENOTE Funds”); and
• A Delaware limited liability company that offers multiple series of privately placed 90-day promissory notes, 180-day promissory notes and 270-day promissory notes (the “ALPINE NOTE Fund”). The Adviser implements the RENOTE Funds’ investment objectives by creating wholly owned special purpose investment vehicles, each of which (a) corresponds to a series of notes and (b) funds, acquires or originates one or more investments. Payments on each series of notes are dependent on the payments each corresponding special purpose investment vehicle receives (and therefore,

in turn, the relevant RENOTE Fund receives) on one or more specific investments. The ALPINE NOTE Fund similarly invests in special purpose investment vehicles that fund, make, acquire, originate, refinance, purchase or invest in investments. No note or series of notes issued by the ALPINE NOTE Fund, however, is directly associated with any particular investment, unless specifically stated otherwise in the ALPINE NOTE Fund’s Offering Documents. Instead, the notes are debt obligations that are secured by all of the assets of the ALPINE NOTE Fund. The Adviser manages Note Issuers and, in the case of the RENOTE Funds, their underlying special purpose investment vehicles, and is responsible for making their investment decisions on a discretionary basis. Ultimately, each note purchaser chooses their investments and the amounts thereof and the Adviser has no discretion or authority with respect to such note purchaser’s decisions. The Funds typically invest directly or indirectly in real estate and real estate securities, including in direct loans to borrowers secured by income producing assets or in participation interests (such as individual loans or pools of loans) held by a third party (collectively, “Credit Investments”, and each individually, a “Credit Investment”). Such Credit Investments are typically secured by interests in real or personal property. Certain Funds may also acquire equity or similar ownership interests in assets of the type underlying the Credit Investments the Adviser intends to target, including real estate (collectively, “Equity Investments”, and each individually, an “Equity Investment”). In accordance with the foregoing strategies, the Adviser will generally seek to acquire Credit Investments that (i) are believed to be sufficiently collateralized to preserve capital, and (ii) will generate income in accordance with the Adviser’s desired investment characteristics. Given the nature and risks associated with special-situation lending, the Adviser will generally seek to focus first on the collateral available for each Credit Investment in order to protect principal, and then second on obtaining an appropriate return given the term, risk and liquidity associated with each specific Credit Investment. The Adviser will generally apply similar criteria for any Equity Investment the Funds may acquire, with a focus on the Adviser’s expected risk adjusted return on ACTIVE\1608277238.6 6 such Equity Investments. The Adviser also manages one open-end blind pool fund, EM Ascent Fund I, L.P. which primarily targets investments in private senior real-estate-backed loans. * * * The descriptions set forth in this Brochure of specific advisory services that we offer to Clients, the investment strategies pursued, and investments made by us on behalf of our Clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that we consider appropriate, subject to each Client’s investment objectives and guidelines. The investment strategies we pursue are speculative and entail substantial risks. C. Availability of Customized Services for Individual Funds The Adviser tailors its investment advisory services to each Client. However, the Adviser does not tailor its advisory services to the individual needs of Fund Investors, and Fund Investors may not impose restrictions on investing in certain securities or types of investments. The Adviser’s investment decisions and advice with respect to each Fund are subject to each Fund’s investment objectives and guidelines, as set forth in each Fund’s Offering Documents. The Offering Documents of certain Funds, such as the SPVs, restrict the Adviser from purchasing on behalf of such Fund any securities or investments other than the initial investment made by such Fund. Investors and prospective investors should refer to such Fund’s Offering Documents for complete information regarding the investment restrictions and other information with respect to such Fund. D. Wrap Fee Programs The Adviser does not participate in wrap fee programs. E. Assets Under Management The Adviser manages approximately $150,480,422 in regulatory assets under management on a discretionary basis as of December 31, 2023.
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