Sullivan Realty Capital, LLC is a real estate fund investment advisory firm with its principal place of business located in New York, New York. Sullivan Realty Capital, LLC conducts its business in New York under the name Madison Realty Capital and is referred to in this brochure as “MRC”, “we”, the “Advisor” or the “firm.” Our managing principals, Joshua Zegen and Brian Shatz, formed the firm in 2008 as a Delaware limited liability company. Messrs. Zegen and Shatz principally own the Advisor (the “Key Principals”). We provide investment advisory services on a discretionary basis to various privately-offered unregistered investment vehicles (together with any feeder funds, alternative investment vehicles and other special purpose investment vehicles that we manage in our funds, the “Clients”). Our Clients focus primarily on investments in real estate credit, including commercial real estate loans, real estate mezzanine loans, and preferred equity investments. The Clients generally intend to originate and acquire commercial real estate loans, real estate mezzanine loans (secured by pledges of equity) and preferred equity investments and to acquire liens, in each case, backed by (or related to) commercial real estate located throughout the United States. As further detailed in Item 7 below, interests in the Clients are offered only in private placements to investors who are qualified purchasers and who meet certain other criteria. The detailed terms applicable to investors in a Client are detailed in the Client’s confidential offering memorandum or its limited partnership agreement,

or both. Currently, the Clients are our only investment advisory clients. The Advisor may in its discretion manage other funds or investment vehicles from time to time subject to any limitations set forth in the Client’s confidential offering memorandum or its limited partnership agreement, or both. We provide investment advice directly to each Client pursuant to discretionary investment management agreements, subject to the direction and control of the general partner of the Client, which is affiliated with the Advisor. Any restrictions on the types of investments that we make for a Client are established by its general partner and are set forth in the Client’s confidential offering memorandum or its limited partnership agreement, or both. Once an investor has invested in a Client, the investor is not permitted to impose restrictions on the types of investments in which the Client may invest. However, in accordance with common industry practice, a Client or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Client or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all investors. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for more details. We do not participate in wrap fee programs. As of December 31, 2023, we had approximately $6,819,580,276 in assets under management, all of which are managed on a fully discretionary basis.