CREP is a private investment firm founded in 2020 and formed under the laws of the State of Delaware as a limited partnership. CREP is owned by Joseph McDonnell and Anthony Tufariello, as limited partners, and owned and controlled by Cirrus Real Estate Partners GP LLC (“CREP-GP”), as the general partner, which is indirectly wholly owned and controlled by Joseph McDonnell and Anthony Tufariello, each of whom brings a wealth of investment, operational and financial experience to CREP. The Firm primarily provides customized investment advisory services on a nondiscretionary and discretionary basis to investors through pooled investment vehicles or a separately managed account (each, a “Fund” or a “Client”, and collectively, the “Funds” or the “Clients”). CREP enters into investment advisory agreements with Clients pursuant to which it offers the right to participate in any real estate credit and equity opportunities sourced by CREP. Generally, those investors CREP recommends and/or that elect to participate in such an opportunity then subscribe to a pooled investment vehicle, formed solely for the purpose of investing in such real estate credit and/or equity opportunity. Subject to the terms of the applicable Partnership Agreement, CREP has full discretion with respect to the management of such special purpose vehicle and the investment, including the manner and timing of exit. The Firm provides investment advisory services to qualified, sophisticated, and institutional investors interested in real estate credit and equity opportunities. The Firm currently provides real estate investment advice with respect to development, transitional, and special situations real estate exposure through subordinated debt, whole loans, preferred equity, and structured equity interests. Anthony Tufariello and Joseph McDonnell are Managing Members of entities which indirectly wholly own and control CREP-GP (the “MMs”). Mr. Tufariello and Mr. McDonnell are members of CREP’s investment committee (the “Investment Committee”). CREP’s investment advisory services to the Client(s) consist of identifying and evaluating investment opportunities,

negotiating the terms of investments, managing and monitoring investments, and achieving dispositions of such investments. CREP’s advisory services to the Client(s) are detailed in the applicable private placement memoranda or other offering documents (each, a “Memorandum”), limited partnership or other operating agreements or governing documents (each a “Partnership Agreement”), and/or Investment Management/Advisory Agreements (each an “IMA”), which are further described below. Investors in the Client(s) participate in the overall investment program for the applicable Client but may be excused from a particular investment due to legal, regulatory, or other agreed-upon circumstances pursuant to the relevant Partnership Agreement or IMA, as applicable. The Clients (or their related General Partners or similar managing entity (a “General Partner”), as applicable) generally enter into side letters or other agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under or altering or supplementing the terms of the relevant Partnership Agreement and/or IMA with respect to such investors. Each of the Clients is managed in accordance with the investment strategy and investment objectives detailed in the relevant Partnership Agreement and Memorandum and/or IMA, as applicable. This brochure is not an offer to invest in a Client or Clients. Any such offer would only be made through the provisions of a Memorandum, Partnership Agreement, and IMA, as applicable. Information included in this Brochure is intended to provide a useful summary about CREP, but it is qualified in its entirety by information included in any Memorandum, Partnership Agreement, and/or IMA. CREP does not participate in wrap-fee programs. As of December 31, 2022, CREP managed $483,921,806 in Client assets on a discretionary basis. Assets under management are calculated and presented in this Brochure according to the requirements of the Investment Advisers Act of 1940 and may differ from the calculation and presentation of assets for purposes of other disclosures made by CREP, or its Clients.