Description of the Adviser Crescent Real Estate LLC (“Crescent”) is an investment adviser organized as a Delaware limited liability company. Crescent previously conducted its business under the names of Goff Capital Partners, L.P. and GMSP Operating Partners, LP. Crescent was formed, and has been providing investment advisory services, since February 26, 1998. Crescent is owned by three members: JCG 2016 Holdings, LP (which is primarily owned by John Goff), Conrad Suszynski, and Jason Anderson and is governed by a board of managers. John Goff, Conrad Suszynski and Jason Anderson are the managers of Crescent. Crescent was formed by John Goff on February 26, 1998 under the name GMSP Operating Partners, LP to serve as the investment advisor to Goff Moore Strategic Partners, L.P. (“GMSP”) with a broad investment mandate to invest in a range of public and private investments. Conrad Suszynski and Jason Anderson joined the Firm as managing principals and investors in 2006 and 2016, respectively. In 2007, GMSP Operating Partners, LP changed its name to Goff Capital Partners, L.P. and again (through a merger) to Crescent Real Estate LLC in 2016. Description of Advisory Services Crescent provides investment advisory services utilizing several different strategies and types of investment vehicles. Asset types that Crescent has invested in include bank loans, high yield credit, distressed debt, structured products, real estate assets, and long/short equities. Crescent serves or may serve as an investment adviser to investment funds, structured product vehicles and proprietary entities that are exempt from registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”) (each, a "Fund" or "Client" and collectively, the "Funds" or "Clients"). As the investment adviser to the Funds, Crescent’s services consist of identifying opportunities and acquiring, managing, monitoring, and disposing of investments of the Funds. Investment advice is provided directly to the Funds, subject to the discretion and control of the general partner or the board of directors of the applicable Fund. Advice is not provided individually to the limited partners or shareholders of the Funds. Crescent Real Estate LLC (“Crescent”) manages general partner (“GP”) funds (the “GP Invitation Funds”) and other investment and co-investment entities (“Side Cars”) that invest in underlying joint venture (“JV”) real estate projects. Crescent also serves as the manager or GP for the JV entities. All such entities are reported as private funds in Form ADV and Form PF and are referred to collectively throughout this brochure as “Funds”. Crescent typically enters into investments and investment management arrangements with capital sources by documenting the expected business in the specific relationship in a written agreement. Each such arrangement is unique,

frequently reflecting the type of assets to be acquired, target returns, compensation, expected life of the investments and relationships, degree of exclusivity and dedicated resources to the particular arrangement. Crescent may invest for more than one entity at the same time, but in the past has committed to various degrees of exclusivity for the active Fund(s). Where a Fund has a narrowly Crescent Real Estate LLC 5 defined focus, Crescent typically only actively invests in targeted investments on behalf of that Fund, while continuing to manage the investments of all of our Funds to maximize returns. Crescent will organize additional investment funds to those currently managed that will co-invest with the Funds or follow an investment program similar to or different from the Funds' program. Services are provided to the Funds in accordance with the asset management agreements with the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund. We provide investment advisory services solely with respect to the Funds, and no investor in any such Fund should look to us or our affiliates for advice regarding its own investment decisions, including any decision to invest in a Fund. We generally treat the Funds, and not their investors as “clients” for purposes of the Advisers Act and any other applicable laws and regulations, to the extent permitted under such laws. Certain of the Funds and their general partners or managing member have entered into, and may from time to time in the future enter into, side letter agreements or other similar agreements or arrangements (commonly referred to as “side letters”) with certain investors in such Fund that have the effect of establishing rights or terms and/or otherwise benefitting such investors in a manner that is more favorable in various material respects than the rights and benefits established in favor of other investors pursuant to the applicable governing documents. Such rights or benefits in any side letter or similar agreement may include, differences in fees or carried interest, investment or co-investment rights, enhanced reporting or other provisions. Certain investors that have the benefit of “most favored nation” protection are given the opportunity to elect the rights and terms in any side letter or other similar agreement that are applicable to such investors. Client Assets Managed As of December 31, 2023, Crescent had approximately $4,667,010,550 in regulatory assets under management as follows. We have excluded assets and commitments of any funds that are invested in another Fund we manage to avoid double counting. Discretionary Non-Discretionary Total Total Regulatory Assets Under Management $2,150,737,738 $ 2,516,272,812 $4,667,010,550 Crescent Real Estate LLC 6