Prospect Credit REIT, Inc. (“PCRED” or the “Company”) is a recently-formed Maryland corporation that intends to qualify as a REIT for federal income tax purposes. PCRED is the first investment fund to be managed by the Advisor. Prospect Credit REIT Advisor, LLC (the “Advisor”) is owned by Prospect Capital Management L.P. (“PCM”), the advisor to Prospect Capital Corporation (“PSEC”), a publicly-traded BDC that has approximately $7.8 billion in gross assets and (i) through affiliates, is the advisor to Priority Income Fund, a registered closed-end fund that has approximately $969 million in total assets, and (ii) directly, is the advisor to Prospect Floating Rate and Alternative Income Fund, Inc., a business development company that has approximately $23 million in total assets. PCM and its predecessor investment management companies commenced business in 1988 when several senior executives who managed the merchant bank and high yield units of Merrill Lynch formed Prospect Street Investment Management, succeeded by PCM today (together with PSEC, “Prospect”). Since 1988, Prospect has specialized in a wide range of private debt and equity investments, including first and second lien loans, subordinated and mezzanine loans, growth and venture capital, and leveraged buyouts. PCM has made investments through multiple business and credit cycles and across a diversity of segments of the capital structure. The Advisor expects to leverage PCM’s experience, national footprint and origination platform in connection with its management of PCRED. For example, National Property REIT Corp (“NPRC”) is a wholly-owned portfolio company of PSEC. Spanning NPRC’s first acquisition in 2012 through December 31, 2023, NPRC's investments have a collective aggregate initial property purchase price of approximately $3.8 billion, principally in multifamily real estate and, to a lesser extent, in self-storage, student housing and senior housing. More broadly, PCM has over 140 total employees, including over 60 investment professionals across the platform, and has fully integrated investment, capital markets, portfolio management, restructuring and operations teams. NPRC’s two Managing Directors have an average of 43 years of experience in real estate investment management, including mortgage loans, mezzanine loans, preferred equity, equity, commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLOs”), and other real estate investments. The Advisor expects to directly or indirectly invest the assets of PCRED in real estate-related credit investments, including (i) first mortgages on commercial real estate properties, (ii) other commercial real estate loans, including subordinated loans, or B-notes, mezzanine loans, and loan participations; (iii) preferred equity investments in commercial real estate; and (iv) commercial real estate securities, including CMBS, residential mortgage-backed securities, or RMBS, unsecured debt of listed and non-listed REITs, collateralized loan obligations and equity or equity- linked securities. The Advisor intends to emphasize investments of PCRED assets in lower volatility property types: multifamily and other residential real estate, self-storage, industrial, and net lease properties. To a lesser extent, the Advisor may invest PCRED assets in warehouse facilities or other lines of credit secured by commercial or residential mortgages, secured or unsecured loans to commercial real estate companies, portfolios of single-family home mortgages, and credit-like net lease equity investments. The Advisor may invest up to 25% of PCRED assets in direct or joint venture investments in value-add or distressed real estate properties that do not entail a debt or credit component. Pursuant to the terms of its Advisory Agreement with PCRED (the “Advisory Agreement”), the Advisor is responsible for providing the following services, among other things: (i) managing the development of the initial private offering of Class F shares of PCRED (the “Initial Private Offering”), PCRED’s expected registered initial public offering (“Initial Public Offering”) and any subsequent or simultaneous offering approved by PCRED’s Board of Directors (the “Board”), including the determination

of the specific terms of the securities to be offered by PCRED, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; (ii) serving as PCRED’s investment and financial advisor and obtaining certain market research and economic and statistical data in connection with PCRED’s investments and investment objectives and policies; (iii) identifying potential opportunities for investments consistent with PCRED’s investment objectives and policies, including but not limited to, locating, analyzing and selecting potential investments, structuring and negotiating the terms and conditions of acquisition and disposition transactions, and arranging financing and refinancing or other changes in the asset or capital structure of the Company; (iv) negotiating terms associated with acquisition and disposition transactions and arranging and executing financing agreements; (v) providing financial and operational planning services and investment portfolio management functions; (vi) evaluating and recommending to the Board hedging strategies and causing PCRED to engage in hedging strategies consistent with PCRED’s status as a REIT and PCRED’s investment policies approved by the Board; (vii) investigating, selecting and on behalf of PCRED, engaging and conducting business with such persons as the Advisor deems necessary to the proper performance of its obligations under the Advisory Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, contractors, sub-contractors and any and all persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; (viii) monitoring and evaluating the performance of PCRED’s investments, providing daily management services to PCRED and performing and supervising the various management and operational functions related to our investments; (ix) providing accounting and administrative services, including but not limited to, the performance of administrative functions required for PCRED’s day-to-day operations, including the calculation at the end of each business day of PCRED’s monthly NAV value; and (x) managing PCRED’s communications with its stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications. The Advisor tailors its advisory services to the specific investment objectives and restrictions of PCRED pursuant to the investment guidelines and restrictions set forth in PCRED’s confidential private placement memorandum for its Initial Private Offering, the prospectus for any future Initial Public Offering, the Advisory Agreement, and other governing documents (collectively, the “Governing Documents”). Investors in PCRED (“Stockholders”) should refer to the applicable Governing Documents for complete information on the investment objectives, investment restrictions and risks. In accordance with common industry practice, the Advisor or an affiliate may enter into side letters or similar agreements pursuant to which certain Shareholders are granted specific rights, benefits, or privileges (including, without limitation, discounts to, sharing of and/or waiver of, as applicable, management fees, performance allocations, performance hurdles, minimum investment amounts, co-investment opportunities, and other rights or terms, including those that may be requested in light of particular investment, legal, regulatory or public policy characteristics of a Shareholder). These rights, benefits or privileges are not always made available to all Shareholders. The disclosure and extension of any such rights, benefits or privileges are governed by the corresponding Governing Documents and applicable law. The Advisor expects that it will begin managing the net proceeds from the Initial Private Offering on a discretionary basis on a date that is shortly after the effective date of this Brochure. The Advisor does not expect to manage any client assets on a non-discretionary basis.