Pretium Partners, LLC (“Pretium” or the “Firm”), founded in 2012, is an Investment Adviser focused on real estate, mortgage finance, corporate and structured credit and specialty finance. Pretium conducts its mortgage finance business through Pretium Residential Credit Management, LLC, a Delaware limited liability company, and Pretium SMA Manager, LLC, a relying adviser under common control and also a Delaware limited liability company. For ease of reference, the term “PRCM” or “Investment Adviser” is used throughout this Brochure and should be understood to include the registrant and where applicable, its relying adviser. The Investment Adviser is primarily owned by Donald R. Mullen, Jr. and is an indirect subsidiary of Pretium. PRCM currently provides discretionary investment advisory services to:
• Pretium Residential Credit Fund II, L.P., a Delaware limited partnership (and its parallel vehicles, “RCF II”), and Pretium Residential Credit Annex Fund, L.P. (and its parallel vehicles, “RCAF”), which invest principally in the United States residential housing credit market through purchases of pools consisting of nonperforming, reperforming and subperforming residential mortgage loans and, from time to time, residential real property (“REO”). RCF II and RCAF participate in the current market opportunity in mortgage loans by seeking (i) to earn capital gains by acquiring mortgage loans at discounted prices and executing loss mitigation strategies to enhance their value, (ii) to earn long-term yield and capital gains by selectively acquiring non-QM, non-performing, reperforming and sub-performing residential credit loans at a discount and to enhance their value through the execution of various loss mitigation strategies, and (iii) to generate rental income and capture home price appreciation by selectively retaining desirable REO-to-rental assets. RCF II and RCAF work with borrowers to implement certain loss mitigation strategies, and, where applicable, to convert nonperforming mortgage loans into reperforming mortgage loans through loan modifications. In certain situations, the funds permit a short sale or converts acquired mortgage loans into REO and generates income through an REO-to-rental strategy or immediate sale;
• Multiple separately managed accounts and a fund of one pursuing parallel strategies to RCF II and RCAF;
• Pretium Residential Opportunities Fund I, L.P., a Delaware limited partnership (and its parallel vehicles, “ROF I”), which seeks to make private equity or equity-related investments in businesses primarily involved in the origination of loans; and
• A separately managed account that invests in mortgage loans secured by mortgages or deeds of trust on residential real property, the servicing rights relating to the mortgage loans, and one-to-four family residential real properties which have been acquired by foreclosure or similar proceedings (RCF II, RCAF and ROF I, collectively the “Funds,” and the Funds together with the separately managed accounts, collectively, the “Clients”). The Clients are not registered or required to be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), or the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the Funds were privately placed to qualified investors in the United States and elsewhere in accordance with applicable laws. The Funds rely upon the exclusion from the definition of investment company provided by Sections 3(c)(1) and 3(c)(7) of the Investment Company Act. Likewise, securities issued by the Funds generally rely on the offering exemptions provided by Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and Regulation D thereunder. PRCM advises the Clients in an attempt to achieve their respective investment objectives (consistent with any relevant guidelines or restrictions) and does not tailor its advice to the individual needs of any investor in the Funds. Fund investors generally cannot impose any restrictions on the way in which the Investment Adviser provides advice to the Fund. PRCM’s management of the Clients is subject to the terms the offering memorandum, limited partnership agreement or investment

management agreement and subscription agreement, as each can be amended, supplemented, or modified from time to time (collectively, the “Governing Documents”). The Investment Adviser generally expects to enter into agreements (“Side Letters”) with one or more of their investors whereby, in consideration for agreeing to invest certain amounts in a Client and/or providing other consideration, such investors may be granted favorable rights not afforded other investors in such Client. Such rights typically include one or more of the following: rights to receive reports from the Client on a more frequent basis or that include information not typically provided to other investors; rights to receive reduced rates of performance fees/allocations and/or management fees earned by PRCM, each Client’s general partner and/or other affiliates; excuse rights; information rights; co-investment rights; rights to transfer interests in a Fund; and such other rights as may be negotiated between the Client, PRCM and such investors. Side Letters may be entered into by the Client and PRCM without the consent of other investors in such Client. Additionally, except as required by “most-favored-nations” clauses or under the relevant Governing Documents, Side Letters will not be disclosed to other investors in such Client. Investors and other recipients should be aware that while this Brochure includes information about the Clients, it is not a complete description of the terms, risks or conflicts associated with an investment in the Clients. More complete information about the Clients is included in the relevant Governing Documents, which should be carefully reviewed prior to making an investment decision. In no event should this Brochure be considered an offer to sell or a solicitation of an offer to buy interests in the Funds or relied upon in determining to invest in the Funds. This Brochure is designed solely to provide information about PRCM for purposes of complying with certain obligations under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and as such, responds to relevant regulatory requirements under the Advisers Act that can differ from the information required to be provided in the Funds’ respective offering memoranda and Governing Documents. In the event of any inconsistency between the Governing Documents and this Brochure, the Governing Documents shall control. The Investment Adviser does not participate in wrap fee programs. As of December 31, 2023, PRCM managed approximately $15,286,757,829 of regulatory assets under management. Such amount is preliminary and unaudited. This Brochure generally includes information about the Investment Adviser and its relationships with its Clients and affiliates. While much of this Brochure applies to all such Clients and affiliates, certain information included herein applies to specific Clients or affiliates only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Clients are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. The descriptions set forth in this Brochure of specific advisory services that the Investment Adviser offers to Clients, and investment strategies pursued and investments made by the Investment Adviser on behalf of its Clients, should not be understood to limit in any way the Investment Adviser’s investment activities. The Investment Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Investment Adviser considers appropriate, subject to each Client’s investment objectives and guidelines. The investment strategies the Investment Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of any invested capital. There can be no assurance that the investment objectives of any Client will be achieved.